Wrangell profits from strong stock market
May 13, 2021
Wrangell, just like most other investors, profited from stock market gains of the past year, adding about $1.5 million to the value of the municipal permanent fund over the past 15 months as the Dow Jones Industrial Average reached record highs.
The city’s savings account was at $10.2 million as of March 31, up from $8.7 million on Jan. 31, 2020.
About 55% of the permanent fund is invested in stocks and 45% in bonds. Though stock markets crashed at the start of the pandemic early last year, they have since recovered far past their value of a year ago.
Alaska Permanent Capital Management,...