Investment Summary as of March 31, 2016

After a historically negative start to the year, stocks rebounded sharply in March. U.S. stocks in the S&P 500 Index gained 6.8% in March to finish the quarter up 1.4%. International stocks remained under pressure with continued economic concerns regarding China and Europe. International developed market stocks in the MSCI EAFE Index were up 6% in March but were down 3.7% for the quarter.

The Diversified Fund and Endowment Investment Fund gained 5.5% for the month, in-line with the benchmark return of 5.6%. The Funds are up 1.2% year-to-date versus a benchmark gain of 1.8%. Detractors from benchmark relative performance have been:

  • An overweight to small and mid-cap stocks in the U.S. equity portfolio while large stocks have been more in favor
  • Diversifying inflation protection strategies while we remain in a period of low inflation
  Month Ended
March 31, 2016
  Year-to-Date
March 31, 2016
Diversified Fund 5.5%   1.2%
Benchmark* 5.6%   1.8%
Over (Under) Performance (0.1%)   (0.6%)
       
Endowment Investment Fund 5.5%   1.2%
Benchmark* 5.6%   1.8%
Over (Under) Performance (0.1%)   (0.6%)
       
Fixed Income Fund 2.4%   3.4%
BC U.S. Universal Bond Index (excl mbs) 1.5%   3.4%
Over (Under) Performance 0.9%   0.0%
       
* – Blend of 1) 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 and 2) HFRI Fund of Funds Composite Index for actual percentage of alternatives

 

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.