Permanent Fund officials blame economy for $3.1 billion loss

Associated PressNovember 2, 2011 

JUNEAU -- The fund established decades ago to share Alaska's oil wealth with future generations lost $3.1 billion during the first quarter of the fiscal year.

The Alaska Permanent Fund Corp. cites continued slow growth in the U.S. economy and "political and economic difficulties abroad" for the 8.3 percent decline.

CEO Michael Burns said the board doesn't "chase returns," and has built a diversified portfolio that has worked the way it's supposed to and provided balance.

The Alaska Permanent Fund ended the quarter with $37 billion.

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