Performance and Analysis

Performance for the Quarter Ending 3/31/17

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:

“Early March marked the eighth anniversary of the U.S. equity bull market that began during the depths of the financial crisis. Thinking back to eight years ago, we do not recall widespread interest in large allocations to index funds such as the S&P 500. Instead, terrible economic conditions, pessimism about future conditions and seemingly endless equity market declines drove many to elevate concern regarding risk above the goal of generating return.

Today, at least as it relates to U.S. markets, returns are again the top priority. There is nothing inherently wrong with this as long as one does not lose sight of the critical role of price. While current economic conditions have clearly improved, the price one must pay to own an index such as the S&P 500 has done the same and then some. As a result, risk has risen considerably.   While not surprising, the irony is inescapable – investors prioritize returns when their perception of risk is lower. Yet, their comfort and ability to think long-term is largely the product of improved economic conditions and stable/rising markets which in turn imply higher risk as prices are generally expensive more often than not.

The Long-Term Donor Advised Pool began the year with strong gains during the quarter which led to a very strong twelve-month return. This outcome is the product of an asset allocation strategy oriented towards the long-term and the Foundation’s ability to identify and access exceptional investment management firms across its asset base.”

Endowment – Ending 3/31/17 Net of fees

Long Term Donor Advised – 3/31/17 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)