Our quarterly report summarizes asset allocation and total investment performance for over 400 of Cambridge Associates’ endowment and foundation clients. The average return of the US Endowment and Foundation universe was -1.3% for the quarter ended September 30, 2014, ending a four-quarter run of positive performance that began in third quarter 2013. Trailing one-year returns averaged 9.4%. Commentary in this quarter’s report reviews returns, performance attribution, and private investment valuations. Tables and charts are organized by peer type and asset size.