FILE – In this Feb. 26, 2018, file photo, an American flag hangs inside the rotunda of the Idaho Capitol in Boise, Idaho. (AP Photo/Kimberlee Kruesi, File)

BOISE, Idaho (AP) — The Idaho Endowment Fund that distributes money to public schools and other entities lost $400 million in the fiscal year that wrapped up at the end of June.

Investments Manager Chris Anton told the Idaho Land Board on Tuesday that the fund lost about 13% of its value with the drop from $3.1 billion to $2.7 billion. However, the fund is up 5.9% over the last three years and 8.3% over the last 10 years.

Anton says the fund is managed aggressively, and there are going to be down years. But he says it’s a strategy that has paid off over the long term.

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