The median foundation/endowment fund returned 5.1% on its investments in the first quarter, narrowly outpacing the median public pension plan, which returned 5%, and the median corporate pension plan, which returned 4.5%, according to Mercer Investment Consulting.
Mercer's analysis also found that the median large-cap value equity manager, which returned 5.3%, outperformed its large-cap growth counterpart by 160 basis points in the first quarter. The median small-cap manager gained 12.7% in the period, compared with only 4.4% for the median large-cap manager.
In fixed income, the median core manager returned -0.4% in the first quarter, outperforming the Lehman Brothers Aggregate index by 20 basis points, according to Mercer. Core opportunistic managers returned -0.3% in the quarter, outperforming the index by 30 basis points.