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How it Works

​Through a partnership formed in 2019 with Nasdaq, OCIO Analytics has delivered the industry’s first suite of OCIO indices. The Alpha Nasdaq OCIO Indices aim to create transparency in the OCIO industry and ​give investors and OCIO firms the ability to objectively measure performance against peers.

Alpha Nasdaq OCIO Indices at 03/31/25

INDEX MRQ 1 YR 3 YR 5 YR 7 YR 10 YR
Broad Market Index 0.66 5.73 3.50 8.40 5.92 5.85
Defined Benefit Pension Plans Index 1.54 4.71 1.71 5.98 4.93 5.13
Endowments & Foundations Index 0.18 6.24 4.69 10.29 6.73 6.48
Healthcare Operating Reserves Index 0.66 5.41 3.88 8.81 5.72 ---
Insurance Reserves Index 0.55 6.43 4.36 --- --- ---
Aggressive Asset Allocation Index -0.09 5.67 5.06 12.49 7.83 ---
Moderately Aggressive Asset Allocation Index 0.11 6.02 4.62 10.98 7.21 6.90
Moderate Asset Allocation Index 0.39 6.08 4.12 9.15 6.08 6.06
Moderately Conservative Asset Allocation Index 1.67 4.80 1.48 4.94 4.11 4.40
Conservative Asset Allocation Index 2.26 3.75 -0.08 1.14 2.52 2.85
MSCI ACWI -1.22 7.63 7.42 15.71 9.68 9.39
S&P 500 -4.27 8.25 9.06 18.59 13.25 12.50
Bloomberg Barclays US Aggregate 2.78 4.88 0.52 -0.40 1.58 1.46
60% MSCI ACWI / 40% Bloomberg Barclays US Aggregate 0.40 6.58 4.77 9.19 6.64 6.38
60% S&P 500/40% Bloomberg Barclays US Aggregate -1.45 7.02 5.78 10.88 8.75 8.22
— Indicates there are too few observations to calculate a result

Data Source

The Alpha Nasdaq OCIO indices are based on anonymized account-level return streams, asset allocation, and metadata reported directly by OCIO firms. The indices use this anonymously reported data to construct a family of indices that represent the broad OCIO market along with variations of the OCIO market to more appropriately reflect the nuances across sub-categories, such as plan type and risk profile.

Index Constituents

The Alpha Nasdaq OCIO Broad Market Index includes all account-level returns streams reported by OCIOs. The Plan type indices are based on the associated plan type for each account as reported by each OCIO. The risk based indices are based on the asset allocation for each account as reported by each OCIO. Below are the number of observations included in each of the Alpha Nasdaq OCIO Indices as of 03/31/2025. Unreported periods have too few observations to calculate as a result.

INDEX MRQ 1 YR 3 YR 5 YR 7 YR 10 YR
Broad Market Index 1,421 1,163 768 385 268 129
Defined Benefit Pension Plans Index 474 364 300 124 68 38
Endowments & Foundations Index 760 634 356 197 158 68
Healthcare Operating Reserves Index 46 35 27 18 14 ---
Insurance Reserves Index 69 41 28 --- --- ---
Aggressive Asset Allocation Index 114 76 33 20 17 ---
Moderately Aggressive Asset Allocation Index 401 271 156 89 70 32
Moderate Asset Allocation Index 553 344 201 119 77 38
Moderately Conservative Asset Allocation Index 178 97 73 32 16 8
Conservative Asset Allocation Index 174 112 78 21 17 10

Calculation Methodology

Each of the Alpha Nasdaq OCIO indices are calculated using the average net of fees return, as reported by each OCIO, for all the constituents within a given index. All constituents equally weighted in each respective index.  A minimum of 15 accounts are required to create a sub-category of the Alpha Nasdaq OCIO Broad Market Index.

​Index Inclusion

To be included in any of the Alpha Nasdaq OCIO Indices, account size must be $50 million or greater, must be fully discretionary, represent a US-based client, and the performance must be live client performance net of all fees.

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