Key Takeaways
- • North Dakota launched a new public website for its $14-15 billion Legacy Fund, a sovereign wealth fund funded by oil taxes, showing where and how taxpayer money is invested, according to North Dakota Monitor reporter Jacob Orledge.
- • The site, available at legacyfund.nd.gov, covers the fund's history, governance structure, and investment holdings, which can be sorted by country, region, economic sector, or investment type.
- • Holdings of 75 line items totaling $6.4 billion, or 42% of the fund, are listed only as pooled or commingled funds and cash, with underlying investments withheld as proprietary.
- • Rep. Bernie Satrom, a sponsor of the 2025 law requiring the website, says it falls short of real transparency and may propose legislation in the session starting in January.
- • The website cost roughly $500,000 in one-time development costs, and investment data will be updated only annually.
Summary
North Dakota has launched a new website designed to make investments of the Legacy Fund more transparent to the public. According to the North Dakota Monitor, the site allows users to see where and how the state has invested taxpayer money. The Legacy Fund, a sovereign wealth fund fueled by oil taxes, is valued at roughly $14 billion to $15 billion depending on the source. The Retirement and Investment Office selected Tactis LLC to develop the site, which brings together investment information, performance data, and educational resources.
State officials who oversee the fund praised the launch during a presentation. Sen. Jerry Klein, R-Fessenden, chair of the Legacy Fund advisory board, said, "We're creating the transparency we're looking for." Gov. Kelly Armstrong called the website impressive and easy to navigate. The site also explains the roles different branches of government play in managing the fund. Jodi Smith, executive director of the Retirement and Investment Office, said she hopes it will reduce public questions about how earnings are spent. State Treasurer Thomas Beadle noted the site's history section reinforces that the fund is a long-term safety net for after oil production declines.
The website has limits. Its holdings page lists 75 line items totaling $6.4 billion, or 42% of the fund, for pooled or commingled funds and cash that are not itemized. Sarah Mudder, communications director for the Retirement and Investment Office, said underlying details are treated as proprietary under North Dakota open records laws because disclosure could reveal external managers' strategies. Satrom, who sponsored the 2025 law, said the site is "a beautiful website" but falls short of meaningful transparency, and he wants a complete accounting of commingled fund holdings. He has signaled he may propose legislation during the session beginning in January addressing commingled funds and open records laws. Rep. Jonathan Warrey, vice chair of the advisory board, called Satrom's concern a "minor concern" and said the website is a significant step forward.
Officials plan to add data on deposits into the fund from oil taxes by year-end. Investment data will be updated annually, with no real-time reporting planned. The website cost roughly $500,000 in one-time development costs, excluding licensing and maintenance. The site is available at legacyfund.nd.gov, and members of the public can submit questions through its Contact Us form.
State officials who oversee the fund praised the launch during a presentation. Sen. Jerry Klein, R-Fessenden, chair of the Legacy Fund advisory board, said, "We're creating the transparency we're looking for." Gov. Kelly Armstrong called the website impressive and easy to navigate. The site also explains the roles different branches of government play in managing the fund. Jodi Smith, executive director of the Retirement and Investment Office, said she hopes it will reduce public questions about how earnings are spent. State Treasurer Thomas Beadle noted the site's history section reinforces that the fund is a long-term safety net for after oil production declines.
The website has limits. Its holdings page lists 75 line items totaling $6.4 billion, or 42% of the fund, for pooled or commingled funds and cash that are not itemized. Sarah Mudder, communications director for the Retirement and Investment Office, said underlying details are treated as proprietary under North Dakota open records laws because disclosure could reveal external managers' strategies. Satrom, who sponsored the 2025 law, said the site is "a beautiful website" but falls short of meaningful transparency, and he wants a complete accounting of commingled fund holdings. He has signaled he may propose legislation during the session beginning in January addressing commingled funds and open records laws. Rep. Jonathan Warrey, vice chair of the advisory board, called Satrom's concern a "minor concern" and said the website is a significant step forward.
Officials plan to add data on deposits into the fund from oil taxes by year-end. Investment data will be updated annually, with no real-time reporting planned. The website cost roughly $500,000 in one-time development costs, excluding licensing and maintenance. The site is available at legacyfund.nd.gov, and members of the public can submit questions through its Contact Us form.
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