Performance and Analysis

Performance for the Quarter Ending 12/31/16

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:

“Markets closed out a strong calendar quarter with modest gains across equity markets. One quarter ago, we were struggling with the distortions created by an extended period of very low interest rates as higher yielding or “safe” equities were priced quite richly in absolute terms and relative to other market segments.

Fortunately, the 3rd quarter of 2016 brought welcome relief as what we deem to be more rational thought took hold. Whether we have turned the corner with regard to near-term investor preferences is anyone’s guess and we have no expectations on this score. At the same time, we have very strong views regarding the magnitude of the return premium that will accrue from pursuing the Foundation’s investment strategy.

Although one year returns remain behind the Pool benchmark, returns over the last few months have been significantly better both in terms of absolute gains and above benchmark return. Allocating capital to the more attractively priced areas of the market is based on long-term outcomes and we are pleased to see evidence mounting that this will prove effective as it has in the past.”

Endowment – Ending 12/31/16 Net of fees

Long Term Donor Advised – 12/31/16 Net of fees