JUNEAU, Alaska — The Alaska Permanent Fund Corp. hired Goldman Sachs Asset Management and Capital Guardian Trust to manage $100 million each in domestic and global high-yield bonds, respectively. It is the $34.2 billion fund's first move into high-yield bonds. Funding will come from a $7.5 billion internally managed core fixed-income portfolio.
In addition, the board increased its emerging markets stock target to 3% of assets from 2%, while reducing U.S. small-cap stocks to 5% from 6%. The markets have effectively made the shift for the fund, so no asset transfers will be required, Chief Investment Officer Rick Schafer said.