The Nevada State Treasurer's office has generated its highest investment returns in state history, with a record $214 million in investment returns in fiscal year 2023.

These are of course Nevadans' tax dollars at play, and Treasurer Zach Conine and the Investment Division within the Treasury have more than doubled the second highest returns.

"In the state treasury we have a pretty risk averse style so we are investing in things where the chance of losing money is really low. Because of course we are protecting it, it's not our money, it's the taxpayers and we want to make sure it's protected. But, in certain markets at certain times and with certain teams and the right decisions, we were able to find ourselves in a position where we generated so much in investment returns," explained Nevada State Treasurer Zach Conine.

Interest earned from these record returns will be distributed proportionally to state agencies delivering behavioral health, public education, environmental protection programs, and veterans’ services.

A common buzz word you'll hear in finance is ESG: or making ethical investment decisions regarding "Environmental, Social, and Governance."

Treasurer Conine said his office doesn't necessarily focus on ESG guidelines, but rather basing their investment policies on sound free market principles. 

"ESG is just a new way of referring to looking at different risks in the market, and paying attention to them. We've been using ESG type ideas for generations. Right, you'd get more insurance on a house that was in a floodplain than you would on a house that isn't on a floodplain. You would perhaps want to buy a business that existed in the United States verses buying a business that existed in North Korea," said Conine. 

Treasurer Conine has 20 years of investment experience. The Investment Division comprised of the Deputy of Investments and three employees, all together brings more than a 100 years of investment experience. 

"In the state of Nevada we invest in good investments we don't invest in bad investments, right. So, that's our focus. And we think that is the focus of anyone who is paying attention to this from a free market perspective. The concept that we shouldn't make certain investments because they either do support climate change or they don't support climate change, doesn't make a ton of sense to us. We think we should go where the money is," explained Conine.

The Treasury manages about $9 billion with about $1 billion being managed by outside advisors.

Since taking office in 2018, Treasurer Conine and the investment division under his leadership has generate $337 million through investments, which is also the highest amount ever realized by a Nevada State Treasurer. 

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