This publication presents manager performance for 37 asset classes and substrategies, showing the median, mean, and key percentiles of return. Relevant indexes for each asset class are also included to provide market context.

 Summary Observations

• The median US Core Bonds manager posted the highest median return for first quarter 2020, returning 1.9%. The median US Core Bonds manager also posted the best returns for the one-year period ending March 31, 2020, with a return of 7.6%.
• The median US Small-Cap Equity manager posted the lowest median returns for first quarter 2020, returning -30.6%. The median US Small-Cap Equity manager also suffered the worst performance of -23.6% for the one-year period.