Northern Trust data: institutional plan returns mixed in Q3 as rates hit fixed income

Northern Trust's quarterly universe data showed a split tape for large US institutional plans in the third quarter of 2026. The All Funds Over $100 Million universe posted a 0.04% median return across 362 plans with roughly $1.6 trillion in assets. Corporate ERISA plans fell 3.7% at the median, public funds slipped 0.1%, and foundations and endowments gained 0.7%. The S&P 500 returned 2.3% in the quarter and 15.7% over one year, while the Russell 2000 fell 7.2% and the Russell 1000 Value beat the Russell 1000 Growth index. Northern Trust's US Fixed Income universe lost 3.5% at the median, matching the Bloomberg US Aggregate. The report cites a 25-basis-point Fed rate increase in September to a 3.75%-4.00% target range and 10- and 30-year Treasury yields at levels last seen in the early 2000s.