Investment Summary as of December 31, 2016

After a historically negative start to 2016, the U.S. markets recovered significantly from their mid-February lows. U.S. stocks in the S&P 500 Index gained 12.0% for the year; led by small cap value stocks up 17.3%. Bonds in the Barclays Capital U.S. Aggregate Bond Index returned 2.7% and had a great year going until a post-election decline in fear of rising interest rates. International developed market stocks in the MSCI EAFE Index struggled with continued economic and political concerns; gaining only 1.0% for the year.

2016 was a solid year for absolute investment performance with all four broad asset allocation strategies of the Diversified/Endowment Investment Funds in positive territory:

  • U.S. Equities +11.5%               /   International Equities +6.0%
  • Fixed Income +5.7%   /   Inflation Protection Strategies +7.7%

The Funds out-performed peers in the Lipper Median due to allocations to small and mid-cap stocks, emerging market stocks, and high yield bonds.

Year Ended
December 31, 2016
5 Years Ended
December 31, 2016
Diversified Fund 7.3% 6.9%
Lipper Median* 6.5% 6.9%
Over (Under) Performance 0.8%   0.0%
Endowment Investment Fund 7.3% 6.9%
Lipper Median* 6.5% 6.9%
Over (Under) Performance 0.8%   0.0%
Fixed Income Fund 0.7% 5.7%
BC U.S. Aggregate 0.1% 2.7%
Over (Under) Performance 0.6%   3.0%
* – Median returns from the Lipper mutual fund universe for balanced funds in the asset class category. As of 1/10/2017, the universe consisted of 5,028 peers. Source: Wilshire Associates, Lipper, and Wespath

Notes: Historical returns are time-weighted and net of all fees.   Returns greater than one year are annualized. Past performance is no guarantee of future returns.

(updated January 19, 2017)