Alaska: Strong quarter allows permanent fund gains

AP News
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Posted: Jan 27, 2012 10:51 AM
Alaska: Strong quarter allows permanent fund gains

Things are looking up for Alaska's fund to share oil wealth.

Officials with the Alaska Permanent Fund say it ended the second quarter of the 2012 fiscal year with $38.6 billion, a 4.2 percent gain in the quarter. The fund ended the first quarter with $37 billion.

Fund officials say in a statement that stocks has the best return in the second quarter, up more than 12 percent.

CEO Mike Burns says 2011 was challenging because of several factors, including natural disasters and the European debt crisis. However, the gains seen this quarter "and the performance in early 2012 suggest that the worst is hopefully behind us."

Despite the gains in this quarter, the fund still remains in negative territory, at minus 4.5 percent, for this fiscal year.