Our Funds
The mission of Virginia Episcopal Investment Funds is to fuel the ministries of Virginia Episcopal congregations and institutions through faithful investment and management of their funds.
We work with churches and related organizations to achieve their financial performance and capital preservation goals while acting as stewards of their monetary resources. Assets invested in Virginia Episcopal Investment Funds (VEIF) portfolios are managed on a day-to-day basis, offering timely decision making and the ability to enhance returns while mitigating risk through agile asset allocation and investment selections. This approach offers all our Participants access to investment classes and investment expertise that are often not available to smaller or individual investors.
Explanation of VEIF Performance Benchmarks
VEIF offers three funds in which our Participants may invest to achieve their specific financial objectives:
The Balanced Fund
The Balanced Fund is our flagship fund established to provide a conservative investment option for endowment funds and other long-term accounts. It is conservatively managed to preserve funds and earn steady returns while dampening volatility.
The VEIF Board manages the Balanced Fund to provide invested Participants with an annual payout of between 4% and 5% if Participants choose to take it.
This fund is subject to market risk.
Balanced Fund Investment Summary (as of September 30, 2025)
Balanced Fund Asset Allocation*
(all values in %)
Market Value = $142.9M
*Reflects new Asset Allocation Targets Approved in September 2025. The Private Equity allocation will be built out over several years.
**Alternative Income allocation has not yet been funded.
Balanced Fund Performance (Net of Fees)
Note: Returns greater than one year are annualized.
- The Balanced Fund gained 2.5% during the month of September, slightly underperforming the benchmark return of +2.6%. The portfolio ended the month with $142.9 million.
- U.S. markets gained in September, as the S&P 500 set new all-time highs on eight separate occasions over the month.
The Short Term Fund
The Short Term Fund is a fully liquid fund created for Participants who want to earn more on their funds than provided by a savings account or certificate of deposit, but who do not want to participate in the equity markets. The fund is invested in fixed income funds.
The Short Term Fund does not feature an annual payout. Participants deposit and withdraw funds as they need.
This fund is subject to market risk.
Short Term Fund Investment Summary (as of September 30, 2025)
Short Term Fund Asset Allocation*
(all values in %)
Market Value = $9.7M
Estimated portfolio duration: 1.50 years
Estimated portfolio yield: 3.9%
*(Values) reflect the asset allocation targets approved by the VEIF board.
Short Term Fund Performance (Net of Fees)
Note: Returns greater than one year are annualized.
- The Short Term Fund gained 0.3% during the month of September, performing in line with the benchmark. The portfolio ended the month with $9.7 million.
- During the month, fixed income markets were positive as longer-term treasury yields rallied. The 10-year treasury yield ended the month at 4.2%, while the 30-year ended September at 4.7%.
The All Equity Fund
The All Equity Fund invests in a portfolio of stock index, exchange traded, and actively managed funds, with the goal of maximizing long-term return with reasonable risks. This fund was created in response to churches and organizations that are not as concerned with consistent annual results and want to fully participate in the equity markets. The fund is managed for higher returns over a longer-term horizon but with higher volatility.
The Board does not manage the All-Equity Fund for an annual payout. All funds will remain fully invested over time. Participants will withdraw funds as they choose.
This fund is subject to market risk.
All Equity Fund Investment Summary (as of September 30, 2025)
All Equity Fund Asset Allocation*
(all values in %)
Market Value = $2.0M
*(Values) reflect the asset allocation targets approved by the VEIF board.
All Equity Fund Performance (Net of Fees)
Note: Returns greater than one year are annualized.
- The All Equity Fund gained 3.8% during the month of September, outperforming the benchmark return of +3.6%. The portfolio ended the month with $2.0 million.
- U.S. markets gained in September, as the S&P 500 set new all-time highs on eight separate occasions over the month.