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APFC Board reviews market outlook, emerging market debt

FEB 25 - The Alaska Permanent Fund Board of Trustees reviewed Callan Associates' capital markets outlook and heard presentations on emerging debt during a regular two-day meeting held in Juneau on Thursday and Friday.

"Emerging market stocks and bonds have been included Fund's portfolios for some time now," said Bill Moran, Board Chair. "However, we learned that the growth potential in emerging market countries, combined with the efforts toward transparency and stability these countries are making, has lowered the overall risk for their corporate and government bonds. With rising debt levels and struggling economies in the developed markets, emerging market debt may have a greater role in the future."

Two of the Corporation's real return managers, Goldman Sachs and PIMCO, provided the presentations on emerging market debt. The Permanent Fund has had a specific allocation to emerging market stocks since 2004, and has held stocks from emerging market countries for more than ten years. The APFC's high yield bond managers also have the ability to invest in emerging market debt.

The Board also approved changes to the APFC Bylaws and Corporate Governance Charter to make the provisions within the documents consistent with each other and with the Investment Policy. The changes included adding duties assigned to the Executive Director in the Governance Charter to the Bylaws as well, and clarifying the method for amending the Investment Policy.

The next regular meeting is scheduled for May 19 and 20 in Fairbanks.

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