Market commentary and investment performance | Third quarter (July - Sept.) 2020
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November 12, 2020
For global equity markets, Q3 2020 was two steps forward, one step back.
Despite September’s virus-induced weakness, global stocks were up almost 8% for the quarter.
US large cap equity, particularly the technology heavyweights, outperformed smaller domestic styles and international developed markets. Emerging markets outperformed in September to finish nearly flat year-to-date. Fixed income was slightly positive Q3 with high yield outperforming.
For the NCCF portfolio, Q3 advanced an average 5.6% to turn year-to-date returns slightly positive. Recent increases in virus levels may restrain returns in Q4 2020.
Last 10 years
Last five years
Last three years
Last year
Overall NCCF (Wtd Avg.)
7.5%
7.7%
5.5%
7.8%
NCCF Investment Fund
6.6%
6.7%
4.9%
7.6%
Other Managers (Wtd Avg.)
8.1%
8.4%
6.2%
8.7%
Broad Index
7.3%
8.7%
6.9%
9.0%
Peer Benchmark
6.8%
7.4%
5.0%
6.4%
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 Barclay's Aggregate Bond Index. The Peer Benchmark is a summary of comparable community foundations.
{"tinyMCE_dummy":"","title":"Market commentary and investment performance | Third quarter (July - Sept.) 2020","url":"\/blog\/market-commentary-and-investment-performance-third-quarter-july-sept-2020","meta":{"title":"","description":"","excludeFromSitemap":"No"},"ordinal":999,"content":"<p>For global equity markets, Q3 2020 was two steps forward, one step back.<\/p>\r\n<p>Despite September’s virus-induced weakness, global stocks were up almost 8% for the quarter.<\/p>\r\n<p>US large cap equity, particularly the technology heavyweights, outperformed smaller domestic styles and international developed markets. Emerging markets outperformed in September to finish nearly flat year-to-date. Fixed income was slightly positive Q3 with high yield outperforming.<\/p>\r\n<p>For the NCCF portfolio, Q3 advanced an average 5.6% to turn year-to-date returns slightly positive. Recent increases in virus levels may restrain returns in Q4 2020.<\/p>\r\n<table>\r\n<tbody>\r\n<tr>\r\n<td> <\/td>\r\n<td>Last 10 years<\/td>\r\n<td>Last five years<\/td>\r\n<td>Last three years<\/td>\r\n<td>Last year<\/td>\r\n<\/tr>\r\n<tr>\r\n<td><strong>Overall NCCF (Wtd Avg.)<\/strong><\/td>\r\n<td><strong>7.5%<\/strong><\/td>\r\n<td><strong>7.7%<\/strong><\/td>\r\n<td><strong>5.5%<\/strong><\/td>\r\n<td><strong>7.8%<\/strong><\/td>\r\n<\/tr>\r\n<tr>\r\n<td><em>NCCF Investment Fund<\/em><\/td>\r\n<td><em>6.6%<\/em><\/td>\r\n<td><em>6.7%<\/em><\/td>\r\n<td><em>4.9%<\/em><\/td>\r\n<td><em>7.6%<\/em><\/td>\r\n<\/tr>\r\n<tr>\r\n<td><em>Other Managers (Wtd Avg.)<\/em><\/td>\r\n<td><em>8.1%<\/em><\/td>\r\n<td><em>8.4%<\/em><\/td>\r\n<td><em>6.2%<\/em><\/td>\r\n<td><em>8.7%<\/em><\/td>\r\n<\/tr>\r\n<tr>\r\n<td>Broad Index<\/td>\r\n<td>7.3%<\/td>\r\n<td>8.7%<\/td>\r\n<td>6.9%<\/td>\r\n<td>9.0%<\/td>\r\n<\/tr>\r\n<tr>\r\n<td>Peer Benchmark<\/td>\r\n<td>6.8%<\/td>\r\n<td>7.4%<\/td>\r\n<td>5.0%<\/td>\r\n<td>6.4%<\/td>\r\n<\/tr>\r\n<\/tbody>\r\n<\/table>\r\n<p><em>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 Barclay's Aggregate Bond Index. The Peer Benchmark is a summary of comparable community foundations.<\/em><\/p>\r\n<p> <\/p>","excerpt":"","media":0,"custom":{"social_sharing":{"share_image":""},"blog_author":{"use_alternate_image":"No"},"masthead":{"title":"","counties":"","affiliate_logo":"","sub_text":"","background_image":"","caption":""},"post_image":{"image":"https:\/\/nmcdn.io\/e186d21f8c7946a19faed23c3da2f0da\/7868d48393ef4e3bb7bca8cdf7bc2f20\/files\/John-Hartley.jpg"},"latest_blog":{"post":""}},"inMenu":false,"visibleTo":"Everyone","publishedAt":1605194375,"orderChildrenBy":"ordinal","enableComments":false,"id":"a269e22f3fc34993b6906db730c2a287","parent":"e76aa785e2f140b6a8bdcb322b91b397","node":72520,"created":1605194375,"modified":1605194375,"fresh":1,"type":"post","children":{},"relations":{},"permission":"read"}