Frank Mihail

Chief Investment Officer of the North Dakota Department of Trust Lands, where he oversees the investment of the state’s sovereign wealth endowment. Before joining North Dakota, Frank was an Investment Officer at the New Mexico Public Employees Retirement Association (PERA), where he managed hedge fund strategies.

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Sep 3, 2025 • 42min

E208: CIO Frank Mihail on Running an $8 Billion Portfolio with 3 People

Frank Mihail, Chief Investment Officer of North Dakota's Department of Trust Lands, shares insights on managing an $8 billion portfolio with a lean three-person team. He discusses their focus on alternatives for 75% of the portfolio, the advantages of evergreen fund structures, and the strategic use of portable alpha. Mihail emphasizes the team's mission to fund public schools, revealing how their concentration on risk management and behavioral finance shapes investment decisions. He also highlights the role of collaboration in enhancing their investment approach.

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