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Alaska Permanent Fund hits record value: $50B

By Associated Press 2:35 PM February 28, 2014

Close to half of the fund is invested in stocks, which had a strong year in 2013 and helped the fund to grow by more than $5 billion over the last year

JUNEAU, Alaska (AP) – The Alaska Permanent Fund has hit a record-high value.

The total value for the fund hit an unaudited value of $50 billion on Thursday, according to the Alaska Permanent Fund Corp. The corporation manages fund investments.

The fund is a state nest egg built in part from Alaska oil revenue.

Michael Burns is CEO of the corporation.

He says close to half of the fund is invested in stocks, which had a strong year in 2013 and helped the fund to grow by more than $5 billion over the last year.

(Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

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