Third Quarter Equity Market Overview and Outlook

Global equity market conditions remained highly volatile in the third quarter as investor sentiment was swayed by conflicting top-down economic drivers. Positive gains during the quarter were led by the prospect of continued economic recovery due to the ongoing roll out of vaccines, FDA approval of Pfizer’s coronavirus vaccine booster and the introduction of a novel coronavirus medication by Merck & Co. 

Third Quarter Fixed Income Market Overview and Outlook

There was hope we would build on the progress made in the second quarter when real GDP growth came in at a quarter-over-quarter (QoQ) seasonally adjusted annual rate of 6.6%. Instead, we faced the delta variant, supply chain issues, shortages of both goods and labor and the specter of stagflation.

The MissionSquare View – Third Quarter

A summary of MissionSquare Investment Adviser’s latest 12-month outlook for the stock and bond markets…

Vantagepoint is now MissionSquare Investments

We’re pleased to announce that in September 2021, Vantagepoint became MissionSquare Investments and Vantagepoint Funds became MissionSquare Funds.

Vantagepoint is now MissionSquare Investments

The Vantagepoint Market Perspective: Inflation Awakens from Hibernation

After years of benign readings, inflation reared its head last month. The key question is whether it’s simply a short-term blip or if prices will continue to push higher over the long term.


Our investment process combines the demonstrated market expertise from our award-winning subadvisers with the disciplined due diligence and oversight of our in-house fund managers.

Extensive Investment Offerings

Our fund lineup incorporates diversification of ideas, strategies, and asset classes, including equity, fixed income, target-date, target-risk, and stable value investment options.

Retirement Focus

With a long-term perspective toward retirement planning, our funds offer a disciplined asset allocation process with competitive performance and pricing.

Our process is powered by








Average Manager tenure2

Data as of 9/30/2021 (updated quarterly)

Multi-Manager Skill

Our team of professionals conducts independent selection and oversight of third-party institutional investment managers. These professionals have access to award-winning institutional managers with demonstrated expertise across all asset classes.


Our team brings together a broad and diverse set of ideas, styles, and strategies for competitive performance in all market conditions. We work with a portfolio of complementary investment managers with distinct investment styles to provide attractive risk-adjusted returns.

Disciplined, Proven Process

Our process is marked by continuous manager research and due diligence, thoughtful portfolio construction and asset allocation, and risk management and manager oversight. We have a history of systemized due diligence designed to decrease operational risks.


Our Multi-Managed Funds

We believe that in addition to traditional investment approaches such as diversification, asset allocation, and a long-term perspective, a multi-manager approach and investment style serve investors who are working to build retirement security.

In a multi-managed approach, managers with different but complementary investing approaches are selected and integrated within a single fund in proportions that are expected to optimize return relative to risk. We believe this not only increases diversification but also may improve the consistency of returns over time by eliminating reliance on the results of a single manager.


This website is for institutional use only and is not intended for individual investors or the general public.

The information contained on this website is for informational purposes only and is not intended as a solicitation nor does it constitute investment, tax or legal advice. Reference to any fund or asset class on this site is not a recommendation to buy, sell, or hold that fund or asset class. MissionSquare Retirement and its affiliates are not responsible for any investment action taken as a result of the information on this website or interpretation of such information.

Investors should carefully consider their own investment goals, risk tolerance and liquidity needs before making an investment decision. Investing involves risk, including possible loss of the amount invested. The Funds’ offering and disclosure documents include a complete summary of all fees, expenses, financial highlights, investment objectives and strategies, and risks, and should be carefully reviewed before investing.

Past performance is no guarantee of future results. Investment return and principal value will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher.

When Funds are marketed to institutional clients by our Investment Only (IO) team, the Funds are offered by MissionSquare Investment Services, an SEC registered broker-dealer and FINRA member firm. MissionSquare Investment Services is a wholly owned subsidiary of MissionSquare Retirement and is an affiliate of VantageTrust Company, LLC and MissionSquare Investments. View more information about MissionSquare Investment Services: FINRA’s BrokerCheck.

1MissionSquare Funds are collective investment trust funds (CITs) established and maintained by VantageTrust Company, LLC (VTC), a wholly owned subsidiary of MissionSquare Retirement, a New Hampshire non-depository trust company, and the sole trustee of these CITs. Eligible retirement plans may invest in the MissionSquare Funds, which are funds of VantageTrust. MissionSquare Retirement’s wholly owned subsidiary, MissionSquare Investments, provides investment advisory and management services to VTC with respect to the MissionSquare Funds. Certain of the MissionSquare Funds invest in other funds managed and administered by MissionSquare Retirement or MissionSquare Investments. In those instances, MissionSquare Retirement and MissionSquare Investments receive asset-based fees from such underlying funds in addition to the asset-based fees received from the MissionSquare Fund that is available for direct investment. Please see MissionSquare Investment’s Form ADV, available at, for more information.

2Class R and Class S MissionSquare Funds invest in underlying MissionSquare Class M Funds that have the same investment objective and strategies. Prior to October 2016, each Class R or Class S MissionSquare Fund invested in a registered Vantagepoint Fund mutual fund that had the same investment objective and strategies. In October 2016, the Vantagepoint Fund mutual funds were liquidated and the assets were transferred to the MissionSquare Funds Class M (formerly known as VT III Vantagepoint Funds). In the event that a subadvisor to a  MissionSquare Fund was also a subadvisor to the Vantagepoint Fund that preceded it, the average subadviser tenure with the MissionSquare Fund is calculated using both time periods.