Market commentary and investment performance | Fourth quarter (October-December 2021)

Following the equity dip of late-September and slightly negative Q3, global markets shook off Omicron and inflation fears to post a superb Q4, up almost 8%.

US stocks out-performed international developed and emerging markets. Bonds were again flat for the quarter though slightly negative for the year.

NCCF displayed solid results for Q4 (up 4.8%) and for 2021 (up 13.6%). As January 2022 demonstrated, equities don’t always go up. Long-range return expectations are gloomy, and new uncertainties always rattle the market. But the economy remains strong, and our managers will be much more selective in this type of market.

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	Last 10 years	Last five years	Last three years	Last year
Overall NCCF (Wtd Avg.)	9.5%	10.7%	15.9%	13.6%
NCCF Investment Fund	8.7%	10.3%	15.6%	13.9%
Other Managers (Wtd Avg.)	9.8%	11.0%	16.1%	13.5%
Broad Policy Index	9.3%	11.3%	15.9%	12.3%
Peer Benchmark	9.2%	10.9%	15.8%	12.7%

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 (n=100+).