18
FY
21
ANNUAL
FINANCIAL
REPORT
Investment Returns
Fiscal year 2021 was characterized by a low interest rates environment while the equity markets
reached record highs during the fiscal year, as investors returned focus to fundamentals, such as
corporate profits, modestly improving economic indicators, and earnings growth.
e Contingency Cash portfolio, which was hampered by low fixed-income yields, returned 0.54%,
gross of fees, outperforming its benchmark by 0.44% for the fiscal year. e Core Cash portfolio's
fiscal-year gross returns of 29.48% outperformed its blended benchmark by 2.03%. Collectively, the
Contingency and Core Cash portfolios generated strong absolute returns of 19.5% for fiscal year 2021
as shown in the table below.
