Investment Report

Investment update for the quarter ended March 31, 2024

Domestic markets experienced robust performance for the first quarter of the calendar year. The S&P 500 posted a quarterly return of over 10%, driven by positive economic indicators, continued job growth and investor confidence. Policies from the Federal Reserve provided further support for the domestic equity markets and international markets displayed resilience — posting positive quarterly returns in the face of many global challenges.

The Foundation’s Long-Term Portfolio did not adjust its tactical target at any point during the quarter. With an equity allocation of 65%, the portfolio was competitive with benchmarks. The portfolio continued to favor international investments over domestic, with a heavier weighting to developed markets rather than emerging. The continued interest rate environment helps the portfolio capitalize on its cash position.

Uncertainties persist, but the domestic economy is well positioned for further gains, despite expected volatility in the months ahead. International markets will continue to navigate a complex landscape, but opportunities will arise. The Investment Management Committee with continue to inform decisions based on the South Dakota Investment Council model, employ a disciplined management strategy, and focus on long-term results. As markets allow, the committee will look for strategic opportunities while monitoring inflation, interest rates and other economic indicators.

Investment Returns for Period Ending 3/31/2024

Money Market Portfolio

Previous Quarter1.30%
Calendar Year-to-Date1.30%

Intermediate Portfolio

Previous Quarter 1.94%
Calendar Year-to-Date 1.94%

Long-Term Portfolio

Previous Quarter4.35%
Calendar Year-to-Date4.35%

Long-Term Portfolio Compound Annualized Returns as of 12/31/2023

Thirty Years7.31%
Twenty Years6.72%
Ten Years
Five Years
One Year14.71%