Church Pension Group Beats Benchmarks

From Chief Investment Officer-

The Church Pension Group (CPG) of the Episcopal Church reported that its investment portfolio increased 1.5% to $13.5 billion for the fiscal year ending March 31, from $13.3 billion the previous year. Despite the modest gain for the year, the Church reported that the fund has outperformed both its investment goals and benchmark performance over the past three, five, and 10 years.  

The Church reported that the portfolio returned 8.7%, 7.0%, and 10.2% over the past three, five, and 10 years, respectively. This is compared with its investment targets of 6.7%, 6.0%, and 6.3% over the same time periods, and the benchmark performance of 7.9%, 7.0%, and 9.5%, respectively.

The asset allocation of the investment portfolio is 28.6% in global equities, 26.4% in global bonds, 17.1% in private equity, 15.8% in specialized strategies, 9.2% in real estate, 2.7% in private specialty strategies, and 0.2% in cash.

More here-

https://www.ai-cio.com/news/church-pension-group-beats-benchmarks/

Church Pension Invests $40 Million in Clean Energy Projects

From Chief Investment Officer-

The Church Pension Fund (CPF), a financial services organization that serves the Episcopal Church, has invested $40 million in the New Energy Capital Infrastructure Credit Fund II, LP, which will invest across clean energy infrastructure assets in North America, including solar, wind, energy efficiency, storage, and water.

The fund is managed by New Energy Capital Partners, LLC (NEC), an alternative asset management firm that invests across the capital structures of small and mid-sized clean energy infrastructure projects and companies.

“This investment will support the development and operation of clean energy infrastructure assets throughout North America,” Roger Sayler, CIO of the Church Pension Fund, said in a release. “We look forward to building our relationship with NEC as we continue to explore future impact investments that meet our goal of generating attractive returns with positive social impact.”

More here-

https://www.ai-cio.com/news/church-pension-invests-40-million-clean-energy-projects/

Gunning It After Parkland: Faith-Based Investor Success With Gun Safety Shareholder Resolutions

From Forbes-

Only seven of the largest gun manufacturers and retailers in the US are publicly traded. Specifically, three of the largest US gun manufacturers are publicly traded. Sturm, Ruger & Co. (NYSE: RGR) manufactured 1.7 million guns in 2015, followed by American Outdoor Brands (NASDAQ: AOBC), which manufactured 1.5 million via its subsidiary Smith & Wesson. The sixth largest US gun manufacturer Savage Arms at 400,000 guns is owned by Vista Outdoor (NYSE:VSTO). Of the largest gun retailers in the US, four are publicly traded: Walmart (WMT); Dick’s Sporting Goods (NYSE: DKS); Sportsman’s Warehouse (NASDAQ: SPWH); and Gander Outdoors—owned by Camping World (NYSE: CWH). Shareholder advocacy efforts have achieved key victories in three of them in the year since the Parkland shooting.


Faith-based investors have led the way in these advocacy efforts. They bolster their moral authority and organizational prowess with significant financial firepower. Interfaith Center on Corporate Responsibility, which pioneered shareholder advocacy for environmental, social, and governance (ESG) issues, represents over $400 billion in assets from 300 institutional investors globally. The Catholic Church and the Mormon Church each separately have over $30 billion in assets. The Church Pension Fund of the Episcopal Church alone has assets in excess of $13 billion, and Trinity Church alone in New York’s financial district alone has a $6 billion investment portfolio. These are in addition to the assets of individual Catholics, Mormons, and Episcopalians.

More here-

https://www.forbes.com/sites/bhaktimirchandani/2019/02/19/gunning-it-after-parkland-faith-based-investor-success-with-gun-safety-shareholder-resolutions/#1f78d9e11ceb

The Church Pension Fund Invests in $75 Million Off-Grid Solar and Financial Access Senior Debt Fund

From Business Wire-

The Church Pension Fund (CPF), a financial services organization that serves the Episcopal Church, announced today that it invested $17 million in the Social Investment Managers & Advisors (SIMA) Off-Grid Solar and Financial Access Senior Debt Fund I, B.V. The $75 million fund will provide loans to microfinance institutions, distribution companies, and manufacturers in the off-grid solar sector located in sub-Saharan Africa and South Asia.

“This investment will enable customers of solar energy to lease on an affordable installment basis and will impact the lives of more than 1 million people while reducing carbon dioxide by 4 million tons,” said Asad Mahmood, CEO and Managing Partner of SIMA.

Roger Sayler, Executive Vice President and Chief Investment Officer of CPF, said, “The Church Pension Fund has historically invested in a number of funds that provide financing to companies that promote clean technology in developing markets. This investment represents our second investment focused on the off-grid solar sector as market conditions in this space remain extremely strong. Today more than 2.2 billion people across the world still live without reliable access to energy, and the underlying need for off-grid renewable energy still far outpaces the availability. This investment offers us the opportunity to provide funding for much-needed financing while also earning a competitive rate of return. We look forward to building our relationship with SIMA as we continue to explore future socially responsible investment opportunities.”

More here-

https://www.businesswire.com/news/home/20180103005684/en/Church-Pension-Fund-Invests-75-Million-Off-Grid

State of Church Committee Looks at Pension Fund

From House of Deputies-

Deputy Winnie Varghese of New York and President Gay Jennings are quoted in a recent Episcopal News Service story about

In 2015, President Jennings charged the House of Deputies State of the Church Committee to explore three aspects of church life, one of which was CPG. Varghese chaired the sub-committee.

"The reality of the church is that there are fewer people and, more than that, less money," she told Episcopal News Service. 

about challenges confronting the Church Pension Fund (CPG) and CPG's legal relationship to the Episcopal Church.

 More here-

http://campaign.r20.constantcontact.com/render?m=1111106056536&ca=c3574047-6625-4ad8-8691-7c1a29a7ce83

The Church Pension Fund Serves as Anchor Investor in $60.8 Million Off-Grid Renewable and Climate Action Impact Note

From Yahoo Finance-

The Church Pension Fund (CPF), a financial services organization that serves the Episcopal Church, announced today that it served as an anchor investor in the Developing World Markets’ $60.8 million Off-Grid, Renewable and Climate Action (ORCA) Impact Note. CPF and Wespath Benefits and Investments, a general agency of The United Methodist Church, invested $60 million ($30 million each).

This Smart News Release features multimedia. View the full release here: http://www.businesswire.com/news/home/20170302005313/en/

The ORCA Impact Note will provide renewable energy finance loans to social businesses in the developing world, and is composed of 11 underlying loans made to inclusive financial institutions and operating companies. These organizations support renewable energy creation and services in nine countries across three continents, including: Ecuador, Guatemala, India, Kazakhstan, Kenya, Mongolia, Nicaragua, Rwanda, and Tanzania.

More here-

http://finance.yahoo.com/news/church-pension-fund-serves-anchor-140000956.html

Church Pension Group Appoints William F. Murray Senior Vice President and General Manager of The Church Insurance Companies

From Business Wire-

The Church Pension Group (CPG), a financial services organization that serves the Episcopal Church and its people, today announced the appointment of William “Bill” F. Murray as Senior Vice President and General Manager of The Church Insurance Companies (CIC). In this role, he will be responsible for the management and oversight of CIC, which provides property and liability coverage for Episcopal Church institutions. He will report directly to CPG’s Chief Operating Officer, Frank Armstrong, and will be based in Bennington, Vermont. Murray will replace Rod Webster, current Senior Vice President and General Manager of CIC, who recently announced his intention to retire.

More here-

http://www.businesswire.com/news/home/20160912005992/en/Church-Pension-Group-Appoints-William-F.-Murray

The Church Pension Group, the Episcopal Church Foundation, and Episcopal Relief & Development Host Wellness Conference for the Diocese of Ecuador Litoral

From Business Wire-

The Church Pension Group (CPG), a financial services organization that serves The Episcopal Church and its people, in partnership with The Episcopal Church Foundation (ECF) and Episcopal Relief & Development, hosted a three-day wellness conference for clergy, lay employees, and lay leaders of the Diocese of Ecuador Litoral who were impacted by the April earthquake. CPG covered the cost of attendance for clergy who participate in the benefits programs it offers, and financial support from ECF and Episcopal Relief & Development made it possible to expand the conference to include lay employees and lay leaders in the diocese.

The three-day conference, which took place from July 21 to July 24 in Guayaquil, Ecuador, addressed the psychological, physical, and spiritual needs of attendees who were affected by the earthquake that killed more than 650 individuals and displaced more than 30,000 people. It also offered them assistance in developing coping skills that they can utilize as they continue to minister and serve those impacted by the earthquake.

More here-

http://www.businesswire.com/news/home/20160726005992/en/Church-Pension-Group-Episcopal-Church-Foundation-Episcopal

The Episcopal Church, Bain Capital and Heavenly Returns

From The Fiscal Times-

During his acceptance speech in Tampa Thursday night, Republican presidential nominee Mitt Romney said that he was risk-averse during the early years of establishing his private equity firm, Bain Capital. So he didn’t approach his elders in the Church of Jesus Christ of Latter-Day Saints to ask them to invest a portion of their pension fund in the venture. But, he said, one of his partners snagged the Episcopal Church’s pension fund, set up to fund the retirements of that denomination’s clergy.

“That shows what I know,” said Romney. “Another of my partners got the Episcopal Church pension fund to invest. Today there are a lot of happy retired priests who should thank him.”
They should indeed, and they could thank their pension fund managers while they’re at it. Though it hasn’t fared quite as well over the last few years, the Episcopal Church’s pension fund, with some $9.5 billion in assets as of March 31, 2012, is one of the best run and most successful around.

That may come as something of a surprise to anyone who has heard many of the Mainline Protestant clergy preaching left-wing, anti-capitalist messages from their pulpits every Sunday. When masses of privileged college students and aging hippies pitched their tents in Zuccotti Park one year ago, for instance, prominent Episcopal parishes in New York — including the venerable Trinity Church, a parish that derives much of its operating income from its well run and closely guarded Manhattan real estate portfolio — threw their public support to the anti-establishment rabble … even though they continued to hit up their well-heeled, Wall Street banker parishioners for money.

Read more at

http://www.thefiscaltimes.com/Blogs/Business-Buzz/2012/08/31/The-Episcopal-Church-Bain-Capital-and-Heavenly-Returns.aspx#Ur8Wwy5LoItSc7Jf.99

Would Jesus Retire? How The Recession and Inadequate Pensions Force Aging Clergy to Work Longer

From Huffington-

In 1914, as the Episcopal Church wrestled with creating a pension system for clergy, Bishop William Lawrence argued that caring for aging ministers was a moral responsibility and essential to the future of the church.

The choice, he said, was often between having clergy hanging on to pastorates rather than depend on charity or providing pensions "which will place the clergy and their dependants in a position of far greater buoyancy, cheer, and dignity; which will enable men of weakening powers to give place to those younger and stronger; which will keep our parishes manned with vigor."

Today, nearly a century after his article in the Harvard Theological Review, the religious community faces a renewed challenge in a continuing recession to meet the needs of older clergy while making room for younger leaders.

Like their secular counterparts, many clergy who devoted their attention to less temporal matters than financial planning now find themselves amid shrinking church budgets and a poor economy being forced to work beyond traditional retirement ages.

More here-

http://www.huffingtonpost.com/david-briggs/aging-clergy-and-retirement_b_996659.html

Church group hires pension chief

From New York-

Fred Beaver was named senior vice president of pension services at Church Pension Group, New York, confirmed Nancy Fisher, a Church Pension Group spokeswoman.

Mr. Beaver will be in charge of daily operations of defined benefit and defined contribution plans of the group. One unit of the group is the Church Pension Fund, which administers pension plans for Episcopal Church clergy and lay employees. The Church Pension Fund had $8.3 billion in assets as of Dec. 31, Ms. Fisher said in an e-mail response to questions.

Ms. Fisher said Mr. Beaver took over for another Church Pension Group executive who remains with the company in a different role. She didn't provide details.

Mr. Beaver had been director of the division of pensions and benefits for the New Jersey Treasury Department, Trenton, said Anne F. Keating, managing director and senior partner at Korn/Ferry International, which handled the search, in an e-mail response to questions.

Andrew Pratt, a spokesman for the department, said the department is reviewing applications to fill Mr. Beaver's position, but there is no timetable for a selection; Florence Sheppard is the acting director.

More here-

http://www.pionline.com/article/20100517/DAILYREG/100519873

Credo Institute, Church Pension Group offer 'Strength for the Journey' for reorganizing dioceses

From Episcopal Life Online-

CREDO Institute and the Church Pension Group will launch a series of conferences in May in the four reorganizing Episcopal Church dioceses of Pittsburgh, San Joaquin, Quincy, and Fort Worth.
The first two-day "Strength for the Journey" conference will be held in Pittsburgh May 21-22.

More than 450 Episcopal Church leaders in the Diocese of Pittsburgh -- including all clergy serving in the diocese, parish and diocesan lay employees, elected and appointed diocesan lay leaders, and members of church vestries -- were invited to participate in the gathering that will focus on spiritual renewal and wellness.

A CREDO news release said that in the wake of the departure of the four diocesan bishops and other church leaders to non-geographic Anglican jurisdictions over the past few years, "a new mix of diocesan leaders both lay and ordained, some experienced, others in new positions, has picked up the mantle of leadership."

The goal of the two-day CREDO conferences is not only to provide respite from a long journey still underway, it is also to make space for spiritual renewal and celebration of diocesan life and ministry, the release said.

"We here in the Diocese of Pittsburgh are immensely grateful to CREDO and the Church Pension Fund for their sponsorship of the Strength for the Journey conference. I believe it will be a vital step in our rebuilding process," Bishop Kenneth Price, provisional bishop of the Diocese of Pittsburgh, said in the release. "We have a strong corps of leaders here in this diocese, but knowing that a network of support such as CREDO offers is essential to our work."

More here-

http://www.episcopalchurch.org/81799_122088_ENG_HTM.htm

Church Pension Fund To Open HK Office

From the Wall Street Journal-

Church Pension Fund, the US$8 billion pension fund serving the Episcopal Church, has hired Eric Mason, formerly of Carlyle Group, to open a new Hong Kong office, people familiar with the situation said Wednesday.

The Hong Kong office is Church Pension Fund's first in Asia. Mason will be working with the fund's New York investment team looking at all asset classes including private equity, real estate and hedge fund investments in Asia, said one source.

He will report to William Cobb, the former vice chairman of J.P. Morgan Investment Management Inc., who is now the Church Pension Fund's chief investment officer, the source said.

Church Pension Fund, based in New York City, has been increasing its overseas private equity investments since the early 1990s. According to its Web site, it invests about 10% of its portfolio in private equity, 10% in real estate and inflation hedging assets and 10% in hedge funds, including distressed debt and merger arbitrage.

The move to Asia comes as endowments and pension funds have become more visible in the region. The Canadian Pension Plan Investment Board, for instance, opened an office in Hong Kong last year to look for deals. Pension funds and endowments typically buy into other funds, which is Church Pension Fund's approach.

The rest is here

http://online.wsj.com/article/BT-CO-20090408-700048.html

Church Silence on the Economy

David Waters at the Washington Post takes the church to task for not speaking out on greed and (well you know) sin. Ouch!

"In light of the recent market volatility, the Board and staff of the Church Pension Fund want to reassure participants in the Clergy Pension Plan that the Fund's financial condition remains very strong, with assets well in excess of liabilities," the Episcopal Clergy Pension Board reported.

Last time I checked, assets and liabilities were not how the church measured its work or worth. Greed is still one of the seven deadly sins. Covetousness hasn't been amended out of the Ten Commandments. Depending on your interpretation of scripture, Christianity either strongly cautions against or forbids charging interest and accumulating wealth and debt, not to mention gambling.

http://newsweek.washingtonpost.com/onfaith/undergod/2008/09/the_churchs_silence_on_the_eco.html