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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
(800) 846-7526 | Send an email | View our mapMUTUAL FUND SHAREHOLDER SERVICES: c/o Ultimus Fund Solutions, Post Office Box 541150, Omaha, NE 68154-1150
(800) 662-0201 | Account AccessETF INVESTOR
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.
Third Quarter 2019
Market Commentary:
Looking back, equity markets ended the quarter in positive territory despite continued concerns over the ongoing trade dispute and future economic growth given the deterioration of economic data. The U.S. market outperformed international equities and large caps fared far better than small caps. Investors continue to look for additional clues regarding the health of the economy given the longevity of the business cycle. The Federal Reserve cut rates twice during the quarter, marking the first time for such actions in over a decade. The market remains optimistic regarding additional future rate cuts in order to help bolster the economy. Interest rates fell sharply during the quarter, notably the yield on the 10-year U.S. treasury declined to 1.66%, falling 34 basis points over increasing demand for safe-haven assets amidst the uncertainty. The impact from macroeconomic uncertainty is clearly weighing on business confidence as company fundamentals have so far remained relatively resilient, while supporting the belief that earnings will be up year-over-year in 2019.
Looking forward to the end of the year and into 2020, earnings growth remains a key question for investors as earnings for the upcoming third quarter are once again slated to fall year-over-year. The prior two quarters saw positive surprises, relative to estimates, push growth back into positive territory but looking ahead, the market is still forecasting another year of strong growth into 2020. In contrast, the most recent GDP reading was for 2%, decelerating from the prior quarter, and other indicators such as the ISM’s PMI for manufacturing fell even farther into contractionary territory for the first time in nearly a decade. These, along with the trade disputes, continue to weigh on business confidence and have started to have some modest impact on consumer confidence as well. As the economic cycle continues to progress into its latter stages, the preference for high-quality, stable, and cash generative businesses are likely to increase even more so as markets become increasingly concerned for those companies with more challenged models. These differences, we believe, will cause further dispersion in returns between those companies best able to weather these uncertainties versus those who are not. We remain vigilant in assessing absolute risk in the securities we invest in and striving to protect client capital during these times for potential volatility from the uncertainty.
Timothy Plan Large/Mid Cap Value Fund Q3 2019 Commentary
Index Drivers:
Within the S&P 500 Index, Utilities and Real Estate posted the strongest returns during the third quarter while Energy and Health Care both posted declines.
Performance Drivers:
Positive stock selection in Consumer Discretionary and Materials helped relative performance. KLA Corp. hosted a favorable analyst day, pointing to accelerating near-term results as semiconductor capital equipment trends improve while increasing their long-term operating model. Sherwin-Williams beat earnings with strong margin performance in their consumer brands segment as the integration of Valspar continued. Dollar General posted strong results as strong execution and cost containment helped bolster margins and management reiterated their mutli-year growth strategy. CMS Energy rallied as interest rates declined and investors looked towards their upcoming investment plan as a catalyst for future earnings growth. Everest Re Group shares moved higher as industry reports point to large pricing increases for mid-year reinsurance renewals.
Unfavorable selection in Health Care and Energy weighed on relative performance. Crude price fluctuations amidst concerns over excess supply as demand growth wanes impacted several stocks including EOG Resources. Arista Networks fell as decelerating spending on technology in the near-term pressured shares, despite the attractive long-term growth potential. Patterson Companies shares moved down as the company continues to work through headwinds in their dental business though sales and earnings both were up in their latest quarterly report. PerkinElmer declined after sales fell modestly below expectations due to weakness in their industrial sales into China. DENTSPLY SIRONA continued to face broader headwinds in the dental market that pressured shares, as management continued to execute on their plan for growth initiatives and cost containment.
Past performance is not indicative of future results. Portfolio returns reflect the reinvestment of dividend and interest income. All information provided is for informational purposes only and is not intended to be, and should not be interpreted as, an offer, solicitation, or recommendation to buy or sell or otherwise invest in any of the securities/sectors/countries that may be mentioned. A description of the methodology used to calculate the attribution analysis or a complete list of each holding’s contribution to overall performance during the measurement period may be obtained by contacting [email protected]. Benchmark Data Source: © 2019 FactSet Research Systems Inc. All Rights Reserved. Russell Investment Group is the owner of the trademarks, service marks, and copyrights related to its indexes, which have been licensed for use by Westwood.