By KRWG News
New Mexico – SANTA FE, N.M. (KRWG) New Mexico's investment and pension funds are reporting strong performance for the just-ended fiscal year but some of the gains have been erased by recent financial market losses.
The State Investment Council reported Monday that New Mexico's permanent funds had investment returns of 22.5 percent for the fiscal year ending June 30. That's the highest return since the late 1980s. The funds grew by more than $2 billion and were valued at more than $15 billion at the end of June.
The Educational Retirement Board posted investment returns of 19.9 percent and the educational pension fund's assets reached $9.5 billion at the end of June.
A spokesman for the Investment Council estimates the permanent funds have suffered recent stock losses of about $500 million.
Copyright 2011 The Associated Press. KRWG