Market commentary and investment performance | First quarter (January-March 2022)

While Q1 is historically a good quarter for the financial markets, 2022 has not gotten off to a particularly good start due to the turmoil of world events. Global equities, including the U.S., were down about 13% through April.

For Q1 2022, the NCCF portfolio was down about 6%, benefiting somewhat from fixed income and other diversifying assets. We can expect further volatility, though employment, corporate earnings, and consumer spending remain strong.

The good news: NCCF’s extremely long-term investment approach has endured similarly uncertain market times by assuming a moderate level of risk and effective asset and liquidity diversification. Read more about our long-term investment approach.

Learn More About Our Investments

	Last 10 years	Last five years	Last three years	Last year
Overall NCCF (Wtd Avg.)	8.0%	8.4%	9.9%	2.4%
NCCF Investment Fund	7.2%	7.7%	9.5%	2.1%
Other Managers (Wtd Avg.)	8.3%	8.8%	10.1%	2.5%
Broad Policy Index	7.8%	9.0%	10.3%	3.8%

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.