Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Investment council reports 6.02% FY return, says long‑term contrarian approach remains intact
Summary
The State Investment Council reported assets above $20 billion, a 6.02% fiscal‑year return (below benchmark) and defended a long‑term contrarian, lower‑equity stance while outlining compensation and staffing strategies to retain investment talent.
The South Dakota Investment Council briefed the Joint Appropriations Committee on the council's portfolio performance, strategy and staffing, reporting $20 billion-plus in assets under management and a fiscal‑year return of 6.02% against a capital markets benchmark of 13.81%.
Long‑term performance and strategy: Council Chair Lauren Kepsel and State Investment Officer Matt Clark said the council pursues a contrarian strategy that reduces public‑market exposure when valuations are high and increases allocations to private assets and cash for protection. Clark said that approach has meant the council "reduced significantly our exposure to the public markets" in recent years and currently results in a large cash position; Kepsel noted the council's 20‑year compound outperformance versus…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
