Permanent Wyoming Mineral Trust Fund (PWMTF)

The Permanent Wyoming Mineral Trust Fund (PWMTF) is a sovereign wealth fund established in 1974 by the state of Wyoming. Its primary purpose is to preserve a portion of the state's wealth derived from its abundant mineral resources, such as oil, natural gas, and coal, for future generations. The fund ensures the long-term stability of Wyoming's economy, provides a source of revenue to support various state programs, and helps mitigate the impact of fluctuations in mineral prices on the state budget.

The PWMTF is managed by the Wyoming State Treasurer's Office, under the guidance of the State Loan and Investment Board (SLIB), which consists of the Governor, Secretary of State, State Auditor, State Treasurer, and Superintendent of Public Instruction. The SLIB is responsible for setting the fund's investment policies and overseeing its management.

The fund is primarily financed through the allocation of a certain percentage of mineral severance taxes and federal mineral royalties collected from the extraction of minerals within the state. The PWMTF's investment portfolio is diversified across various asset classes, including domestic and international equities, fixed income securities, real estate, and private equity investments. By law, the fund is required to maintain a minimum of 1.5% of its portfolio in Wyoming-based investments, which includes investing in businesses and projects that contribute to the state's economic development.

The income generated by the PWMTF is used to support various state programs and services, including education, healthcare, infrastructure, and public safety. A portion of the fund's income is also reinvested to ensure its growth and long-term sustainability. The PWMTF's assets were valued at around $8 billion, making it one of the largest state-level sovereign wealth funds in the United States.

The PWMTF has been praised for its prudent management, long-term investment strategy, and contribution to Wyoming's fiscal stability. By preserving a share of the state's mineral wealth, the fund helps to ensure that future generations can benefit from Wyoming's natural resources and maintain a high quality of life.