SANTA MONICA, Calif., Aug. 8, 2005 (PRIMEZONE) -- Reversing first quarter results, the median performance of master trusts was up 2.19 percent in the second quarter of 2005 and 9.53 percent for the last 12 months, according to the results of the Trust Universe Comparison Service(r) (TUCS(r)), a cooperative effort between Wilshire Analytics, the investment technology unit of Wilshire Associates, and custodial organizations. With more than 300 plan participants representing approximately $2 trillion in assets, TUCS is the most widely accepted benchmark for the performance of institutional assets and includes data from corporate and public plans as well as endowments and foundations.
Joining in the reversal, public funds median performance was up 2.31 percent for the quarter and 9.36 percent for the last 12 months and corporate funds showed a median gain of 2.23 percent for the quarter with a 9.85 percent gain for the year.
For those with assets greater than $1 billion, master trusts and public funds both showed a median increase of 2.23 percent during the second quarter while corporate funds did slightly better showing a 2.26 increase. During the past year, the median performance for all master trusts with assets greater than $1 billion was 10.50 percent, with public funds up 9.95 percent and corporate funds showing a median gain of 10.96.
"Much like the TUCS returns, the domestic market, as measured by the Dow Jones Wilshire 5000(sm) Composite Index, was up 2.45 percent," noted Peter Matheos, Ph.D., Managing Director Wilshire Associates. "The second quarter of 2005 was led by the performance of mid and small cap stocks with the Dow Jones Wilshire Mid Cap and Small Cap indices returning 4.42 percent and 4.51 percent, respectively. Large Cap stocks weren't that far behind, however, as seen by the 2.04 percent return for the Dow Jones Wilshire Large Cap," Matheos noted. "Growth stocks slightly outpaced value stocks in all size styles. In terms of sectors, the stars of the quarter were real estate stocks, reverting back to their double-digit returns of 2003 and 2004 with the Dow Jones Wilshire Real Estate Securities Index up 14.18 percent while the Dow Jones Wilshire REIT Index was up 15.22 percent."
TUCS reports the median rates of return and median asset allocation for the time periods ending June 30, 2005 as follows (returns for periods greater than one year are annualized).
PERFORMANCE ASSET ALLOCATION
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All Master Trusts
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One Quarter = 2.19% Equities = 62.39%
One Year = 9.53 Bonds = 28.11
Three Years = 9.71 Cash = 2.95
Convertibles = 0.00
GIC/GAC = 0.00
Real Estate 0.00
Venture Capital = 1.26
Other = 0.00
Corporate Funds
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One Quarter = 2.23% Equities = 62.59%
One Year = 9.85 Bonds = 28.32
Three Years = 9.72 Cash = 2.73
Convertibles = 0.00
GIC/GAC = 0.00
Real Estate 0.00
Venture Capital = 0.21
Other = 0.00
Public Funds
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One Quarter = 2.31% Equities = 61.22%
One Year = 9.36 Bonds = 29.86
Three Years = 9.54 Cash = 2.96
Convertibles = 0.00
GIC/GAC = 0.00
Real Estate 0.06
Venture Capital = 0.82
Other = 0.00
Foundations and Endowments
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One Quarter = 1.85% Equities = 62.95
One Year = 10.27 Bonds = 19.52
Three Years = 10.19 Cash = 3.16
Convertibles = 0.00
GIC/GAC = 0.00
Real Estate = 0.00
Venture Capital = 10.84
Other = 0.00
All Master Trusts with Assets Greater than $1 billion
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One Quarter = 2.23% Equities = 60.40%
One Year = 10.50 Bonds = 26.88
Three Years = 10.03 Cash = 3.44
Convertibles = 0.01
GIC/GAC = 0.00
Real Estate 0.63
Venture Capital = 3.00
Other = 0.00
Corporate Funds with Assets Greater than $1 billion
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One Quarter = 2.26% Equities = 60.90%
One Year = 10.96 Bonds = 26.87
Three Years = 10.27 Cash = 3.58
Convertibles = 0.01
GIC/GAC = 0.00
Real Estate 1.47
Venture Capital = 3.48
Other = 0.00
Public Funds with Assets Greater than $1 billion
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One Quarter = 2.23% Equities = 60.29%
One Year = 9.95 Bonds = 28.11
Three Years = 9.71 Cash = 3.19
Convertibles = 0.01
GIC/GAC = 0.0
Real Estate 0.26
Venture Capital = 2.44
Other = 0.01
Foundations and Endowments with Assets Greater than $1 billion
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One Quarter = 2.19% Equities = 61.22%
One Year = 11.02 Bonds = 19.21
Three Years = 10.40 Cash = 2.36
Convertibles = N/A
GIC/GAC = N/A
Real Estate = 0.15
Venture Capital = 11.67
Other = N/A
About Wilshire Associates
Wilshire Associates is a leading global investment technology, investment consulting and investment management firm with four business units: Wilshire Analytics, Wilshire Funds Management, Wilshire Consulting, and Wilshire Private Markets. Wilshire Analytics develops and provides superior risk management, portfolio analysis, asset allocation and performance measurement solutions to fund managers, banks, insurers, consultants and other institutional investment organizations around the world.
The firm was founded in 1972, revolutionizing the industry by pioneering the application of investment analytics and research to investment management for the institutional marketplace. Wilshire also is credited with helping to develop the field of quantitative investment analysis that uses mathematical tools to analyze market risks. All other business units evolved from Wilshire's strong analytics foundation.
Wilshire developed the index now known as the Dow Jones Wilshire 5000(sm) Composite Index, the first asset/liability models for pension funds, the first U.S. equity style metrics work and many other "firsts" as the firm grew to more than 300 employees serving the investment needs of institutional and high net worth clients around the world.
Based in Santa Monica, CA, Wilshire provides services to clients in more than 20 countries representing in excess of 600 organizations with assets totaling more than U.S. $12.5 trillion. With eight offices on four continents, Wilshire Associates and its affiliates are dedicated to providing clients with the highest quality counsel, products and services. The Dow Jones Wilshire 5000(sm) Composite Index is calculated and distributed by Dow Jones Indexes pursuant to an agreement between Dow Jones & Company, Inc. and Wilshire Associates Incorporated. Please visit www.wilshire.com for more information.