Alaska Permanent Fund Corp., Juneau, returned 2.8% in the quarter ended March 31 and 4.7% in the fiscal year-to-date, said a news release from the $53.9 billion sovereign wealth fund.
The fund’s strategic risk benchmark returned 2.2% and 2.7%, respectively, during the same periods. The permanent fund’s fiscal year ends June 30.
For the quarter, the best-performing asset class was the fund’s outsourced CIOs at 4.7%, followed by global equities at 3.4%. The rest of the asset classes were international equity, which returned 2.9%; private equity, 2.7%; domestic equity and real estate, 2.5% each; international fixed income, 2.2%; domestic fixed income, 1.6%; absolute return and infrastructure, 1.3% each; multiasset emerging markets, 0.5%; and private markets OCIOs, -1.2%.
The outsourced CIO program focuses 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 available to provide additional comment by press time.