The 11-year economic expansion and the accompanying US equity bull market hit a rock wall in the first quarter of 2020.

That wall, of course, was the rapid rise of the COVID-19 pandemic, infecting hundreds of thousands, killing tens of thousands and crushing the confidence of investors worldwide.

Global equities and real assets bore the brunt of the flee from riskier assets, though quality fixed income advanced.

Swift and drastic action by the Federal Reserve and US Congress lifted investors to move stocks slightly off their lows.

The NCCF portfolio was not immune, though diversification limited the quarter to -16.4%.

	Last 10 years	Last five years	Last three years	Last year
Overall NCCF (Wtd Avg.)	5.6%	2.1%	0.8%	– 9.0%
NCCF Investment Fund	5.0%	1.3%	0.2%	– 9.1%
Other Managers (Wtd Avg.)	6.0%	2.6%	1.3%	– 8.9%
Broad Index	5.5%	3.2%	2.8%	– 5.2%
Peer Benchmark	4.9%	1.8%	0.6%	– 10.8%