Performance and Analysis

Performance for the Quarter Ending 6/30/17

Each quarter we update donors of the performance of each of our investment portfolios. Included in the reports, our long-time partner Mike Miller at Colonial Consulting provides an analysis of the recent market performance. From Mike Miller:

“Despite a nearly daily deluge of political drama, markets continued to exhibit a surprisingly pleasant combination of modest gains that were quite dull in terms of day to day price changes. These periods remind us that capital markets, which are inherently unpredictable in the short to intermediate term, should never be described as surprising.

From a longer-term perspective, the links between market influences and returns are more apparent. First, current conditions will change and even the most skillful and hardworking prognosticators will not be able to predict when or even how this will happen. Yet, there is no question that the supply and demand for securities will be what it will be and this will change through time. Second, price is a major and often over-looked part of the investment return equation. As we have pointed out previously, US equities from an index perspective are richly priced today whereas those elsewhere are far less expensive and actually quite compelling.

The last year produced an exceptional return for the Long-Term Donor Advised Pool. This was the product of a well-diversified mix of talented investors and index funds combined with a strong and overdue reversal from the market’s prior fixation on higher yielding securities. Markets exhibit various forms of irrational behavior at times and the Foundation will patiently allocate its capital in order to profit from the inevitable return to the fundamental forces that drive investment return.”

Endowment – Ending 6/30/17 Net of fees

Long Term Donor Advised – 6/30/17 Net of fees

Socially Responsible Investments – 6/30/17

Our Socially Responsible Investments (SRI) Portfolio is externally managed by PAX World Investments. It offers full Environmental, Social and Governance (ESG) integration. Please find their quarterly performance review here:

PAX Balanced Fund (PDF)