Fund Evaluator:
BFS Equity Institutional (BFSIX)
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Best Performing in Large Blend Over the Last Year
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Fund Details
BFS Equity Institutional Overview
BFS Equity Institutional (BFSIX) is an actively managed U.S. Equity Large Blend fund. BFS launched the fund in 2013.
The investment seeks long-term appreciation through growth of principal and income. The fund will invest primarily in large capitalization common stocks that in the opinion of the fund's adviser, Bradley, Foster & Sargent, Inc. (the "Adviser"), appear to be high quality and attractively valued companies. Equity securities in which the fund may invest include common stocks and common stock equivalents and shares of other investment companies (including open-end and closed-end funds and exchange-traded funds ("ETFs")) whose portfolios primarily consist of equity securities.
About BFS Equity Institutional (BFSIX)
There are 3 members of the management team with an average tenure of 10.60 years: Keith LaRose (2013), Thomas Sargent (2013), Robert Bradley (2020). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: S&P 500 (TR) (1970) index with a weighting of 100% and DJ Industrial Average TR USD index with a weighting of 100%. BFS Equity Institutional has 39 securities in its portfolio. The top 10 holdings constitute 49.5% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
BFS Equity Institutional is part of the Equity global asset class and is within the U.S. Equity fund group. BFS Equity Institutional has 6.2% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 91.4%. There is 6.2% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.8% (0.8% domestic bond, 0.0% foreign bond and 0.0% convertible bond). BFS Equity Institutional has 1.6% of the portfolio in cash.
Assets Under Management
The fund has $60 million in total assets, which is below the $6 billion average for the Large Blend category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
BFSIX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The BFS Equity Institutional expense ratio is high compared to funds in the Large Blend category. BFS Equity Institutional has an expense ratio of 0.99%, which is 22% higher than its category average, making the fund expense ratio grade a D. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. BFS Equity Institutional has a portfolio turnover rate of 16%, indicating that holds its assets around 0.1 years. By way of comparison, the average portfolio turnover is 48% for the Large Blend category.
Recently, in the month of July 2026, BFS Equity Institutional returned 2.4%, which earned it a grade of A, as the Large Blend category had an average return of 0.4%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
BFS Equity Institutional has a trailing yield of 0.17%, which is below the 0.56% category average. The fund normally distributes its income annually and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
BFS Equity Institutional Grades
Year to date, the fund has returned 2.3%, 7.0 percentage points worse than the category, which translates into a grade of F. The fund has returned 7.2% over the past year (grade of F), 13.2% over the past three years (grade of F) and 7.5% per year over the past five years (grade of F) and 11.3% per year over the past 10 years (grade of F).
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BFSIX Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| BFSIX Return (NAV) | 2.4% | -0.3% | 7.2% | 13.2% | 7.5% | 11.3% |
| BFSIX Grade | A | F | F | F | F | F |
| +/- Category | 2.0% | -4.4% | -10.2% | -4.1% | -3.6% | -2.4% |
| Large Blend Avg | 0.4% | 4.1% | 17.5% | 17.3% | 11.1% | 13.7% |
| BFSIX Tax Cost Ratio | na | na | 1.4% | 0.7% | 1.0% | 0.8% |
BFSIX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| BFSIX Return (NAV) | 2.3% | 11.0% | 23.4% | 16.8% | -18.5% | 24.8% | 10.5% | 32.9% | -2.9% | 21.0% | 4.5% |
| BFSIX Grade | F | F | C | F | C | D | F | A | A | C | F |
| +/- Category | -7.0% | -4.8% | 1.3% | -6.9% | -1.3% | -1.8% | -7.1% | 3.0% | 3.0% | -0.3% | -5.6% |
| Large Blend Avg | 9.3% | 15.8% | 22.1% | 23.7% | -17.3% | 26.5% | 17.5% | 29.8% | -5.9% | 21.3% | 10.2% |
| Risk Measures | |
| Standard Deviation: | 12.4% |
| Total Risk Index: | 1.01 - Average |
| Category Risk Index: | 0.93 - Low |
| Category Risk Grade: | A (19% Rank) |
| Beta: | 0.88 |
| R-Squared: | 87% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Large-Cap Blend |
| Bond Investment Style: | na |
| Yield: | 0.2% |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | Annually |
| Total Assets: | $60 Mil |
| Fund Total Assets: | $ 61 Mil |
| Share Class Type: | Inst |
| Portfolio Turnover: | 16% |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 12.7 years | |||
| Average Tenure: 10.6 years | |||
| Managers (Year): LaRose Keith (2013), Sargent Thomas (2013), Bradley Robert (2020) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 39 |
| % in Top 10 Holdings: | 49.5% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 6.2% |
Portfolio Allocation |
|
| Domestic Stock: | 91.4% |
| Foreign Stock: | 6.2% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.8% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 1.6% |
Purchase Information
| Fund Family: | BFS |
| Phone Number: | 855-575-2430 |
| Website: |
| Status: | Open |
| Inception Date: | November 8, 2013 |
| Min. Initial Purchase: | $1,000 |
| Min. Initial IRA Purchase: | $1,000 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | na |
Expenses and Fees | |
| Expense Ratio (%): | 0.99% ( Rating : High ) |
| Category Average Expense Ratio (%): | 0.81% |
| Share Class: | BFS Equity Institutional |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
