SANTA FE, N.M. (AP) New Mexico's permanent funds have grown about $1.7 billion during the past year with strong investment gains. The State Investment Council says the Land Grant Permanent Fund had a return of about 13.2 percent in the year ending June 30, and had assets valued at more than $12 billion. The council said the fund's performance placed it among the top third for similar large public funds.
The Severance Tax Permanent Fund had a return of 12.1 percent, but it includes economic development investments that typically lower the overall performance. The fund was valued at more than $4 billion at the end of June.
Earning from the state's investment funds provide almost 11 percent of the yearly revenue that finances public education and other government programs.
