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Legacy Fund posts multi‑year gains; RIO outlines internal investment program and cash‑management changes
Summary
Scott Anderson, chief investment officer for the Retirement and Investment Office, told the Legacy Fund Advisory Committee the fund has outperformed policy benchmarks over multiple time frames and described an expanding internal investment program that the office says has produced fee savings and improved returns.
Scott Anderson, chief investment officer at the Retirement and Investment Office (RIO), told the Legacy Fund Advisory Committee on Oct. 13, 2025, that the Legacy Fund has outperformed its policy benchmarks over several multi‑year horizons and that RIO’s internal investment program is producing measurable cost savings and improved risk‑adjusted returns.
“The 10‑year return for the Legacy Fund was 7.1% versus the policy benchmark at 6.4%, and over shorter horizons we’ve also produced excess return,” Anderson said, summarizing performance through the June 30 reporting period. He told the committee the office beat the policy benchmark by about 70 basis points on a 10‑year basis and roughly 60 basis points in the most recent fiscal year.
Anderson described several elements of an expanding internal investment program that RIO says is designed to capture…
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