This chart book presents representative long-only and hedge fund manager performance for first quarter 2018. The median Global ex US Bonds manager posted the highest median return for first quarter 2018, returning 3.5%. Global ex US Small-Cap Equity managers posted the best returns for the one-year period ending March 31, 2018, with a median return of 26.4%. The median US REITs manager posted the lowest median return for both first quarter 2018 (-6.5%) and for the one-year period ending March 31, 2018 (-1.1%).

This chart book presents representative long-only and hedge fund manager performance for third quarter 2017. The median Global ex US Small-Cap Equity manager posted the highest median return for both third quarter 2017 and the one-year period ending September 30, 2017, returning 8.6% and 23.6% for the respective periods. The median Cash Management manager posted the lowest median return for third quarter 2017 (0.3%), while the US REITs median return was lowest for the one-year period ending September 30, 2017 (0.4%).

This chart book presents representative long-only and hedge fund manager performance for second quarter 2017. The median Global ex US Small-Cap manager posted the highest return for the quarter (8.9%), while the median Emerging and Frontier Markets manager posted the highest return for the trailing one-year period (24.0%). The median Cash Management manager posted the lowest return for the quarter (0.3%); for the trailing one-year period, the median Global ex US Bonds manager posted the lowest return (-0.6%).

This chart book presents representative long-only and hedge fund manager performance for first quarter 2017. The median Emerging and Frontier Markets Equity manager posted the highest return for the quarter (11.9%), while the median US Small-Cap Value manager posted the highest return for the trailing one-year period (23.7%). The median Cash Management manager posted the lowest return for the quarter (0.3%); for the trailing one year, the median manager in only one strategy, Global ex US Bonds, posted a negative return (-1.3%).

This chart book presents representative long-only and hedge fund manager performance for fourth quarter 2016. The median US Small-Cap Value manager posted the highest median return for fourth quarter 2016 (10.7%) and the year (24.2%). The median Global ex US Bonds manager posted the lowest median return for fourth quarter 2016 (-6.9%), while the Global Growth Equity ex US median return was lowest for the year (-1.1%).

This chart book presents representative long-only and hedge fund manager performance for third quarter 2016.

This chart book presents representative marketable and hedge fund manager performance for second quarter 2016.

This chart book presents representative marketable and hedge fund manager performance for first quarter 2016.

This chart book presents representative marketable and hedge fund manager performance for fourth quarter 2015. The median US REIT manager again posted the highest median quarterly return, 7.7% for fourth quarter 2015. The lowest median returns for the quarter (-1.4%) were posted by the median High-Yield Bonds manager and the median Credit Opportunities manager.

This chart book presents representative marketable and hedge fund manager performance for third quarter 2015.