INVESTMENT MANAGERS

APFC hires specialized investment managers and issues each one money to make investments for the Fund.  Each manager's portfolio is part of an overall design to balance Fund total investment risk and return.  To evaluate manager performance, APFC assigns each an index comprised of securities representing a certain market segment: the index becomes a manager’s benchmark.  Active managers attempt to outperform their benchmarks.  Passive managers attempt to replicate the indexes that comprise their benchmarks, and match benchmark performance.

View monthly management performance reports

stocks style mandate benchmark index
Acadian Asset Management international value, active MSCI World-ex-US
AQR Capital Management global, core/growth, active MSCI World
Capital Guardian Trust Co. emerging markets, active  MSCI Emerging Markets
CastleArk Management US large cap growth, active Russell 1000 Growth
Dimensional Fund Advisors (DFA) international small company, quasi-passive MSCI World-ex-US Small Cap
Dimensional Fund Advisors (DFA) international small cap value, quasi-passive MSCI World-ex-US Small Cap
Dimensional Fund Advisors (DFA)  international large cap, quasi-passive MSCI World-ex-US
DSM Capital Partners US large cap growth, active Russell 1000 Growth
Eagle Asset Management, Inc. US small cap growth, active Russell 2000
GE Asset Management US large cap growth, active Russell 1000
GE Asset Management international growth, active MSCI World-ex-US
GMO LLC global, value, active MSCI ACWI
Herndon Capital Management US large cap value, active Russell 1000 Value
Jennison Associates US small cap core, active Russell 2000
Lazard Asset Management global value, active MSCI ACWI
Lyrical Asset Management US large cap value, active Russell 1000 Value
McKinley Capital Management global growth, active MSCI ACWI
Mellon Capital Management US large cap, passive S&P 500
Mellon Capital Management US mid cap, passive S&P 400
Mellon Capital Management international, passive MSCI World-ex-US
Mellon Capital Management US large cap, quasi-passive FTSE RAFI US 1000
Mondrian Investment Partners emerging markets, active MSCI Emerging Markets
Pzena Investment Management US small cap active, value Russell 2000
RBC Global Asset Management US small cap growth, active Russell 2000 Growth
RCM Global Investors US large cap, active Russell 1000
SKBA Capital Management US large cap value, active Russell 1000 Value
State Street Global Advisors global developed, quasi-passive Russell Fundamental Developed Large Company Index
State Street Global Advisors international small cap, passive MSCI World-ex-US Small Cap
State Street Global Advisors emerging markets, passive MSCI Emerging Markets
T. Rowe Price Associates, Inc. US small cap value, active Russell 2000
     
bonds  style mandate benchmark index
Alaska Permanent Capital Management TIPS Barclays US TIPS
Alaska Permanent Fund Corporation TIPS Barclays US TIPS
Alaska Permanent Fund Corporation aggregate corporate Barclays US Aggregate Index
Alaska Permanent Fund Corporation aggregate CMBS Barclays US Aggregate Index
Alaska Permanent Fund Corporation aggregate government Barclays US Aggregate Index
Alaska Permanent Fund Corporation aggregate MBS Barclays US Aggregate Index
Alaska Permanent Fund Corporation global Barclays Global Treasury Ex-US (hedged)
Alaska Permanent Fund Corporation US corporate Barclays US Corporate
Alaska Permanent Fund Corporation US government Barclays US Government
Capital Guardian Trust Company high yield Barclays Global High Yield (Hedged)
Capital Guardian Trust Company high yield emerging markets 50% JP Morgan Global EM Bond/50% JP Morgan Global Diversified EM Gov
Oaktree Capital Management high yield Barclays Global High Yield (Hedged)
Rogge Global Partners non-dollar Barclays Global Treasury Ex-US (hedged)
     
real estate style mandate benchmark index
AEW Capital Management REIT Morgan Stanley REIT
CB Richard Ellis Investors direct equity NCREIF Property Index
CS Capital Management, Inc. direct equity NCREIF Property Index
LaSalle Investment Management direct equity NCREIF Property Index
L&B Realty Advisors, LLP direct equity NCREIF Property Index
Sentinel R.E. Corp. direct equity NCREIF Property Index
     
alternative investments style mandate benchmark index
Crestline Investors, Inc.* absolute return strategies 1-month LIBOR + 4%
Lazard Asset Management absolute return strategies 1-month LIBOR + 4%
Mariner Investment Group* absolute return strategies 1-month LIBOR + 4%
Crestline Investors, Inc.*  credit opportunities Barclays Capital Global High Yield Corporate Index + 150 bps
Oaktree Capital Management distressed debt 1-month LIBOR + 6%
Capital Guardian Trust Company emerging markets multi-asset T-bills + 8%
Pacific Investment Management Company (PIMCO) emerging markets multi-asset T-bills + 8%
AQR Capital Management

external CIO/real return

 5% after inflation
Bridgewater Associates

external CIO/real return

 5% after inflation
Goldman Sachs Asset Management

external CIO/real return

 5% after inflation
GMO LLC

external CIO/real return

 5% after inflation
Pacific Investment Management Company (PIMCO)

external CIO/real return

 5% after inflation
Citi Infrastructure Partners, L.P. infrastructure 5.5% after inflation
Global Infrastructure Partners, L.P. infrastructure 5.5% after inflation
Goldman Sachs Asset Management infrastructure 5.5% after inflation
Audax Management Company mezzanine debt 1-month LIBOR + 7%
Oaktree Capital Management mezzanine debt 1-month LIBOR + 7%
Pathway Capital Management, LLC private equity Private equity custom
HarbourVest Partners, LLC private equity Private equity custom
CS Capital Management, Inc. homes for rent  

*This company has no public website