南达科他州的210亿美元基金在三年内表现不佳, 原因是谨慎策略影响了退休人员. South Dakota’s $21B fund underperformed for three years due to a cautious strategy, affecting retiree COLAs.

由于州投资官马特克拉克的故意不愿冒风险策略, 南达科他21亿美元的投资组合在过去三年中表现低于其基准. South Dakota’s $21 billion investment portfolio has underperformed its benchmark for three years due to a deliberate, risk-averse strategy by State Investment Officer Matt Clark. 他反面的方法, 减少市场高位期间的风险口 - - 特别是人工智能股票 - - 以避免在不可避免的衰退时出现损失, 这类似于过去的科技泡. His contrarian approach, which reduces exposure during market highs—particularly in AI stocks—aims to avoid losses during inevitable downturns, similar to past tech bubbles. 虽然房地产和私募股权投资落后,但战略优先考虑长期稳定性和多元化. While real estate and private equity investments have lagged, the strategy prioritizes long-term stability and diversification. 尽管短期的表现不佳, 但基金在20年内仍有所突破. Despite short-term underperformance, the fund still outperforms over 20-year periods, a fact that officials and union leaders say justifies confidence in the long-term plan. 退休人员的收入减少导致生活成本调整较低,通货膨胀率最高可达3.5%. Reduced returns have led to lower cost-of-living adjustments for retirees, capped at inflation up to 3.5%.