The median return of the State Street Master Trust Universe was -4.4% in the second quarter and 13.1% for the year ended June 30, according to a State Street news release.
The top performer for the quarter was U.S. fixed income, returning 2.9%; followed by global fixed income, at 1.2%; venture capital, 0.4%; hedge funds, -1.6%; emerging markets, -8.4%; U.S. equities, -10.8%; international equities, -11.4%; and developed markets, -12.3%.
Corporate plans, which had the highest returns for the year ended June 30, returned 14.3%; followed by endowments and foundations, 13.7%; Taft-Hartley plans, 13.2%; and public funds, 12.7%.
Emerging markets experienced the largest one-year returns, returning 23.3%; followed by U.S. equities, 16.6%; U.S. fixed income 12.4%; international equities, 12.3%; venture capital, 11.2%; global fixed income, 11%; and international developed market equity and hedge funds, both at 9%.
The universe consists of about 20,000 portfolios with a combined asset value of more than $2 trillion.