Market commentary and investment performance | Third quarter (July – Sept.) 2019

Global equity gains were modest in Q3 2019.

The good news – investors held onto the robust gains of the first half of 2019, the bad news – stocks sit at about the same levels as Q3 2018.

Though flat, Q3 (2019) was not without drama.

A steep sell-off in August on recession fears and trade tensions dominated investor focus.

In September, economic data showed signs of bottoming and the trade situation began to thaw.

The Fed’s return to an accommodative stance, or “mid-cycle adjustment” also buoyed the domestic market.

Flat (U.S.) and slowing (international) growth could cap further advances in stock prices this year.

 Last 10 yearsLast five yearsLast three yearsLast year
Overall NCCF (Wtd Avg.)7.8%5.5%7.0%1.9%
NCCF Investment Fund6.9%4.6%5.9%1.5%
Other Managers (Wtd Avg.)8.1%6.0%7.6%2.2%
Broad Index7.2%5.8%7.8%4.3%
Peer Benchmark7.4%5.3%7.0%0.4%
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.