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    Document Summary
    - Report Published -

    Report Document No. 84
    PUBLICATION YEAR 2012    		View PDF Version*

    Document Title
    Virginia Birth-Related Neurological Injury Compensation Fund Market Review & Plan Performance Analysis Period Ending December 31, 2011 and Virginia Birth-Related Neurological Injury Compensation Program Comprehensive Annual Financial Report Year ended December 31, 2010 (With Independent Auditors' Report Thereon)

    Author
    Board of the Virginia Birth-Related Neurological Injury Compensation Fund

    Enabling Authority
    § 38.2-5016 (F.)

    Executive Summary
    • The economy continued to recover slowly but remained near stall speed. GDP grew at a 2.8% annualized rate from the 3rd to the 4th quarter, following a downward revision of 3rd quarter growth to 1.8% from 2.0%. Unemployment continued to drop, reaching 8.5% in December.

    • Global investment markets continued to be whipsawed by the unfolding financial drama in Europe, particularly for Greece, Italy and Portugal, with Germany playing in a yet-to-be determined supporting role. Risk on-risk off is the new term being used to describe investor reaction to the prevailing market, economic and political winds.

    • U.S. Equities recorded strong gains in October, helping the S&P 500 Index advance 11.8% for the 4th quarter. The gain for 2011 was an anemic 2.1%.

    • Foreign Equities lagged the U.S. markets considerably as the crisis in Europe and a stronger dollar hurt returns. The MSCI EAFE Index was up 3.3% for the quarter but lost 12.1% for the year.

    • Bonds rallied, with most of the gains coming in the high yield and emerging markets debt sectors in response to stock market gains. The Barclays Aggregate Bond Index gained 1.1% for the quarter and 7.8% for the year.

    • Commodities, as measured by the DJ UBS Commodity Index, managed a slim gain of 0.3% in the 4th quarter but posted a loss of 13.4% for the year.

    • Hedge fund strategies turned in another lackluster quarter as the HFRI Fund of Funds Composite Index declined 0.3%, resulting in a 5.5% loss for the category for 2011.