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Apple stock helping the Alaska Permanent Fund more than oil

by Kelly Hodgkins Aug 3rd 2011 at 11:00AM

The Alaska Permanent Fund sets aside a portion of oil revenue and gives some of that money back to Alaska citizens each year. This pool of money is also used to invest in the stock market, a practice that has proved to be quite lucrative.

A recent quarterly report from the company that manages the Fund reveals Apple and not oil revenue is the reason the Fund is growing. The Fund holds over 617,000 shares in Apple which were bought when Apple's stock was much lower than its current US$391 per share. It's initial $73 million investment is now worth $207 million. This jump has helped propel the Fund to a healthy $40.1 billion, its highest level ever. The Fund also owns stock in IBM, EMC, Cisco, GE and others, but Apple is its largest single holding and its best performer.

[Via Fortune Apple 2.0]



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The Alaska Permanent Fund sets aside a portion of oil revenue and gives some of that money back to Alaska citizens each year. This...
 

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NikolaTesla

JP Morgan should pay into the Nikola Tesla Estate for the past 100 years for ordering the destructio­n of the "Tesla Towers" in 1910, based on the Tesla Coil and Field Effects, which would have sent energy through the air, FOR FREE!

Google and Wikipedia Nikola Tesla and Free Energy!

September 21 2011 at 2:10 AM Report abuse rate up rate down Reply
NikolaTesla

JP Morgan should pay into the Nikola Tesla Estate for the past 100 years for ordering the destructio­n of the "Tesla Towers" in 1910, based on the Tesla Coil and Field Effects, which would have sent energy through the air, FOR FREE! Google and Wikipedia Nikola Tesla and Free Energy!

September 21 2011 at 2:10 AM Report abuse rate up rate down Reply
The Angry Intern

I met a dude from Alaska at Comic Con this year. He said he got about $1200 last year from this fund. Kinda like getting an extra tax refund, I guess.

August 03 2011 at 4:52 PM Report abuse rate up rate down Reply
TomTwigg

Correction: The money that is dispersed annually among qualifying Alaska residents is not from oil revenues, it is based on a percentage of the Permanent Fund's growth -- in years that the fund performs better, distributions are higher -- in years it does less well the checks that go out in October are smaller. The Fund was originally created with oil revenues, and I think some small percent of ongoing oil revenues may go into the Fund, but most state oil revenue goes to Alaska operating budget (where it makes up something like 90% of revenues in a state with no sales or income tax). The state's fortunes go up and down with oil prices/revenues, but the Fund does not.

August 03 2011 at 2:41 PM Report abuse rate up rate down Reply
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