State’s investment manager urges patience with underperformance, waiting for better opportunities

By: Makenzie Huber

Outlets: South Dakota Searchlight

Published: March 20, 2026

Words: 1,285

Last Updated: 20 hours, 9 minutes ago

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The people who manage the investments for the state of South Dakota’s retirement system have underperformed for the third year in a row, contributing to a 1.4 percentage-point gap — or a $2.75 billion shortfall — between their 10-year performance and the benchmark they try to meet over the long term.

The state Investment Council manages nearly $21 billion worth of total assets that fund the retirement system for public employees and also …

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