Nearly $30 billion is invested on behalf of the State Investment Board’s (SIB) client funds. The Retirement and Investment Office's (RIO) investment team manages a growing share of that portfolio internally and selects and oversees the external managers who handle the rest.
Each fund is invested to its own objectives, set out in an Investment Policy Statement approved by both the Client and the Board. Performance is measured against benchmarks and reported monthly.
Every fund is managed under the prudent investor rule, for the exclusive benefit of the people and beneficiaries it serves.
The State Investment Board oversees the investment of North Dakota's public funds by establishing investment policies, setting long-term investment objectives, and providing oversight of the investment program.
The Retirement and Investment Office is the investment manager, implementing Board-approved policies and managing operations.
The State Investment Board’s portfolio includes the assets of some of North Dakota's largest public funds including the Legacy Fund, Public Employees Retirement System, Teachers' Fund for Retirement, and Workforce Safety & Insurance Fund. The Board also oversees the investment of approximately two dozen smaller government funds. The client funds are identified on Reports.
The State Investment Board follows a disciplined, policy-driven process designed to meet the unique objectives of each fund it oversees. In collaboration with the Client, the Board establishes investment policies, approves each fund's strategic asset allocation, and provides oversight of the investment program. The Retirement and Investment Office implements the investment policies and manages day-to-day operations.
To learn more about the investment decision-making process, including each client fund's Investment Policy Statement, visit Investment Process.
The State Investment Board manages investment risk through a disciplined, long-term investment approach. Each fund's Investment Policy Statement establishes objectives, risk tolerance, asset allocation, performance benchmarks, and investment guidelines tailored to the fund's purpose. The Board also promotes diversification across asset classes, investment managers, and strategies to help reduce risk while pursuing long-term returns.
Investment performance and risk are monitored regularly by the Retirement and Investment Office, independent consultants, and the State Investment Board to help ensure each portfolio remains aligned with its objectives and policies.
Investment performance is measured against benchmarks established in each fund's Investment Policy Statement, giving an objective standard for evaluating results relative to the funds objectives.
The reporting is independent of the Retirement and Investment Office (RIO). An independent consultant appointed by the State Investment Board recommends the benchmarks, prepares the monthly performance reports for every client fund, and produces the quarterly performance reviews. RIO monitors performance throughout the year and provides the monthly report to each client.
Monthly performance reports and quarterly performance reviews are available on Reports.
The State Investment Board's objective is to prudently invest each client fund’s assets in accordance with its unique purpose, investment objectives, and risk tolerance. The Board seeks to achieve long-term investment returns that support each fund's mission while managing risk through a disciplined, policy-driven investment approach.
Learn more about the Investment Process.