Committed to Alaskans
Performance Accountability
APFC manages one of the world’s leading sovereign wealth funds on behalf of all Alaskans, today and for generations to come. Performance reflects a disciplined commitment to delivering long-term, risk-adjusted returns in alignment with the Fund’s investment objectives, while providing transparent reporting.
Fund Values & Returns
Monthly Fund Values
Principal
+ $59.2B Permanent Deposits
+ $14.3B Unrealized Gains
Earnings Reserve Account - ERA
+ $8.7B Uncommitted Earnings
+ $4.0B Committed Earnings
+ $3.1B Unrealized Gains
$89,313,300,000
6.44% FYTD and 6.58% over 5 years
Daily Market Values
The daily market values reflect all assets in the portfolio and their market valuations on a given day. The totals below have deducted investment-related liabilities, like pending purchases. They do not reflect APFC’s obligations, such as income distributable to the General Fund and operating expenses, which are reported on the monthly financial statements. Additionally, these values are adjusted to reflect only the Permanent Fund valuations without the Power Cost Equalization Endowment Fund and Alaska Mental Health Trust financials.
| Portfolio | Market Value |
|---|---|
| Public Equities/Stocks | $29,225,600,000 |
| Fixed Income/Bonds | $18,962,500,000 |
| Private Equity | $14,718,400,000 |
| Real Estate | $8,255,900,000 |
| Private Income and Infrastructure | $7,251,100,000 |
| Absolute Return | $6,421,500,000 |
| Tactical Opportunities | $969,400,000 |
| Cash | $2,896,000,000 |
| Total | $88,700,400,000 |
Measuring Up Against Benchmarks as of June 30, 2025
Fund Performance vs. Benchmarks
Strategic Benchmarks
APFC’s benchmarks are designed to reflect the portfolio’s structure and global market realities, guiding performance while keeping the Fund resilient through all market cycles. To assess how effectively the Fund is managed and whether it is meeting its long-term investment goals, APFC’s Board of Trustees has approved three distinct benchmarks, each serving a unique role in measuring performance, discipline, and strategic value.
APFC’s monthly performance report provides a consistent update on the Fund’s performance relative to the established benchmarks.
Passive Index: Added Value
This short-term performance indicator is based on a blend of passive indices reflective of a traditional stocks/bonds portfolio. This benchmark evaluates whether the added sophistication of APFC’s diversified strategy delivers long-term value.
Performance Benchmark: Peer Comparison
The performance benchmark offers a peer comparison. This indicator combines indices across all asset classes, reflecting the Fund’s target asset allocation. It is designed to reflect the daily decisions made by APFC’s investment managers and to serve as a measure of whether APFC’s execution and market calls have added value over specific time periods.
Return Objective: Long-Term Target
This benchmark, set by the Board, is an annualized return of inflation (Consumer Price Index or “CPI”) + 5%. It measures whether the Fund is meeting its long-term real return goal, preserving and growing value after inflation. It also guides asset allocation and aligns investment strategy with the Fund’s long-term obligations and protects intergenerational value.
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.