Market commentary and investment performance | Third quarter (July – Sept.) 2020

For global equity markets, Q3 2020 was two steps forward, one step back.

Despite September’s virus-induced weakness, global stocks were up almost 8% for the quarter.

US large cap equity, particularly the technology heavyweights, outperformed smaller domestic styles and international developed markets. Emerging markets outperformed in September to finish nearly flat year-to-date. Fixed income was slightly positive Q3 with high yield outperforming.

For the NCCF portfolio, Q3 advanced an average 5.6% to turn year-to-date returns slightly positive. Recent increases in virus levels may restrain returns in Q4 2020.

 Last 10 yearsLast five yearsLast three yearsLast year
Overall NCCF (Wtd Avg.)7.5%7.7%5.5%7.8%
NCCF Investment Fund6.6%6.7%4.9%7.6%
Other Managers (Wtd Avg.)8.1%8.4%6.2%8.7%
Broad Index7.3%8.7%6.9%9.0%
Peer Benchmark6.8%7.4%5.0%6.4%
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 Barclay’s Aggregate Bond Index. The Peer Benchmark is a summary of comparable community foundations.