QUARTER ENDING MARCH 31, 2025

The Jewish Foundation’s pooled investment portfolio gained 0.9% on a total return basis in the quarter through March 31, 2025. That brings our performance for the trailing one-year period to 11.3%.  

Investment growth over the quarter was largely driven by international equity markets (up 6.9% in the quarter), which make up approximately 11% of the Foundation’s portfolio. U.S. stocks declined 4.2%, underperforming the rest of the world as the market grappled with trade uncertainty. Canadian stocks were up 1.5% and emerging markets stocks returned 3% in the quarter. The quarterly results were also bolstered by the portfolio’s exposure to real assets, including infrastructure and real estate, which gained more than 3% in the quarter.

Taking a longer view, we are also pleased with the portfolio’s performance over the past several years: 8.3% annually over the past three years, and 10.5% annually over the past five years.   

Looking ahead, the recently enacted tariffs and subsequent uncertainty could push the U.S. into a mild recession and potentially cause a more moderate slowdown in activity elsewhere. In Canada, there are concerns of tariffs impacting GDP and growth, which further amplifies the importance of geographic diversification in the portfolio. 

Given the uncertainty of geopolitical and economic factors, the market volatility experienced this quarter is expected to continue. We believe the portfolio’s diversification from both an asset class and geographic perspective will continue to help shield it from the full impact of substantial equity drawdowns. The Investment Advisory Committee regularly and diligently re-examines the portfolio to reaffirm its direction and holdings. We will continue to take a long-term perspective as we steward through this challenging environment.