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 flat (0.0%) for the quarter ended December 31, 2014, an improvement from the previous quarter. Trailing one-year returns averaged 4.4%. Commentary in this quarter’s report reviews returns, performance attribution, and the impact of the strengthening US dollar on global investments. Tables and charts are organized by peer type and asset size.