For the first time in a decade, the Alaska Permanent Fund Corp., source of more than half of Alaska’s general-purpose state revenue, posted negative investment returns for an entire fiscal year.

As of June 30, the last day of the just-ended fiscal year 2022, the fund reported having earned minus-1.32% over the preceding 12 months.

The decline will not have an immediate effect on state finances, but continued losses over multiple years would reduce the amount of money available each year for state services and the Permanent Fund dividend.

Between June 30, 2021, and June 30, 2022, the fund...