Transparency in Reporting

Financial & Performance Reports

APFC’s financial statements and performance reports offer detailed insight into the Alaska Permanent Fund’s financial position, investment management, and long-term performance. Materials include monthly financial statements, historical data and projections, performance reporting by asset class, and benchmark comparisons used to evaluate results over time. Together, these reports support transparency, accountability, and informed review of the Fund’s management.

Alaska Permanent Fund

Financial Statements

Monthly financial statements present the assets, liabilities, and balance of the Alaska Permanent Fund as of the current month-end, alongside the prior fiscal year-end. They include detailed reporting on the Fund’s income and expenses. Included within the statements is the Statutory Net Income Calculation, as defined in AS 37.13.140, which excludes unrealized gains and losses and reflects the net income that is deposited in the Earnings Reserve Account for legislative appropriation.
Actuals to-date and a 10-year forecast

History And Projections

APFC’s history and projections summaries provide a 10-year historical lookback and a 10-year projection of the Fund’s components.

It includes historical Fund balances, contributions, statutory net income, transfers, and earnings activity, along with ten-year projections based on current assumptions.

Alaska Permanent Fund

Performance Reports

APFC publishes a monthly performance report providing market values and performance results for the Total Fund and each asset class. The report includes returns for periods up to five years, along with relevant benchmark comparisons to support evaluation of both Total Fund and asset class performance.  All figures presented in the monthly report are unaudited, and values include all assets under management.
Management Fees

Quarterly Fee & Expense Report

APFC upholds a high standard of transparency by publicly disclosing investment management and performance fees. This consistent disclosure underscores APFC’s commitment to accountability and fiduciary discipline on behalf of all Alaskans.

Given the scale, complexity, and global diversification of its portfolio, including both public and private market investments, APFC’s total cost structure remains highly competitive relative to peers. Management fees reflect the cost of managing a diversified institutional portfolio. Fees are tracked and paid through three primary methods: investment-level fees, investment management appropriations, and operations appropriations. Performance-based compensation is also reported and is paid only when returns exceed established benchmarks and profits are well above expectations.

Invested for the Long-Term

Performance

The Fund is designed to perform over time, not chase short-term gains. While individual benchmarks or indices may outperform in any given year, APFC’s investment strategy prioritizes long-term value creation through diversification and disciplined risk management. APFC’s benchmarks are thoughtfully constructed to reflect the portfolio's structure and the realities of global markets, enabling performance measurement and guidance. This approach helps ensure the Fund remains resilient across market cycles, avoids concentration risk, and delivers strong, risk-adjusted returns for the benefit of all Alaskans.
PERFORMANCE