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Permanent Fund big loser in market crash


ANCHORAGE (KTUU) One of the big losers in the recent stock market tumble was Alaska’s Permanent Fund ... $4.2 billion was invested in real estate, $11.9 billion in the bond market, $2 billion was in cash and $2.4 billion in hedge funds.


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ANCHORAGE (KTUU) One of the big losers in the recent stock market tumble was Alaska’s Permanent Fund, which has fallen nearly $3 billion since its high point of $66.5 billion on Jan26. But Angela Rodell, the Permanent Fund Corp.’s chief executive, said Alaskans shouldn’t worry. “I think this volatility explains why we don’t have 100 per cent of the assets in the stock market,” Rodell said in an interview Wednesday“We thought $100-barrel oil was going to last foreverWe think bull markets are going to last foreverThey don’tThis stuff is volatile and I guess that‘s the lesson to be taken from what’s happened the last 2½, three weeksIt’s just a reminder that markets are volatile — they go up and they go down.” Rodell, a former revenue commissioner, said the diversity of the Permanent Fund’s investments protect it from declining too much when any one market falls. On Tuesday, the most recent day that Permanent Fund Corprecords were available, $4.2 billion was invested in real estate, $11.9 billion in the bond market, $2 billion was in cash and $2.4 billion in hedge fundsThe fund had $28.4 billion invested in stocks, the corporation said.

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