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.

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	Last 10 years	Last five years	Last three years	Last year
Overall NCCF (Wtd Avg.)	7.5%	7.7%	5.5%	7.8%
NCCF Investment Fund	6.6%	6.7%	4.9%	7.6%
Other Managers (Wtd Avg.)	8.1%	8.4%	6.2%	8.7%
Broad Index	7.3%	8.7%	6.9%	9.0%
Peer Benchmark	6.8%	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.