Permanent school fund reaches new record value
Submitted by Edgar on Wed, 02/12/2014 - 2:28pm
By Ed Sterling
AUSTIN — Texas’ 160-year-old Permanent School Fund had grown to $29 billion, a record high value, in December 2013, the Texas Education Agency reported Feb. 6. The fund was created by the state in 1854 with a $2 million investment. Last year was a good one. In fiscal year 2013, which ended Aug. 31, the fund earned a return of 10.16 percent — the highest return earned by any major state of Texas investment fund. Recent strong returns also made the Permanent School Fund the best performing major state fund over a three-year period ending on Aug. 31, 2013, with a return of 11.07 percent.
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