PERFORMANCE VERSUS THE MARKET BENCHMARKS
1st Quarter 2008
Annualized for periods of one year or more, and after payment of fees.
The table below presents the relative investment performance of The Corporation, which includes those endowments managed for the Valley Community Foundation, and its two largest trustee banks, and includes each entity's market-driven investment performance benchmark for all periods ended March 31, 2008, as reported by Colonial Consulting, LLC.
|
|
|
1 yr. |
3 yrs. |
5 yrs. |
7yrs. |
10 yrs. |
|
|
|
|
|
|
|
| The Corporation |
|
(0.1) |
8.8 |
13.1 |
8.1 |
6.4 |
| Benchmark* |
|
|
(2.0) |
7.6 |
11.7 |
6.8 |
5.5 |
| Bank of America, as trustee |
|
|
(0.2) |
8.7 |
12.2 |
6.1 |
5.5 |
| Benchmark* |
|
|
(0.3) |
8.4 |
12.2 |
7.0 |
6.3 |
| Wachovia Bank, as trustee |
|
|
(0.4) |
7.1 |
10.4 |
6.3 |
5.4 |
| Benchmark* |
|
|
(0.6) |
8.3 |
12.1 |
6.9 |
6.2 |
|
|
|
|
|
1 yr |
3 yrs. |
5 yrs. |
7yrs. |
10 yrs. |
| Market Indices: |
|
|
|
|
|
|
|
|
S&P 500 |
|
|
(5.1) |
5.8 |
11.3 |
3.7 |
3.5 |
|
Russell 1000 Growth |
|
|
(0.7) |
6.3 |
10.0 |
2.1 |
1.3 |
|
Russell 1000 Value |
|
|
(10.0) |
6.0 |
13.7 |
6.3 |
5.5 |
|
Russell 2000 |
|
|
(13.0) |
5.1 |
14.9 |
7.6 |
5.0 |
|
Russell 2000 Growth |
|
|
(8.9) |
5.7 |
14.2 |
4.9 |
1.7 |
|
Russell 2000 Value |
|
|
(16.9) |
4.3 |
15.4 |
10.0 |
7.5 |
|
MSCI EAFE |
|
|
(2.7) |
13.3 |
21.4 |
9.2 |
6.2 |
|
MS Emerging Markets |
|
|
21.3 |
29.2 |
35.5 |
22.6 |
12.3 |
|
Lehman Aggregate (bonds) |
|
|
7.7 |
5.5 |
4.6 |
5.7 |
6.0 |
|
Merrill Lynch High Yield |
|
|
(3.5) |
4.9 |
8.4 |
6.8 |
5.2 |
|
T-Bills + 5.0% |
|
|
10.0 |
9.7 |
8.4 |
8.2 |
8.9 |
|
HFRI Fund of Funds |
|
|
2.3 |
7.5 |
8.1 |
6.4 |
6.3 |
|
HFRI Equity Hedge |
|
|
1.3 |
8.6 |
11.0 |
7.2 |
10.4 |
|
|
|
|
|
|
|
|
* Relative benchmark is equal to: Fifty (50) basis points above the rate of return produced by specific market indices representing the asset classes contained in their asset allocation model, with such market indices weighted in accordance with that model.
The table below presents the value added, as of March 31, 2008, stated in basis points, versus the Relative and Absolute performance benchmarks, generated by The Corporation and The Foundation's two largest trustee banks since implementation of the long-term asset allocation framework in January 1995:
|
Inception
Date |
Annualized
Return Since
Inception |
Annualized
Value
Added |
# of
years |
| The Corporation |
1/1/95 |
9.9 |
|
13.25 |
Relative
Benchmark* |
|
9.1 |
90 |
13.25 |
| Absolute Benchmark** |
|
8.2 |
170 |
13.25 |
|
| Bank of America |
1/1/95 |
9.0 |
|
13.25 |
Relative
Benchmark* |
|
9.7 |
(70) |
13.25 |
| Absolute Benchmark** |
|
8.2 |
80 |
13.25 |
|
| Wachovia Bank |
1/1/95 |
10.3 |
|
13.25 |
Relative
Benchmark* |
|
9.7 |
60 |
13.25 |
| Absolute Benchmark** |
|
8.2 |
210 |
13.25 |
* Relative Benchmark is equal to: Fifty (50) basis points above the rate of return produced by specific market indices representing the asset classes contained in their asset allocation model, with such market indices weighted in accordance with that model.
** Absolute Benchmark is equal to: The value of the Consumer Prices Index, which serves as the proxy for inflation, plus the Spending Rate.
PERFORMANCE IN RELATION TO PEERS
The chart below represents the Council on Foundations’ national investment survey comprising more than $18.6 billion in charitable assets of more than one hundred of community foundations, for the periods ended December 31, 2007, as reported March 14, 2008. All data is expressed as percentages, and annualized for periods of more than one year, and before the payment of investment management and custodial fees. n = number of survey participants. The lavender bar represents The Corporation. The maroon bar represents Peer Foundations. The yellow bar represents excess performance by Corporation vs. Peer Foundations.
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