APFC’s Board Reviews Fiscal Year 2022 Performance and Looks to the Future

In Uncategorized by Adam Kane

Anchorage – The Board of Trustees met for their Annual Meeting this week to review the Alaska Permanent Fund’s investment performance for fiscal year 2022 (FY22) and hear strategic insights, including current market perspectives from the Investment Advisory Group, APFC staff and external investment partners.

Chair Richards remarked that, “The past year has been challenging, and despite it all, the Fund had excellent performance returns amidst volatile markets. The Corporation remains strong and staff are committed to advancing our vision. The Board and staff look forward to continuing to excel in our investment management role.”

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In Uncategorized by Adam Kane

The Alaska Permanent Fund Corporation is viewed through many lenses – an investor, an accountant, a manager, a leader, a steward, a student, an Alaskan – each bringing a unique perspective on the value and potential of the Alaska Permanent Fund, a world-class financial resource.

At APFC, our passion for investing, decades of financial experience, and steadfast commitment to our fellow Alaskans all contribute to protecting the Alaska Permanent Fund. Amidst the recent inflationary pressures and economic volatility affecting global markets, prudent management remains, as always, an essential component of the Corporation’s work. Entrusted as stewards and fiduciaries of the Fund, APFC’s vision and diverse investment strategies complement the long-term investment horizon, ensuring consistent risk-adjusted returns over time. This is the work done every day by APFC’s Board and Staff as we strive to safeguard and wisely invest the Fund for the benefit of Alaskans today and for generations to come.

APFC Keeps Steady Keel During Turbulent Year

In Uncategorized by Paulyn

As the Alaska Permanent Fund Corporation’s Board gathers in Anchorage this week for the annual meeting, the Trustees would like to update Alaskans on the status of the Alaska Permanent Fund, the outstanding job our staff has done in these turbulent times, and our search for a new executive director.

FY2022 was a challenging year for all investors. Persistent market volatility and some of the highest levels of inflation the Fund has ever encountered reinforced the importance of the long-term investment perspective of the portfolio. Our primary mission continues to be ensuring that the assets of the Fund are safeguarded and well-positioned to maximize risk-adjusted returns over a long horizon.

We invite interested Alaskans to listen to our Annual Meeting on Sept. 21-22 to get an informed update on the Fund’s performance, the executive director search, and other topics of interest. Directions on how to watch the meeting are posted at https://apfc.org/board-of-trustees/board-of-trustees-meetings/.

As Trustees, we recognize our obligation to Alaskan stakeholders and global partners in setting the standard for fiduciary duty, ethical conduct, accountability, and integrity. We have strong governance measures to document our commitment to managing the Fund on behalf of generations of Alaskans, including a code of conduct and the requirement for annual fiduciary training. Public trust requires an ongoing commitment to consistent, capable leadership. We honor our commitment to Alaskans and the Alaska Permanent Fund.

2022_09  Full Commentary By Chair Craig Richards, APFC Board of Trustees

Alaska Permanent Fund Annual Meeting of the Board of Trustees

In Uncategorized by Jennifer Thorsteinson

The Alaska Permanent Fund Corporation (APFC) Board of Trustees will hold their Annual Meeting on September 21-22, 2022 in Anchorage, AK. The public is invited to attend this meeting in person, or via webinar (location and links are in the agenda linked below) and there will be an opportunity for public comment and participation at the beginning of the meeting on September 21.

9.21-22.22 APFC Board of Trustees Annual Meeting Agenda

9.21-22.22 APFC Board of Trustees Annual Meeting Packet

APFC’s Executive Director Search

In Uncategorized by Paulyn

APFC would like to update our fellow Alaskans on the status of the search for an Executive Director who will work with the Board of Trustees in setting the strategic vision and direction of the Corporation, fulfilling our corporate mandate to manage and invest the assets of the Permanent Fund and other funds designated by law.

“In APFC’s search for the next Executive Director, the process has been deliberative and focused on ensuring that there is a strong, well-vetted candidate pool and clear direction from the Board,” noted Valerie Mertz, the Acting Executive Director. “Ultimately, Alaskans will have the opportunity to listen to the Board’s public interview of the final candidates and will recognize their determination in selecting a well-qualified leader in support of the long-term health and success of the Corporation.”

Conducting the recruitment on behalf of APFC is Alaska Executive Search (AES), now called People AK, a trusted Alaska recruitment resource for more than 40 years. AES was awarded the recruitment contract following a competitive procurement process.

The State’s procurement rules elongated the initial phase of the recruitment effort after APFC conducted a pre-procurement request for information to collect data, including anticipated costs, from competitive vendors in the industry. The RFI determined the need for a competitive procurement process in selecting an executive search firm to assist the APFC Board of Trustees to recruit and select a new Executive Director.

Once AES was awarded the contract, the strategy included identifying highly qualified candidates with the skills and ability to lead APFC and effectively collaborate with the Board of Trustees in achieving our corporate vision of delivering outstanding returns for the benefit of all current and future generations of Alaskans.

AES and APFC have established a Recruitment Committee to vet candidates and conduct preliminary interviews. APFC’s Recruitment Committee is comprised of Board Chair Richards, Trustee Schutt, Acting Executive Director & Chief Financial Officer Valerie Mertz, Chief Investment Officer Marcus Frampton, and Chief Risk & Compliance Officer Sebastian Vadakumcherry.

Given the caliber of candidates sought and current interest in the position, these initial interviews are targeted for this month. Once the preliminary interviews, are complete the Recruitment Committee will forward the leading candidates to the full Board of Trustees for consideration during a public interview process. APFC expects to conduct the Executive Director interviews during a Special Board meeting that will likely be scheduled in October. Final candidate information will be included in the publicly available board packet, and the meeting will be publicly noticed per the Open Meetings Act.

The Board is grateful to the APFC’s professional staff for their steadfast dedication to the stewardship of the Fund. While filling this position has taken longer than initially expected, the Corporation’s staff have demonstrated their commitment and fortitude, ensuring the ongoing performance and success of the Permanent Fund for the benefit of all generations of Alaskans.

The Board of Trustees and staff look forward to welcoming a new Executive Director this fall to build upon and enhance our mission-driven, dynamic investment management of Alaska’s most valuable renewable financial resource.

Welcome, Trustee Deven Mitchell, to APFC’s Board

In Uncategorized by Adam Kane

APFC welcomes the Acting Commissioner of the Alaska Department of Revenue, Deven Mitchell, to the Board of Trustees.

Trustee Mitchell has long familiarity with the Fund and notes, “As a lifelong Alaskan, the importance of Alaska’s Permanent Fund has been clear to me since Governor Hammond described the potential to my third-grade class in the Capitol back in 1976.  It is truly a privilege to be able to serve as a Trustee for Alaska’s Permanent Fund Corporation”.

Trustee Mitchell brings a wealth of knowledge and experience to APFC, having worked at several Alaskan financial institutions and for the Alaska Department of Revenue since 1992. His leadership and service as the Executive Director and Treasurer of the Alaska Municipal Bond Bank Authority, a public corporation of the State, provide a solid foundation of fiduciary duty.

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APFC’s Board of Trustees Meets in Advance of Annual Meeting

In Uncategorized by Adam Kane

Juneau – APFC’s Board of Trustees Audit Committee met on September 1st to monitor the integrity of the financial reporting process and the system of internal controls and procedures regarding finance, accounting, and legal compliance, as well as to review the performance and independence of APFC’s external auditors.  

In line with state statute and our commitment to transparency, the Alaska Permanent Fund is audited in accordance with generally accepted accounting principles every year by an independent outside financial auditor. The annual audit includes financial statements providing: the amount of money received by the Fund from each investment during the period covered, a market value appraisal of the Fund’s assets, a description of the Fund’s investment activity during the fiscal year, a comparison of the Fund performance with previous years, and an examination of the effect of the investment-related policies.   Read More

APFC Board of Trustees Meetings

In Uncategorized by Jennifer Thorsteinson

The Alaska Permanent Fund Corporation (APFC) Board of Trustees will hold an Audit Committee Meeting and Budget Work Session on September 1, 2022. The public is invited to attend this meeting in person, or via webinar (location and links are in the agendas linked below) and there will be an opportunity for public comment and participation at the beginning of both meetings.
9.1.22 APFC Board of Trustees Budget Work Session Agenda
9.1.22 APFC Board of Trustees Budget Work Session Packet
9.1.22 APFC Board of Trustees Audit Committee Agenda
9.1.22 APFC Board of Trustees Audit Committee Meeting Packet_revised

FY22 Permanent Fund Performance Report

In Uncategorized by Adam Kane

Our Commitment to Alaska

APFC’s long-term stewardship, prudent management, and diverse investment strategy ensure the Alaska Permanent Fund will continue to be safeguarded and wisely invested for the benefit of generations of Alaskans. Though we continue to find ourselves in extraordinary times, be assured that our staff is working at capacity and is fully engaged in managing the portfolio to find opportunities within the current market and limiting the downside impacts to the Fund.

Notes on Performance

Reflected in the APFC June 30, 2022 Performance Report are the successes and challenges faced by the portfolio over the past year. Following a year of record returns and explosive growth in global markets, forecasted market volatility and inflationary pressures are now impacting Fund performance.

Amid these global economic pressures, the total Fund performance is down 1.32% for the fiscal year 2022. That said, the Fund significantly outperformed the passive benchmark of -14.64% and the performance benchmark of -3.24%, for which Fund performance is measured in comparison.

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Alaska Permanent Fund Special Meeting of the Board of Trustees

In Uncategorized by Jennifer Thorsteinson

The Alaska Permanent Fund Corporation’s (APFC) Board of Trustees will hold a Special Meeting on July 28, 2022, for the purpose of discussing APFC employee compensation, retention, and recruitment matters generally and in preparation for the FY24 Budget request to be approved at the Annual Meeting in September.

The public is invited to attend this virtual meeting via Webinar (information listed below), or telephonically.

July 28, 2022 Board of Trustees Special Meeting Agenda
July 28, 2022 Board of Trustees Special Meeting Packet