COMMUNITY FOUNDATION SURVEY REPORT

A Better Way To Compare And Lead

Q2 2025

Updated: 9/2/2025

The FAOG x Crewcial report draws on insights from community foundations across the country—fueling smarter, locally grounded decisions, whatever your mission or endowment size.

2000

SBC
nan%

PFE
41.2%

MRK
39.6%

AIG
36.7%

C
25.7%

ORCL
5.7%

GE
-6.6%

WMT
-20.8%

CSCO
-27.9%

INTC
-28.2%

2001

MSFT
52.7%

IBM
43.0%

JNJ
14.0%

WMT
8.9%

INTC
4.9%

C
0.0%

XOM
-7.6%

PFE
-12.5%

GE
-14.8%

AIG
-19.3%

2002

MRK
-1.3%

JNJ
-7.9%

XOM
-8.9%

WMT
-11.8%

MSFT
-22.0%

PFE
-22.2%

C
-24.3%

AIG
-26.9%

IBM
-35.5%

GE
-37.7%

2003

INTC
107.3%

CSCO
85.0%

C
43.1%

GE
30.7%

XOM
20.6%

IBM
20.5%

PFE
17.8%

AIG
15.0%

MSFT
6.8%

WMT
5.7%

2004

XOM
28.0%

JNJ
25.2%

BAC
21.5%

GE
20.7%

MSFT
8.9%

IBM
7.2%

C
2.7%

WMT
0.5%

AIG
-0.5%

PFE
-21.9%

2005

MO
27.7%

XOM
12.3%

INTC
8.8%

PG
6.5%

AIG
5.1%

C
5.0%

BAC
2.5%

MSFT
-1.1%

JNJ
-3.6%

PFE
-11.0%

2006

CSCO
58.5%

XOM
38.9%

JPM
25.1%

BAC
20.6%

C
19.4%

MO
19.3%

MSFT
15.3%

PFE
14.6%

PG
12.3%

JNJ
12.2%

2007

AAPL
133.5%

CVX
31.5%

XOM
24.3%

T
21.9%

MSFT
20.8%

PG
16.6%

JNJ
3.6%

CSCO
-1.0%

PFE
-8.1%

BAC
-18.9%

2008

WMT
20.0%

JNJ
-7.8%

XOM
-13.1%

PG
-13.8%

PFE
-16.9%

CVX
-18.3%

IBM
-20.8%

JPM
-25.1%

T
-28.0%

MSFT
-44.4%

2009

AAPL
146.9%

MSFT
60.5%

IBM
58.6%

JPM
34.4%

JNJ
11.3%

CVX
8.1%

T
4.8%

PG
1.2%

GE
-1.7%

XOM
-12.6%

2010

AAPL
53.1%

GE
24.3%

CVX
22.9%

IBM
14.3%

T
11.6%

XOM
10.1%

PG
9.4%

JPM
2.3%

JNJ
-0.6%

MSFT
-6.5%

2011

PFE
28.9%

IBM
27.5%

AAPL
25.1%

CVX
19.8%

XOM
18.3%

JNJ
9.7%

T
9.2%

PG
7.1%

GE
1.8%

MSFT
-4.3%

2012

AAPL
32.6%

GE
21.2%

PFE
20.4%

T
17.5%

JNJ
10.8%

IBM
5.9%

MSFT
5.8%

PG
5.2%

CVX
5.1%

XOM
4.7%

2013

GOOG
58.4%

MSFT
44.3%

GE
37.9%

WFC
36.7%

JPM
36.7%

JNJ
34.6%

PG
23.7%

XOM
20.1%

CVX
19.3%

AAPL
8.1%

2014

AAPL
40.6%

MSFT
27.5%

BRK/B
27.0%

WFC
24.1%

JNJ
17.3%

PG
15.4%

JPM
9.9%

XOM
-6.1%

GE
-6.7%

CVX
-7.0%

2015

AMZN
117.8%

FB
34.1%

GE
27.5%

MSFT
22.7%

JPM
8.4%

WFC
1.8%

JNJ
1.2%

AAPL
-3.0%

BRK/B
-12.5%

XOM
-12.8%

2016

JPM
33.4%

T
28.6%

BRK/B
22.0%

XOM
19.7%

JNJ
14.1%

MSFT
13.4%

AAPL
10.3%

AMZN
8.8%

FB
8.3%

GE
4.9%

2017

AMZN
52.8%

FB
51.7%

AAPL
47.3%

MSFT
39.0%

GOOG
31.2%

GOOGL
31.2%

JPM
27.3%

JNJ
24.1%

BRK/B
21.7%

XOM
-3.0%

2018

AMZN
28.4%

MSFT
20.8%

BRK/B
2.8%

GOOG
-0.8%

GOOGL
-0.8%

JNJ
-5.1%

AAPL
-5.4%

JPM
-6.6%

XOM
-15.1%

FB
-25.7%

2019

AAPL
89.0%

MSFT
57.6%

FB
56.6%

JPM
47.3%

V
43.3%

GOOGL
28.2%

GOOG
28.2%

AMZN
23.0%

JNJ
16.2%

BRK/B
11.0%

2020

TSLA
743.4%

AAPL
82.3%

AMZN
76.3%

MSFT
42.5%

FB
33.1%

GOOGL
30.9%

GOOG
30.9%

JNJ
10.9%

BRK/B
2.4%

JPM
-5.5%

2021

NVDA
125.5%

GOOGL
65.3%

GOOG
65.3%

MSFT
52.5%

TSLA
49.8%

UNH
45.2%

AAPL
34.6%

BRK/B
29.6%

FB
23.1%

AMZN
2.4%

2022

XOM
88.6%

UNH
6.5%

JNJ
5.2%

BRK/B
3.5%

JPM
-12.7%

AAPL
-26.7%

MSFT
-28.7%

GOOGL
-39.7%

GOOG
-39.7%

AMZN
-50.2%

2023

NVDA
239.3%

META
194.3%

TSLA
104.0%

AMZN
80.5%

GOOGL
57.9%

GOOG
57.9%

MSFT
57.4%

AAPL
49.4%

JPM
31.5%

BRK/B
15.8%

2024

NVDA
171.2%

AVGO
110.4%

META
66.0%

TSLA
62.5%

AMZN
44.4%

GOOGL
36.0%

GOOG
36.0%

AAPL
30.7%

BRK/B
25.5%

MSFT
12.9%

YTD

AVGO
84.8%

META
63.4%

NVDA
52.0%

TSLA
32.8%

MSFT
28.5%

AMZN
25.2%

GOOGL
12.4%

GOOG
12.4%

BRK/B
9.2%

AAPL
-6.1%

MARKET CAP OF THE TOP-10 PERFORMERS AS A PERCENTAGE OF THE S&P 500

22.6%

24.9%

23.9%

22.8%

21.4%

19.4%

19.2%

19.0%

22.4%

19.6%

18.8%

20.4%

19.5%

18.2%

17.5%

17.6%

18.3%

19.8%

21.0%

23.0%

27.5%

29.3%

24.5%

30.9%

37.3%

38.0%

Ticker	Name	Highest Rank	Streak	Best ROR	Index Weight	Market Cap	Sector
AAPL	Apple Inc.	1	18	146.9%	4.38%	1,324,898,024,092	Information Technology
AIG	American International Group	4	6	36.7%	1.77%	184,604,368,746	Financials
AMZN	Amazon.com, Inc.	1	11	117.8%	2.98%	1,222,105,759,043	Consumer Discretionary
AVGO	Broadcom Inc.	1	2	110.4%	2.37%	1,234,063,039,480	Information Technology
BAC	Bank Of America	3	4	21.5%	1.72%	199,672,231,668	Financials
BRK/B	Berkshire Hathaway Inc. Class B	3	12	29.6%	1.59%	324,852,214,821	Financials
C	Citigroup	3	7	43.1%	2.31%	239,929,487,376	Financials
CSCO	Cisco Systems	1	4	85.0%	1.70%	193,276,642,325	Information Technology
CVX	Chevron Corporation	2	8	31.5%	1.61%	195,439,007,349	Energy
FB	Meta Platforms, Inc. Class A	2	7	56.6%	1.68%	463,934,828,340	Communication Services
GE	General Electric Company	2	13	37.9%	2.35%	283,865,428,330	Industrials
GOOG	Alphabet Inc. Class C	1	10	65.3%	1.66%	650,675,942,313	Communication Services
GOOGL	Alphabet Inc. Class A	2	9	65.3%	1.80%	666,929,184,139	Communication Services
IBM	International Business Machines Corporation	2	9	58.6%	1.68%	175,015,077,333	Information Technology
INTC	Intel	1	4	107.3%	1.84%	193,305,627,525	Information Technology
JNJ	Johnson & Johnson	2	20	34.6%	1.63%	255,418,309,875	Health Care
JPM	JPMorgan Chase & Co.	1	14	47.3%	1.42%	286,679,339,794	Financials
META	Meta Platforms, Inc. Class A	2	3	194.3%	2.55%	1,246,542,251,421	Communication Services
MO	Altria Group Inc	1	2	27.7%	1.46%	167,637,206,550	Consumer Staples
MRK	MERCK & CO. INC.	1	2	39.6%	1.77%	171,516,407,952	Health Care
MSFT	Microsoft Corporation	1	25	60.5%	3.45%	935,997,696,516	Information Technology
NVDA	NVIDIA Corporation	1	4	239.3%	4.87%	2,396,814,625,000	Information Technology
ORCL	ORACLE CORPORATION	6	1	5.7%	1.48%	162,675,832,500	Information Technology
PFE	Pfizer Inc.	1	11	41.2%	1.89%	199,322,091,864	Health Care
PG	The Procter & Gamble Company	4	10	23.7%	1.70%	195,087,163,825	Consumer Staples
SBC	SBC COMMUNICATIONS INC	1	1	nan%	1.47%	161,632,365,250	Communication Services
T	AT&T Inc.	2	7	28.6%	1.70%	198,356,617,639	Communication Services
TSLA	Tesla, Inc.	1	5	743.4%	1.88%	962,605,406,442	Consumer Discretionary
UNH	UnitedHealth Group Incorporated	2	2	45.2%	1.35%	484,157,188,304	Health Care
V	Visa Inc. Class A	5	1	43.3%	1.20%	321,654,403,417	Information Technology
WFC	Wells Fargo & Company	4	3	36.7%	1.38%	267,065,085,653	Financials
WMT	Wal Mart Stores	1	6	20.0%	2.22%	232,019,347,456	Consumer Staples
XOM	Exxon Mobil Corporation	1	19	88.6%	2.86%	366,533,600,940	Energy

FROM OUR DATA DESK

Welcome to the new format of the Community Foundation Survey.

Over the past year, many of you have asked for a cleaner, more flexible way to explore and share this report. We’ve redesigned it to do just that. Now you can view trends by peer group, compare performance and allocation across time horizons, and download only the visuals you need. No PDF skimming required.

It’s the same data you’ve come to rely on, just easier to work with.

We’ve also made space for fresh insights and quick takes throughout, helping you spot shifts faster, find your footing, and bring stakeholders along more clearly. The features we’ve prioritized reflect what we’ve consistently heard from you and your peers: make it simpler to benchmark, easier to pull what matters, and faster to turn data into action.

This is just the start. Thank you for your engagement and input, which will continue to shape what comes next.

Jay Burke

Crewcial's Director of Information Management

Longtime steward of the Community Foundation Survey

Q2 POLL : WHICH STRATEGIC SHIFT IS YOUR FOUNDATION MOST FOCUSED ON OVER THE NEXT 3 TO 5 YEARS?

Community foundations are sharpening their strategic focus, placing greater emphasis on proximity-driven impact and local relevance. Rather than viewing community engagement as a broadly, perhaps too nebulously, defined imperative, many are delineating and operationalizing it through targeted investments in local civic infrastructure and partnerships, suggesting a maturation of, and literal homing in on, mission execution.

In parallel, the focus on operational efficiency reflects more than internal cleanup; it can be read as a bid to future-proof institutions under constrained capacity: streamlining grants management, integrating systems, and reallocating human capital to frontline functions.

Mission alignment in portfolios remains a persistent concern, with the numbers suggesting this is perhaps viewed less as a headline strategy and more as a structural principle. Meanwhile, donor diversification was deprioritized this cycle, potentially signaling short-term confidence (or complacency) around donor concentration risk.

Short Term Performance

After a stretch of steady gains, Q2 saw modest pullbacks across most foundations. Trailing one-year returns remained positive, and dispersion among size groups narrowed, suggesting a stabilization of sorts. While size was not a major performance driver this quarter, we’re seeing more alignment between portfolio positioning and actual outcomes—particularly among micro and small CFs.

Taken together, these trends reflect a field that remains steady, even as it selectively adjusts to changing conditions.

Median Performance by Strategy

This snapshot highlights the dispersion in Q2 performance across five dominant investment strategies. While equity-heavy portfolios (≥65%) and those with no alternatives led with median returns of 8.0% and 8.2% respectively, ESG-oriented strategies held their own at 8.0%. Balanced portfolios and those with high alternatives exposure trailed at 6.1% and 6.5%, underscoring the short-term headwinds facing more diversified allocations.

As always, strategy selection is best viewed through a long-term lens. This report surfaces QTD returns—but full lookbacks across 1, 3, 5, 10, 15, and 20-year windows are available in the downloadable dataset.

Top-10 S&P 500 Performers

2009

JPM
999%

XOM
999%

MSFT
999%

AAPL
999%

JNJ
999%

PG
999%

IBM
999%

T
999%

GE
999%

CVX
999%

2010

PFE
999%

XOM
999%

AAPL
999%

MSFT
999%

GE
999%

IBM
999%

PG
999%

CVX
999%

T
999%

JNJ
999%

2011

PG
999%

XOM
999%

AAPL
999%

IBM
999%

CVX
999%

MSFT
999%

GE
999%

JNJ
999%

T
999%

2012

WFC
999%

AAPL
999%

XOM
999%

GE
999%

CVX
999%

IBM
999%

MSFT
999%

T
999%

JNJ
999%

PFE
999%

2013

CVX
999%

AAPL
999%

XOM
999%

MSFT
999%

GOOG
999%

GE
999%

JNJ
999%

PG
999%

JPM
999%

2014

FB
999%

AAPL
999%

XOM
999%

MSFT
999%

JNJ
999%

BRK/B
999%

WFC
999%

GE
999%

PG
999%

JPM
999%

2015

FB
999%

AAPL
999%

MSFT
999%

XOM
999%

GE
999%

JNJ
999%

AMZN
999%

WFC
999%

BRK/B
999%

JPM
999%

2016

GOOGL
999%

AAPL
999%

MSFT
999%

XOM
999%

JNJ
999%

JPM
999%

BRK/B
999%

AMZN
999%

GE
999%

T
999%

2017

XOM
999%

AAPL
999%

MSFT
999%

AMZN
999%

FB
999%

BRK/B
999%

JNJ
999%

JPM
999%

GOOG
999%

2018

V
999%

MSFT
999%

AAPL
999%

AMZN
999%

BRK/B
999%

JNJ
999%

JPM
999%

GOOG
999%

GOOGL
999%

FB
999%

2019

JPM
999%

AAPL
999%

MSFT
999%

AMZN
999%

FB
999%

BRK/B
999%

GOOGL
999%

GOOG
999%

JNJ
999%

2020

UNH
999%

AAPL
999%

MSFT
999%

AMZN
999%

FB
999%

TSLA
999%

GOOGL
999%

GOOG
999%

BRK/B
999%

JNJ
999%

2021

AAPL
999%

MSFT
999%

AMZN
999%

GOOGL
999%

TSLA
999%

GOOG
999%

FB
999%

NVDA
999%

BRK/B
999%

2022

AAPL
999%

MSFT
999%

AMZN
999%

BRK/B
999%

GOOGL
999%

UNH
999%

GOOG
999%

JNJ
999%

XOM
999%

JPM
999%

2023

AAPL
999%

MSFT
999%

AMZN
999%

NVDA
999%

GOOGL
999%

META
999%

GOOG
999%

TSLA
999%

BRK/B
999%

JPM
999%

Legend: Company Performance Summary

Ticker	Name	Highest Rank	Streak	Best ROR
AAPL	Apple	1	15	999%
AMZN	Amazon.com, Inc.	3	9	999%
BRK/B	Berkshire Hathaway Inc. Class B	4	10	999%
CVX	Chevron	4	5	999%
FB	Facebook, Inc. Class A	4	5	999%
GE	General Electric	3	8	999%
GOOG	Google Inc. Class A	4	7	999%
GOOGL	Alphabet Inc. Class A	4	6	999%
IBM	International Business Machines	3	4	999%
JNJ	Johnson & Johnson	4	12	999%
JPM	JP Morgan Chase & Company	5	7	999%
META	Meta Platforms, Inc. Class A	6	1	999%
MSFT	Microsoft	1	15	999%
NVDA	NVIDIA Corporation	4	1	999%
PFE	Pfizer	9	1	999%
PG	Procter & Gamble	5	3	999%
T	AT & T	7	4	999%
TSLA	Tesla, Inc.	5	2	999%
UNH	UnitedHealth Group Incorporated	6	1	999%
V	Visa Inc. Class A	10	1	999%
WFC	Wells Fargo & Company	6	2	999%
XOM	Exxon Mobil	1	9	999%

Understanding the Allocation Gap Between Top and Bottom Performers

Top-performing community foundations leaned heavily into public equities in Q2 2025—particularly U.S. Large Cap Equity, where their average allocation (40.7%) significantly outpaced that of their bottom-decile peers (22.3%). In contrast, bottom-decile foundations allocated far more to illiquid assets like Private Equity (18.8% vs. 5.1%) and Real Assets (4.1% vs. 0.5%). These differences offer more than just a snapshot of recent positioning—they reflect deeper conviction calls around liquidity, risk tolerance, and timing. While short-term outperformance isn’t necessarily a signal of long-term strategy strength, the data illustrates how tactical tilts toward (or away from) public markets may have impacted Q2 outcomes.

DOWNLOAD PREVIOUS REPORTS

2025
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DISCLOSURES

The analysis and performance information contained herein reflects that of participants of a performance survey requested by Crewcial Partners, LLC (“Crewcial Partners”), a Securities and Exchange Commission Registered Investment Advisor, and the Fiscal and Administrative Officers Group for Community Foundations (“FAOG”). Peer benchmarking provides important information for foundation boards, investment committees, staff, consultants and donors. This is the only community foundation investment performance survey that Crewcial Partners, LLC is aware of that provides timely quarter-end data across all foundation sizes. For these reasons, and to ensure representation across different portfolio sizes and strategies, participation was encouraged.

This information should not be relied upon for tax purposes and is based upon sources believed to be reliable. No guarantee is made to the completeness or accuracy of this information. Crewcial Partners shall not be responsible for any trading decisions, damages, or other losses resulting from, or related to, the information, data, analyses or opinions contained herein or their use, which do not constitute investment advice, are provided as of the date written, are provided solely for informational purposes, and therefore are not an offer to buy or sell a security. This information has not been tailored to suit any individual. Crewcial Partners does not guarantee the results of its advice or recommendations, or that the objectives of a strategy will be achieved. Portfolios offered by Crewcial Partners may not have contained and/or may not currently contain the same underlying holdings and may have been and/or may currently be managed according to rules or restrictions established by Crewcial Partners. All data presented is based on the most recent information available to Crewcial Partners as of the date indicated and may not be an accurate reflection of current data. There is no assurance that the data will remain the same.

The presentation contains performance data reported to us. Median returns reflects the approximate deduction of advisory fees, brokerage or other commissions, and any other expenses that a client would have paid. All investments involve the risk of loss, including (among other things) loss of principal, a reduction in earnings (including interest, dividends, and other distributions), and the loss of future earnings. You should consider these risks prior to investing.

Benchmark returns are used for comparative purposes only and are not intended to directly parallel the risk or investment style of the accounts included in the composite. The volatility of the indices compared herein may be materially different from that of the compared Crewcial Partners strategy. There is no guarantee that the strategies will outperform, or even match, benchmark returns over the long term.

No graph, chart, or formula in this presentation can be used in and of itself to determine which securities to buy or sell, when to buy or sell securities, whether to invest using this investment strategy, or whether to engage Crewcial Partners’s investment advisory services. Performance is calculated on a total return basis and does not include reinvestment of income. Actual fees will vary depending upon, among other things, the applicable fee schedule and portfolio size. These performance presented is based upon survey information that was provided to Crewcial Partners, LLC, and Crewcial Partners, LLC consolidated the information in to this presentation. Overall returns may be reduced by expenses that an investor may incur in the management of the investor’s account, such as for custody or trading services, which will vary by investor. Investments in securities are subject to investment risk, including possible loss of principal. Prices of securities may fluctuate from time to time and may even become valueless. Securities in this report are not FDIC-insured, may lose value, and are not guaranteed by a bank or other financial institution. Before making any investment decision, investors should read and consider all the relevant investment product information. Investors should seriously consider if the investment is suitable for them by referencing their own financial position, investment objectives, and risk profile before making any investment decision. There can be no assurance that any financial strategy will be successful.

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