Landmarks in Permanent Fund history: 2002 - present

1968-1977 / 1980-1990 / 1991 - 2001 / 2002 - present

2002

The bear market continues. Fund has a total return of -2.2% for the fiscal year.

2003

March marks three years since the equity markets peaked. The S&P 500 is down 40.9% over this three-year period.

2004

Fund adds two new asset classes: private equities and absolute return strategies.

2005

As a guideline for Fund investments, the Legislature replaces the former system of having a list of allowable investments combined with the Prudent Investor Rule to allowing APFC Trustees to solely follow the Prudent Investor Rule. This is a major step, allowing APFC Trustees much more lattitude in the kinds of investments they make and how much of each investment type they hold. The latitude is limited by the tenets of the Prudent Investor Rule, however. This rule states that the Board "shall exercise the judgement and care under the circumstances then prevailing that an institutional investor of ordinary prudence, discretion, and intelligence exercises in the management of large investments entrusted to it not in regard to speculation but in regard to the permanent disposition of funds, considering probable safety of capital as well as probable income."

2006

The Fund reached $31, $32, $33, $34 and $35 billion in value. Mineral royalty deposits to the Fund's principal were the greatest ever received, at $601 million.