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.

 Last 10 yearsLast five yearsLast three yearsLast 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 Index7.6%10.3%10.2%36.4%
Peer Benchmark7.5%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.