2022 was a volatile year for the capital markets, which reacted to fears of a looming recession, the Federal Reserve’s efforts to tame inflation and the war in Ukraine, among other things. The Armenian Church Endowment Fund (ACEF) finished 2022 with a portfolio valued at $139.6 million, which represented an 11.8% decrease from $157.5 million at the end of 2021. Despite this decline, the portfolio outperformed the 70% equity/30% bond portfolio benchmark, which was down 16.3% for 2022, and was in the top quartile of similarly situated private endowments. ACEF distributed a record $6.0 million to its beneficiaries, marking the 20th consecutive year it has dispersed 4.5% of assets it manages. The fund is under the guidance and supervision of its Board of Directors and Investment Committee, which is comprised of financial services professionals.

The ACEF Board is pleased to announce that it has hired Bank of America Private Bank as our new investment advisor. In 2022, the Board conducted a thorough Request for Proposal process to identify a firm who could serve as a fiduciary and provide discretionary investment management.