Our talented team of investment professionals regularly creates and distributes educational materials delivering timely data, perspectives, and insight on the markets and related topics. 

Market Commentary: Third Quarter 2022

Market Commentary | November 1, 2022

For the third consecutive quarter, traditional asset classes and categories endured significant volatility, with most corners of the financial markets suffering performance losses amid a tense geopolitical backdrop, weakening economic fundamentals, and further tightening actions by the Federal Reserve (Fed). In response to a historically tight labor market, stubbornly high inflation, and a persistent imbalance between aggregate demand and available supply, the Fed doubled the pace of quantitative tightening in September and issued two 75-basis-point hikes to the federal funds rate, formally placing this key policy rate above the “neutral” level and into restrictive territory.

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Market Commentary: Second Quarter 2022

Market Commentary | July 26, 2022

Financial markets came under considerable pressure in the second quarter as steep losses plagued the breadth of the major asset classes and categories. Persistent inflationary momentum, including an upside surprise across consumer price inflation in June, continued to remain a primary concern for the Federal Reserve, Wall Street, and Main Street alike, despite aggressive actions taken by policymakers to temper the upward trajectory. Economic slowdown fears mounted throughout the quarter, with some gauges reflecting an elevated likelihood the U.S. economy may already be in recession.

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Market Commentary: First Quarter 2022

Market Commentary | April 22, 2022

Global investors endured a particularly volatile market environment during the first quarter, as both stocks and bonds generated broad-based losses amid the outbreak of war on the Eastern European front and a continued inflationary impulse that has sent both interest rates and Federal Reserve tightening sentiment markedly higher. Concerns of an overheating economy prompted U.S. policymakers to initiate the monetary tightening process through an increase to the federal funds rate.

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Market Commentary: Fourth Quarter 2021

Market Commentary | January 26, 2022

Investors were confronted with many surprises throughout 2021, with positive developments including strong performance across most major risk-oriented asset classes and an ongoing global economic recovery overwhelming potential headwinds that included multi-decade-high inflation rates, several new strains of COVID-19, and a late-year initiation of quantitative easing tapering by the Federal Reserve.

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FEG Insight: DEI Discovery Process

Market Commentary | November 4, 2021

Diversity, Equity, and Inclusion (DEI) has become a headline topic for nearly every industry. Asset owners are increasingly paying more attention to racial and gender equity in the context of who is managing their investments. Consequently, asset owners are also considering how they can have an impact in underrepresented communities through their investment portfolios. This piece will walk through the implementation steps—whether your organization is considering DEI for the entire portfolio, as a specific percentage of the portfolio, as a silo, or as an impact solution.

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Market Commentary: Third Quarter 2021

Market Commentary | October 13, 2021

A key pillar of support bolstering the strong performance across risk assets since spring 2020 is on the verge of being gradually removed in the coming months, as the Fed prepares to taper the pace of their asset purchases. Both realized inflation rates and positive inflation surprises increased substantially since the outbreak of COVID-19. U.S. job openings have also increased.

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FEG Insight: Endowment Model Principles

Market Commentary | October 8, 2021

Over the past 30+ years FEG has been in business, we have been fortunate to work on behalf of some amazing endowments and foundations. As such, we have developed a unique view of what the “endowment model” means, how it should be executed, and how it will evolve. One overarching advantage endowments have over other pools of capital is a long time horizon. Endowments defy the two certainties in life: death and taxes. This provides the luxury to think and invest for the long term, which can be expressed in different ways via portfolio construction. Given the debate over the efficacy of the endowment model, we felt compelled to articulate what it means to us and where we see “the puck going,” as it were, in hockey terms.

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Market Commentary: Second Quarter 2021

Market Commentary | July 22, 2021

Second quarter 2021 presented investors with a broadly positive performance backdrop. Notably, in June, U.S. large cap growth strongly outperformed value, small cap underperformed large cap, interest rates declined, the U.S. dollar sharply appreciated, and incoming U.S. economic data began to slip versus sell-side estimates.

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FEG Insight: CF Survey Executive Summary

Market Commentary | June 15, 2021

The FEG Community Foundation Survey provides transparency into financial and enterprise trends facing community foundations today. Foundation leaders can use this as a benchmarking tool to support strategic decision-making. This year we had 110 participants from 35 states.   Key themes and results from the survey are shared below on topics including investment model, asset allocation, performance, diverse asset managers, responsive investing, spending policy, fees,  and investment committee structure.

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Market Commentary: First Quarter 2021

Market Commentary | April 21, 2021

Broadly, most major asset classes and categories produced strongly positive returns in the first quarter—with the exception of high-quality bonds, which suffered amid a sharp rise in interest rates—with relative performance generally supporting domestic versus international sectors. Major global equity indices concluded the quarter at or near record high price levels, with similarly lofty readings across most commonly referenced valuation ratios.

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