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ACEF Board Reports Record Endowment Value

Armenian Church Endowment Fund Meeting

The Board of Directors of the Armenian Church Endowment Fund (ACEF) met at the Diocesan Center on Friday, November 17, to review the financial performance of the fund and elect new and returning board members.

ACEF’s Investment Chair Gregory Bedrosian reported that ACEF’s portfolio has crossed the $100 million mark for the first time in history, reaching $103.9 million as of September 30, 2017 (up from $82.9 million five years ago). Total distributions over that five-year period have exceeded $19.8 million.

It was also noted that ACEF’s portfolio returned 11.7% year to date and 14% for the trailing one-year ending June 30, 2017, outperforming 86% of peer institutions. The board reviewed the overall position of the portfolio with its advisors Cambridge Associates and made several small changes to its investment managers for the upcoming periods.

During the meeting, Diocesan Primate and ACEF President Archbishop Khajag Barsamian expressed the board’s sincere appreciation to Charles H. Simonian, who will be ending his tenure on the ACEF Board at year’s end–completing his third three-year term, which is the limit allowed under ACEF by-laws. Mr. Simonian has served in various capacities on ACEF’s board during his tenure, most recently as Vice Chair and a member of the Investment Committee. The Primate commended him for his dedication and service to ACEF and tothe Armenian community.

To fill the vacancy and other positions, the board unanimously re-elected Charles Demirjian and Rebecca Shaghalian Larkin for their third and final three-year terms, and elected Eric Baroyan to his first term with ACEF. An investment professional for American Industrial Partners, Mr. Baroyan is the youngest partner in the company’s history, and an active member of the AGBU and St. Vartan Cathedral, whose wife Taline is the granddaughter of former ACEF chair the late Kevork Hovnanian.

The Armenian Church Endowment Fund is an independent, separately-incorporated, non-profit entity whose mission is to provide professional, highly disciplined, tightly controlled and cost effective asset management services to the various constituent parts of the Armenian Church, parishes and individuals who are creating a legacy through endowments.

The investment objective of ACEF is to earn sufficient returns through time to support stable and growing income distributions for each individual endowment fund to its designated beneficiary, while preserving and enhancing the principal balance of each such endowment fund. ACEF seeks to accomplish this objective by aggregating the individual endowment funds and investing them collectively in a broadly diversified portfolio managed by institutional quality investment managers.

For more information, long onto acefinvest.org, or call Berjouhi Saladin in ACEF offices at (212) 686-0710, ext. 134.

 

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