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.
APFC Board of Trustees Annual Meeting
The Alaska Permanent Fund Corporation (APFC) will hold its Annual Meeting of the Board of Trustees on September 23-24, 2020 telephonically via WebEx. The public is invited to attend the meeting by webinar; there will be opportunity for public comment and participation on September 23. Please indicate your interest in providing public testimony when registering with WebEx. Links are provided in the Agenda that can be found below. If you are unable to join via webinar please contact Jennifer Thorsteinson (jthorsteinson@apfc.org) at (907) 796-1519 at least two days prior to the meeting.
APFC Board of Trustees Annual Meeting Agenda
September 23-24, 2020 Annual Meeting Packet
July 31 Financial Statements
Start of FY21 financial statements for the Alaska Permanent Fund are now available.
As of July 31, 2020, the Alaska Permanent Fund has an unaudited total value of $63.6 billion.
- The Principal value is $53.3 billion; which includes
- $46.6 billion in constitutionally protected deposits
- $6.7 billion in unrealized gains
- The value of the Earnings Reserve Account (ERA) is $10.3 billion; which includes
-
- $5.5 billion of unspent realized earnings
- $3.1 billion commitment for the FY22 POMV draw
- $1.7 billion in unrealized gains
The July 31, 2020 financial statements include the revised June 30, 2020 values for fiscal year-end 2020.
2020JULY31 APFC Financial Statements
2020JULY31 APFC History and Projections
June 30 Financial Statements Revision
The June 30, 2020 financial statements for the Alaska Permanent Fund have been revised. The revision reflects an increase in the Fund’s unrealized gains for private market holdings based upon the most recent valuation information available.
Based on the revised, June 30, 2020 financial statements at the fiscal year-end 2020, the Alaska Permanent Fund had a total value of $65.3 billion.
The Principal value is $52.4 billion; which includes $46.6 billion in constitutionally protected deposits, and $5.8 billion in unrealized gains.
The value of the Earnings Reserve Account (ERA) is $12.9 billion; which includes $8.4 billion of unspent realized earnings, $1.4 billion in unrealized gains, and $3.1 billion of committed realized earnings for the FY21 percent of market value (POMV) distribution to the general fund.
The July 31, 2020 financial statements will include the revised June 30, 2020 values for fiscal year-end 2020, as well as the values for the first month of the fiscal year 2021.
APFC Audit Committee Meeting, Governance Committee Meeting, and Budget Work Session
The Alaska Permanent Fund Corporation (APFC) Board of Trustees will hold its Audit Committee meeting, Governance Committee meeting and Budget Work Session on September 2-3, 2020 telephonically via WebEx. The public is invited to attend the meeting by webinar; there will be opportunity for public comment and participation. Please indicate your interest in providing public testimony when registering with WebEx (links in the attachments below). For public testimony via phone, please contact Jennifer Thorsteinson (jthorsteinson@apfc.org) at least one business day prior to the meeting for more details.
Audit Committee Meeting Packet
Governance Committee Meeting Packet
Budget Work Session Packet
APFC Welcomes Trustee Ethan Schutt to the Board of Trustees
Trustee Schutt brings a wealth of knowledge, service to Alaska, and investment experience to APFC’s Board. Mr. Schutt is a life-long Alaskan who currently serves as the chief executive officer of the Alaska Native Resource Development, LLC, a subsidiary of the Alaska Native Tribal Health Consortium. A Stanford-educated attorney, Schutt previously spent a decade managing Cook Inlet Region, Inc.’s (CIRI) energy investment portfolio, which spanned 1.5 million acres of Alaska Native corporation land.
Trustee Schutt replaces outgoing Trustee Marty Rutherford whose four-year term ended earlier this year.
APFC thanks outgoing Trustee Marty Rutherford her service to the Fund and the Corporation, as well as her many contributions to the State of Alaska.
The Board of Trustees will be holding their annual meeting on September 23-24, 2020 via webinar. Details will be made available on our website: https://apfc.org/the-board-of-trustees/board-of-trustees-meetings/.
Alaska Permanent Fund Ends FY20 In Positive Territory +2.01%
The Alaska Permanent Fund’s unaudited financial statements and performance for the end of fiscal year 2020 (FY20) are now available on APFC’s website.
FY20 was an unprecedented year for our State, our Nation, and our World; APFC remained a diligent steward of the Fund throughout the turmoil. Additionally, the Legislature’s FY20 special appropriation of $4 billion and inflation proofing of just under $1 billion to the Principal of the Fund is unparalleled and assures real growth in the permanent portion of the Fund to benefit both current and future generations of Alaskans.
FY2020 Year End Permanent Fund Values and Performance
Trustees Wrap Up Two-Day Webinar Meeting
APFC’s Board of Trustees held its quarterly meeting via Webinar on May 20-21, 2020.
In recognition of Trustee Carl Brady’s recent passing, Chair Richards, on behalf of the staff and the Board, expressed “our profound gratitude to Carl’s family for his years of service to the Fund and the State of Alaska. We share in their loss of this monumental Alaskan.” With Trustee Brady’s passing, his longtime friend and fellow long-serving Trustee, Bill Moran, was elected to fill the position of Vice-Chair.
The Board’s two-day agenda provided the Trustees the opportunity to assess the performance of the Alaska Permanent Fund (Fund) through the third quarter of fiscal year 20 (FY20), review the asset allocation of the portfolio, adopt the revised investment policy, and interview and select two investment advisors: Kenneth J. Frier, Principal with SECOR Asset Management and John D. Skjervem, Chief Executive Officer, Allan Biller and Associates.
Full News Release: 2020MAY21_APFC BOT Quarterly Meeting FY20 Q3
APFC Welcomes Trustee Steve Rieger to the Board
APFC welcomes back Steve Rieger to the Board of Trustees, appointed by Governor Dunleavy to the public member seat recently made vacant by the passing of Trustee Carl Brady.
Trustee Rieger has a depth of experience and knowledge related to the Alaska Permanent Fund and the Corporation, having served ten years in the Alaska State Legislature and having served as a member of the Board of Trustees from 2009-2013.
The Board of Trustees will be holding their next quarterly meeting on May 20-21, 2020 via webinar. Details on our website: https://apfc.org/the-board-of-trustees/board-of-trustees-meetings/.
APFC Quarterly Board of Trustees Meeting
The Alaska Permanent Fund Corporation (APFC) will hold its Quarterly Meeting of the Board of Trustees on May 20-21, 2020 in Juneau, AK. The public is invited to attend this meeting in-person or by webinar; please see the agenda (linked below) for information. Please indicate your interest in providing public testimony when registering with WebEx. Please contact Maggie Meiners (mmeiners@apfc.org) at least one business day prior to the meeting if you experience issues when registering.
Agenda items include: asset class updates from real estate and alternatives, a performance review of the portfolio from Callan LLC, as well as presentations on APFC’s asset allocation strategy, private equity pacing, and APFC’s investment policy.