SovereignWealthFunds.comWashington Permanent Common School Fund
Washington Permanent Common School Fund: what it invests in
Geography Global
Washington Permanent Common School Fund: how big it is, and on what basis
In US dollars: about USD 0.29B. Reported in USD
1-year return 10.78%
Washington Permanent Common School Fund: what it publishes
Published 7 · Partly 1 · Not published 2
Our 10 item score. It measures what is public, not how well a fund is run.
At a glance. The Permanent Common School Fund is a constitutional, irreducible trust for Washington's public schools, one of seven permanent funds run by the State Investment Board. It held USD 292.1M at 31 March 2026, split about 58 percent bonds and 42 percent global equities, and returned 10.78 percent over the year. S1 S3
Key points
- Policy target is 60 percent investment grade bonds and 40 percent global equities, with ranges of plus or minus 5 points. S1
- Returned 9.15 percent a year over three years and 5.91 percent over ten years to March 2026. S3
- Benchmarks blend the Bloomberg US Aggregate and MSCI World IMI with USA. S1
- No single company may exceed 3 percent of the fund at cost or 6 percent at market value. S1
- The State Treasurer sets the irreducible principal, which excludes investment gains. S1
- The seven permanent funds total USD 1.5B within the WSIB's USD 233.9B. S3
Interesting facts
Mandate and goals
Balance long-term growth and current income for the common schools, keeping the principal irreducible. S1
How it invests
| Industries | . Sector agnostic S1 |
|---|---|
| Asset classes | Fixed income, Public equities, Cash and money markets S3 |
| Stages | Public markets S3 |
| Geography | Global. Global equities and mostly US dollar bonds; non-dollar bonds allowed S1 |
| Direct / through funds / co-invest | Yes / Yes / No S1 |
| Ticket size | No private deals S1 |
| External managers | None specific to this fund S1 |
| Co-investment programme | None S1 |
Asset mix: Fixed income 57.8%, Equity 42.2% (as of 2026-03-31) S3
Published allocation ranges: Investment grade bonds 55 to 65% (target 60%), Global equities 35 to 45% (target 40%) S1
Published criteria
Past investments
The fund has not published a list of investments.
Case studies
From bonds to a 60/40 mix S1 S3
- What: A 1966 constitutional amendment let the fund invest beyond fixed income; policy now targets 40 percent global equities.
- When: 1966 to date
- Size: USD 292.1M
- Why: Add growth while keeping income for schools.
- Outcome: Ten-year return of 5.91 percent a year to March 2026.
Investment process
The voting members of the WSIB board are trustees; the board delegates rebalancing to the CEO within policy ranges. S1
| Committee | Role |
|---|---|
| WSIB Board | Trustees of the permanent funds S5 |
- Board sets policy and target mix. S1
- CEO rebalances when assets leave ranges. S1
- Income goes to the Superintendent or is reinvested. S1
How to approach: WSIB website lists contacts; no route for proposals to this fund. S4
Size and returns
- Headline size: USD 292.1M (31 March 2026) (Fund market value, as of 2026-03-31) S3
- In US dollars: about USD 0.29B. Reported in USD
- All seven WSIB permanent funds: USD 1.5B (Assets under management, as of 2026-03-31) S3
- Return, Year to March 2026: 10.78 percent (benchmark 10.46 percent) S3
- Return, 3 years: 9.15 percent a year S3
- Return, 5 years: 4.68 percent a year S3
- Return, 10 years: 5.91 percent a year S3
Leadership
Governance and transparency
- Legal basis: Washington Constitution Article XVI, Section 5; RCW 28A.515.330 and 43.84.170 S1
- Oversight: WSIB board as trustee under RCW 43.33A S1
- Standard of care set in RCW 43.33A.140. S1
- Board subject to the Ethics in Public Service Act. S1
Transparency score: 7.5 of 10 (band 4 of 5). Our own 10-item rubric; see the methodology page.
History
For family offices
The fund holds listed bonds and equities within WSIB portfolios and has no private investment programme. S1
Reports
- WSIB quarterly investment report, March 2026: https://www.sib.wa.gov/docs/reports/quarterly/qr033126.pdf S3
- Permanent Funds Policy 2.25.100: https://www.sib.wa.gov/docs/policies/2_25_100.pdf S1
Common questions
How big is the fund?
USD 292.1M at 31 March 2026. S3
Who invests it?
The Washington State Investment Board. S1
Can the principal be spent?
No. It is irreducible; income supports common schools. S1
What has it returned?
10.78 percent over one year and 5.91 percent a year over ten years to March 2026. S3
Related profiles
- Alaska Permanent Fund United States (Alaska) · USD 91.9B
- New Mexico State Investment Council (SIC) United States (New Mexico) · USD 74.63B
- Texas Permanent School Fund United States (Texas) · USD 60.6B
- Texas Permanent University Fund (PUF) United States (Texas) · USD 40.29B
- Alberta Heritage Savings Trust Fund Canada (Alberta) · C$31.9B
- North Dakota Legacy Fund United States (North Dakota) · USD 15.10B
All sovereign wealth funds in North America · All sub-national permanent funds · All funds in United States
Sources
Disclaimer
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