 November 18, 2004
After a disappointing first quarter, domestic and international markets rallied in November, earning almost $1 billion in unrealized gains for the Fund. This new growth creates a 5.27% fiscal-year-to-date return for the Fund as of November 16. "I think what we are looking at is a 'relief rally' following the resolution of the presidential election," said Mike Burns, Executive Director/CEO of the Alaska Permanent Fund Corporation. "With the uncertainty of the election over, people are more willing to invest in the markets." International stock markets are performing even better than the domestic markets and continue to be supported by the weakening of the US dollar overseas. "This new milestone for the Fund doesn't necessarily mean larger dividends next fall," cautioned Burns. "First, these are unrealized gains and only realized gains are included in the dividend formula. And because of the drag FY02 and FY03 continue to have on the five-year average, it would take very strong performance for the rest of the fiscal year to see a significant change in the dividend amount over last year."
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