7 Nov 2019
Nike is not something that you wear on your body but rather “Nike” is something that you possess in your heart. 

Nike is not something that you wear on your body but rather “Nike” is something that you possess in your heart.

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29 Oct 2019
If you are a fan of music, you know the infamous name Kanye West. A prolific musician that took the rap scene by storm in 2004 with the debut studio album "The College Dropout." This week, the controversial West, who is no stranger to creating polarizing headlines, shocked fans and critics alike when he cut his very first Christian rap album boldly titled "Jesus is King."

Co-Author Cara Groenendaal

If you are a fan of music, you know the infamous name Kanye West. A prolific musician that took the rap scene by storm in 2004 with the debut studio album “The College Dropout,” through Def Jam Recordings and Rock-a-fella Records. This week, the controversial West, who is no stranger to creating polarizing headlines, shocked fans and critics alike when he cut his very first Christian rap album boldly titled “Jesus is King.”

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9 Oct 2019

The growth of evangelical Christianity in America in the latter half of the 20th Century prompted the rise of many Christian-oriented institutions, including those in the financial sector. From Larry Burkett’s founding of a Christian financial ministry in 1976 to Art Ally’s launching of the Timothy Plan in 1994, the Faith-Based Investing / Biblically Responsible Investing (BRI) world grew fast – and is still expanding. Read more

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19 Sep 2019
Sacking a Quarterback for His Christian Witness
17 Sep 2019

The growth of evangelical Christianity in America in the latter half of the 20th Century prompted the rise of many Christian-oriented institutions, including those in the financial sector. From Larry Burkett’s founding of a Christian financial ministry in 1976 to Art Ally’s launching of the Timothy Plan in 1994, the Faith-Based Investing / Biblically Responsible Investing (BRI) world grew fast – and is still expanding. Read more

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5 Sep 2019
Piggy bank with calculator represents Biblically Responsible Investing Historical Returns - Comparable or Better

The growth of evangelical Christianity in America in the latter half of the 20th Century prompted the rise of many Christian-oriented institutions, including those in the financial sector. From Larry Burkett’s founding of a Christian financial ministry in 1976 to Art Ally’s launching of the Timothy Plan in 1994, the Faith-Based Investing / Biblically Responsible Investing (BRI) world grew fast – and is still expanding. Read more

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26 Aug 2019
Church attendance appears to be a secret weapon against the problem of suicide.
21 Aug 2019
Invested with Purpose - Art Ally shares his story of starting Timothy Plan.
15 Aug 2019
13 Aug 2019

Market Backdrop

Global equity markets went on a wild ride in the second quarter with equities rising in April, taking a plunge in May and then rebounding strongly in June to end the quarter on a strong footing. Hopes of accommodative central bank action early in the quarter led to equities continuing their first quarter rally but was interrupted abruptly by a falling out of the U.S.-China trade talks. An announcement that the U.S. would be ending talks and increasing tariffs on $200bn sent the markets on a tailspin as the goldilocks market environment was questioned.

Central banks around the world appeared to double down on their commitment for further monetary easing and markets began to price in rate cuts in 2019, a major change versus earlier in the year where rate hike expectations had been delayed but not expectations for rate cuts. The “central bank put” is back with the Federal Reserve, European Central Bank, Swiss Bank, and the Bank of Japan all appearing to sound the same trumpet of “whatever it takes” mentality to support economic growth and confidence over the coming year. Excess central bank liquidity has helped financial assets since the Global Financial Crisis and central banks appear to be turning on the taps once more. Global bond yields plummeted during the quarter hurting the Financials sector but helping support growth equities. Recessionary concerns continued to surface as the 3m-10y U.S. bond yield spread remained in negative territory and the New York Fed Probability of U.S. Recession measure reached over 29%, the highest reading since 2007.

In spite of rising tensions in the Middle East, oil prices fell during the quarter as increasing production from the U.S. Permian Basin combined with higher than expected global inventories and concerns over demand given weakening economic outlook led oil prices lower from their April highs. The U.S. Dollar softened a bit given increasing expectations for rate declines in the U.S. but remained elevated versus most currencies.

Large caps outperformed small and mid-caps for the quarter and year while Growth has significantly outperformed Value for the quarter and year-to-date periods. The best performing MSCI EAFE countries for the quarter were Switzerland, Australia, and Germany while the worst performing MSCI EAFE countries for the quarter were Israel, Finland, and Austria. The best performing emerging markets for the quarter were Argentina, Russia, and Greece while the worst for the quarter were Pakistan, Chile, and Hungary.

Performance and Attribution

The Timothy Plan International Fund continued its strong start of 2019 as it outperformed the MSCI EAFE index for the second quarter in a row.  Sector allocation and stock selection were both additive to alpha this quarter.  In sector allocation, an underweight to Real Estate and an overweight to Technology were positive.  Stock selection was helped by strong selection in Industrials, Financials, and Consumer Staples.  From a country standpoint, the Fund benefitted from strong stock selection in the UK, Japan, and Hong Kong.

Outlook

With subdued inflation across most developed economies, major central banks appear set to begin ultra-loose monetary policy experiment 2.0.  The added monetary stimulus should continue to support financial assets in the near term although economic conditions have worsened in major markets placing doubts about the viability of an extended economic recovery. International equities continue to provide a good investment opportunity at these valuation levels.