APFC Insights

Monthly Fund Values

May Board Meeting in Sitka

Performance Update

FY25 Monthly Financial Statements

April 30, 2025

• The Principal's nonspendable deposits from royalties, inflation proofing, and special appropriations now total $58.8 billion, and there are $11.9 billion of unrealized gains from investments we continue to hold.

• The Earnings Reserve Account (ERA) includes:

• Commitments of known obligations for the FY25 inflation proofing appropriation of $1.0 billion* and the FY26 POMV draw of $3.8 billion.

• Additionally, the ERA holdings have $1.8 billion in unrealized gains. This pro-rata share shifts as values change.

• $4.1 billion of uncommitted realized earnings are currently available for future use. These earnings can support the FY27 POMV draw of $4.0 billion and the FY26 inflation proofing currently estimated to be $1.5 billion*.

• *inflation proofing pending final action on HB53

• "Spendable" money is generated by the Fund's investments and deposited into the ERA as Statutory Net Income (SNI) as it's earned.

• Since the start of the fiscal year, $4.2 billion of SNI has been earned and deposited into the ERA. A portion was allocated to the FY25 inflation proofing commitment, and the remainder is now available as uncommitted realized earnings. 

Click here to view the Quarterly Board meeting agenda.

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Click here to view the Ethics, Audit & Cybersecurity Committee meeting agenda.

Board of Trustees Meetings at a Glance

Quarterly Meeting of the Board

Ethics, Audit & Cybersecurity Committee Meeting

May 28-29, 2025 (Sitka)

Ethics, Audit & Cybersecurity Committee Meeting

Regular Meeting of the Board

September 2, 2025 (Virtual)

For more information, see the Board of Trustees Meeting page.

FY25 Performance Report Snapshot

March 31, 2025

The Alaska Permanent Fund earned a 4.55% return as of March 31, 2025, three quarters into the fiscal year.

"I am pleased that APFC's active investment management approach has added value against the performance benchmark we have been assigned both in the short term (FYTD) and the longer time horizon that we manage portfolios against (5-year). In this period of increasingly turbulent markets, our active approach to investment management and our diversified asset allocation should provide stability to our stakeholders."  

~ Marcus Frampton, APFC Chief Investment Officer

We evaluate the Permanent Fund's performance by comparing it to benchmarks that measure the effectiveness of our active strategy, provide a meaningful comparison to our peers, and track progress toward the Board's target of a 5% real return.

FYTD benchmarks include:

• 4.55% Passive Benchmark – reflects a blend of passive indices
• 4.26% Performance Benchmark – the aggregation of individual asset class benchmarks at their target weights
• 5.50% Real Return Objective (Inflation “CPI” +5%) – a real return target over a long-term horizon
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Over the 5-year period, the Total Fund’s performance of 10.49% outperformed the three benchmarks, including the passive index (9.71%), performance benchmark (9.93%), and the Real Return Objective (9.38%).

Monthly Performance Reports containing return information for the Total Fund and by asset class for the FYTD and 5-year periods are available at apfc.org/financial-and-performance-reports/. 



Thank you to the APFC team members who participated in the Juneau Maritime Festival’s annual tug-of-war competition. Even though the team came up short in the final rankings, the APFC team "pulled together" demonstrating their passion, teamwork, and community spirit—special thanks to those who competed and all who came out to cheer.

Please reach out with any questions, we look forward to hearing from you!