Investment Fund Performance

Q4 2024 UPDATE / January 06, 2025

Investment Update

Q4 2024 reduced investment returns built throughout the year for the Diversified Fund and Endowment Investment Fund with the following takeaways:

  • The U.S. economy was supported by robust economic growth and the Federal Reserve’s decision to cut interest rates.
  • U.S. Equity Markets finished the quarter with gains of 2.4% bringing the year-to-date total to 25.0%
  • The Federal Reserve voted to reduce the Fed Funds Rate by another 0.25% marking the third consecutive rate cut and totaling a 1% reduction since September.
  • Despite the December rate cut, the Fed signaled a more cautious approach for 2025. Projecting only two rate cuts for the upcoming year, compared to earlier expectations of four such moves.
  • The U.S. economy demonstrated resilience, with real GDP growth for the Q4 2024 revised significantly higher to 2.0% on a quarter-over-quarter annualized basis, up from an earlier estimate of 0.9%.

U.S. stocks in the S&P 500 grew 2.4% for the quarter. Small-cap stocks in the Russell 2000 rose 0.3%. International developed market stocks in the MSCI EAFE Index fell sharply (8.4%). Bonds in the Bloomberg U.S. Aggregate Bond Index finished down (3.1%).

Benchmark performance will be available later this month once the Lipper Median returns are released.

Dec. 31, 2024 Performance
FUNDQTR1-YR3-YR
Diversified Fund
Lipper Median*		(0.8%)
(1.6%)		10.9%
9.6%		1.1%
1.9%
Endowment Investment
Lipper Median*		(0.8%)
(1.6%)		10.9%
9.6%		1.1%
1.9%
Fixed Income
Bloomberg US Aggregate Index		(2.6%)
(3.1%)		2.6%
1.3%		(1.2%)
(2.4%)
Notes: Historical returns are time-weighted and net of all fees. Returns greater than one year are annualized. Past performance is no guarantee of future returns.

*- Median returns from the Lipper mutual fund universe for balanced funds in the asset class category. As of 1/15/25, the universe consisted of 397 peers. Source: Wilshire Associates, Lipper, and Wespath.

Fund Details – Q4 2024

Diversified Fund
Endowment Investment Fund
Fixed Income Fund

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