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!