(Michael Achterling/North Dakota Monitor)
(North Dakota Monitor) – North Dakota’s Legacy Fund lost about $1 billion in value last week as the stock market plunged, but the investments are managed to weather volatility, according to testimony from a legislative hearing this week.
Jodi Smith, interim executive director of the Retirement and Investment Office, commented on the impact of the stock market fluctuations Wednesday during a meeting of the Senate Appropriations Government Operations Division.
“The market will ebb and flow and it will go up and down, and really what determines the market is how we react to it,” Smith told lawmakers. “Our goal is to not be very reactionary.”
The Legacy Fund, created by voters to invest state oil and gas revenue, was valued at $12 billion as of Jan. 31. A more recent value is not yet available from the Retirement and Investment Office, which administers the investments.
