Foundation Outperforms Benchmark in Down Market
Last year saw declines in investment markets worldwide. Through the work of our investment and finance committees, we anticipate the returns to be marginally less going forward.
Last year saw declines in investment markets worldwide. The Foundation Corporation's net return for 2018 was (4.9%). While we outperformed our benchmark by 0.6%, it was still our first negative return since 2011.
While December was difficult, the markets snapped back in January with the Corporation up 5.1% versus its benchmark of 4.9%.
Through the work of our investment and finance committees, we anticipate the returns to be marginally less going forward.
Therefore, for 2019 we reduced the spending rate on the Corporation's endowment from 5.75% to 5.625% to maintain the long-term value and purchasing power for our community.
Read more in the "Investment Performance and Markets Commentary" by A.F. Drew Alden, The Foundation's Sr. Vice President for Investments & CFO and Chief Compliance Officer.
