SANTA FE, N.M. (AP) — New Mexico's permanent investment funds recorded a healthy return of nearly 16.3 percent during 2013.
The State Investment Council says the returns are more than twice its target of 7.5 percent.
According to the council, the returns benefited from rising stock markets and a strategy of selling high.
The council says it's been reducing the overall portfolio's volatility through improved diversification and an increased focus on income-producing assets such as energy, timber and real estate.
Investment Officer Steve Moise says the council believes it is well-positioned to outperform its benchmarks if there's a significant market correction.