January was unpleasant. Markets finished the month lower than in December. The combination of the yes-we-can-no-we-can’t conversations about Covid’s future impact on the economy and supply chain issues, added to international political uncertainty, likely Fed interest rate increases and potential inflation all had a dampening effect. Fortunately, the Board of Managers, whose members bring to the table a wealth of experience and expertise, continues to watch the market assiduously, to plan carefully for both the potential short-term needs as well as the long-term health of the Easton Episcopal Fund, and continues to make adjustments when and where needed. A prudent balance between near-term focus and understanding the historically positive long view. The snapshot below offers, as always, a look into Fund allocations and performance.