West Virginia will no longer be investing money in Chinese-based companies through its higher education savings investment program, according to Republican State Treasurer Riley Moore.
Moore announced Wednesday that the state would be designating dollars from the investment program, known as SMART529, into a fund that wouldn’t back Chinese-based companies. The previous fund included investments in Chinese companies through an emerging markets fund.
“We have a fiduciary duty to act in the best financial interests of SMART529 plan participants, and we believe excluding Chinese emerging market investments from our Select Plan portfolio will help maximize returns while reducing exposure to the potential regulatory and geopolitical risks that come with investing in companies based in China,” Moore said. “I’m grateful to the Board members for carefully considering this…
