Key Takeaways
- • The North Dakota Retirement and Investment Office launched legacyfund.nd.gov, a public website detailing the investments and performance of the Legacy Fund, the state's sovereign wealth fund valued at just over $15 billion as of summer 2026.
- • According to the website, $3.89 billion, or 26% of holdings, sits in pooled, multiregion commingled vehicles not assigned to any country, and the underlying holdings of those funds are not disclosed.
- • Rep. Bernie Satrom, the primary sponsor of 2025 House Bill 1319, says the site falls short of its transparency goal because much of its data was already available through open records requests.
- • Attorney General Drew Wrigley sided with the RIO in an opinion holding that the office is not legally required to create a record of countries where commingled funds are invested.
- • Gov. Kelly Armstrong praised the site and said the number of commingled investments should eventually decline, while cautioning against losing investment opportunities. Satrom plans to revisit the commingled funds policy in the 2027 legislative session.
Summary
The North Dakota Retirement and Investment Office (RIO) has rolled out a new website, legacyfund.nd.gov, detailing the investments and performance of the Legacy Fund, the state's sovereign wealth fund. The fund was established by a 2010 constitutional amendment and is financed by 30% of the state's oil and gas production and extraction tax. As of this summer, it is valued at just over $15 billion, according to the report.
The site was designed by Tactis, a Washington, D.C.-based company selected through a competitive bidding process, with Fargo-based Devii serving as local subcontractor for the back-end data platform. The two companies hold a five-year contract to maintain the site. Its features include a fund history, growth data, a breakdown of the in-state investment program, and an interactive world map showing investments by country. Users can filter by asset class and sector, search for company names, and download the data.
Gov. Kelly Armstrong called the site "great," saying it provides enough detail to avoid being superficial while allowing users to drill down by region, country, and investment type. The site responds to House Bill 1319, passed in the 2025 legislative session to increase transparency. Its primary sponsor, Rep. Bernie Satrom, R-Jamestown, said the site does not achieve that goal, noting that much of its information was already obtained through open records requests despite hundreds of thousands of dollars spent. According to the website, $11.17 billion (74%) is assigned to a country, while $3.89 billion (26%) is held in commingled vehicles with no country assignment. The RIO has said commingled funds let it leverage less capital for greater returns, but the managers of those funds are disclosed while their underlying holdings are not.
The Tribune previously requested records on commingled fund locations and was told no such record exists. Attorney General Drew Wrigley sided with the RIO in a recent opinion, concluding the office is not legally obligated under open records law to create one. Satrom also raised concerns that the state may still hold Russian government debt or investments tied to the Chinese military. The Forum of Fargo-Moorhead reported in 2022 that the fund had $8.5 million in investments with Russian ties, part of $44 million in total state investments with such ties.
Armstrong said he would like to see commingled investments decline over time but does not want to forgo opportunities. Rep. Jonathan Warrey, R-Casselton, agreed that a balance is needed. Satrom said he will revisit the commingled funds policy in the 2027 legislative session.
The site was designed by Tactis, a Washington, D.C.-based company selected through a competitive bidding process, with Fargo-based Devii serving as local subcontractor for the back-end data platform. The two companies hold a five-year contract to maintain the site. Its features include a fund history, growth data, a breakdown of the in-state investment program, and an interactive world map showing investments by country. Users can filter by asset class and sector, search for company names, and download the data.
Gov. Kelly Armstrong called the site "great," saying it provides enough detail to avoid being superficial while allowing users to drill down by region, country, and investment type. The site responds to House Bill 1319, passed in the 2025 legislative session to increase transparency. Its primary sponsor, Rep. Bernie Satrom, R-Jamestown, said the site does not achieve that goal, noting that much of its information was already obtained through open records requests despite hundreds of thousands of dollars spent. According to the website, $11.17 billion (74%) is assigned to a country, while $3.89 billion (26%) is held in commingled vehicles with no country assignment. The RIO has said commingled funds let it leverage less capital for greater returns, but the managers of those funds are disclosed while their underlying holdings are not.
The Tribune previously requested records on commingled fund locations and was told no such record exists. Attorney General Drew Wrigley sided with the RIO in a recent opinion, concluding the office is not legally obligated under open records law to create one. Satrom also raised concerns that the state may still hold Russian government debt or investments tied to the Chinese military. The Forum of Fargo-Moorhead reported in 2022 that the fund had $8.5 million in investments with Russian ties, part of $44 million in total state investments with such ties.
Armstrong said he would like to see commingled investments decline over time but does not want to forgo opportunities. Rep. Jonathan Warrey, R-Casselton, agreed that a balance is needed. Satrom said he will revisit the commingled funds policy in the 2027 legislative session.
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