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 Real Estate Investment Trusts manager posted the highest median return for third quarter 2019, returning 7.4%. The median US Real Estate Investment Trusts manager also posted the best returns for the one-year period ending September 30, 2019, with a return of 18.9%.
• The median US Small-Cap Growth Equity manager posted the lowest median return for third quarter 2019, returning -4.4%. The median Global ex US Small-Cap Equity manager suffered the worst performance (-7.2%) for the one-year period.