Global central bankers easing of monetary policies stimulated global growth which renewed investor confidence for the first quarter, although recent events in Italy and Cyprus remind us there are still unresolved issues in Europe. Positive economic news helped the U.S. markets as everyone watched for signs that interest rates were beginning their inevitable rise, and we all hoped legislators might finally begin to resolve the country’s debt and deficit issues.
Your money market style Income Fund continued to outpace similar funds and most one year CDs by paying one percent. The Balanced Fund continued its march into positive territory returning 3.98 percent YTD while the Equity Fund rose 6.30 percent YTD.
The Board of your Foundation voted to change the firm advising us on our investments in the last meeting of 2012. The Humphrey-Kelly Group works with four United Methodist Foundations, one for over 25 years. While obviously too early to determine their impact on performance, their platform has expanded our choice of managers and available asset sectors. Both the liquidity of the portfolio and the ability to socially screen investments have already improved.
We appreciate the confidence you have shown by placing ministry dollars with the Foundation. These latest changes are reflective of our never-ending effort to provide you with the best returns possible in a God-honoring fashion. May God bless our efforts and your ministry.