Market commentary and investment performance | Second quarter (April – June) 2020

After the COVID-19 pandemic devastated global equities in Q1 2020, markets had a 180-degree reversal in Q2 to recapture most of (and in some cases, more than) the initial declines.

Global equities bounced 19% in Q2 on massive monetary and fiscal stimulus from central banks and governments around the world.

Quality domestic fixed income was a superior diversifier during both quarters, while lower rated credit and international bonds still lag.

Cash returns have continued to fade on active Federal Reserve intervention.

For Q2 the overall NCCF portfolio was up 15.4%, recouping most of the Q1 decline.

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	Last 10 years	Last five years	Last three years	Last year
Overall NCCF (Wtd Avg.)	7.7%	5.1%	4.8%	2.0%
NCCF Investment Fund	7.0%	4.1%	4.0%	1.4%
Other Managers (Wtd Avg.)	8.3%	5.8%	5.5%	2.8%
Broad Index	7.8%	6.1%	6.2%	4.6%
Peer Benchmark	7.2%	4.8%	4.2%	– 0.1%

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 Barclay’s Aggregate Bond Index. The Peer Benchmark is a summary of comparable community foundations.