Market commentary and investment performance | Second quarter (April-June 2022)

It has been a brutal second quarter and first half of the year, with the culprits well-known – inflation, Fed rate tightening, Russia’s invasion of Ukraine, lockdowns in China, and recession fears.

Major equity indices were in, or perilously close to, Bear territory (a drop of 20% from a recent high), and other assets were not immune. Bonds, gold, and real estate were beat down as well.

There are some positives. Even with this 20% drop, equities are still 20% above pre-pandemic levels, employment remains strong, and the consumer has not yet retreated. Remain calm and remember that philanthropic investing takes a very long-term perspective. Prices for good companies are currently very attractive.

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	Last 10 years	Last five years	Last three years	Last year
Overall NCCF (Wtd Avg.)	6.9%	5.3%	4.7%	-13.7%
NCCF Investment Fund	6.2%	5.0%	4.7%	-13.6%
Other Managers (Wtd Avg.)	7.2%	5.5%	4.7%	-13.7%
Broad Policy Index	6.7%	5.4%	4.3%	-14.0%
Peer Benchmark	6.9%	5.5%	5.4%	-12.4%

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+).