Alaska Permanent Fund Corporation (APFC) is the state corporation that manages Alaska's sovereign wealth fund, the Permanent Fund. Its trustees set investment policy and benchmarks and decide how much of its earnings fund state spending and the dividend.
Photo by Arthur Chapman, via Flickr · Photo source · CC BY 2.0
apfc.org ↗Alaska
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Permanent Fund ends its first quarter nearly flat after a $937 million September loss
The Alaska Permanent Fund earned $61.1 million in the first quarter of the fiscal year, after a $937 million loss in September erased most of the $998 million it gained over July and August combined.
That is the fund's total revenue for July 1 through Sept. 30 on a balance of $91.9 billion at the start, according to unaudited financial statements the Alaska Permanent Fund Corporation posted Oct. 15. That figure combines interest, dividends, real estate income and changes in market value. After $43.8 million in operating costs and other appropriations, the fund came out $17.3 million ahead.
July finished down $14 million, and August gained $1 billion. In September, stocks lost $689 million and bonds lost $533 million. Real estate, private credit and infrastructure also fell, while private equity, absolute return investments and derivatives gained.
The fund's balance dropped from $91.9 billion to $88 billion over the quarter, and the drop came from the state's annual draw rather than investment losses. The fund has sent $2 billion of this year's roughly $4 billion draw to the state and recorded the rest as owed. The draw provides about two-thirds of the state's unrestricted revenue, paying for state services and the Permanent Fund dividend, the corporation said in its annual report last month, Alaska News reported Sept. 30.
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About Alaska Permanent Fund Corporation
Photo by Arthur Chapman, via Flickr · Photo source · CC BY 2.0
apfc.org ↗Alaska
The Alaska Permanent Fund Corporation (APFC) is the state corporation that manages the Permanent Fund, Alaska's sovereign wealth fund. Its trustees set investment policy and benchmarks, and the fund's earnings, as appropriated by the Legislature, pay for state spending and the Permanent Fund Dividend.
Recurring questions concern the fund's returns against its benchmarks, how those benchmarks set staff bonuses, risk models for private equity, and the corporation's own budget, much of which pays outside money managers. The annual draw on its earnings provides a large share of the state's unrestricted revenue, and how much goes to inflation proofing the principal is a recurring debate.
The fund connects to the Legislature, which appropriates its earnings, and to the dividend paid to Alaskans, whose size and future are long-running political questions. The state's PFD Division pays the dividend and warns recipients about scams.
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