Did you know North Dakota is the third-largest oil-producing state in the U.S.? What does it take to lead and position the North Dakota Trust Lands portfolio for success in a world of higher inflation, volatility, and more? In the latest episode of Improving Alpha, host Michael Oliver Weinberg sits down with Frank Mihail, CIO, North Dakota Trust Lands. Tune in to this episode below.
Michael Oliver Weinberg, co-founder, Improving Alpha Podcast Series
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When looking at the latest oil and gas headlines across the United States, many immediately think of Texas. North Dakota ranks #3 among the largest oil-producing states in the nation and is home to the $9BN North Dakota Trust Lands sovereign wealth endowment. This streamlined team generates revenue from oil royalties and taxes and is one of the healthiest institutions in the nation. So what’s their secret against a world with higher inflation, volatility, and more?
In this episode of the Improving Alpha podcast, we welcome Frank Mihail, CFA, Chief Investment Officer, North Dakota Trust Lands. In this discussion, Frank discusses his early beginnings as an oil and gas engineer, which quickly evolved into selling Beverly Hills real estate, and eventually into building out a hedge fund book and a portable alpha program, which presented him with the opportunity to join North Dakota Trust Lands.
Additional takeaways from this episode:
- What is different in running a sovereign wealth endowment versus some of the other guests that we’ve had recently (Kevin SigRist, North Carolina Investment Authority, or Andrew Junkin, Virginia Retirement System).
- How are Frank and his team advocating for better benchmarks in private infrastructure, and what is their diversification approach with the portfolio to improve alpha?
- Where does he see asset class opportunities for adding capital and generating liquidity for the portfolio?
- How does Frank and his team navigate board discussions and manager red flags against current allocation decision-making?
- What does Frank think about the debate surrounding the usage of a Total Portfolio Approach in institutional investing?
- And more.
Frank Mihail, CFA, is the Chief Investment Officer of North Dakota Trust Lands, where he oversees the investment strategy for one of the state's sovereign wealth funds. He leads the management of a multi-billion-dollar endowment that supports public education through long-term investing across public and private markets. Before joining North Dakota Trust Lands, Frank held investment leadership roles at New Mexico PERA and previously worked in private wealth management after beginning his career as a mechanical engineer and real estate professional. He is a CFA charterholder and earned his MBA from UCLA, bringing a disciplined, long-term approach to institutional portfolio management, strategic asset allocation, and investment governance.
About Our Host: Michael Oliver Weinberg, CFA
For three decades Michael has invested directly at the security level and indirectly as an asset allocator in traditional and alternative asset classes. Most recently he was a Managing Director, Head of Alternative Alpha, on the Investment Committee, and a board member at APG, a Dutch pension provider. Previously he was the Chief Investment Officer at MOV37 and Protege Partners. Michael is also an Adjunct Professor of Economics and Finance at Columbia Business School, where he teaches Institutional Investing, an advanced MBA course that he created.
Michael is a published author, having written for The New York Times, international investment books, and other publications. Michael has been interviewed by the Wall Street Journal, Financial Times, CNBC, Bloomberg and Reuters. He is a frequent panelist, moderator and lecturer for investment banks, institutional and family office organizations, and business schools.
The information covered and posted represents the views and opinions of the guest and does not necessarily represent the views or opinions of Vidrio Financial, and/or our host, Michael Oliver Weinberg. The Content has been made available for informational and educational purposes only. The Content is not intended to be a substitute for professional investing advice. Always seek the advice of your financial advisor or other qualified financial service provider with any questions you may have regarding your investment planning.
