Investment Update
The Foundation’s Investment Committee, our investment consultant, Cliffwater LLC, and our professional staff are in constant communication and continue to monitor the market situation to ensure the health and preservation of our community funds. We recognize the importance of our role as stewards of these precious financial resources.
During the third quarter, capital markets continued their recovery driven by optimism over prospects for a COVID-19 vaccine, the reopening of economies and unprecedented levels of fiscal and monetary stimulus by governments and central banks. US and global stocks rose 8.9 percent and 8.1 percent, respectively. Credits, REITs and commodities also rebounded over the quarter. Calendar year to date, most asset classes have now recovered from the losses experienced in the first quarter. Capital markets anticipate volatility to remain high during the remaining months of the year due to the continued political and economic uncertainty.
The Foundation’s blended strategy (main pool) also continued to rebound during the third quarter by an estimated 5.25 percent, resulting in a positive 1.20 percent and 5.99 percent calendar year-to-date and one-year returns through September 30, respectively.
We are proud of the processes we have established to manage the community’s valuable financial resources. Our Investment Committee is comprised of seasoned investors and top money management professionals who are actively involved in the community and understand their vital role. As in other times of volatility, we are adhering to a long-term investment perspective by keeping our discipline and rebalancing the portfolio to strategic targets.
