Alaska Permanent Fund Corp., Juneau, returned 3.2% for the quarter ended Dec. 31 and 1.9% fiscal-year-to-date, said a news release from the $52.8 billion sovereign wealth fund.
The permanent fund’s strategic risk benchmark returned 2.1% and 0.5%, respectively, during the same periods. The permanent fund’s fiscal year ends June 30.
For the quarter, U.S. equity returned 5%; real estate, 4.6%; non-U.S. bonds, 2.8%; private equity, 2.2%; outsourced CIO allocations, 1.3%; U.S. bonds, 1.1%; global equity, 0.7%; infrastructure, 0.3%; absolute-return funds, 0.1%; private markets outsourced CIO allocations, -1.39%; non-U.S. equity, -3.7%; and multiasset emerging markets, -3.5 %.
Additionally, the permanent fund’s “true special opportunity” category returned 264.73% for the quarter, which was driven by its investment in Juno Therapeutics, which went public in December, said Laura Achee, the permanent fund’s spokeswoman, in an e-mail. The fund invested $128.5 million in the company before it went public; it held 25.5 million shares of Juno valued at $1 billion at the close of markets Tuesday.
Managers that belong to the sovereign wealth fund’s outsourced CIO program focus on liquid assets such as REITs, public equities and fixed income.
The private markets OCIO program is led by Apollo Global Management and The Carlyle Group. Apollo focuses on private credit investments, while Carlyle handles investments in natural resources, agriculture, metals, mining, among other areas.
The sovereign wealth fund has a target allocation of 36% stocks, 20% bonds and cash, 12% real estate, 6% each private equity and absolute return, 4% infrastructure and the rest in “other,” according to the fund’s website.
Michael J. Burns, CEO, was not immediately available for additional comment.
