Investment Services Driven by Your Mission A Message from Chief Investment Officer Johara Farhadieh As investors reflect on the third quarter of 2025, it’s not hard to spot evidence of uncertainty. From geopolitical conflict and global trade tensions to sticky inflation and cooling labor market data, there are plenty of unknowns throughout the financial markets right now. Still, there are many optimistic signs. We continue to see compelling opportunities in global equity markets, and corporate earnings results remain strong. Looking toward our work here at Wespath, I’m proud to celebrate several important milestones for our team and our clients. The successful launch of the International Equity Index Fund – I Series marks another step forward in our commitment to offering cost-effective, mission-focused investment solutions, while implementing a new benchmark for the Multiple Asset Fund – I Series provides a simpler, more transparent way for investors to measure our performance against industry standards. Meanwhile, the release of our latest Sustainable Investment Report highlights our ongoing commitment to values-based stewardship and responsible investing. I’m excited for you to hear more about all these successes in this quarter’s letter. Of course, I recognize that our progress as an organization is only meaningful if it helps our investors feel supported and empowered in living out their missions. We know the landscape ahead is complex. Our team is committed to walking alongside you, offering steady guidance and practical solutions, whether that’s through sound investment management or by helping you address operational hurdles. Our aim is to support you on every front, so you can focus on your mission with confidence. Thank you for allowing us to be part of your journey. I hope you enjoy reading this quarter’s letter!
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This letter is intended for institutional investor audiences. Wespath Benefits and Investments (“Wespath”) is a general agency of The United Methodist Church, a 501(c)(3) tax-exempt organization. Wespath administers benefit plans and together with its subsidiaries, UMC Benefit Board, Inc. (“UMCBB”) and Wespath Institutional Investments, LLC (“WII”), invests (or provides back-office services for) assets on behalf of benefit plan participants and beneficiaries, plan sponsors and other institutions controlled by, associated with or related to The United Methodist Church. The P Series funds are managed by UMCBB, and the I Series funds are managed by WII. As part of the Wespath organization, WII and UMCBB utilize certain shared personnel, including investment professionals. The shared personnel relationship is governed by the terms of a Dual Employee Agreement entered into by and among Wespath, WII and UMCBB. Unless otherwise noted, the firm referenced herein is defined to include Wespath, UMCBB and WII.