Assets managed through the office of Wyoming state Treasurer Joe Meyer declined less than 3% in the third quarter, according to unaudited figures posted on the treasurer offices website.
The states portfolio had $10.6 billion as of Sept. 30, down from around $10.9 billion as of June 30.
A letter posted on the website that discussed performance through Aug. 31, said the portfolio did not have significant investments in auction-rate securities, subprime markets, asset-backed and mortgage-backed securities and others whose value has recently decreased.
The letter said key reasons for the asset decline were financial uncertainty in the markets, panic buying and selling and future economic projections.
In keeping with private and public investment portfolios all over the nation, there is no place to run and no place to hide until the national financial dramas play out, Mr. Meyer wrote. He also mentioned that short-term cash holdings by the states investment managers are increasing on his authorization until financial markets clear up.
Mr. Meyer did not return a call seeking comment.