Alaska Permanent Fund Corp

Alaska Permanent Fund Corp is a wealth-management firm allocating client money, specialised in financials (100% of the long book), running a $1.57B US long book across 7 positions.

The portfolio is extremely concentrated — the top 10 positions are almost the whole book. Turnover is modest: positions are typically held for years. Current anchor positions: ISHARES CORE S&P 500 ETF, SS SPDR R1000 LO VOL FOC ETF, SS SPDR R1000 YIELD FOC ETF, ISHARES GOLD TRUST MICRO, ISHARES BROAD USD HIGH YIELD.

Over the last 9 quarters its long book ran on average 0.4pp per quarter behind the S&P 500, beating the index in 4 of 9 quarters. Its holdings are mechanical (indexing / client flows), so position changes carry no stock-picking signal.