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BNY Mellon Master Trust Universe up 0.63% in quarter, 7.66% in year

Plans in the BNY Mellon U.S. Master Trust Universe returned a median 0.63% and 7.66% in the three and 12 months ended June 30, respectively.

Of the type of plans measured in the universe, endowments performed the best during the second quarter, returning 1.22%, followed by public defined benefit plans at 0.99%; foundations, 0.95%; Taft-Hartley plans, 0.8%; health-care plans, 0.41%; corporate DB plans, 0.18%.

"Endowments continued to benefit from higher allocations to alternatives and lower allocations to U.S. fixed income investments vs. other plan types," said Frances Barney, managing director and head of global risk solutions at BNY Mellon, in a news release about the results. "They overweighted alternatives at a 44% allocation vs.22% for the Master Trust Universe as a whole, and underweighted U.S. fixed income at 10% vs.28% for the whole."

U.S. equities posted a quarterly median return of 3.59%; real estate 2.21%; U.S. fixed income, -0.12%; non-U.S. equities, -2.3%; and non-U.S. fixed income, -5.52%, according to BNY Mellon.

The average asset allocation in the universe for the second quarter was 23% domestic equity; 20% domestic fixed income; 16% international equity; 12% hedge funds; 8% private equity; 5% each to real estate and global equity; 3% each global fixed income, other real assets and Treasury inflation-protected securities; and 2% cash.

For the year ended June 30, endowments posted the highest median return at 8.93%, public pension plans at 8.57%, foundations at 7.76%, Taft-Hartley plans at 7.65%, health-care plans at 6.81%, and corporate pension plans at 6.02%.

For the three, five and 10 years ended June 30, BNY Mellon's universe reported a median annualized return of 6.7%, 7.77% and 6.4%, respectively.

The BNY Mellon U.S. Master Trust Universe consists of 490 corporate, foundation, endowment, public, Taft-Hartley and health-care plans.