"We are confident that we've built a well diversified portfolio that serves our long-term goals," said Board Chair Steve Frank. "The Fund saw significant daily gains and losses over the last week, but we don't react based on short-term changes in the fund. We're focused on long-term performance."
On Sept. 22, the board reviewed and accepted the Permanent Fund's audit by KPMG and reviewed the fund's performance for the fiscal year. For the fiscal year, the Fund was down -3.6% with the greatest losses in the stock portfolios. Bonds were the bright spot, with U.S. bonds returning 6.1% and non-U.S. bonds returning 10.9%.
Other action items included re-electing Steve Frank as chairman and Bill Moran as vice chairman of the board of trustees, and approving the draft 2010 budget for inclusion in the state's operating budget.