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.
Full Story: Apple, not oil, fuels Alaska’s bonanza – Apple 2.0 – Fortune Tech.