Trustees move more money into stocks

Posted: Friday, October 11, 2002

ANCHORAGE - The Alaska Permanent Fund will move three-quarters of a billion dollars out of its bond investments and put that money into the stock market, the Alaska Permanent Fund board of trustees decided Thursday.

Stock values have declined sharply, and the fund's investment in shares of U.S. and foreign companies has dwindled to 46 percent of the total investments of the fund by the end of last month.

The trustees have set targets for their investment allocations: 53 percent stocks, 37 percent bonds, and 10 percent real estate. The formula allows some deviation for normal market fluctuations.

Bonds have done well lately, so those investments now represent 44 percent of the fund.

The board voted unanimously Thursday to rebalance by selling $750 million worth of bonds and transferring the money to seven different stock managers for investment.

That rebalancing will bring the stock portfolio to 49.5 percent of the total fund, still short of the 53 percent target.

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