Church of England Gets 'Stellar' Returns on Its Huge Investments
The Church of England's multi-billion investment fund saw "stellar" returns. The fund made a 17.1 percent return on its 2016 investments, more than double the 8.2 percent it made the previous year. The body that manages its assets proudly revealed that the returns were made by promoting ethical investing.
According to Church Commissioners, which manages the Church's investible assets worth £7.9 billion, the money will "support the work and mission of the Church of England today and for future generations, ensuring a Christian presence in every community."
"Contributing to this stellar outturn was a strong showing by global equities (+32.9 percent), partly reflecting the depreciation of sterling," First church estates commissioner Sir Andreas Whittam Smith said. "The combined property portfolios delivered a creditable 11.6 per cent in a relatively weak market environment," he added.
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The fund's performance now puts it ahead of Yale University endowment fund in terms of returns. Church Commissioners also informed that £230.7 million from the yield will be contributed to the Church's mission. He also cited the generosity of parishioners who contributed 15 percent of the church's overall income.
"Whether funding city centre churches, community projects in low-income areas or research programs to examine how the church can grow, these returns make a tangible difference to the lives of thousands across the country," Secretary and chief executive of the Church Commissioners Andrew Brown said.
The Church's Ethical Investment Advisory Group advises against investing in any company involved in indiscriminate weaponry, derives more than 3 percent of revenues from the production or distribution of pornography, or in any company whose business activity is focused on tobacco, gambling, non-military firearms, high-interest rate lending or human embryonic cloning.
The body prides itself for adhering to responsible investment which, it claims, should be compatible with Christian values. However, the fund was involved in a few controversial investments like its £75,000 stake in payday lender Wonga as well as its investments in contentious hedge funds.
