Performance has been exceedingly positive. As we approach the end of the year, I am pleased to announce that our YTD return through November 30^th was 18.05%.  Our rank among similar moderate allocation balanced funds placed us in the top 15%-20% among our peer group of nine high quality balanced funds.

Increased investments from several parishes exceeded $2 million, which with market action have pushed fund assets to $43.5 million, an all-time high. With the inflow of new investment money, we used some of that to maintain our position in domestic large cap equity but have built up our position in U.S. Small Cap, which is now at 3% of total assets. We let international equity drop slightly to 8.1% by not investing any new money in this sector. Recently, domestic equity has outperformed international, and this also contributed to the lower international weight.

Election years, even ones as event filled as 2024, have historically been positive for the market. Inflation, which has been the focus for the Fed as well as for most of us personally, is currently within striking distance of the Fed’s target.

Transitions offer both uncertainty and opportunity in the short term, and the Board of Managers is cognizant of both. However, it is performance over the long term that sustains investors and entities. Axia Advisors, which produces in-depth reporting and analysis to the Board is focused on short term market volatility with its potential for opportunity, but it is even more focused on long-term investment performance that will sustain and grow the Fund.

While there continues to be a great deal of noise in anticipation of what we assume will be the peaceful transition of power – something our country has historically been noted for on the global stage – we all continue to watch closely.

Our Board of Managers for the Easton Episcopal Funds includes credentialed investment advisors and experienced financial managers, all of whom are members of our investor parishes. None receive any remuneration or compensation for the work. We are mission driven. We manage the investments of our parish and Diocesan shareholders as an ongoing trust designed to support the work of the parishes so that our member parishes may focus on the ongoing health and growth of our Episcopal community.

Thanks,

Chris

Chris Maxwell, Vice Chair, Board of Managers