Saturday, July 21, 2018

Financial Information

2017 has been a remarkable year. Investment accounts have increased 18.33% due to the strong stock market. We have celebrated our 20th anniversary, and we changed our corporate name to Commonwealth Charitable Management.

Our market performance was the third highest we have had in the fifteen years that we have invested our own funds. Only 2003 and 2009 surpassed last year, and both of those years followed severe market downturns. Our 60% stock and 40% fixed income allocation has served us well. The average return since our first year is 9.06%. The average for the last five years is 9.98%. Of course, this is tax free.

The Community Foundation was established as an affiliate of the Williamsport Lycoming Foundation on January 27, 1998. We became an independent corporation on January 1, 2003. As the Community Foundation grew, we experienced many new opportunities. The Foundation manages funds that function as a charitable foundation for corporations. We create funds that distribute scholarships and grants to area schools through Pennsylvania’s Educational Improvement Tax Credit program. And we continue to administer 238 individual funds. The Foundation currently manages over $14,000,000.

 Investments are made in the following mutual funds: 

The Windsor II Fund seeks long-term capital growth and some current income by investing primarily in the stocks of large, dividend-paying companies believed by the advisors to be undervalued at the time of purchase. This fund?s advisers use value-oriented investment analysis to find stocks that have favorable prospects for earnings growth not reflected in their price. This fund currently comprises 14.1% of the value of the Investment Account. 

The Long Term Investment-Grade Fund seeks current income by investing in high-quality corporate bonds with an average maturity of 15 to 25 years. This fund currently comprises 12.50% of the value of the Investment Account. 

The GNMA Fund seeks current income by investing primarily in Government National Mortgage Association, "Ginnie Mae", securities which are backed by the U. S. Government. This fund currently comprises 12.3% of the value of the Investment Account. 

The Short Term Investment-Grade Fund seeks current income by investing in high-quality corporate bonds with short term average maturities. This fund currently comprises 12.5% of the value of the Investment Account. 

The Windsor Fund seeks long-term capital growth and current income by investing primarily in the stocks of large and midsize companies believed by the advisers to have superior return potential not reflected in their current prices. This fund?s advisers use fundamental company, industry, and economic research and quantitative analysis to identify out-of-favor securities that will outperform the market over time. This fund currently comprises 7.8% of the value of the Investment Account. 

The Primecap Fund seeks long-term capital growth by investing in large and midsize U. S. Companies believed by the fund?s adviser to have above-average earnings growth potential not reflected in their current market price. This fund currently comprises 6.1% of the value of the Investment Account. 

The Morgan Fund seeks long-term capital growth by investing primarily in stacks of large and midsize companies across many industry sectors. The fund?s advisors use both fundamental and quantitative techniques to choose stocks that demonstrate the potential for faster-than-average revenue and/or earnings growth. This fund currently comprises 6.1% of the value of the Investment Account. 

The U.S. Growth Fund seeks long-term capital growth by investing primarily in the stocks of seasoned U.S. Companies with a record of superior growth. This portfolio?s adviser emphasizes companies with strong positions in their markets and reasonable financial strength. This fund currently comprises 6.0% of the value of the Investment Account. 

The International Growth Fund seeks long-term capital growth by investing in the stocks of foreign companies believed by its investment advisers to exhibit above-average growth potential. To maintain geographic diversity, the fund?s advisers invest in number of international stock markets; most investments are made in Europe and the Pacific region. This fund currently comprises 9.2% of the value of the Investment Account. 

The International Value Fund seeks long-term capital growth by investing in the stocks of large, midsize, and smaller foreign companies in developed and emerging foreign markets. This fund?s adviser conducts extensive research, selecting companies that are currently undervalued but that demonstrate solid long-term growth potential and are attractively priced in relation to similar companies. This fund currently comprises 9.3% of the value of the Investment Account. 

The Explorer Fund is an aggressive growth stock fund that seeks to provide long-term growth of capital by investing in small, unseasoned companies with higher risk characteristics but above-average prospects for growth. This fund comprises 3.8% of the value of the Investment Account.

 

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