BISMARCK, N.D. (AP) — North Dakota's newly created trust fund for oil taxes has had thin earnings, but the results are in line with a conservative investment philosophy that excludes stocks, money managers said Thursday.
The chairman of an advisory board that drafted the Legacy Fund's investment plan said its details could be revisited after North Dakotans decide the fate of a proposed constitutional amendment to abolish property taxes. The amendment, called Measure 2, is on the June 12 primary election ballot.
The fund had almost $352 million in oil taxes on Wednesday, state Treasurer Kelly Schmidt said. When investment earnings were included, its balance was $353.1 million, said Darren Schulz, deputy chief investment officer for North Dakota's Retirement and Investment Office.
Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.
Your access to unlimited BenefitsPRO content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Critical BenefitsPRO information including cutting edge post-reform success strategies, access to educational webcasts and videos, resources from industry leaders, and informative Newsletters.
- Exclusive discounts on ALM, BenefitsPRO magazine and BenefitsPRO.com events
- Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
