Image courtesy of State of North Dakota
North Dakota’s $12 billion Legacy Fund lost approximately $1 billion following President Trump’s sweeping tariff announcement in early April. Retirement and Investment Office Director Jodi Smith revealed this during a Wednesday Senate committee meeting. Despite these losses, investment officials aren’t making reactionary decisions. Chief Investment Officer Scott Anderson explained such volatility is expected, with the fund designed to weather market fluctuations through diversification. Democratic leaders expressed concern about impacts on multiple state funds and North Dakota’s oil-dependent budget amid continuing market uncertainty despite Trump’s subsequent 90-day tariff delay.
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