MARKETS
- Equity markets were flattish in November due to concerns of rising AI-related debt. The global equity index (MSCI ACWI IMI) was close to flat at -0.01% in November and is up +21.07% YTD. The S&P 500, which tracks large cap U.S. stocks, increased by +0.25% in November and is up +17.81% YTD. The Russell 2000 Index, which tracks domestic small cap stocks increased by +0.96% in November and is up +13.47% YTD. The International developed equity index (MSCI EAFE) increased by +0.62% in November and is up +27.40% YTD. The emerging markets index (MSCI EM) decreased by -2.39% in November and is up +29.69% YTD.
- In November, bond yields were mixed across maturities; the 30-year U.S. Treasury bond yield was flat at 4.67%, the 10-year yield decreased by 9 bps to 4.02%, and the 2-year yield decreased by 13 bps to 3.47%.
- The Barclays U.S. Aggregate Index, which is a measure of U.S. Bond prices, increased by +0.62% in November and is up +7.46% YTD.
ECONOMIC AND GEOPOLITICAL HEADLINES
- U.S. gross domestic product (GDP) in the second quarter of 2025 increased by 3.8%, according to the “3rd” estimate released by the Bureau of Economic Analysis.
- The November Services PMI (formerly Non-Manufacturing Purchasing Managers Index) increased to 52.60% from 52.40% in October. The November Manufacturing PMI decreased to 48.20% from 48.70% in October.
- November non-farm employment is delayed due to the government shutdown and will be reported on December 16th. ADP reported that private payrolls fell by 32,000 jobs.
PERFORMANCE UPDATES
- The Equity Fund increased by +0.69% in November and is up +16.63% YTD. The Bond Fund increased by +0.49% in November and is up +6.57% YTD. The Stable Value Fund was up +0.17% for November and is up +2.22% YTD. The Northern Trust World Selection Index Fund decreased by -0.09% in November and is up +19.02% YTD.
- The Balanced Fund decreased by -0.43% in November and is up +13.41% YTD. The Target Annuitization Date TAD 2025; TAD 2030; TAD 2035; TAD 2040 TAD 2045 and TAD 2050 returns were +0.34%, +0.51%, +0.60%, +0.62%, +0.64% and +0.65% respectively for November and +5.97%, +9.75%, +12.01%, +12.99%, +13.77% and +14.54% YTD.
