For the twelve-month period ending March 31, 2010, the median return of 31.42% is the highest the company has recorded, going back to 1999, according to a press release. All plans posted positive results for the three-month period ending March 31, 2010.
However, only 8% of the plans matched or outperformed the universe custom policy return of 4.54% in the first quarter. For the twelve-month period, the percentage of outperforming participants rises to 13% with the custom policy up 39.37%, BNY Mellon said.
Public plans were the top performing plan type for the first quarter with a 3.76% median return, followed by corporate pensions (3.66%), Taft-Hartley (3.64%), foundations (3.4%), endowments (3.27%), and health care plans (3.03%).
U.S. equities led all asset classes for the quarter with a median return of 6%, compared to the Russell 3000 Index return of 5.94%. Non-U.S. equities returned 1.82%, outperforming the MSCI World ex USA Index return of 1.43%.
U.S. fixed income posted a result of 2.39%, versus the Barclays Capital U.S. Aggregate Bond Index return of 1.78%. Non-U.S. fixed income posted a median return of 1.69%, ahead of the Citigroup Non-US World Government Bond Index return of -2.10%.
The average asset allocation in the BNY Mellon U.S. Master Trust Universe for the first quarter was: U.S. equity 34%, U.S. fixed income 28%, non-U.S. equity 15%, non-U.S. fixed income 2%, alternative investments 9%, real estate 2%, cash 1%, and other (oil, gas, etc.) 9%.
With a market value of $1.09 trillion and an average plan size of $1.49 billion, the BNY Mellon U.S. Master Trust Universe consists of 730 corporate, foundation, endowment, public, Taft-Hartley, and health care plans.