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.

APFC FY25 Q3 Performance Snapshot: Steady Gains Despite Volatility

In News by Juliette Alldredge

The Alaska Permanent Fund earned a 4.55% return as of March 31, 2025, three quarters into the fiscal year.
“I am pleased that APFC’s active investment management approach has added value against the performance benchmark we have been assigned both in the short term (FYTD) and the longer time horizon that we manage portfolios against (5-year).  In this period of increasingly turbulent markets, our active approach to investment management and our diversified asset allocation should provide stability to our stakeholders.”  
– Marcus Frampton, APFC Chief Investment Officer

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APFC Accepting Applications for an Investment Advisory Group Member

In Uncategorized by Juliette Alldredge

The Alaska Permanent Fund Corporation (APFC) is currently soliciting applications from professionals interested in serving on the Investment Advisory Group (IAG).

As a member of the IAG, you will have the unique opportunity to provide valuable insights to the APFC Board of Trustees in their role as fiduciaries of the Permanent Fund, which benefits generations of Alaskans.

The IRFP is available here.

Deadline for Responses:

Responses should be submitted in electronic format to procurement@apfc.org no later than 12 p.m., Alaska Time, on May 12, 2025.

To be considered for a seat on the IAG, a candidate shall:

  • Possess experience and expertise in financial investments and management of investment portfolios for public pensions, corporate or union benefit funds, family offices, foundations, or endowments.
  • Have provided similar services or acted as a CIO, CEO, or trustee to a large sovereign wealth fund, endowment, or trust fund (AUM greater than $1 billion).

Please review the IRFP for further details. If you have any additional questions, please contact the procurement team at procurement@apfc.org.

Click here to view the press release on Business Wire.

APFC CIO Marcus Frampton on Navigating Uncertainty

In Uncategorized by Juliette Alldredge

In a recent interview with Institutional Investor, APFC Chief Investment Officer Marcus Frampton shares how the Fund is navigating Alaska’s budget pressures, staying disciplined in volatile markets, and maintaining a global, long-term perspective.

Frampton discusses the importance of being contrarian when needed, the Fund’s defensive positioning, and why APFC may be better prepared than most in the current environment. He also reflects on the critical role the Fund plays as Alaska’s largest source of general-purpose revenue.

“We think we’re quite well prepared compared to where other investors may be,” – APFC CIO Marcus Frampton in Institutional Investor

Read the full interview at https://www.institutionalinvestor.com/article/2em1zzeuqowhw7v7jcgzk/portfolio/alaskas-cio-on-being-contrarian-facing-a-budget-crisis-and-staying-cool-to-headlines

The Benefits and Impact of Constitutionalizing the POMV

In Uncategorized by Paulyn

Adopting a Single-Fund Endowment Model with a constitutionally defined POMV limit that is aligned with a long-term real rate of return represents a forward-thinking solution that secures the future of the Alaska Permanent Fund.

By making this change, Alaska can uphold its commitment to intergenerational wealth, align with prudent investment standards, and provide stable annual distributions that are available for legislative appropriation to support both public services and the dividend program.

Learn more:

2025_The Benefits and Impact of Constitutionalizing the POMV

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APFC Welcomes New Trustee John Binkley and Reaffirms Commitment to Strong Governance

In Board of Trustees by Juliette Alldredge

Juneau, Alaska — Feb. 14, 2025 — The Board of Trustees of the Alaska Permanent Fund Corporation (APFC) convened for its quarterly meeting in Juneau and via Teams Webinar on February 12-13, 2025. Key discussions included the Fund’s performance, an in-depth review of the Real Estate asset class, and updates on compliance, governance, and the APFC’s youth education initiative.  The Trustees also welcomed a new member to the Board.

“We are pleased to welcome John Binkley to the Board,” said Chair Jason Brune. “As a lifelong Alaskan and dedicated public servant, John brings a wealth of experience to the Board. We look forward to his contributions and the work we will accomplish together.”

Partnership and Accountability

The 34th Alaska State Legislature’s presiding officers, Senate President Gary Stevens and Speaker of the House Bryce Edgmon, shared their insights on the vital partnership between the Legislature and APFC in the stewardship of the Fund. They emphasized the Fund’s importance in providing a stable revenue stream for the state and expressed building alignment for the recommendations to pursue a constitutional amendment that would establish a single account endowment with a draw limit for the Permanent Fund, as outlined in Trustees’ Paper # 10.

Click here to read the full press release.

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APFC Releases the 2025 Mid Fiscal Year Review

In Uncategorized by Juliette Alldredge

The Alaska Permanent Fund Corporation (APFC) announced the release of its 2025 Mid Fiscal Year Review. The report highlights the history of the Fund and APFC, the impact on the Earnings Reserve Account (ERA) over time, and APFC’s investment strategy and performance.

At the halfway point of FY25, the Alaska Permanent Fund stands at $79.6 billion, delivering an 8.71% annualized return since inception and a 10-year average return of 8.10%, demonstrating our commitment to delivering a long-term return for Alaska.

Click here to learn more.