The State Street Universe of retirement plans, endowments and foundations gained a median 3.5% on investments in the first quarter, down from a median 5.3% in the previous quarter.
The universe’s median return for the year ended March 31 was 12.7%, according to a State Street news release.
U.S. equity funds was the top performer among the asset classes for the quarter and one-year periods ended March 31, returning a median 6.6% and 18.9%, respectively.
Global equity funds had the second-best median return for the quarter at 3.7%, but came in third for the one-year period with 14.3%.
Developed markets equities returned a median 3.4% for the quarter and 13.2% for the year; followed by hedge funds, 2.2% and 7.2%, respectively; and global fixed income, 1.7% and 8.7%, respectively.
Emerging markets equities and U.S. fixed income median returns tied at 0.9% for the quarter ended March 31. Emerging markets equities returned a median 17.9% for the year; while U.S. fixed income returned a median 7% over the same one-year time period.
Taft-Hartley plans and public funds returned 3.9% for the quarter; followed by corporate plans at 3.6%; and endowments and foundations at 3.4%. For the year ended March 31, Taft-Hartley plans returned 14%; public funds, 13.5%; corporate plans, 13.3%; and endowments and foundations, 12.7%.
The universe consists of about 19,000 portfolios with a combined asset value of $2 trillion as of March 31.