• The ERISA pension plan median return was 3.4% in the fourth quarter of 2019.

• The ERISA US equity program median 4th quarter return was 8.9% and the ERISA US Fixed Income program median return was 0.4%.

• The 10-year Treasury Note yield rose from 1.7% to 1.9% during the quarter however short-term maturities, which are closely tied to monetary policy expectations, continued to fall putting upward pressure of bond prices.

ERISA

median weighting in US Equity rose 1.7% during the quarter.

28.2%

UNIVERSE SUMMARIES

FOURTH QUARTER 2019

• The Public Fund median return was 5.2% in the fourth quarter of 2019.

• The Public Fund median allocation to US equities is 34.2% and the median allocation to US fixed income is 24.7%.

• US stocks responded positively as risks related from proposed tariffs increases by the US on China waned in December and the US did not impose additional anticipated auto tariffs on the European Union during the quarter.

median weighting in Private Equity while the range for the universe is between 18.5% and 0%.

7.4%PUBLIC FUNDS

• The GFO fund median return was 5.5% in the fourth quarter of 2019.

• The Northern Trust Total Equity program median return was 9.1% while the median Total Fixed Income program return was 0.6%.

• Campaigning for the 2020 U.S. election is already in full swing and will garner substantial market attention in the run up to next November's balloting.

median weighting in US equity, the median weight for Int’l equity is 10.1%.

GLOBAL FAMILY OFFICE

36.0%

• The Foundation & Endowment median return was 4.9% in the fourth quarter of 2019.

• The F&E Equity Program median return was 8.9% while the F&E Total Fixed Income program median return was 0.6%.

• The performance of US Equities, as represented by the S&P 500 index, was up 9.1% for the three-month period. Large cap stocks slightly underperformed small cap issues witnessed by the Rus-sell 1000 return of 9.0% versus the Russell 2000 small cap index return of 9.9%.

median weighting in US Equity with 10.9% allocated towards Fixed Income.

28.6%FOUNDATIONS & ENDOWMENTS

25TH

75TH

90TH

10TH

Median

7%

8%

5%

4%

2%

1%

0%

3%

6%

TOTAL RETURNS – DECEMBER 31

25TH

75TH90TH

10TH

Median

7%

8%

5%

4%

2%

1%

0%

3%

6%

TOTAL RETURNS – DECEMBER 31

25TH

75TH

90TH

10TH

Median

7%

8%

5%

4%

2%

1%

0%

3%

6%

TOTAL RETURNS – DECEMBER 31

25TH

75TH

90TH

10TH

Median

7%

8%

5%

4%

2%

1%

0%

3%

6%

TOTAL RETURNS – DECEMBER 31

25TH

75TH

90TH

10TH

Median

7%

8%

5%

4%

2%

1%

0%

3%

6%

TOTAL RETURNS – DECEMBER 31

25TH

75TH90TH

10TH

Median

7%

8%

5%

4%

2%

1%

0%

3%

6%

TOTAL RETURNS – DECEMBER 31

25TH

75TH

90TH

10TH

Median

7%

8%

5%

4%

2%

1%

0%

3%

6%

TOTAL RETURNS – DECEMBER 31

25TH

75TH

90TH

10TH

Median

7%

8%

5%

4%

2%

1%

0%

3%

6%

TOTAL RETURNS – DECEMBER 31

25TH

75TH

90TH

10TH

Median

7%

8%

5%

4%

2%

1%

0%

3%

6%

TOTAL RETURNS – DECEMBER 31

25TH

75TH90TH

10TH

Median

7%

8%

5%

4%

2%

1%

0%

3%

6%

TOTAL RETURNS – DECEMBER 31

25TH

75TH

90TH

10TH

Median

7%

8%

5%

4%

2%

1%

0%

3%

6%

TOTAL RETURNS – DECEMBER 31

25TH

75TH

90TH

10TH

Median

7%

8%

5%

4%

2%

1%

0%

3%

6%

TOTAL RETURNS – DECEMBER 31

25TH

75TH

90TH

10TH

Median

7%

8%

5%

4%

2%

1%

0%

3%

6%

TOTAL RETURNS – DECEMBER 31

25TH

75TH90TH

10TH

Median

7%

8%

5%

4%

2%

1%

0%

3%

6%

TOTAL RETURNS – DECEMBER 31

25TH

75TH

90TH

10TH

Median

7%

8%

5%

4%

2%

1%

0%

3%

6%

TOTAL RETURNS – DECEMBER 31

25TH

75TH

90TH

10TH

Median

7%

8%

5%

4%

2%

1%

0%

3%

6%

TOTAL RETURNS – DECEMBER 31

HELPING ASSET MANAGERS NAVIGATE THE DATA SEA

Returns are shown gross of fees. Index returns assume reinvestment of dividends and earnings and do not reflect the deduction of any trading costs or other expenses. It is not possible to invest directly in an index. Past performance does not indicate future results.

TO LEARN MORE

For more detailed universe information please contact your IRAS consultant or other Northern Trust representative.

northerntrust.com

ABOUT NORTHERN TRUST UNIVERSES

Northern Trust Universes represent the performance results of about 300 large institutional investment plans that subscribe to Northern Trust performance measurement services. These plans, with a combined asset value of approximately $899 billion, represent a broad snapshot of overall institutional investment plan performance within the U.S. market.

Northern Trust’s Investment Risk and Analytical Services give you a comprehensive array of risk management capabilities, supported by powerful technology and delivered by experienced professionals. We can help you bring all the details to focus – so you can address strategic program management issues. If you would like to participate in our universe analysis and receive more in-depth information, please contact your relationship manager.

Q59269 (12/19)