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 
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 
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
Jennison Associates  US small cap core, active Russell 2000 
Lazard Asset Management  global value, active MSCI ACWI
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 
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  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 
GAM International Management  non-dollar Barclays Global Treasury Ex-US (hedged) 
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 

*This company has no public website