Inside the Principal & ERA: What Changes Each Fiscal Year

In Uncategorized by Juliette Alldredge

Principal & ERA: Yearly Shifts Explained

Understanding the Fund’s structure is crucial, particularly the difference between the portion categorized as Principal and the Earnings Reserve Account (ERA).

  • The start of each fiscal year brings a significant change in reported values, as the Percent of Market Value (POMV) transfer is moved out of the ERA to support state services and the dividend.
  • The State of Alaska relies on the annual Percent of Market Value Draw (POMV) from the earnings of the Alaska Permanent Fund to provide more than 50% of the state’s unrestricted general fund revenues.

What to Know: At a Glance

Monitoring the Fund’s values enhances transparency, supports rules-based actions, and strengthens public confidence in its management.

  • The ERA has a sufficient balance to provide for the FY27 POMV commitment for the current generation’s use of the Fund.
  • Inflation proofing of the Principal was not appropriated in FY25 and FY26, impacting the intergenerational benefits of the Fund.

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Upcoming Board of Trustees Meetings – September 4, 2025

In Uncategorized by Jennifer Thorsteinson

The Alaska Permanent Fund Corporation (APFC) will hold a Board of Trustees Ethics, Audit & Cybersecurity Committee Meeting and a Regular Meeting on September 4, 2025 virtually. The Ethics, Audit & Cybersecurity Committee Meeting will focus on the financial statements and external audit results for Fiscal Year 2025. The Regular Meeting will focus on approving the Annual Audit for FY25 and approving the FY27 Budget proposal.

The public is invited to attend these meetings virtually via Teams Webinar (registration information listed in the agenda linked below or at the Board Meetings page under the corresponding meeting date and location), or by phone. There will be an opportunity for public comment at both meetings (please see the agendas for exact times). Written comments can be sent to Trustees anytime at boardpubliccomment@apfc.org.

09.04.25 APFC Board of Trustees Ethics, Audit & Cybersecurity Committee Meeting Agenda
09.04.25 APFC Board of Trustees Ethics, Audit & Cybersecurity Committee Meeting Packet_revised 9.3.25
09.04.25 APFC Board of Trustees Regular Meeting Agenda
09.04.25 APFC Board of Trustees Regular Meeting Packet_revised 9.3.25

APFC Featured in a Bloomberg’s Podcast on “Lessons from the One Sovereign Wealth Fund in the U.S.”

In News by Juliette Alldredge

On Monday, August 18, 2025, APFC was featured on Bloomberg’s Odd Lots, a top-ranked investing podcast.

In the podcast, APFC CEO Deven Mitchell and CIO Marcus Frampton sat down with hosts Joe Weisenthal and Tracy Alloway to discuss the Alaska Permanent Fund’s origin, evolution, and the role it plays in the state’s fiscal future.

What sets the Alaska Permanent Fund apart from other institutional investors, and what can others learn from the largest sovereign wealth fund in the United States?

Topics included:

  • The Fund’s oil revenue roots and constitutional structure
  • How APFC navigates high expectations and market volatility
  • The importance of long-term investing and disciplined governance

Listen to the Odd Lots episode on Spotify, Apple Podcasts, or Youtube.

Subscribers may also access the episode on Bloomberg’s website.

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The Key to a Stronger Fund: Diversification

In APFC Perspectives by Juliette Alldredge

By Deven Mitchell, CEO & Executive Director, Alaska Permanent Fund Corporation

In the nearly 50 years since Alaskans overwhelmingly voted to create the Alaska Permanent Fund, it has become a globally recognized sovereign wealth fund and a household name for every Alaskan. It symbolizes the conservative nature and strength of character of our forebearers, who saved a portion of their generation’s money earned from Alaska’s natural resources to provide financial benefits for all generations to come. The Alaska Permanent Fund Corporation and our dedicated team are tasked with and committed to protecting and growing the Permanent Fund for the benefit of every Alaskan.

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The Value of Purpose-Driven Talent

In Uncategorized by Juliette Alldredge

In a recent Chief Investment Officer article, “How Asset Owners Are Attracting Talent—and Their Issues Doing So,” APFC CEO Deven Mitchell discusses what motivates top investment talent to join institutional allocators located beyond Wall Street or other major metro finance centers.

From meaningful missions to unique career acceleration, Mitchell highlights why organizations like APFC continue to attract professionals who value long-term impact and a deeper connection to place.

Read the full piece here: How Asset Owners Are Attracting Talent and Their Issues Doing So | Chief Investment Officer

APFC Board Examines Asset Allocation, Approves Targeted Portfolio Adjustments

In Uncategorized by Juliette Alldredge

Sitka, Alaska—The Board of Trustees of the Alaska Permanent Fund Corporation (APFC) held its quarterly meeting and the Ethics, Audit, & Cybersecurity Committee meeting in Sitka and via webinar on May 28 and 29. During the Board meeting, the Trustees reviewed the Fund’s asset allocation study, approved the FY26 operating budget alongside Board Resolution 25-01, and advanced strategic shifts within the Real Estate portfolio, as well as the Public Equities and Fixed Income portfolios. 

The APFC Board conducts one meeting a year in a rural or remote area to broaden public engagement and increase awareness of the Permanent Fund. The Board appreciated Senator Stedman’s and Representative Himschoot’s participation, reflecting the importance of legislative partnership in advancing stakeholder accountability and support for the proposed single-fund endowment constitutional amendment. 

“We thank the community of Sitka for their hospitality, the local legislative delegation for their attendance, and the opportunity to present to the Sitka Assembly. By holding meetings in communities throughout our great state, we reaffirm our responsibility to be accountable and accessible stewards of Alaska’s greatest financial resource.”
– Chair Jason Brune

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Foundational Principles for Public Funds in ‘Pensions & Investments’

In Uncategorized by Juliette Alldredge

APFC’s CIO, Marcus Frampton, and Chief Risk & Compliance Officer Sebastian Vadakumcherry were recently featured in Pensions & Investments, outlining five key principles for public fund investors navigating today’s market.

From resisting short-term distractions to reinforcing capital preservation, their perspective highlights why discipline, diversification, and long-term focus remain critical for public funds.

Subscribers can read the full piece here: https://www.pionline.com/industry-voices/commentary-5-things-public-fund-investors-should-keep-mind-todays-market

Upcoming Board of Trustees Meetings – May 28-29, 2025

In Uncategorized by Jennifer Thorsteinson

The Alaska Permanent Fund Corporation’s (APFC) Board of Trustees will hold two upcoming meetings on May 28-29, 2025. The Quarterly Meeting agenda items include: a risk & compliance overview, Fund performance overview, asset allocation discussion, asset class overview (Real Estate & Private Income), budget updates, and more. The Ethics, Audit & Cybersecurity Committee Meeting will be the presentation of the FY25 KPMG Audit Plan, FY25 year-to-date financial review, and an internal controls review.

The public is invited to attend this meeting in person, virtually via Teams Webinar (registration information listed in the agenda linked below or at the Board Meetings page under the corresponding meeting date and location), or by phone. There will be an opportunity for public comment at both meetings (please see the agendas for exact times). Written comments can be sent to Trustees anytime at boardpubliccomment@apfc.org.

May 28-29, 2025 APFC Board of Trustees Quarterly Meeting Agenda
May 28-29, 2025 APFC Board of Trustees Quarterly Meeting Packet

May 28, 2025 APFC Board of Trustees Ethics, Audit & Cybersecurity Committee Meeting Agenda
May 28, 2025 APFC Board of Trustees Ethics, Audit & Cybersecurity Committee Meeting Packet *revised*

Global Recognition for Investment Leadership

In APFC Perspectives by Juliette Alldredge

Where Values Meet Visibility: APFC in the News

As stewards of the nation’s largest sovereign wealth fund, APFC’s in-house professionals are increasingly recognized for their insight and expertise. Over the past year, our team has been cited as subject matter experts in more than 80 nationwide and global media stories, reflecting not just what we do, but why we do it.

A Trusted Voice in Global Finance

  • New
    Setting the Standard for Public Funds
    Pensions & Investments published a byline by APFC’s CIO, Marcus Frampton, and Chief Risk & Compliance Officer Sebastian Vadakumcherry, in which they outline five key principles for public fund investors navigating today’s market. From resisting short-term distractions to reinforcing capital preservation, their perspective highlights why discipline, diversification, and long-term focus remain critical for public funds.

  • A Key Institutional Voice
    The Wall Street Journal featured APFC as a key institutional voice amid the Fed’s rate pause, reinforcing APFC’s role in navigating shifting policy with a long-term perspective and global investment discipline. Marcus Frampton, APFC Chief Investment Officer, provided context through APFC’s forward-looking risk management lens.

  • Strong Governance & Fiduciary Discipline
    APFC’s strong governance and fiduciary discipline were highlighted in Top1000funds.com for how it aligns with global best practices. The article noted: “Governance is rooted in foresight rather than making it up as you go.” — Top1000funds.com, 2025

  • Private Markets Approach
    Private Equity International sought private market perspectives on long timelines and the risk of parting with quality assets.

  • Consistent Discipline
    CIO Marcus Frampton’s investment strategy as a steward of the Fund was profiled in Institutional Investor. The article included that “APFC stands out for its disciplined long-term approach amid market turbulence.”

  • Expert Team with a Global Perspective
    Deputy CIO – Private Markets Allen Waldrop’s speaking engagements are regularly featured in Private Equity International, Venture Capital Journal, and Buyouts Insider.

These highlights reflect APFC’s values in action and the strength of our approach.

Why We Do What We Do

APFC’s global recognition and reputation as a model for converting a nonrenewable resource into the state’s largest financial resource is rooted in a mission entrusted to us by Alaskans. The Legislature’s findings for the purpose of the Permanent Fund:

  1. To create permanent savings from nonrenewable resources:
    “the fund should provide a means of conserving a portion of the state’s revenue from mineral resources to benefit all generations of Alaskans;”
  2. To achieve maximum risk-adjusted returns:
    “the fund’s goal should be to maintain safety of principal while maximizing total return;”
  3. To ensure the prudent use of earnings through the Legislature:
    “the fund should be used as a savings device managed to allow the maximum use of disposable income from the fund for purposes designated by law.”

These statutes directly shape our investment model. We diversify across asset classes and geographies. We emphasize long-term, risk-aware strategies over short-term gains. This foundation and discipline are what make APFC a respected global voice.

Through transparency, passion, and discipline, we’re working to strengthen the Fund for the benefit of all Alaskans.