(Pierre, SD) — The South Dakota retirement account managers are urging patience after three years of underperformance. The account’s ten-year benchmark is facing a two-point-75 billion dollar shortfall but State Investment Officer Matt Clark says the underperformance is by design. Clark told the legislative budget committee that they’re, “being cautious.” Clark said the state’s investment in the stock market is set to a “minimum risk position.” He says the state is underweight in artificial intelligence investments over fears of a bubble in the industry, reminiscent of the dot-com bubble of the late 1990s.
