JEFFERSON CITY – The Missouri Baptist Foundation (MBF) has seen a $58 million growth in assets under management during the past four years, MBF trustees learned during their Aug. 13 meeting at the Baptist building here.
This growth, from $127 million just four years ago to $185 million now, reflects a mixture of investment returns, new clients and existing clients entrusting more resources with the Foundation.
“It has been a remarkable four years,” MBF President Neil Franks said. “As we seek to position ourselves as being ‘blessable’ by God, He has poured out the blessing. We are thankful to every client who has trusted us, and to God for providing so well for us.”
During their meeting, MBF trustees also heard from Oak City Consulting president Ross Roggenssack, outsourced chief investment officer (OCIO) for MBF, on how MBF investments impact the world for Christ.
Roggenssack also shared the initial returns on the new Storehouse fund, designed to provide a stable return with low volatility, while highlighting the performance of the recently renamed Kingdom and Harvest Funds designed for long-term capital appreciation and used for endowments and quasi-endowments.
“Given the market conditions, we expect a correction at some point and remain overweight in cash waiting for that opportunity,” Franks said. “At the same time, we are investing in diversifying strategies like farmland, energy, natural resources, and other income-producing strategies. We are always focused on downside protection while stewarding capital in ways that honor God and bless people.”
“Ross and his team,” Franks added, “are leading a revolution in investing institutional capital that makes the world a better place and advances the Gospel. We are proud to be at the forefront of that growing movement.
“Our investments in church buildings in Kansas City and ethical biotech companies seeking to eradicate disease are clear examples of this commitment. Yet we are always seeking the financial return our trusted ministries need to accomplish their mission both today and in the future.”
In other business, a new manager to MBF’s portfolio, Sovereign’s Capital, presented a unique investment opportunity. Part of the investment is designed to provide greater access to medical care in the poorest parts of New York City, as well as supporting educational technology advances across the world and investing in ethnically diverse entrepreneurs and initiatives.
MBF trustees also voted to receive new funds, adopted a new employee manual, heard reports on several pending real estate transactions, and set a $1.5 million budget for fiscal year, 2021-22.
Trustees also tentatively approved the allocation of anticipated underspend toward future projects and initiatives. This included a potential endowment campaign in partnership with Baptist Homes & Healthcare Ministries and the Missouri Baptist Children’s Home. Pending the final closing of financials at the end of September, trustees also approved a fee rebate for specific MBF clients.
“While we keep our fees as low as possible, and our own expenditures at a minimum, our investments have performed very well, and we wish to return the blessing to our clients this year,” Franks said. “We may not be able to do this every year – as Joseph reminds us, ‘the cows are skinnier in some years than others’ – but we believe we can act prudently and provide our clients a little extra.” Final details will be provided in October, Franks added.
The MBF trustees’ next full board meeting is scheduled for Dec. 10, with multiple meetings of MBF committees scheduled between now and then.