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June 20, 2022
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Investing involves risk, including the potential loss of principal.
Before investing, carefully consider the fund’s investment objectives, risks, charges, and expenses of the investment company. This and other important information can be found in the fund’s prospectus. To obtain a copy, visit TIMOTHYPLAN.COM or call 800.846.7526. Read each prospectus carefully before investing.
Because the Timothy Plan Funds do not invest in excluded securities, the Funds may be riskier than other funds that invest in a broader array of securities. There are risks when a fund limits its investments to particular sized companies, and all companies are subject to market risk. The Fund recently experienced significant negative short-term performance due to market volatility associated with the Covid-19 pandemic.
MUTUAL FUND INVESTOR
To read more about our mutual funds, please click this link to access fund information, including the prospectus, fact sheets, performance, and holdings for each fund.A prospectus is available from the Fund or your financial professional that contains more complete, important information. Please read it carefully before investing. Mutual Funds distributed by Timothy Partners, Ltd. Member FINRA.
HEADQUARTERS: 1055 Maitland Center Commons, Maitland, FL
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To read more about our ETFs, please click this link to access fund information, including fact sheets, performance and holdings for each fund. A prospectus is available from the Fund or your financial professional that contains more complete, important information. Please read it carefully before investing. ETFs distributed by Foreside Fund Services, LLC, Member FINRA. Timothy Partners, Ltd. is not affiliated with Foreside Fund Services, LLC.
ETF SHAREHOLDER SERVICES: Contact your financial advisor for information regarding your account.
Small Cap Value Fund
Index Drivers:
During the second quarter, the Russell 2000 Index saw strength in the Energy, Real Estate, and Consumer Staples while the Industrials, Materials, and Financials sectors underperformed
Performance Drivers:
The portfolio’s relative performance benefitted from favorable stock selection in Information Technology and Utilities. Sonic shares moved higher after reporting better than expected same-store sales as weather normalized and management provided a positive outlook. Novanta continued to post strong results as they transition further up the value-chain and expand their addressable markets. SRC Energy rallied on the back of solid results and rising crude oil prices. Omnicell gained after strong implementations for their XT platform with new products in place to further support additional growth. Brooks Automation climbed on strong results across both their life science and semiconductor segments with management’s guidance for their upcoming quarter well ahead of estimates.
The portfolio’s relative performance was negatively impacted by unfavorable stock selection in Energy and Financials. Callon Petroleum fell on investor concerns regarding pipeline takeaway capacity for their operations in the Permian Basin. Summit Materials declined as weather caused volumes to come in below expectations and investors awaited future acquisitions. Alamo Group saw results pressured by a strike at one of their plants, now resolved, and management continued to invest in additional plants and equipment to support future growth. Hostess shares moved lower as the loss of shelf space at a major grocer is a near-term headwind to topline growth, though management plans to increase spending in subsequent periods to help reaccelerate growth. LegacyTexas fell as elevated credit costs from two specific credits drove earnings below expectations even as their net interest margin expanded from higher rates.