This chart book presents representative long-only and hedge fund manager performance for third quarter 2016. The median Frontier and Emerging Markets Equity manager posted the highest median return for third quarter 2016 (8.8%), while the median US REIT manager posted the highest median return for the one-year period ending September 30, 2016 (18.3%). The median US REIT manager posted the lowest median return for third quarter 2016 (-1.0%), while the Fund of Hedge Funds median return was lowest for the one-year period ending September 30, 2016 (0.7%).