<p>I agree, it’s far too non-specific and vague to read anything certain into.</p>
<p>As far as I can tell, these investment types like to call stocks “equity” (sometimes because often these include preferred stock and holdings in private companies, in addition to stock) so the opposite of “US equity” could be either “US non-equity investments” (i.e., bonds, etc) or “non-US equity” (foreign holdings)</p>
<p>Also, for one thing, private holdings in companies probably have not taken such a hit as publicly-traded companies. I would venture to guess that USC holds some significant equity of companies like Sequoia Capital (given that Mark Stevens is a trustee) and most likely that equity is still strong.</p>
<p>But I’m an engineer, not a finance or business type, so this could certainly be totally off the mark :)</p>