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 EAFE
AG Asset Management	US small cap value, active	Russell 2000
AllianceBernstein	global, value, active	MSCI World
Alliance Capital Management	US growth, active	Russell 1000
AQR Capital Management	global, core/growth, active	MSCI World
Capital Guardian Trust Co.	global, core/growth, active	MSCI World
Capital Guardian Trust Co.	emerging markets, active	MSCI Emerging Markets
Dodge & Cox	US value, active	Russell 1000
Dodge & Cox	international value, active	MSCI EAFE
Dupont Capital Management	US small cap growth active	Russell 2000
GE Asset Management	US large cap growth, active	Russell 1000
GE Asset Management	international growth, active	MSCI EAFE
GMO LLC	global, value, active	MSCI World
Goldman Sachs Asset Management	international core, active	MSCI EAFE
Jennison Associates	US small cap core, active	Russell 2000
Julius Baer Investment Management	international core, active	MSCI EAFE
Kalmar Investments	US small cap growth,active	Russell 2000
Lazard Asset Management	global value, active	MSCI World
Luther King Capital Management	US small cap core, active	Russell 2000
Martingale Asset Management	US small cap value, active	Russell 2000
Martingale Asset Management	enhanced alpha US, large cap value equity, active	Russell 1000
McKinley Capital Management	global growth, active	MSCI World
Mellon Capital Management	US passive	S&P 500
Mellon Capital Management	US mega cap	Russell Top 50
Mellon Capital Management	US small/mid cap	S&P 400
Mellon Capital Management	International	MSCI EAFE
Mondrian Investment Partners	emerging markets, active	MSCI Emerging Markets
Morgan Stanley Investment Management	international growth, active	MSCI EAFE
Penn Capital Management Company	US small cap core, active	Russell 2000
Peregrine Capital Management	US small cap value, active	Russell 2000
Principal Global Investors	international growth, active	MSCI EAFE
RCM Global Investors	US large cap, active	Russell 1000
RCM Global Investors	US small cap, active	Russell 2000
Tukman Capital Management*	US value, active	Russell 1000
Turner Investment Management LLC	US small cap core, active	Russell 2000
T. Rowe Price Associates, Inc.	US small cap value, active	Russell 2000
T. Rowe Price Associates, Inc.	emerging markets, active	MSCI Emerging Markets
UBS Global Asset Management	global value, active	MSCI World
UBS Global Asset Management	enhanced alpha US, large cap value equity, active	Russell 1000
Voyageur Asset Management	US small cap growth, active	Russell 2000
Washington Capital Management	US small cap growth, active	Russell 2000
Columbus Circle Investors	US small cap growth, active	Russell 2000
Eagle Asset Management, Inc.	US small cap growth, active	Russell 2000
Fort Washington Investment Advisors	US small cap, growth, active	Russell 2000
Pzena Investment Management	US small cap active, value	Russell 2000

bonds	style mandate	benchmark index
Alaska Permanent Capital Management	US core	Lehman Aggregate/Gov Cred
Alaska Permanent Fund Corporation	US core	Lehman Aggregate/Gov Cred
Capital Guardian Trust Company	high yield	Lehman U.S. High Yield 2% Cap
Goldman Sachs Asset Management	high yield	Lehman U.S. High Yield 2% Cap
Augustus Asset Managers Limited	non-dollar	Salomon non-US World Gov Bond(50% hedged)*
Rogge Global Partners	non-dollar	Salomon non-US World Gov Bond (50% hedged)*
Crestline Investors, Inc.*	distressed debt	1-month LIBOR + 6%

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
Kennedy Assoc. R.E. Counsel	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
Wellington Management Company, LLP	REIT	Morgan Stanley REIT

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%
Lehman Brothers	absolute return strategies	1-month LIBOR + 4%
Mariner Investment Group*	absolute return strategies	1-month LIBOR + 4%
Pacific Alternative Asset Management Company (PAAMCO)	absolute return strategies	1-month LIBOR + 4%
Pathway Capital Management LLC	private equity	Private equity custom
Citi Infrastructure Partners, L.P.	infrastructure	5 1/2% over inflation
Global Infrastructure Partners, L.P.*	infrastructure	5 1/2% over inflation

*This company has no public website