Article: State investment earnings reduced by volatile stock market

fanny@wvgazette.com

Losses in a volatile stock market reduced the West Virginia Board of Investment Management's earnings to 1.1 percent over the last year through the end of April, but the board's executive director said stocks are still the best asset for the long term.

Craig Slaughter said the 1.1 percent equated to $57 million in the $5.4 billion portfolio that combines state retirement plans, the Workers Compensation Black Lung fund, other Workers Compensation funds and the Wildlife Resources Endowment Fund.

Sixty percent of the portfolio is invested in stocks. The other 40 percent is invested in fixed income.

In April, stock investments had a decrease in net assets of $71.67 million ...

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