Investment Summary as of February 29, 2016

After a historically negative start to the year, volatility continued into early February. U.S. stocks in the S&P 500 Index rebounded the last half of the February to finish the month relatively flat – declining 0.1%. Oil also rallied back above $30 a barrel. International stocks remained under pressure with continued economic concerns regarding China and Europe. International developed market stocks in the MSCI EAFE Index were down 2.1%.

The Diversified Fund and Endowment Investment Fund were flat for February and have declined 4.1% year-to-date versus a benchmark loss of 3.7%. Detractors from benchmark relative performance have been:

  • An overweight to small and mid-cap stocks in the U.S. equity portfolio as large stocks have been more in favor
  • Underweight U.S. government bonds which have performed well as investors looked for safety
Month Ended
February 29, 2016
Year-to-Date
February 29, 2016
Diversified Fund (0.1%) (4.1%)
Benchmark* 0.0% (3.7%)
Over (Under) Performance (0.1%)   (0.4%)
Endowment Investment Fund (0.1%) (4.1%)
Benchmark* 0.0% (3.7%)
Over (Under) Performance (0.1%)   (0.4%)
Fixed Income Fund 0.6% 1.0%
BC U.S. Universal Bond Index (excl mbs) 0.8% 1.9%
Over (Under) Performance (0.2%)   (0.9%)
* – Blend of Wespath benchmark of 40% Russell 3000 Index, 25% MSCI ACWI Index (excluding US), 25% Barclays Capital U.S. Universal Index (excluding mbs), 10% Barclays Capital U.S. Government Inflation-Linked Bond Index

 

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.