Permanent Fund Turns Around

The Permanent Fund has begun to turn around the stock market losses of the past two years.   Executive Director Mike Burns reports a return of $3.4 Billion during the first quarter of this fiscal year.  That’s a 10.7% increase – putting the fund’s value at $33-Billion.

Burns says while the increase was good, he’s not ready to say the Fund is out of the woods yet.

I don’t know if it’s a clearing or there’s a clear field ahead of us.  We don’t predict that far out.  But it’s certainly been a much, much better market and economy the last six months.  It’s hard to believe is was just a year ago this fall when things looked like they might have no bottom ever.

The fund reached its highest value ever exactly two years ago – peaking at $40- Billion.  It fell to $26-Billion for a brief time in March of this year.  That reflected the worldwide economic conditions.

Burns says talking to investors during a recent trip to New York,  he heard references to the past year as the ultimate stress test to the nation’s financial system.


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