(1) The state treasurer shall invest and manage the permanent state trust fund assets as a prudent investor would, by: (a) considering the purposes, terms, distribution requirements, and other circumstances of the permanent state trust fund; and (b) exercising reasonable care, skill, and caution in order to meet the standard of care of a prudent investor.

(a) considering the purposes, terms, distribution requirements, and other circumstances of the permanent state trust fund; and

(b) exercising reasonable care, skill, and caution in order to meet the standard of care of a prudent investor.

(2) In determining whether the state treasurer has met the standard of care of a prudent investor, a finder of fact shall: (a) consider the state treasurer's investment decision or action in light of the facts and circumstances existing at the time of the decision or action, and not by hindsight; and (b) evaluate the state treasurer's investment and management decisions respecting individual assets: (i) not in isolation, but in the context of the permanent state trust fund portfolio as a whole; and (ii) as a part of an overall investment strategy that has risk and return objectives reasonably suited to the permanent state trust fund.

(a) consider the state treasurer's investment decision or action in light of the facts and circumstances existing at the time of the decision or action, and not by hindsight; and

(b) evaluate the state treasurer's investment and management decisions respecting individual assets: (i) not in isolation, but in the context of the permanent state trust fund portfolio as a whole; and (ii) as a part of an overall investment strategy that has risk and return objectives reasonably suited to the permanent state trust fund.

(i) not in isolation, but in the context of the permanent state trust fund portfolio as a whole; and

(ii) as a part of an overall investment strategy that has risk and return objectives reasonably suited to the permanent state trust fund.