Buongiorno and greetings.

Once again, it is my privilege to look back on the past calendar year of CBIS. Along with the universal Church, we walked as pilgrims of hope to mark this year of Jubilee. That hope in the Holy Spirit was given dramatic expression as we mourned the loss of Pope Francis and celebrated the election of Pope Leo XIV. In a divided world, the Church showed a hope that brings unity and renewal.   

In the light of these historic moments, we reflect on the events that brought us here. I’m reminded of St. Paul’s lesson in 1 Corinthians, when he describes how we are one body with many members, each with a unique role. When we work together and bring our individual strengths to the table, we create something none of us could achieve alone.

I am thinking, of course, of the investors and employees who have shaped CBIS over the years. What we have built together is working. This year, CBIS continued to evolve and expand its capabilities in ways that serve the Catholic Church and Catholic investors better than ever. We strengthened our resources, broadened our outreach, and refined our processes to respond more effectively to the needs of those we serve. This progress has been shaped by the synodal renewal, which Pope Francis initiated, and Pope Leo has affirmed. A synodal approach calls us to walk together, listen closely, and adapt thoughtfully. By embracing this shared journey, we deepen partnerships and ensure our mission guides every step forward.

Let me share how CBIS’ journey reflects a global evolution, building competitive products, while continuing the advancement of Mensuram Bonam. 

CBIS’ Global Evolution

CBIS is committed to evolving with global markets, which have become more connected and sophisticated. The unanimous vote to transform the CBIS Global Funds lineup in November marked a defining moment in that evolution. The first trades in the new CRI Global Equity and CRI Global Bond Funds represented the culmination of more than four years of global collaboration. Your encouragement, patience, and prayers were essential in bringing it all to completion. Professionals across continents worked through time zones, disciplines, and cultures to bring these smart, investor-friendly offerings to market. 

I’m confident these newly designed funds will appeal to a growing number of Catholics across an expanding range of markets. In expectation of serving more investors, we have strengthened our Rome team with a dedicated relationship manager, and we expect to hire a Europe-based portfolio manager shortly. We are also actively recruiting additional Europe-based team members, including a board member and a Catholic Responsible Investments Director dedicated to engagement, enhancement, and exclusion efforts.

As our global presence evolved, CBIS reached an all-time high of $12.8 billion in assets under management (AUM) in 2025. CBIS today is not only a global firm in scope but a global firm in action.

We Keep Building Competitive Products

As part of CBIS’ mission to serve more Catholic investors, our Catholic Responsible Investments team continues to carefully select sub-advisers whose qualities help define us as a trusted Catholic investment manager. Over our long history, we have developed a clear understanding of what we seek in investment professionals. Specifically, we look for managers who have:

• Demonstrated investor confidence, as shown through asset retention and AUM growth.
• A track record of important product development and innovation.
• Processes that are disciplined, repeatable, and built to deliver consistent performance.
• Trustworthy and collaborative people aligned with our values.

It is clear that combining distinct managers with unique strategies in a single allocation works for investors. Our investment results reflect the effectiveness of this approach.  In 2025, 80% of all CBIS active funds placed above median, and 40% were in the top third of their categories¹ while remaining aligned with Catholic Responsible Investments.

We have listened to our non-U.S. investors who have asked for access to more managers and competitive products. The global transformation is supporting this effort by providing a broader set of asset managers and asset classes. We look forward to introducing exciting new asset classes, like global high yield and emerging market debt, markets not previously been within our reach, which will be first introduced into the CRI Magnus for non-U.S. investors. Exciting, too, is the prospect of integrating ideas developed for non-U.S. investors into our U.S. funds, including CRI Magnus, U.S. Small Cap Equity, and Opportunistic Bond. Applying our learnings across regions supports a more unified, global investment process and benefits investors.

Continuing the Mensuram Bonam Journey

When the Vatican published Mensuram Bonam in 2022, CBIS was centrally positioned to advance the call to engage, enhance, and exclude. Aligning investments with faith is a journey, and we are grateful to serve in a role that supports our investors as they navigate their own paths in implementing Mensuram Bonam.

In 2025, the Catholic Responsible Investments Team led or participated in over 70 engagements, surpassing our ambitious goal to triple our historical average. As part of this progress, 36% of our corporate engagements now take place outside the U.S., a 29% increase from 2024, reflecting the global strength of our active ownership efforts.

CBIS also continues to advance enhancement efforts through strategic investments in impact bonds, supporting projects that promote the common good and environmental stewardship worldwide. In addition, CBIS remains a champion of the FSC Foundation, which advances educational programs globally. From its founding through 2025, the Foundation has awarded 1,764 grants, totaling more than $4.5 million, to organizations making a real difference. We are proud to highlight a few of these grant recipients in the annual CBIS Impact Report, a reminder of how our shared efforts extend well beyond investment performance.

To ensure Catholics can avoid ethical contradictions between investments and Church teaching, CBIS maintains a well-formed exclusion process that has excluded unsuitable companies for more than 40 years. Our approach combines active ownership considerations, several Bishops’ guidelines from around the world, and Mensuram Bonam principles to guide thoughtful and discerning exclusion.

CBIS was blessed by the insight of the De La Salle Christian Brothers more than four decades ago. With humility, I believe CBIS continues to lead the way for Catholic investors who are looking to transform the world.

Final Thoughts

The progress we made this year in our global evolution, in building competitive investment solutions, and continuing to evangelize Mensuram Bonam, was possible because of you, our CBIS investors, a reminder in the spirit of St. Paul that none of us could achieve this alone. 

Thank you for your patience, your support, and your trust. Most importantly, thank you for the work you do, caring for the sick, educating the young, sheltering the homeless, and safeguarding the Church’s treasury. The continuum of our work together in making an impact will be featured in our upcoming 2026 Impact Report.

On behalf of everyone at CBIS, let me say we look forward to serving you in 2026 and beyond. We are honored to walk alongside you in that synodal spirit of prayer and listening as you meet the demands and dreams of your charisms. 

Peace.

¹eVestment Alliance Peer Group and Morningstar data is presented gross of management fees. Peer ranking based on 5-year gross returns. Products are classified into eVestment and Morningstar universes by using a combination of performance and style analysis, portfolio characteristics, country and currency allocations, and a review of the strategy’s narratives. eVestment and Morningstar consider both qualitative and quantitative data points and creates the most accurate and relevant peer groups. Peer group ranking is based on the number of managers representing private and registered funds who have reported to eVestment at the time the report was run, rankings are based upon the highest gross return reported for the period; Short Duration Bond: 216; Opportunistic Bond: 216; Bond: 177; Ultra Short Bond: 51; International Equity: 59; EAA Fund Europe Large-Cap Blend Equity: 1371; World Equity: 267; EAA Fund EUR Government Bond: 96; World Bond: 74. CBIS pays a subscription fee to eVestment and Morningstar; however, does not participate or pay for the information extracted. The rating is not indicative of the adviser’s future performance. For CRI Funds with more than one share class, the Institutional Share class is used for comparison, performance and ranking for other share classes will vary.

Consider the CRI Funds’ investment objective, risk, and charges and expenses. This and other information can be found in the funds’ prospectus, and if available, the summary prospectus, which may be obtained by visiting www.cbisonline.com or by calling 1-866-348-6466. Please read the prospectus, or summary prospectus, carefully before investing.

Mutual fund investing involves risk, including possible loss of principal. There can be no assurance that the Fund will achieve its stated objectives. Current and future holdings are subject to risk.

The CRI Funds are distributed by SEI Investment Distribution Co. (SIDCO). SIDCO is not affiliated with CBIS.

Save the date: February 4, 2027
Casa Generalizia Fratelli delle Scuole Cristiane | Rome

Held in the spirit of collaboration and shared purpose, the conference brings together thought leaders, investors, and Church leaders to explore how Catholic investing can transform the world.

Join us for a day that unites insight and inspiration, advancing our shared values in investing according to Catholic social teaching.

Invitation-only event. Registration will be available soon.

A look back: 2026 Agenda

Morning

08:15 Registration and Coffee
Entrance

08:45 Mass
Cardinal Peter Turkson, Chancellor of the Pontifical Academy of Sciences and the Pontifical Academy of Social Sciences | La Sallian Shrine

09:45 Welcome from CBIS
David Schwarzenberger | Aula Magna

09:55 Welcome from the Institute of the Brothers of the Christian Schools
Brother Carlos Gabriel Gómez Restrepo, FSC, Vicar General for the Institute of the Brothers of the Christian Schools | Aula Magna

10:05 CBIS Update
Jeffrey McCroy, CBIS President & Chief Executive Officer | Aula Magna

10:20 Panel discussion on the Global South and the Church
Cardinal Peter Turkson, Chancellor of the Pontifical Academy of Social Sciences, John Dalla Costa, President of the Centre for Ethical Orientation, Brother Amilcare Boccuccia, FSC, Secretary of Solidarity and Development, Jeffrey McCroy, CBIS President & Chief Executive Officer | Aula Magna

11:05 Coffee break
Veranda

11:35 Keynote: Ethical AI
Julie Tanner, CBIS Managing Director – Catholic Responsible Investments, Byron Evans, Mercer Director of Product, Artificial Intelligence, John Dalla Costa, President of the Centre for Ethical Orientation | Aula Magna

12:20 Mensuram Bonam
Sr. Helen Alford, O.P., Dean, Faculty of Social Sciences | Aula Magna

Afternoon

12:55 Lunch
Prayer: David Schwarzenberger | Restaurant

13:55 Breakout Sessions

1. Market Outlook and Opportunities – English and French
Thomas Digenan, CBIS Chief Investment Officer and Deborah Wardle, Mercer Head of Portfolio Management, EMEA | Aula Magna

2.1 CBIS Fund Brief Rotation 1 – Spanish
David Schwarzenberger | Formation Center

2.2 CBIS Fund Brief Rotation 1 – Italian
Federico Addari, CBIS Director – Relationship Management | Formation Center

14:55 Coffee Break
Veranda

15:25 Breakout Sessions

1. Market Outlook and Opportunities – Spanish and Italian
Thomas Digenan, CBIS Chief Investment Officer and Deborah Wardle, Mercer Head of Portfolio Management, EMEA | Aula Magna

2.1 CBIS Fund Brief Rotation 2 – English
David Schwarzenberger | Formation Center

2.3 CBIS Fund Brief Rotation 2 – French
Michel Meert, Mercer | Formation Center

16:25 Closing
David Schwarzenberger | Aula Magna

16:35 Aperitivo
Veranda

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2026 CBIS Global Conference Materials

Click below to view the presentation in your preferred language.

Printable Agendas English, Spanish, Italian, French

CBIS Update English, Spanish, Italian, French

Mensuram Bonam English, Spanish, Italian, French

Market Outlook and Opportunities English/French, Spanish/Italian

CBIS Fund Brief Please reach out directly for a copy.

Ethical AI I&J Review English, Spanish, Italian, French

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2025 Global Conference – Session Videos

Navigating Market Uncertainty: Perspectives and Opportunities from Global Investment Leaders

CBIS Co-Chief Investment Officer Thomas Digenan, CBIS Co-Chief Investment Officer John Geissinger, and Garvan McCarthy, Chief Investment Officer at Mercer for Europe, Middle East, and Asia, explore historical and current financial market dynamics, offering insight into navigating volatility. The panel emphasizes that uncertainty, while challenging, also creates opportunity.

Charting the Future: CBIS’ Commitment to Global Catholic Investing

In this video, we outline CBIS’ evolving strategy, particularly to international investors, which focuses on expanded offerings and a more sophisticated global investment platform. President & Chief Executive Officer Jeffrey McCroy highlights the organization’s focus on Catholic Responsible Investments.

Faith, Finance, and the Future: The Transformative Power of Impact Investing

Angelika Delen, Global Head of Impact Investing at Mercer, explores how small financial decisions can drive large-scale social and environmental change through impact investing. She highlights global challenges—such as climate change, food waste, and healthcare inequality—and presents real-world examples of private market investments that address these issues while delivering returns.

All material of opinion reflects the judgement of the Adviser at this time and is subject to change. This material is not intended as an offer or solicitation to buy, hold, or sell any financial instrument or investment advisory services.

Greetings, 

I am humbled by your unanimous approval to transform the CBIS Global Funds lineup. The first trades of the new CRI Global Equity Fund and CRI Global Bond Fund on 17 November will represent the culmination of four years of demanding work by the talented folks at CBIS.

You’ll understand how proud I am to say CBIS’ assets under management (AUM) are at an all-time high. Post-transformation, certain assets will be required to shift between the U.S. and Europe, but the enthusiasm for the new Funds is evidenced by the stability of the organization’s AUM in total. From where I sit, that fact alone is a clear indication of a successful fund merger. 

On behalf of everyone involved, thank you for standing by us. 

A GLOBAL FIRM ACTING LIKE A GLOBAL FIRM

From here, I’m confident things will only get bigger and better for CBIS investors. The new Funds, we believe, will immediately benefit from the solid work done by our CBIS portfolio management team to determine complementary managers with diversifying return drivers for the portfolios. I can’t say enough about the great benefits we have gained from our relationship with Mercer in those efforts. 

On the horizon, meanwhile, is the launch of the CRI Magnus Fund, which, in my opinion, represents one of the most sophisticated, global multi-asset investment product designs on the market. As a direct result of the added resources and structure we’ve gained through our Mercer relationship, we expect to leverage our combined investing acumen across virtually any strategy or geography we see fit. I can easily see us bringing some of those smart ideas into our U.S. Magnus product soon. CBIS’ investment solutions are no longer bound by geography. 

And to cap it off – at least for now – we’ll be steadily rolling CBIS’ currency management skills into the new Global Funds. Recognizing that currency movements significantly affect investment outcomes, each Fund will be built out to include a share class denominated in the euro, in the U.S. dollar, and in a hedged euro! Currency management isn’t just a technical detail — it’s a key performance driver for global portfolios.

THIS TRANSFORMATION IS MORE THAN A TEMPORAL MOMENT

You may have heard of Kronos and Kairos, two concepts that originate from ancient Greek philosophy. Both are related to the concept of time, but they have distinct attributes that set them apart. While Kronos refers to the linear progression of time, Kairos is concerned with the quality of time and the opportunities its passage presents.

I mention this for a reason. This proposal, this transformation, this new CBIS – all along, we thought we were working on Kronos. In fact, what we’ve actually been delivering is Kairos. Our responsibility is to protect the treasury of the Church forever, not just for a moment. I believe this fund transformation positions CBIS to effectively lean into that noble responsibility for a very long time. 

Once again, thank you for your loyalty to CBIS and our Catholic Responsible Investments approach to managing money. We’re honored to be your partner. 

Peace,

Jeff

P.S. The Global Funds Transformation Toolkit is still available on the CBIS website. There’s plenty of helpful information included to assist you across the upcoming events!

Mass

Sessions

Helping to Answer a Higher Calling

CBIS has always placed the highest importance on Catholic teaching and service to the Catholic market.
Over the years, we’ve come to know that ensuring an alignment of interests between CBIS and its
investors demands a two-pronged approach: Independent oversight of the traditional governance
functions and an advisory body to emphasize the firm’s applications of Church teaching.

CBIS’ Charisms Council was formed as an advisory body to review and opine on important CBIS’
initiatives that touch on the firm’s application of Catholic teaching in its investment strategies…

Download PDF

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• Resources
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Magnus Literature 3Q21

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Ut etiam sit amet nisl. Enim sed faucibus turpis in eu mi bibendumm sit amet nisl suscipit. Egestas maecenas pharetra convallis posuere morbi leo. Ut etiam sit amet nisl, maecenas pharetra enim.enim tortor at auctor. Sit amet risus nullam eget felis. Odio ut sem nulla pharetra diam sit amet nisl suscipit. Egestas maecenas pharetra convallis posuere. Odio ut sem nulla pharetra diam sit amet nisl suscipit. Egestas maecenas pharetra convallis posuere morbi leo. Ut etiam sit amet nisl. Enim sed faucibus turpis in eu mi bibendum neque egestas. Tristique nulla aliquet enim tortor at auctor. Sit amet risus nullam eget felis. Odio ut sem nulla pharetra diam sit amet nisl suscipit. Egestas maecenas pharetra convallis posuere morbi.

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