INVESTED
WITH
ALASKANS

Annual Report FY21

INVESTED
WITH
ALASKANS

2021 ANNUAL REPORT

Value Generated
For Alaska

ANNUALIZED RETURN SINCE INCEPTION
9.12%

TOTAL FUND VALUE
$81,896,800,000

FY21 TOTAL RETURN
29.73%

Forty-five years ago, visionary Alaskans voted to establish the Alaska Permanent Fund. As the Fund’s investment manager, the Alaska Permanent Fund Corporation works to benefit all Alaskans through our responsible stewardship of Alaska’s largest renewable financial asset. Under the guidance of the appointed Board of Trustees, with support from the Executive and Legislative branches for resources, and with reporting transparency for our Alaskan stakeholders, APFC will always be INVESTED WITH ALASKANS.

Forty-five years ago, visionary Alaskans voted to establish the Alaska Permanent Fund. As the Fund’s investment manager, the Alaska Permanent Fund Corporation works to benefit all Alaskans through our responsible stewardship of Alaska’s largest renewable financial asset.

Under the guidance of the appointed Board of Trustees, with support from the Executive and Legislative branches for resources, and with reporting transparency for our Alaskan stakeholders, APFC will always be INVESTED WITH ALASKANS.

Message from
The Chair

The Alaska Permanent Fund has proven itself to be the renewable financial resource it was designed to be. This is the way it was envisioned 45 years ago, and it is how we on the Board of Trustees and the staff of the Alaska Permanent Fund Corporation continue to guide it to benefit all generations of Alaskans.

Alaskans had unique foresight 45 years ago when they voted to establish the Alaska Permanent Fund. They knew that the newfound oil wealth would not provide for the State in perpetuity. Thinking of an era beyond their own, they acted to protect and invest some of the profits for future generations.

Since established by the Alaska Legislature in 1980, APFC has been entrusted as a steward of the Permanent Fund. Over the years, we have heard a lot about how this renewable financial resource should be conserved and how it should be invested. Our fiduciary responsibility guides the Board, ensuring that the Fund is invested to maintain the safety of Principal while maximizing the total return. It is an honor to serve with my fellow Trustees and to lead this team. In our commitment to the Permanent Fund and protecting our collective future, we are all Invested with Alaskans.

The work of protecting the Fund does not solely rest on our shoulders, and we commend Alaska’s leaders for adhering to the Percent of Market Value (POMV) methodology for the FY21 appropriation to the general fund of $3.1 billion to support state services and the dividend. The Board has been on record for over 20 years supporting the POMV structure for withdrawals from the Fund, including a constitutional amendment to ensure long-term sustainability. As the Fund continues its evolution as an endowment, we look forward to working with our fellow Alaskans to refine it for the future of Alaska.

It is not an understatement to say that the Fund grew at an impressive rate this year, returning 29.73%, far more than any other time in its history. We have seen what can be achieved in the right conditions by following a prudent investment strategy, focusing on long-term sustainability and through the expert practice of actively managing the State’s most valuable financial asset.


To fortify the Fund for future generations, the Board adopted a quantitative risk appetite metric in FY21. This action helps managers develop a more strategic asset allocation framework and guides the overall risk tolerance of the Fund. In recent years, the Trustees have also been inspired to strengthen Alaska investments. By working hard here within Alaska and throughout the world, the Fund stands as a recognized symbol of long-term prosperity.

The Alaska Permanent Fund has proven itself to be the renewable financial resource it was designed to be. This is the way it was envisioned 45 years ago, and it is how we on the Board of Trustees and the staff of the Alaska Permanent Fund Corporation continue to guide it to benefit all generations of Alaskans.


William G. Moran
Chair, Board of Trustees

APFC Board of Trustees 2021: Trustee Ethan Schutt, Trustee Craig Richards, Trustee Lucinda Mahoney, Trustee Corri Feige, Vice-Chair Steve Rieger, Chair William G. Moran

Letter From
The CEO

Fiscal Year 2021 was like none other in recent history, and it can only be viewed in contrast with unresolved global uncertainties. While we in Alaska and across much of the US have reopened our economies and our workforces, vast populations across the globe still have limited access to vaccinations, hampering their ability to fully reopen. As a sovereign wealth fund fully integrated with these international markets, we continue to pay attention in anticipation of how global activities can and will impact the Fund in the near future, and as a result, our fellow Alaskans.

Fiscal Year 2021 was like none other in recent history, and it can only be viewed in contrast with unresolved global uncertainties. While we in Alaska and across much of the US have reopened our economies and our workforces, vast populations across the globe still have limited access to vaccinations, hampering their ability to fully reopen.

As a sovereign wealth fund fully integrated with these international markets, we continue to pay attention in anticipation of how global activities can and will impact the Fund in the near future, and as a result, our fellow Alaskans.

There is no doubt 2021 was an exceptional year for the Fund as it topped $80 billion, exceeding numerous benchmark forecasts and expectations along the way. The numbers speak for themselves. The Fund grew an average of $45.5 million per day over the past year, and I am proud of our team for the work we did together to achieve these impressive returns.

What is almost more remarkable is that this growth was done with the backdrop of work from home, contrasting changes in the national political landscape, heightened debate on the uses of the Fund’s earnings and significant volatility across almost every asset class. On a personal level, I find it remarkable to consider the stories of each member on our team, what our Board of Trustees, managers and staff have gone through over the past year as they too had to completely adjust their lives while working diligently to contribute towards our collective accomplishments.

We are now at a crossroads. As Alaska transitions away from its more than 50-year dependence on oil revenues, the Fund has taken on a new and vital role. Our performance now directly correlates to increased financial support for the essential services our fellow Alaskans depend on, including health, safety and infrastructure.

Forty-five years ago Alaskans created a financial structure from public resources that continues to stand as a model for sovereign wealth funds globally. Invested with Alaskans resonates with me because it is what APFC does, as fiduciaries, to protect and grow the state’s most valuable financial asset.


Angela M. Rodell
Chief Executive Officer

APFC IN FY21

Processed 7,750 internal trades
with a value of $165 billion

Monitored investments in
more than 100 countries
around the globe denominated in
nearly 50 different currencies

10,851 meeting participants,
from U.S., U.K., Canada, Korea,
Colombia, Mexico and Germany

Accounted for over 35,000 transactions
every month across more than 700 bank accounts
holding almost 17,000 unique investments

Remote work collaboration
2,854 meetings with
126,084 meeting minutes

APFC IN FY21

Processed 7,750 internal trades with a value of $165 billion

Monitored investments in more than 100 countries around the globe denominated in nearly 50 different currencies

10,851 meeting participants, from U.S., U.K., Canada, Korea, Colombia, Mexico and Germany

Accounted for over 35,000 transactions every month across more than 700 bank accounts holding almost 17,000 unique investments

Remote work collaboration
2,854 meetings with
126,084 meeting minutes

The fund at 45

Preloader