The Trust for Credit Unions said Wednesday that one of its three mutual funds – the Ultra-Short Duration Government Portfolio – exceeded its benchmark by 25 basis points in 2011.
The fund returned .67% compared with .42% for the nine-month U.S. Treasury Index during the 2011 calendar year, said the TCU, which said it currently holds about $1.1 billion in three investment portfolios for more than 100 credit unions.
“During a year when rates were near historical lows, this is an excellent result,” Jon Jeffreys, manager of Callahan Credit Union Financial Services Limited Partnership, the funds’ administrator, said of the results.
The TCU’s other bond fund, the Short Duration Portfolio, returned 1.44% for the year, the fund group said.
The TCU was founded in 1987 by 20 credit unions “seeking investment options built on co-operative principles of shared risk, scalability, democratic governance and member value.”