Investment Summary Q1 – 2018

After more than a year of relatively low to moderate volatility in the stock markets, we saw a sharp increase in volatility beginning in February. Inflation concerns tied to wage growth and a spike in the 10-year U.S. Treasury yield contributed to the significant moves in the markets. While these swings can be unsettling on a daily basis, the Diversified/Endowment Investment Funds were slightly positive for the quarter – up 0.2%. U.S. stocks in the S&P 500 Index were down (0.8%) and international stocks in the MSCI EAFE Index were off (2.2%). Out-performance can be attributed to both U.S. and International manager/stock selections and an allocation to emerging markets.

Three of the four broad asset allocation strategies of the Diversified/Endowment Investment Funds were positive for the quarter and all strategies are positive over the trailing 12 months:

Quarter Ended March 31, 2018

  • U.S. Equities +0.4%     /   International Equities +0.6%
  • Fixed Income (0.6%)    /   Inflation Protection Strategies +0.4%

Year ended March 31, 2018

  • U.S. Equities +14.2%     /   International Equities +20.9%
  • Fixed Income +3.8%    /   Inflation Protection Strategies +3.4%

Benchmark performance comparisons will be available later this month once the Lipper Median returns are released.

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.

Quarter Ended
March 31, 2018
Year Ended
March 31, 2018
Diversified Fund 0.2% 11.7%
Endowment Investment Fund 0.2% 11.7%
Fixed Income Fund (0.6%) 3.8%