New Mexico Permanent Funds Grow $2B In Past Year
The State Investment Council reports that New Mexico's largest permanent funds grew by about $2 billion during the past year as financial markets performed strongly.
The Land Grant Permanent Fund had returns of 18 percent during the past year ending Sept. 30. It had assets valued at about $11 billion, up nearly $1.7 billion.
The SIC attributed fund gains partly to changes in investment strategy and money managers starting more than two years ago.
The Severance Tax Permanent Fund was valued at almost $4 billion, an increase of about $473 million. The fund had returns of about 16 percent, but it includes economic development investments that typically lower the endowment's overall performance.
Permanent fund earnings provide a share of the yearly revenue that finances public education and other government programs.
Copyright 2012 The Associated Press.