(Alaska) Permanent Fund loses $10 billion in past year [View All]

[Newsjock]

Source: Anchorage Daily News

Alaska Permanent Fund investments had a negative 8.5 percent return during the July-September quarter thanks to sagging stock markets, said officials of the state oil-wealth savings account.

The fund value fell to $33 billion on Sept. 30, the end of the quarter. But stock markets plunged in October, and the fund's value now is about $30 billion. The value peaked at $40.4 billion a year ago.

Despite the pounding from the stock market, the fund should have positive "statutory net income" for the fiscal year that ends next June, said Michael Burns, chief executive of the Alaska Permanent Fund Corp. That should prop up next fall's annual Permanent Fund dividend paid to Alaskans. The dividend is based this net income averaged over five years.

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