New Mexico – SANTA FE, N.M. (KRWG) New Mexico's permanent funds dropped in value by more than $1 billion during the past quarter because of a downturn in global financial markets.
The latest report to the State Investment Council shows the Land Grant Permanent Fund had assets valued at $9.5 billion at the end of September, down more than a $1 billion from the previous quarter. The fund had a negative return of 10.6 percent in the quarter and is down about 5.8 percent so far this year.
The Severance Tax Permanent Fund was worth $3.2 billion at the end of September, down about $700 million from the previous quarter. The severance tax fund had a negative return of about 10.2 percent in the quarter and a negative 4.8 percent return so far this year.
Copyright 2011 The Associated Press. KRWG