Market commentary and investment performance | Second quarter (Apr. – June) 2021

Tracking global equity markets, the NCCF portfolio advanced 5.2% in calendar Q2 2021, for a fifth consecutive positive quarter.

Market driven of course, but still impressive. Since 2000, there have only been three other runs of such a length. U.S. equity outperformed international, on weakness in Europe and Japan. Bonds rallied somewhat on waning inflation and interest rate fears.

As previously reported, management of the NCCF Investment Fund transitioned to Morgan Stanley on July 1st. The local firm, Graystone Consulting / Morgan Stanley will also serve as investment consultant for the entire portfolio.

 Last 10 yearsLast five yearsLast three yearsLast year
Overall NCCF (Wtd Avg.)8.6%11.2%11.7%30.2%
NCCF Investment Fund7.7%10.2%11.2%30.0%
Other Managers (Wtd Avg.)9.0%11.6%11.9%29.5%
Broad Index8.1%11.3%12.1%26.3%
Peer Benchmark8.1%11.2%11.2%31.0%
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+).