Cash & Equivalent Fund
Invested primarily in high quality, US Dollar-denominated money market instruments with remaining maturities of 13 months or less, the Cash & Equivalent Fund provides investors with the least amount of market risk and consequently the lowest total rate of return over time of United Church Funds’ 13 funds. Designed for those participants who seek a constant unit value, this fund offers a high level of liquidity with no expectation of appreciation, with income at current money market rates. The Cash & Equivalent Fund’s yield will vary from month to month, generally reflecting current short- term interest rates and other market conditions.
Manager: The Pension Boards-United Church of Christ, Inc.
The Pension Boards-United Church of Christ Inc.’s
(PBUCC) Fixed Income team manages the Core Fixed Income portfolio, a diversified portfolio comprised of US government and corporate bonds. The team comprises long-term investors who seek to capitalize on opportunities that arise when valuations move toward extremes. It believes that over longer periods the majority of returns in the bond market will be derived from yield and not capital appreciation. Since the 2008 financial crisis, tactical adjustments have been driven more often by macro factors such as changes in the economic, political, and regulatory environment. Based at the combined PBUCC/UCF headquarters in NYC, the Fixed Income team manages over $1 billion, and has invested on behalf of the UCF since 1987.