|
Model Portfolio Review
Even though the Foundation’s
managers generally performed better than the broad markets
during the quarter, this was insufficient to prevent losses
by three of the four model portfolios.
Because of the poor performance of equities during the
quarter, the greater the allocation to equities in a model
portfolio, the lower the return this quarter. Performance
of the models compared to their respective peer groups
continues to be favorable. Performance compared to passive
indices is likewise favorable, generally.
In late September, 2007, the common stock exposure of the
Growth Model was reduced from 76% to 69%. In late March, we
again reduced equity exposure in the Growth Model to 62%.
No changes were made to the other models. In view of market
action, the change made last year added value this quarter,
the change made late in the first quarter had minimal
effect, because of its timing.
Details of the performance of the four models are shown
below.
Asset Class Investment Results
The Foundation’s performance
this quarter for the three assets classes in which it
invests, along with comparative benchmark returns, are shown
in the following table.
|
Asset Class |
Return |
Benchmark |
|
Common Stocks |
-9.9% |
-9.6% |
|
Fixed Income |
3.3% |
2.2% |
|
Cash Equivalents |
0.9% |
0.7% |
Account Status
Total Foundation assets at
quarter-end were $35.6 million, a decrease of $1.3 million
during the quarter. Investment losses totaled $1.9 million
or -5.1%. Eight new accounts were adding during the quarter
with initial deposits of $1.2 million. At quarter-end the
Foundation had a total of 125 accounts as follows:
|
Ownership |
Number of Accounts |
Amount |
|
Churches/Schools |
76 |
$ 13.3 million |
|
Diocese |
49 |
22.3 million |
| 
