Alaska Permanent Fund Corp., Juneau, returned -4.4% for the quarter ended Sept. 30, ahead of its -5.5% benchmark, said a news release from the $50.5 billion sovereign wealth fund.
Falling global equity markets drove much of the decline in the fund’s first quarter of its fiscal year.
Domestic equities returned -7.7% for the quarter; international equities, -12.9%; and global equities, -8.8%.
Top performers included private equity and real estate, which returned 5.5% and 3.8%, respectively. U.S. bonds were relatively flat at 0.2%. International bonds, infrastructure and absolute return were slightly negative, returning -1.6%, -0.5% and -1.7%, respectively.
The sovereign wealth fund has a target asset allocation of 36% stocks, 20% bonds and cash, 12% real estate, 6% each private equity and absolute return, 4% infrastructure and 16% other, according to the fund's website.
A spokeswoman could not immediately be reached for additional information.