Apple, not oil, fuels Alaska's bonanzaAugust 3, 2011: 6:41 AM ET
A $73.5 million investment in shares of Apple Inc. is now worth $207 million
Oil revenues from the Trans-Alaska Pipeline provided the capital for the Alaska Permanent Fund, a giant savings account created by the state's voters 1976 to make sure the legislature didn't spend the windfall all at once. But what's fueled the fund's growth in recent years -- and helped it hit a record $40.1 billion this week -- are its investments in the stock market, especially in Apple (AAPL).
Of the fund's top 50 holdings, according to the quarterly report from the corporation that controls its investments, Apple is both its largest single investment and its best performer.
The fund's 617,154 shares of Apple, purchased for $73,516,624, are now worth $207,160,083 -- a 182% increase.
The fund's second- and third-best performers, IBM (IBM) and EMC (EMC) are up 78% and 66%, respectively. The fund's three worst performers over the same period: Cisco (CSCO), GE (GE) and Bank of America (BAC), down 17%, 19% and 37%, respectively.
On Oct. 6, the fund is scheduled to distribute its annual dividend of about $800 million to everybody who lived in Alaska over the past 12 months. The payout last year was $1,281 per person.
Via USA Today.