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

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

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 support…