Inside The Church Pension Fund Portfolio Video Series: Fixed Income at Work

At an estimated $19.2 billion,^* The Church Pension Fund (CPF) ranks as one of the largest denominational retirement funds in the United States.

Providing retirement benefits for eligible clergy and lay employees of The Episcopal Church and their beneficiaries requires careful long-term planning. The CPF portfolio is funded by pension assessments received from Episcopal institutions. Because CPF pays out far more in pension and related benefits than it receives in assessments,^** pension assessments must be invested strategically to generate sufficient investment returns so CPF can meet its financial obligations for decades to come.

A thoughtfully diversified portfolio is a key part of CPF’s investment strategy. The old saying “Don't put all your eggs in one basket” also applies to investing. Spreading investments across different types of assets can help reduce risk. When one type of investment is underperforming, another may do better. This approach helps CPF mitigate risk while pursuing long-term growth in its investment portfolio.

CPF’s Investment Team, nearly 30 people strong, brings deep expertise across the seven major asset classes represented in the portfolio. The team leverages the skills of outside managers who invest in different economic sectors, global regions, and currencies, thereby giving CPF’s portfolio exposure to a wide range of investments across the global economy.

An Expert’s Perspective

Inside The Church Pension Fund Portfolio is a new video series exploring the role each major asset class plays in supporting CPF’s investment objectives. Our first installment focuses on the fund’s holdings in fixed-income securities. Fixed-income investments (bonds) are generally designed to provide a steady stream of income and can help cushion a portfolio during stock market downturns. At more than 28% of the portfolio, fixed income is CPF’s largest asset class allocation.

Managing Director John Angelica has overseen CPF’s fixed-income investment team since joining CPF in 2012. He brings extensive experience from his previous roles at JPMorgan and Brown Brothers Harriman & Co.

“Most of the risk that we’re taking in the CPF portfolio is equity risk [CPF’s investment in stocks]. In the fixed-income portfolio, we are looking to invest in assets that move differently from equities. If we are successful in doing that, fixed income can provide ballast to the overall portfolio,” John explains.

Watch John as he gives an overview of CPF’s universe of fixed-income securities and describes the three key benefits this asset class brings to CPF’s long-term investment strategy.

^*As of March 31, 2026

^**From April 1, 2025, through March 31, 2026, CPF received approximately $91 million in assessments and paid out $493 million in benefits to clergy, lay employees, and their dependents.

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