By SUZANNE DOWNING
Oct. 2, 2026 – The Alaska Permanent Fund ended fiscal year 2026 worth $91.9 billion, gaining $6.8 billion during a year in which it generated record statutory net income and supplied about two-thirds of Alaska’s unrestricted state revenue, according to the Alaska Permanent Fund Corporation.
APFC’s annual report, What Alaska Built, marks the Fund’s 50th anniversary and traces its growth from an initial deposit of approximately $734,000 into a financial foundation supporting current and future generations of Alaskans.
The fund’s board of trustees is in Nome today for its quarterly meeting. Jason Brune was reelected chairman.
For the fiscal year ending June 30, the Fund returned 12.42% net of fees, exceeding the Board’s inflation-plus-5% objective of 8.54%. Its value rose from $85.1 billion a year earlier.
The Fund’s longer-term results showed strong performance. Its 10-year annualized return of 9.28% exceeded both its performance benchmark of 8.91% and its total-return objective of 8.32%. The three-year annualized return was 9.84%.
Results were mixed over other periods. The five-year annualized return of 6.61% fell slightly below the 6.76% performance benchmark. For FY2026, the Fund exceeded its inflation-based objective but trailed its separate performance benchmark by 0.48 percentage points, according to APFC’s year-end financial update.
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Since investment inception, the Fund has produced an annualized return of 8.93% over 42.5 years.
Record income supports Alaska’s budget
Statutory net income reached a record $8.2 billion and was deposited into the Earnings Reserve Account. That measure reflects realized income available for legislative appropriation and differs from total investment returns, which also include changes in the market value of assets.
The Fund transferred $3.8 billion to the state general fund through the percent-of-market-value, or POMV, draw. Mineral royalty deposits added another $535 million to the Principal.
According to the annual report, the POMV transfer supplied approximately two-thirds of Alaska’s unrestricted revenue, underscoring the Fund’s central role in financing state services and Permanent Fund dividends.
Cumulative mineral royalty deposits now total $20.8 billion. Lifetime earnings have reached $119.8 billion, with $51.4 billion distributed for current generations and $68.4 billion retained for future investment.
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At fiscal year-end, the Principal totaled $73.8 billion, including unrealized appreciation, while the Earnings Reserve Account held $18.1 billion.
Trustees seek structural changes
The Board of Trustees again endorsed a constitutional amendment to consolidate the Fund into a single-account structure. APFC says the proposal would protect approximately 95% of Fund assets and establish automatic inflation-proofing.
Under the current structure, the Principal is constitutionally protected, while the Earnings Reserve Account is available for legislative appropriation. APFC reported that no transfer was appropriated for inflation-proofing in BY 2026, which it estimated at $1.5 billion.
The Board also approved an investment policy effective July 1, 2026. It raises target allocations for public equities to 34% and absolute return investments to 8%, while reducing targets for private equity to 17%, real estate to 10%, and private income to 9%.
Chief Investment Officer Marcus Frampton cited an RVK comparison ranking APFC as the top-performing domestic sovereign wealth fund over five- and 10-year periods using FY2025 data. He also identified elevated market valuations and geopolitical uncertainty as risks facing the investment portfolio.
The report notes a change this year in Board membership, with Ralph Samuels joining the trustees and Craig Richards departing.
The full report, What Alaska Built, is at the APFC’s website.
7 thoughts on “Alaska Permanent Fund reaches $91.9 billion as anniversary report details record earnings”
How much have Alaskan politicians stolen from your family?
Big Government Republicans and Democrats are salivating. Government dependent employees just see how much is available that can temporarily increase their paychecks, benefits, and even added pensions. However once the money is run dry, layoffs come because there is no more money to cover all the taxpayer funded jobs.
Remember why our Wiser WW2 generation created the PFD state savings accounts because they lived through America’s harder decade. They didn’t want Baby boomers, GenX, Millennisls, GenZ, and GenAlpha to go through a time not having any money. Remember this the Permanent Fund accounts was not created to grow and fund a big government. It was created in the case of a national and global emergency to keep the state of Alaska going and able to pay its basic bills during the major crisis. If WW2 generation could come back, they probably would tell today’s Alaskan baby boomer, GenX, and millennials leaders “you don’t have a revenue problem, your generations have grown too government dependent, selfish. Self centered, corrupt that our generations have spending issue, and we need to cut government dependent jobs first”
Don’t forget our state budget is currently sitting at 14 billion and the budget is growing. If it stayed at 14 billion, and these government dependent employees used the permanent fund to fund government the 91 billion will be dry by year 6.
That’s why the state is running a deficit.
I think a state with a population of 750,000 at a 14 billion state budget is Totally ridiculous!!! Our state government should be at least at 3 billion. Means the government dependents are over consuming like an overeater.
If the state budget was at 3 billion, it would have 30 years out of 91 billion to fund government if the nation and global economy was in a Great Depression.
Read my article below yours. You can get rid of Permanent fund HQ and get rid of employees. They have cost us billions.
I did. I thankful for when I find comments giving another opinion.your opinion points to what Sealaska Corporation has been facing too. Poor and greedy management ripping the shareholders off for decades.
If Alaska wasn’t so corrupt, a more honest and business minded leader would follow through with your suggestion Replacing those Permanent Fund employees too incompetent. Just like Sealaska Corporation needs an overall of its corporate team members and board of directors. Problem is there are even less Native shareholders to replace the board and corporate teams who understand corporate business, resource developments, and investments. So dividends can increase.
This is such a scam. The experts who run our money have lost over the last 10 and 42 years. They make lots of money at our expense. The Fund should easily be over 100 billion. Time shut this down and keep the profits.
From the Article
The Fund’s longer-term results showed strong performance. Its 10-year annualized return of 9.28% exceeded both its performance benchmark of 8.91% and its total-return objective of 8.32%. The three-year annualized return was 9.84%.
What Warren Buffet said to do. Put in S&P 500 and call it a day. Almost free to do without fee’s
“Over the last 10 years (to 2026‑10‑01), the S&P 500 delivered a +15.3% annualized return and a +313.6% cumulative total return, as shown in ChartRow’s 10‑year performance chart.”
For 42 years, this is what the article says:
Since investment inception, the Fund has produced an annualized return of 8.93% over 42.5 years.
This is what the S&P 500 did last 42 years
S&P 500 42-Year Return Chart & Data
The S&P 500’s 42-year return chart shows annual total returns (price + dividends) from 1984–2026, with a long-term average of about +9.7% per year and a 75% win rate
Key 42-Year Metrics (1984–2026)
Average annual return: +9.74% (total return, dividends reinvested)
Positive years: 57 out of 76 (75% win rate)
Negative years: 19
Best year: +37.0% (1975, outside the 42-year window; within 1984–2026, best was +33.4% in 2013)
Worst year: −37.0% (2008)
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And our PFD keeps getting lower and lower east year. Our State government is full of crooks. They all need to be fired by the people.