Market commentary and investment performance

by John Hartley

Usually not one to say this but thank goodness we were able to flip the calendar from December 2018 to January 2019. Late 2018’s widespread investment retreat gave way to a first quarter with strong performance across investment styles. Global equities soared on central bank interest rate accommodation (US Fed brake-tapping) and apparent progress in US-China trade negotiations. Perhaps most surprisingly fixed income, or bonds, tagged along even though intra-quarter rate movements briefly raised recession concerns. While many economists expect the economic expansion to continue this year into next, the big question is when will this ride end?

  Last 10 years Last five years Last three years Least year Q1 2019
NCCF Total 9.7% 5.4% 7.6% 2.6% 9.7%
Investment Fund 9.1% 5.0% 6.8% 1.9% 9.2%
Other Managers 10.4% 5.9% 8.5% 3.4% 10.1%
Broad Index 9.7% 5.5% 8.1% 3.4% 9.4%
Peer Benchmark 9.5% 4.9% 8.2% 2.1% 8.3%

Notes: Multi-year percentages are annualized. Returns are net of investment fees. The Broad (Policy) Index equals 70% of the MSCI All Country World Equity Index and 30% of the Bloomberg Barclays Aggregate Bond Index. The Peer Benchmark is a summary of comparable community foundations.