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New Mexico SIC FY Investment Returns of 22.5%

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According to the press release, “The State Investment Council (NMSIC) today announced record returns of 22.5% for the fiscal year ending June 30, 2011.  The investment returns helped grow the total funds managed by the NMSIC more than $2.5 billion year-over-year, and placed it in the top third among peer funds of more than $1 billion.

“The State Investment Council was well positioned for the bull market we experienced for much of the year,” said State Investment Officer Steve Moise. “The Council is also working diligently to diversify its assets, and create a balanced portfolio of quality investments that will be less vulnerable to the volatility we have seen recently on Wall Street.”

The Council in July voted to take steps to reduce overall exposure to the public equities (stock) market from a target of 60% to 46%.  New long-term investment targets include increased allocations to core real estate and real return assets such as timber and infrastructure.

The 22.5% investment performance for the year marks the highest returns experienced by the permanent funds since the legislature voted to allow greater exposure to the stock market back in the late 1980s.  The previous investment returns peak of 21.5% came in 1998, in the middle of the internet “dot-com” stock bubble.

For the fiscal year ending June 30, the Permanent Funds were valued at $15.35 billion.  The Funds also distributed $763 million over the past 12 months.  Permanent Fund distributions continue to be a vital source of revenue for New Mexico, directly benefitting public schools and universities, and reducing the tax burden on our citizens.

Read more: New Mexico State Investment Council

Saudi Aramco Contemplates SABIC Stake from PIF

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Oil giant Saudi Aramco is in early discussions on whether to pursue an ownership stake in Saudi Basic Industries Corporation (SABIC) from the Public Investment Fund (PIF). At the moment, Saudi Aramco has no plans to buy publicly-held shares of SABIC. SABIC was founded in 1976 by Saudi royal decree to convert oil by-products into useful chemicals, polymers, and fertilizers.

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SWFI First Read, July 19, 2018

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GIC Eyes Provenance Land

GIC Private Limited is nearing a deal to purchase up to 50% of Provenance Land. Provenance Land owns India’s first Four Seasons hotel.

Eduard van Gelderen Leaves UC Regents for PSP Investments CIO Role

Eduard van Gelderen exited his position as Senior Managing Director at the University of California Regents’ Office of the Chief Investment Officer. His role will not be replaced. He accepted an offer to be Chief Investment Officer of the Public Sector Pension Investment Board (PSP Investments).

PAAMCO Prisma Holdings CEOs to Exit

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Google Fined Big Time by EU Regarding Antitrust Violations

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The European Union (EU), through its competition commissioner, levied a €4.34 billion fine against Alphabet Inc., the owner of Google. The fine is over Google having “imposed illegal restrictions on Android device manufacturers and mobile network operators to cement its dominant position in general internet search,” according to the European Commission (EC).

The European Commission is requiring Alphabet to cease from its conduct that it is accused of within 90 days or face penalty payments of up to 5% of the average daily worldwide turnover of Alphabet, Google’s parent company.

Commissioner Margrethe Vestager, in charge of competition policy, said in a press release, “Today, mobile internet makes up more than half of global internet traffic. It has changed the lives of millions of Europeans. Our case is about three types of restrictions that Google has imposed on Android device manufacturers and network operators to ensure that traffic on Android devices goes to the Google search engine. In this way, Google has used Android as a vehicle to cement the dominance of its search engine. These practices have denied rivals the chance to innovate and compete on the merits. They have denied European consumers the benefits of effective competition in the important mobile sphere. This is illegal under EU antitrust rules.”

The EC press release added, “In particular, Google: 1. has required manufacturers to pre-install the Google Search app and browser app (Chrome), as a condition for licensing Google’s app store (the Play Store); 2. made payments to certain large manufacturers and mobile network operators on condition that they exclusively pre-installed the Google Search app on their devices; and 3. has prevented manufacturers wishing to pre-install Google apps from selling even a single smart mobile device running on alternative versions of Android that were not approved by Google (so-called “Android forks”).”

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