APFC Releases 2026 Annual Report: What Alaska Built

The Alaska Permanent Fund Corporation (APFC) has released its FY2026 Annual Report, titled What Alaska Built. Marking the 50th Anniversary of the Alaska Permanent Fund, the report reflects on the vision that created the Fund, five decades of disciplined stewardship, and its enduring value for current and future generations of Alaskans.

“The Permanent Fund is one of Alaska’s greatest shared achievements,” said Board Chair Jason Brune. “Voters created it with a promise to preserve part of the state’s resource wealth for the future. Generations of Alaskans then strengthened that promise through careful policy, governance, and investment. Today, $20.8 billion in mineral royalty deposits from oil, gas, and mining, together with investment returns, have grown into a Fund worth $91.9 billion. Today, its earnings provide the largest source of unrestricted general fund revenue for the state, surpassing traditional revenue sources. As Trustees, we hold the Fund in trust for every Alaskan, including generations yet to come.”

In FY26, the Fund returned 12.42%, ending the fiscal year at a value of $91.9 billion and generating a record $8.2 billion in statutory net income.

APFC also transferred $3.8 billion to the State of Alaska through the Percent of Market Value draw to the state’s general fund, providing two-thirds of Alaska’s unrestricted revenue. Since its inception, the Fund has generated $119.8 billion in earnings. Of that amount, $51.4 billion has been paid out to benefit current generations, while $68.4 billion remains invested for the future.

“Our work today is possible because of the dedication, foresight, and commitment of those who came before us,” said CEO & Executive Director Deven Mitchell. “We build on the knowledge, systems, and public trust they established over generations. Stewardship means honoring that foundation while adapting to evolving markets and Alaska’s growing reliance on the Fund. The decisions we make today will help shape the Fund's strength, resilience, and the opportunities entrusted to future generations.”

2026 Annual Report Key Highlights

• Fund Growth: As of June 30, 2026, the Fund’s total value reached $91.9 billion, an increase of $6.8 billion from the previous fiscal year.
• Investment Performance: The Fund achieved a 12.42% return for FY26, exceeding its total return objective of 8.54%. Over the past 10 years, the Fund returned 9.28% annualized, outperforming its performance benchmark of 8.91% and total return objective of 8.32%.
• Asset Class Highlights and Financials: The report also provides detailed performance, strategy, and outlook information for each of the Fund’s eight asset classes, along with its audited financial statements, governance, risk-management practices, and FY26 asset allocation.

For more information and to read the full 2026 Annual Report, visit the 2026 Annual Report website.

APFC’s Annual Meeting

The Annual Meeting will take place on September 30–October 1, 2026, in Nome, AK, and virtually via Teams Webinar; see the meeting agenda. The public is invited to attend to learn more about the Fund’s performance, investment strategy, and priorities for the year ahead, and to provide public comment. To share public comments, email boardpubliccomment@apfc.org.

About APFC

The Alaska Permanent Fund Corporation (APFC) manages the assets of the Alaska Permanent Fund, a globally recognized sovereign wealth fund. Established in 1976, the Fund preserves a portion of Alaska’s nonrenewable mineral wealth as a renewable financial resource for current and future generations of Alaskans. The Fund also serves as the largest source of unrestricted general fund revenue, supporting the state’s economic stability and prosperity. For more information, visit apfc.org.

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