Retirement plans, foundations and endowments in the State Street master trust universe had a median return of 7% for the first quarter and a median 4.1% return for the year ended March 31.
Emerging markets equity had the highest median returns for the quarter, at 14.4%, while U.S. equity returned 12.8%, and global equity and international developed markets equity each returned a median 11.8%, according to a news release from State Street Corp.
For the year, U.S. equity returned a median 4.9%, outpacing global equity at -0.5%, international developed markets equity at -5.4% and emerging markets equity at -8%.
U.S. fixed income returned a median 1.3% for the quarter and 7.2% for the year. Global fixed income returned a median 3.1% for the quarter and 6.1% for the year.
Hedge funds returned a median 3.3% for the quarter but -0.3% for the year.
Public defined benefit plans had the greatest median return for the quarter, at 7.5%, followed by foundations and endowments at 7.3%; corporate DB plans, 7.2%; and Taft-Hartley plans, 7%.
For the year ended March 31, corporate plans led at 4.7%, followed by public funds at 4.4%, Taft-Hartley plans at 4%, and foundations and endowments at 3.2%.
The State Street universe of retirement plans, foundations and endowments consists of 21,000 portfolios with a combined asset value of $2.7 trillion.