Market commentary and investment performance | Third quarter (July – Sept.) 2021

Considering the meteoric path of equities since the pandemic lows of March 2020, the September 5-ish% retreat inequities should not have been a surprise.

The dip was modest, perhaps beneficial, but it did push equities negative for Q3, around -1%. Even so, indices remain positive year-to-date, in the high teens’ range. Domestic bonds were generally flat for the quarter, though a strong dollar hurt non-U.S. bonds.

Through September, the NCCF portfolio has advanced over 8%, in line with benchmarks. Generally, the 4th quarter is good for stocks, though issues remain including inflation and interest rate concerns, Washington inaction, China tensions, and of course COVID.

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	Last 10 years	Last five years	Last three years	Last year
Overall NCCF (Wtd Avg.)	9.8%	10.0%	10.2%	21.6%
NCCF Investment Fund	8.9%	9.3%	10.1%	21.6%
Other Managers (Wtd Avg.)	10.2%	10.4%	10.4%	21.7%
Broad Index	9.4%	10.3%	10.8%	18.4%
Peer Benchmark	9.3%	10.7%	10.3%	22.7%

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+).