Adviser says North Dakota oil fund should invest in stocksBISMARCK, N.D. (AP) — An investment portfolio manager says conservative investing of North Dakota's oil tax fund poses its own problems.
BISMARCK, N.D. (AP) — An investment portfolio manager says conservative investing of North Dakota's oil tax fund poses its own problems.
John Lewis spoke to an advisory board that is considering ideas for investing the Legacy Fund. It has almost $500 million and has been growing rapidly.
Right now the Legacy Fund is invested only in bonds. It's been getting a 1 percent return. The board has authorized a study of different investment options for the money.
Lewis says leaving the fund invested in bonds only leaves it vulnerable to losing buying power because of inflation.
Voters approved the fund almost two years ago, and it gets 30 percent of the state's oil tax collections. North Dakota lawmakers can't spend any of the money for five years.