PFD Suffers First Quarter Losses
PFD ended period with $38.6 billion
The Alaska Permanent Fund is making up for its first quarter losses, according to fund officials.
They are reporting a 4.2 percent return.
Officials said that although U.S. stock showed the most growth during the last quarter, it still wasn’t enough to reclaim those losses.
Permanent Fund Director Mike Burns said factors like upheaval in the Middle East, the natural gas disaster in Japan and the European debt crisis contributed to the losses.
“These markets go from what I call Teflon, the bad news bounces off to Velcro – where the bad news seems to want to stick, and right now we seem to be in a Teflon stage,” said Burns.
The fund’s portfolio will remain in negative territory for the fiscal year – at a minus 4.5 percent, according to Burns.
The fund ended the period with a value of $38.6 billion.