While in the second quarter there was a median gain of 0.2 percent, the third quarter was rough.

Data indicated that corporate ERISA plans actually did the best, relatively speaking, among plan types during Q3; they only lost 3.9 percent at the median.

Foundations and endowments lost 4.7 percent, while public funds lost 4.9 percent.

Those corporate ERISA plans had a bad second quarter, during which they were the worst performers; the third quarter was a distinct improvement for them. All plan types, according to the data, had a median decline of at least 2 percentage points compared to the prior quarter.

Northern Trust said that since 1998, Q3 has averaged a -0.25 percent return.

The most recent third-quarter return of -4.6 percent ranks in the all-time bottom quartile for third-quarter returns as measured by Northern Trust Universe data.

“Having the smallest exposure to equities was a key factor behind the relative outperformance of corporate ERISA plans,” Bill Frieske, senior investment performance consultant, Northern Trust Investment Risk & Analytical Services, said in a statement.

Frieske added, “Another factor helping corporate ERISA plans was the longer duration of their fixed-income programs. Corporate pension plans generally have been lengthening the duration of their fixed-income programs while at the same time adding dollars to the allocation relative to public funds and foundations and endowments. The third quarter saw interest rates decline, pushing up returns for long-duration bonds.”

In Q3 asset allocation, corporate pension plans continued to de-risk by moving from equity to fixed-income investments.

Public funds continued to move money into private equity and international equity, boosting the median allocation for private equity from last December’s 1.6 percent to a current level of 5.8 percent.

Foundations and endowments cut their fixed-income allocation from 16 percent to 11 percent, while continuing to allocate to hedge funds and private equity.