Alaska Permanent Fund

Alaska Permanent Fund policy (target) asset allocation, Alaska Permanent Fund Corporation, FY27 targets effective 1 July 2026

Board of Trustees of the Alaska Permanent Fund Corporation (APFC); investment staff led by CIO Marcus Frampton · Fund created 1976-77; targets are re-adopted by the Board each fiscal year; table used here adopted May 2026 for FY27

Live account on this site. This portfolio is also tracked here with a virtual $100,000 since 21.10.2026. Live account on this site →

Where it stands today

Data through 2026-09. Updated every month.

Since January+8.2 %

Last 12 months+10.3 %

Last 5 years, per year+5.8 %

Now below the peak−3.0 %

Place by 12 months27 / 60

Our calculation, 1926-07 – 2026-09

Per year9.4 %

Real (after inflation)6.3 %

Volatility14.1 %

Worst drop−69.5 %

Worst year−32.0 % (1931)

Best year62.2 %

Worst 12 months−49.9 %

Positive years77 %

34 % of this history is calculated with stand-ins for asset classes that did not exist yet (see “How we model it” and the page about data). Without stand-ins the history starts in 1993.

Growth of $10,000

Alaska Permanent Fund: $85,153,633S&P 500: $196,488,890

Where it came from

The Alaska Permanent Fund is a state-owned savings fund created from oil revenue. APFC's 2026 mid-year review traces it to a first deposit of $734 thousand, which has grown to about $86.3 billion, in a year it calls the fund's 50th (source: APFC mid fiscal year review 2026). The fund is run by APFC, a public corporation whose Board of Trustees sets the asset allocation, while staff pick the investments within it (APFC board release, May 2024). The statutory goal quoted in the 2009 annual report is the maximum return while protecting principal, and the Board sets an allocation meant to earn about a 5% real return over time with prudent risk (2009 annual report).

The fund has two accounts: the principal, which is protected, and the Earnings Reserve, from which the State of Alaska draws under the Percent of Market Value (POMV) rule, at most 5% of the average fund value. In FY25 APFC transferred $3.7 billion to the State, and the FY26 draw commitment is $3.8 billion (APFC 2025 annual report press release). The Board chair says more than 60% of the state budget now depends on the fund, which is why the long-term return objective (CPI plus 5%) and liquidity matter for the allocation.

Old framework. For fiscal 2009 the target allocation was a plain stock/bond/alternatives table: US stocks 26%, US bonds 19%, global stocks 14%, non-US stocks 13%, real estate 10%, absolute return 6%, private equity 6% (read from the pie chart in the 2009 annual report; these seven add up to 94% and the remaining 6% could not be read from the extracted text). The same report says the Trustees adopted a new framework in May 2009, effective 1 July 2009 (FY2010), grouping assets by the economic conditions they address instead of by market. The investments did not change, only how they were observed.

Current framework. Today the fund describes eight asset classes: public equities, fixed income, private equity, real estate, private income, absolute return, tactical opportunities and cash. The Board adopted the FY25 targets effective 1 July 2024: public equities 32%, fixed income 20%, private equity 18% (+3), real estate 11% (-2), private income 10% (+1), absolute return 7%, tactical 1% (-1), cash 1% (-1) (APFC release, May 2024). The implied FY24 targets, from the changes printed in that release, were 32/20/15/13/9/7/2/2. The FY26 targets were kept unchanged (APFC 2025 annual report press release, which lists the same class weights).

Latest. At its meeting of 26-27 May 2026 the Board adopted the FY27 targets effective 1 July 2026: public equities 34% (+2), fixed income 20%, private equity 17% (-1), real estate 10% (-1), private income 9% (-1), absolute return 8% (+1), tactical opportunities 1%, cash 1%, total 100% (APFC Q3 board meeting press release, 28 May 2026). So the Board is moving a little from illiquid assets into liquid public equities and absolute return. This file uses these FY27 targets as the 'latest published' allocation. The policy is reviewed every fiscal year and staff may deviate within bands, so the fund's actual mix and the targets differ.

What is in it

Public equities	34%	FY27 target (from 1 Jul 2026); was 32% in FY24-FY26
Fixed income	20%	unchanged FY24-FY27
Private equity	17%	FY27; 18% in FY25-FY26; implied 15% in FY24
Real estate	10%	FY27; 11% in FY25-FY26; implied 13% in FY24
Private income	9%	FY27; 10% in FY25-FY26; implied 9% in FY24. APFC mentions infrastructure (power, digital) in this class
Absolute return	8%	FY27; 7% in FY24-FY26
Tactical opportunities	1%	FY27; 1% since FY25
Cash	1%	FY27; 1% since FY25

Source of the shares: APFC Q3 Board Meeting Press Release, 28 May 2026 (FY27 asset allocation targets) — apfc.org. States the targets adopted by the Board effective 1 July 2026 with the change from the previous year for each class, total 100%. A search summary of the Business Wire copy of the same release gave the same numbers. Earlier years: May 2024 release (FY25) and the 2025 annual report press release.

How we model it

US bond market (aggregate)	20%
US large companies (S&P 500)	19.4%
US small companies	18%
Real estate (REITs)	14%
Developed markets outside the US	12%
Short-term government bonds	5.6%
Emerging markets	5%
Corporate bonds	5%
Cash (Treasury bills)	1%

Public equities 34 -> us_large 17, intl_dev 12, em 5 (50/35/15 global split is OUR assumption; APFC publishes only a total, see regional mandates in its reports). Fixed income 20 -> bond_agg 20 (APFC fixed income holds government and credit bonds; exact mix not used). Private equity 17 -> us_small 17 (listed small caps as the usual imperfect stand-in for illiquid, leveraged equity). Tactical opportunities 1 -> us_small 1 (private investments held at cost, see APFC 2025 release). Real estate 10 -> reit 10. Private income 9 (infrastructure and other income-producing private assets) -> bond_corp 5 and reit 4 (reit as the nearest listed proxy for infrastructure; split is our assumption). Absolute return 8 -> us_large 2.4 (equity beta about 0.3 assumed, as in m_stanford; APFC publishes no beta) and bond_short 5.6. Cash 1 -> cash 1. Totals: us_large 19.4, intl_dev 12, em 5, us_small 18, reit 14, bond_agg 20, bond_corp 5, bond_short 5.6, cash 1 = 100. Weights are static FY27 targets; applying them to earlier decades is a what-if, not APFC's real history (which was 1980s-2000s mostly stocks/bonds/real estate). Proxy results are not comparable with the fund's own returns.

For a euro investor

The same portfolio bought with euros, without currency hedging: monthly returns converted at the end-of-month rate (German mark before 1999), inflation of the euro area. History in euros from 1953-10 to 2026-09.

Per year in euros8.8 %

After euro inflation6.0 %

Worst drop in euros−50.8 %

Worst year in euros−27.6 % (1973)

Safe withdrawal, 30 years, dollars4.07 % (1968-12)

Safe withdrawal, 30 years, euros2.99 % (1968-12)

The largest first-year withdrawal, then growing with inflation, that lasted 30 years from every monthly start. Test withdrawals for this portfolio →

How to build it with European funds

Examples of UCITS funds sold in the EU for each part of the portfolio. They track similar markets, not exactly the indices of our calculation.

Part	Share	Example funds (ISIN)
US bond market (aggregate) (closest match)	20%	iShares Core Global Aggregate Bond UCITS ETF EUR Hedged (Acc) `IE00BDBRDM35` iShares Core Global Aggregate Bond UCITS ETF USD (Dist) `IE00B3F81409`
US large companies (S&P 500)	19.4%	iShares Core S&P 500 UCITS ETF USD (Acc) `IE00B5BMR087` Vanguard S&P 500 UCITS ETF (USD) Distributing `IE00B3XXRP09`
US small companies	18%	SPDR Russell 2000 U.S. Small Cap UCITS ETF `IE00BJ38QD84` iShares MSCI USA Small Cap ESG Enhanced CTB UCITS ETF USD (Acc) `IE00B3VWM098`
Real estate (REITs)	14%	iShares US Property Yield UCITS ETF `IE00B1FZSF77` iShares Developed Markets Property Yield UCITS ETF `IE00B1FZS350`
Developed markets outside the US (closest match)	12%	iShares Core MSCI Europe UCITS ETF EUR (Acc) `IE00B4K48X80` iShares Core MSCI Japan IMI UCITS ETF `IE00B4L5YX21`
Short-term government bonds	5.6%	iShares USD Treasury Bond 1-3yr UCITS ETF (Dist) `IE00B14X4S71` iShares Euro Government Bond 1-3yr UCITS ETF (Dist) `IE00B14X4Q57`
Emerging markets	5%	iShares Core MSCI Emerging Markets IMI UCITS ETF (Acc) `IE00BKM4GZ66`
Corporate bonds	5%	iShares USD Corporate Bond UCITS ETF (Dist) `IE0032895942`
Cash (Treasury bills)	1%	Xtrackers II EUR Overnight Rate Swap UCITS ETF 1C `LU0290358497` iShares USD Treasury Bond 0-1yr UCITS ETF (Acc) `IE00BGSF1X88`

These are examples, not recommendations. Check the fund's key information document, costs and taxes with your broker before buying. Names and ISINs checked on justETF on 4 November 2026; Udak receives nothing from these funds.

The idea

A sovereign endowment-style fund that must pay a 5% yearly draw to the State, keep up with inflation (CPI plus 5% objective) and avoid permanent loss. APFC describes each class by role: public equities as the largest return driver, fixed income for income and liquidity, private equity for higher long-term return, real estate for income and inflation protection, private income for steady income, absolute return for uncorrelated returns, tactical for flexible opportunities, cash for liquidity (APFC mid-year review 2026).

How people buy it

Not replicable by individuals: APFC invests through external managers, direct real estate, private partnerships, co-investments and an internal team (including internally managed fixed income announced for savings, per APFC FY22 review). Public proxies: global equity index funds, small-cap fund, REIT and infrastructure funds, aggregate bond and short bond funds.

Rebalancing as published

The Board reviews the Investment Policy Statement and the asset allocation every fiscal year; staff may deviate within bands around each target (APFC May 2024 release). Rebalancing frequency inside bands is not stated in the documents I read.

Variants

FY2009 targets: US stocks 26, US bonds 19, global stocks 14, non-US stocks 13, real estate 10, absolute return 6, private equity 6 (94% read; rest not read).
FY24 implied targets: 32/20/15/13/9/7/2/2 (public equities, fixed income, PE, RE, private income, absolute return, tactical, cash).
FY25-FY26 targets: 32/20/18/11/10/7/1/1.
Compare m_calpers, m_gic, m_cpp, m_norway (other sovereign / public funds) and m_stanford, m_harvard (endowments).

Criticism

Large illiquid share (private equity, real estate, private income, tactical about 37% in FY27) with lagged valuations, so reported volatility is understated.
Policy is changed every year, so there is no stable 'model portfolio'; the FY27 table is a snapshot.
In FY25 private equity returned 4.13% against 9.35% for the whole fund, and real estate returned 1.57% (APFC 2025 release): private classes lagged in that year.
Return can fall below the CPI plus 5% objective in bad years (FY22 and FY09 did).

Through the eras

Era	Dates	Total	Per year	Worst drop	S&P 500
Roaring Twenties boom	1926-07 – 1929-08	+87.4 %	+21.9 %	−4.8 %	+153.7 %
Wall Street crash and Great Contraction	1929-09 – 1932-07	−61.5 %	−27.9 %	−69.5 %	−78.2 %
New Deal recovery	1932-08 – 1937-02	+224.9 %	+29.3 %	−27.9 %	+268.7 %
Recession within the Depression	1937-03 – 1938-03	−40.5 %	−38.1 %	−41.0 %	−49.5 %
Rearmament and World War II	1938-04 – 1945-09	+184.2 %	+14.9 %	−18.2 %	+205.8 %
Postwar expansion	1945-10 – 1965-12	+717.6 %	+10.9 %	−19.7 %	+1212.9 %
Golden age of the 1950s	1950-01 – 1959-12	+274.5 %	+14.1 %	−10.9 %	+438.8 %
Go-go years and nifty-fifty	1966-01 – 1968-12	+43.6 %	+12.8 %	−11.9 %	+34.0 %
The Great Inflation (stagflation)	1969-01 – 1982-07	+138.8 %	+6.6 %	−31.1 %	+84.6 %
1973-74 oil shock and bear market	1973-01 – 1974-12	−28.3 %	−15.3 %	−31.0 %	−41.7 %
Second oil shock and the Volcker disinflation	1979-01 – 1982-08	+60.9 %	+13.8 %	−11.3 %	+59.2 %
Great bull market in stocks and bonds	1982-08 – 1999-12	+972.3 %	+14.6 %	−20.3 %	+2060.4 %
Black Monday	1987-08 – 1987-12	−15.0 %	—	−20.3 %	−21.8 %
Savings-and-loan crisis and 1990 recession	1990-07 – 1991-03	+5.6 %	—	−12.4 %	+7.4 %
1994 bond market massacre	1994-02 – 1994-12	−3.1 %	—	−4.5 %	−3.2 %
Asian and Russian financial crises	1997-07 – 1998-10	+5.0 %	+3.8 %	−13.5 %	+22.4 %
Dot-com bubble and crash	2000-03 – 2002-10	−7.4 %	−2.9 %	−12.3 %	−37.2 %
Recovery and housing boom	2002-11 – 2007-09	+108.9 %	+16.2 %	−4.8 %	+97.0 %
Global financial crisis	2007-10 – 2009-03	−34.5 %	−24.6 %	−39.4 %	−44.7 %
The decade after the crisis	2009-04 – 2019-12	+231.1 %	+11.8 %	−13.5 %	+411.2 %
Fourth-quarter 2018 sell-off	2018-09 – 2018-12	−10.1 %	—	−10.1 %	−14.4 %
Covid crash and stimulus boom	2020-02 – 2021-12	+30.8 %	+15.1 %	−15.9 %	+53.6 %
Inflation shock and rate hikes	2022-01 – 2022-12	−16.8 %	−16.8 %	−21.3 %	−19.9 %

Calendar years

Any N-year period

Any N-year period	Worst	10 % worse than	Median	10 % better than	Best
1 y (1192)	−49.9 %	−7.3 %	+11.4 %	+27.9 %	+139.1 %
3 y (1168)	−30.7 %	−0.3 %	+10.4 %	+18.1 %	+40.0 %
5 y (1144)	−13.3 %	+3.0 %	+9.8 %	+16.2 %	+30.9 %
10 y (1084)	−0.6 %	+5.9 %	+9.9 %	+14.3 %	+17.6 %
15 y (1024)	+2.8 %	+7.0 %	+9.8 %	+13.7 %	+16.9 %
20 y (964)	+4.5 %	+7.4 %	+10.2 %	+13.1 %	+15.0 %
30 y (844)	+7.7 %	+8.5 %	+10.5 %	+11.8 %	+13.6 %

How it behaved in history

2008-2009 financial crisis. APFC's worst result by then: -18% in FY2009, with unrealized losses reaching $6.5 billion during the year and the fund ending the year at $30 billion; US stock portfolio -24.8%, global stock portfolio -31.4%. The Board then changed to a new allocation framework from FY2010. The FY2008 return was not collected. apfc.org
2022. Total fund -1.32% in FY2022, the first negative year since 2012 according to news coverage; it missed the CPI+5% objective in a year of record inflation, but beat all three long-run benchmarks over 5, 10 and 20 years. apfc.org
2024-2026 targets. The Board raised private equity and private income in 2024, kept targets in 2025 citing uncertainty, and in May 2026 moved 2 points into public equities and 1 into absolute return. apfc.org

Published results (by others)

FY2025 total fund return vs benchmark and objective (FY2025 (to 30 Jun 2025)): +9.35% vs benchmark 9.29% and CPI+5% objective 7.67%; 10-year annualised 8.08%; fund value $85.1 billion apfc.org
Largest loss in the fund's history to that date (FY2009 (to 30 Jun 2009)): -18% total return vs composite benchmark -16.7%; fund value ended at $30 billion apfc.org
Return in the 2022 inflation and bond sell-off (FY2022 (to 30 Jun 2022)): -1.32%; fund value $76.3 billion, down from $81.9 billion in FY21 apfc.org
Asset class returns in FY25 (FY2025): public equities +16.09%, fixed income +6.67%, private equity +4.13% (10-year 13.70%), private income +11.50%, absolute return +10.19%, real estate +1.57%, cash +4.65% apfc.org

What we could not verify

The APFC asset-allocation web page (apfc.org/asset-allocation) returned 404 and the Business Wire copy returned 403; the FY27 table was verified from APFC's own PDF release instead.
FY24 targets (32/20/15/13/9/7/2/2) are derived by me from the changes printed in the May 2024 release, not read from a table. A search summary of Dakota/Buyouts Insider gave conflicting FY24 figures (e.g. public equities 34%, private equity 16-17%); not resolved.
FY26 targets: the 2025 annual report press release prints the same class weights as FY25 (32/20/18/10/7/11/1/1) and a search summary says the Board kept targets; I did not open the May 2025 release itself (blocked).
FY2009 target pie chart: only 94% of the weights could be read from extracted PDF text; the rest is unknown. FY2008 return not collected; the starting fund value of FY2009 was not collected.
Regional split of public equities, equity beta of absolute return and the make-up of private income are my assumptions; APFC does not publish them in the documents I read.
Benchmark and 'passive index' figures in the 2026 mid-year review (e.g. 6.63% return, 10-year 9.02%) have unclear periods in the extracted text and are not used.

Sources

apfc.org https://apfc.org/wp-content/uploads/2026/05/202605_Q3-Board-Meeting-Press-Release-1.pdf
apfc.org https://apfc.org/wp-content/uploads/2024/05/202405_APFC-Board-of-Trustees-Quarterly-Meeting-News-Release.pdf
apfc.org https://apfc.org/wp-content/uploads/2025/09/202509_Annual-Report-Press-Release.pdf
apfc.org https://apfc.org/download/12/annual-reports/618/2009-apfc-annual-report.pdf
apfc.org https://apfc.org/download/184/mid-fiscal-year-reviews/7131/apfc-2026-mid-fiscal-year-review.pdf
apfc.org https://apfc.org/?p=3806
www.businesswire.com https://www.businesswire.com/news/home/20250530619939/en/APFC-Board-Examines-Asset-Allocation-Approves-Targeted-Portfolio-Adjustments
www.dakota.com https://www.dakota.com/fundraising-news/alaska-permanent-increasing-target-to-private-equity-real-estate-private-income

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Calculated on historical data. Past results do not predict the future. Models before the 1990s use stand-ins for classes that had no index yet; fees, taxes and fund costs are not included. This is mathematics, not an investment recommendation.