INVESTMENT REPORT
AMERICAN BAPTIST CHURCHES OF THE ROCKY MOUNTAINS
THIRD QUARTER, 2009
At the end of September 2009 the Ministry/Mission Fund balance was $11,953,142, an increase of $882,467 from the end of June. Since the quarterly low point at the end of March the Fund is up $1,855,564. This recovery is primarily due to equity market gains.
Since the beginning of 2009, $390,833 has been withdrawn to support the current year’s budget although $532,500 had been authorized for the three quarters. The Region has used other funding sources where possible in order to minimize the impact on the Fund and to enable the Fund to recover from its market losses as the overall markets recovered. Including all withdrawals, the Fund has regained almost $2.3 million, a 23% increase since March.
As of September 30, 2009 the Fund was invested in the following:
American Baptist Foundation Endowment Fund $7,967,583.03
Calvert Social Investment Fund – Bond $1,819,818.64
Calvert Social Investment Fund – Equity $2,165,741.01
$11,953,142.68
With the turnaround in the financial markets underway, the Investment Committee and the Region staff will continue to carefully balance their actions to enable the Fund to return to its expected levels while also honoring the intent of the Fund to provide support for Region programs.
Reflective of this careful balance of regaining principal while supporting operations, the Fund’s 2010 support for operations has declined to $670,000 from $710,000 in 2009. This is consistent with the Fund’s Investment Policy which specifies 5% of the last 12 quarter market values as the level of annual operations support.
If you have any questions about the Fund and its investments, please contact any of the Committee members; Bob Blake, Jim O’Dell or myself.
Anne Mills, Chair
ABCRM Investment Committee
INVESTMENT REPORT
AMERICAN BAPTIST CHURCHES OF THE ROCKY MOUNTAINS
THIRD QUARTER, 2008
The Ministry/Mission Fund balance was $12,617,213 at the end of September. During the quarter $173,750 was withdrawn which is ¼ of the annual authorized amount of $695,000 designated for budget support.
The Fund balance, excluding the withdrawal, decreased by $1,149,746 due to the sharp drop in the markets particularly during September. For instance, on September 29 the Dow Jones Industrial average suffered its worst single-day loss in history, falling over 777 points. While our investments performed equal to or better than the benchmarks, they could not overcome the large declines in the equity markets and volatility in the fixed income markets
As of September 30, 2008 the Fund was invested in the following:
American Baptist Foundation Endowment Fund $8,456,560.55
Calvert Social Investment Fund - Bond $1,767,883.20
Calvert Social Investment Fund - Equity $2,392,787.44
$12,617,231.19
The Investment Committee has met twice this quarter to review the Fund investments. In addition the sharp drop in total assets has taken the Fund balance below the original $13 million investment from the Black Forest Camp and Conference Center assets and we are exploring with the Region staff ways to reduce or delay withdrawing from the Fund until the markets begin to recover.
Anne Mills, Chair
ABCRM Investment Committee
INVESTMENT REPORT
AMERICAN BAPTIST CHURCHES OF THE ROCKY MOUNTAINS
SECOND QUARTER, 2008
The Ministry/Mission Fund balance was $13,950,727 at the end of June. During the quarter $173,750 was withdrawn which is ¼ of the annual authorized amount of $695,000 designated for budget support.
The Fund balance before the withdrawal increased by $103,210, which is an annualized rate of 2.9%. This return was impacted by the current market conditions. The positive performance in April and May was offset by a sharp downturn in June. Since the end of 2007 the Fund has declined by $575,125 or -3.9% prior to withdrawals for budget support. This performance is better than the benchmark decline of -6.5%.
As of June 30, 2008 the Fund was invested in the following:
American Baptist Foundation Endowment Fund $9,345,315.47
Calvert Social Investment Fund - Bond $1,867,429.79
Calvert Social Investment Fund - Equity $2,737,982.35
$13,950,727.61
This represents an asset allocation of 67% equities and 33% fixed income, which is well within the Investment Policy’s authorized range.
Anne Mills, Chair
ABCRM Investment Committee
INVESTMENT REPORT
AMERICAN BAPTIST CHURCHES OF THE ROCKY MOUNTAINS
FOURTH QUARTER, 2007
At the end of December 2007 the Ministry/Mission Fund balance was $14,873,452. During 2007 a total of $688,000 has been withdrawn as the authorized amount designated for budget support.
The Fund balance increased during 2007, before withdrawals, by $996,617.79 for an annualized total return of 6.8%. This return was impacted by the market instabilities that started in the fourth quarter and have continued into 2008. This 6.8% total return compares favorably with the 2007 benchmark return of 6.1%.
Since 5% of the average of the previous quarters’ market values is used each year to support the budget ($688,000 in 2007), the remaining $308,617.79 was retained to grow the Fund balance. While the retained amount will vary each year depending upon investment results, this increase is needed to support the region’s budget in future years.
As of December 31, 2007 the Fund was invested in the following:
American Baptist Foundation Endowment Fund $10,109,211.76
Calvert Social Investment Fund - Bond $1,854,098.57
Calvert Social Investment Fund - Equity $2,910,141.72
$14,873,452.05
This represents an asset allocation of 67% equities and 33% fixed income, which is well within the Investment Policy’s authorized range.
On behalf of your Investment Committee of Bob Blake, Jim O’Dell and myself, let me thank you for opportunity to serve the Region by overseeing this Fund. Bringing financial stability to the annual operations is important for the sustainability of the Region’s programs.
Anne Mills, Chair
ABCRM Investment Committee
INVESTMENT REPORT
AMERICAN BAPTIST CHURCHES OF THE ROCKY MOUNTAINS
THIRD QUARTER, 2007
At the end of September 2007 the Ministry/Mission Fund balance was $15,340,667. During the first three quarters of 2007 a total of $392,550 has been withdrawn as part of the total annual authorized amount of $688,000 designated for budget support.
The Fund balance has increased since the beginning of 2007, before withdrawals, by $1,168,383 for an annualized total return of 8.0%. Since 5% is used each year to support the budget, the remaining 3% is retained to grow the Fund balance. While the retained amount will vary depending upon investment results, this increase is needed to grow the support for the region’s budget in future years.
As of September 30, 2007 the Fund is invested in the following:
American Baptist Foundation Endowment Fund $10,623,947.61
Calvert Social Investment Fund - Bond $1,807,044.46
Calvert Social Investment Fund - Equity $2,909,675.28
$15,340,667.35
This represents an asset allocation of 67.4% equities and 32.6% fixed income, which is well within the Investment Policy’s authorized range.
For those of you who were not able to attend the ABCRM Gathering in October Jim O’Dell was reelected to a new three term on the Investment Committee and Bob Blake was elected to fill the remaining two years as the third member of the Committee. Thanks to both of them for agreeing to serve.
Anne Mills, Chair
ABCRM Investment Committee
INVESTMENT REPORT
AMERICAN BAPTIST CHURCHES OF THE ROCKY MOUNTAINS
SECOND QUARTER, 2007
At the end of June 2007 the Ministry/Mission Fund balance was $15,192,391. During the quarter $172,000 was designated for budget support which is one-quarter of the 2007 support of $668,000 for the operating budget. The total increase in the Fund during the first half of the year before withdrawals was $799,556 for an annualized total return of 11.0%. While there is no assurance this good investment performance will continue throughout the year, this is a good start.
As of June 30, 2007 the Fund is invested in the following:
American Baptist Foundation Endowment Fund $10,497,352.43
Calvert Social Investment Fund - Bond $1,756,620.63
Calvert Social Investment Fund - Equity $2,938,418.36
$15,192,391.42
This represents an asset allocation of 67.7% equities and 32.3% fixed income, which is well within the Investment Policy’s authorized range.
Anne Mills, Chair
ABCRM Investment Committee |
