The market pulled back a bit in November after rising against a wall of worry in the continuing uncertainty. However, it didn’t descend into correction territory, despite the expectations of numerous financial pundits. There continues to be pressure on the Fed to lower interest rates, though due to the lengthy government shutdown, the release of the Consumer Price Index (CPI) report for October, one of the data points the Fed looks to in making that decision, was cancelled. Despite lack of CPI data for that month, the market appears to have priced in at least a 0.25% reduction in rates by the Fed when it meets later this month.
The Board of Managers is cognizant of both the uncertainty and of the increasing needs in our Diocese. The missions of the shareholder parishes and the need for prudent management of the Fund are key ‘data points’ in the the deliberations of the Board of Managers, who continue to monitor and make allocation adjustments as needed. As you will see in the Snapshot, the year-to-date gross return for the Fund is 14.49% and the expense ration (i.e. what it costs shareholders) is extremely low at 0.27%.
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