September 23, 2020
Fiscal year 2020 started out very promising but by midyear the Fund’s investment staff decided to shift to a more conservative position with an overweight in asset allocation to bonds and cash. This proved to be a very prescient move when global markets crashed in March due to the COVID-19 pandemic. Through prudent management and opportunistic positioning, the Fund recovered most of its losses and ended the fiscal year with a positive return of just over 2%, a remarkable feat that proves there is strength in diversity of assets, investments and our team. Learn more about APFC’s strategies, investments and people in the 2020 Annual Report.