Shortly after the first case of Covid-19 in the U.S. was confirmed in January and quickly reached pandemic status, world financial markets reacted with worrying volatility. But while many investors around the globe were uncertain about the future of their financial assets, the Armenian Church Endowment Fund’s (ACEF) portfolio remained under the steady and capable guidance of its Board of Directors and Investment Committee.  As a result of the Committee’s keen foresight and proven financial acumen, ACEF’s portfolio ultimately outperformed the market during the downturn. Toward the end of March when the S&P was down 21% year-to-date, ACEF’s portfolio only dropped an estimated 13.3% during that period.  The portfolio’s hedge fund investments fulfilled their objective by providing a cushion during the decline, and the private equity investments softened the blow during the crisis and are now yielding a higher-than-market return on a mid- and long-term basis.