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 Global ex US Small Company manager posted the highest median return for fourth quarter 2019, returning 11.9%. The median US Mid-Cap Growth Equity manager posted the best returns for the one-year period ending December 31, 2019, with a return of 30.6%.

• The median US Core Bonds manager and median US Real Estate Investment Trusts manager posted the lowest median returns for fourth quarter 2019, returning 0.3%. The median Cash Management manager suffered the worst performance of 2.7% for the one-year period.