To the surprise of no one, one of the biggest investment portfolios in Nevada had a lousy July.
The state's Public Employees' Retirement System, with an investment portfolio of about $13.1 billion at the start of the month, ended July with a portfolio of about $12.8 billion a decline of 3 percent.
The big culprit was the sharp downdraft in U.S.
equities markets, says Investment Officer Laura Wallace.
About 35 percent of the PERS portfolio is invested in U.S.
equities.
Despite the hit on PERS, Wallace says neither the 20,000 retirees served by PERS nor the state's taxpayers have reason to worry.
PERS continues to have positive cash flow and is on target for its long-term goal of an 8 percent return to meet its obligations to retirees.
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