For the financial year 2019, the Fund generated a return of 5.10 per cent. This performance compares favourably to the 3.79 per cent earned during the previous year.

The Fund’s performance during the financial year was primarily due to its US fixed income mandates, which registered an annual return of 5.30 per cent. These investments benefited from the declining interest rate environment, which pushed bond prices higher during the year. The Fund’s US equity investments contributed 0.79 per cent (or 79 basis points) to its overall performance. In general, equity markets were negatively impacted by the protracted US-China trade dispute. Better than expected economic numbers, however, kept the equity market in the positive territory for the period as a whole.