Market commentary and investment performance | First quarter (Jan. – March) 2021

Global equity markets, in calendar Q1 2021, continued the astounding climb out of last year’s pandemic-induced hole.

Fueled by central bank accommodation, government stimulus and growing vaccinations, domestic markets withstood rising bond yields, inflation fears and volatility (Russell 3000 +3.6%). Overseas, emerging markets were restrained by China (MSCI EM +2.9%), while developed markets, mainly Europe (MSCI EAFE +3.5%) outperformed. It was a tough quarter for fixed income (Barclays Agg -3.4%), note rising bond yields above.

Moving forward, global economies are in recovery mode and world markets look to follow suit.

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	Last 10 years	Last five years	Last three years	Last year
Overall NCCF (Wtd Avg.)	8.0%	10.3%	10.0%	42.7%
NCCF Investment Fund	7.2%	9.4%	9.4%	41.6%
Other Managers (Wtd Avg.)	8.5%	10.7%	10.4%	42.7%
Broad Index	7.6%	10.3%	10.2%	36.4%
Peer Benchmark	7.5%	10.5%	9.6%	43.8%

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.