Investment update for the quarter ended June 30, 2024
During the second quarter of 2024, domestic markets and the S&P 500 demonstrated resilience and strong performance, continuing their upward trends. The index saw a growth of more than 4%, driven by robust corporate earnings and positive economic indicators. Stable interest rate policy from the Federal Reserve helped domestic markets continue their trajectory from earlier this year.
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.
Looking ahead, we remain cautiously optimistic about the investment landscape. While there are potential headwinds, including geopolitical tensions and inflationary pressures, our Investment Management Committee continues its disciplined approach, informed by the South Dakota Investment Council, and focused on delivering sustainable long-term growth. The Committee continues to monitor markets closely, look for strategic opportunities, and adjust their approach as necessary.
