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Kenai receives positive review of permanent funds; APCM urges no allocation changes, requests work session
Summary
Alaska Permanent Capital Management told Kenai City Council the permanent fund returned about 13.4% in 2025, has a Dec. 2025 market value near $39.9 million and recommended no change to asset allocation while proposing a work session to discuss allowing longer maturities and limited new asset classes for custody/reserve funds.
Alaska Permanent Capital Management (APCM) presented its annual review of the City of Kenai's permanent and custody investment portfolios at the Feb. 4 council meeting, saying the city's permanent fund posted a strong 2025 and remains on track for long-term targets.
APCM's presenter told the council the permanent fund had total contributions of $22,900,000, withdrawals of $18,600,000 and a market value of $39,900,000 at Dec. 31, 2025. "If someone was to ask you how much a permanent fund has earned in dollars since inception, it's been $35,600,000," the presenter said, and noted the fund's average annual return since inception is about 7.79% while the calendar-year 2025 return was 13.4%.
Council members were given multiple portfolio views: historical market value, calendar-year returns and APCM's forward-looking projections. APCM said its 10-year average return expectation is roughly 6.7%…
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