The Alaska Permanent Fund hit a new high on Monday, reaching over $70.25 billion.
The fund, which is Alaska’s investment fund that comes from the state’s oil royalties, fluctuates with the market; it will likely retreat from that bold number before advancing, but the market had a hot day of trading upon the news that vaccines are on the horizon for COVID-19.
The Dow Industrial Average closed over 30,000 for the first time on Tuesday. According to the Wall Street Journal, the eight-month stock rebound put the Dow up more than 60% from its March low, “when a Fed economic rescue plan ended a panic that wiped out trillions of dollars in investments.”
The trading was so heavy that some of the more popular trading platforms were overburdened with users and were operating slowly, which frustrated investors.
The Dow gained 454.97 points, or 1.5%, “continuing a recent winning streak that has put it on track for the best month since 1987,” the Journal stated.
Alaska’s Permanent Fund is obviously benefiting from that bull market and a steady team under APFC Chief Executive Officer Angela Rodell. The fund has been on a march for several weeks.
The Earnings Reserve Account, which is the spendable portion of the Permanent Fund, is at $6.7 billion, $3 billion of which is realized earnings. Permanent Fund dividends for Alaskans come from the Earnings Reserve Account, and state government is paid for from the same account under a formula called Percent of Market Value, or POMV.