Our Funds
The Trustees of the Funds mission is to enable and grow the ministries of Virginia Episcopal congregations and institutions through faithful investment and management of their funds.
We work with churches and related organizations to achieve their financial performance and capital preservation goals while acting as stewards of their monetary resources. Assets invested in ToTF portfolios are managed on a day-to-day basis, offering timely decision making and the ability to enhance returns while mitigating risk through agile asset allocation and investment selections. This approach offers all our participants access to classes of investments and investment expertise that is often unavailable to smaller investors.
ToTF offers three funds any of which our participants may invest in to achieve their specific financial objectives:
Balanced Fund
The Balanced Fund is ToTF’s flagship fund established to provide a conservative investment option for endowment funds and other long-term accounts. It is conservatively managed to preserve funds and earn steady returns while dampening volatility.
The trustees manage the Balanced Fund to provide invested participants with an annual payout of between 4% and 5% if participants choose to take it.
This fund is subject to market risk.
Balanced Fund Investment Summary (as of September 30, 2024)
Balanced Fund Asset Allocation*
*(Values) reflect the new asset allocation targets approved 9/14/22. The Private Equity allocation will be built over several years.
Balanced Fund Performance (Net of Fees)
The Balanced Fund gained 5.2% during the quarter, outperforming the Policy Index return of 3.9%. The portfolio ended the quarter with $128.5 million.
Markets remained positive in September for the fifth consecutive month as both domestic and international markets benefitted from lower interest rates.
Short Term Fund
The Short Term Fund is a fully liquid fund created for participants who want to earn more on their funds than provided by a savings account or certificate of deposit, but who do not want to participate in the equity markets. The fund is invested in fixed income funds.
The Short Term Fund does not feature an annual payout. Participants deposit and withdraw funds as they need.
This fund is subject to market risk.
Short Term Fund Investment Summary (as of September 30, 2024)
Short Term Fund Asset Allocation*
Estimated portfolio duration: 1.49 years
Estimated portfolio yield: 4.5%
*(Values) reflect the asset allocation targets approved by the ToTF board.
Short Term Fund Performance (Net of Fees)
The Short Term Fund gained 2.5% during the quarter, performing in line with the Policy Index. The portfolio ended the quarter with $10.3 million.
During the month, fixed income markets gained, as the treasury yield curve steepened following the Fed’s 50 basis point interest rate cut. The 10-year treasury yield ended the month at 3.8%, while the 30-year ended September at 4.1%.
All Equity Fund
The All Equity Fund invests in a portfolio of stock index, exchange traded, and actively managed funds, with the goal of maximizing long-term return with reasonable risks. This fund was created in response to churches and organizations that are not as concerned with consistent annual results and want to fully participate in the equity markets. The fund is managed for higher returns over a longer-term horizon but with higher volatility.
The trustees will not manage the All-Equity Fund for an annual payout. All funds will remain fully invested over time. Participants will withdraw funds as they choose.
This fund is subject to market risk.
All Equity Fund Investment Summary (as of September 30, 2024)
All Equity Fund Asset Allocation*
*(Values) reflect the asset allocation targets approved by the ToTF board.
All Equity Fund Performance (Net of Fees)
The All Equity Fund gained 5.4% during the quarter, underperforming the Policy Index (+6.6%). The portfolio ended the quarter with $0.81 million.
Markets remained positive in September for the fifth consecutive month as both domestic and international markets benefitted from lower interest rates.
