SANTA FE, N.M. (AP) — The State Investment Council reports New Mexico's permanent funds enjoyed among the strongest quarterly investment returns of large public funds nationally.
The agency said Friday the Land Grant Permanent Fund returned nearly 9.5 percent and the Severance Tax Permanent Fund earned almost 8.7 percent from January through March.
The council said the land grant fund's returns ranked first and the severance tax fund was third highest among 66 public investment funds, pensions and endowments with assets of more than $1 billion.
The state's permanent funds had assets valued at nearly $15.6 billion at the end of March, up almost $1.3 billion for the quarter.
Agency officials attributed the improvement to strong financial market growth and policy changes by the council, including the replacement of investment managers.
Copyright 2012 The Associated Press.