Fund Evaluator:

Meeder Moderate Allocation Adviser Overview

Meeder Moderate Allocation Adviser (DVOAX) is an actively managed Allocation Moderately Conservative Allocation fund. Meeder Funds launched the fund in 2016.

The investment seeks to provide total return, including capital appreciation, and current income. The fund invests primarily in common and preferred stocks, as well as fixed income securities. It may also invest in investment companies ("underlying funds"), which include domestic and foreign mutual funds, as well as in exchange traded funds ("ETFs"), closed-end funds, and unit investment trusts. The fund will have a maximum of 50% of its net assets invested in equity securities or underlying funds investing in equity securities. It will also have a minimum of 50% of its net assets invested in fixed income securities.

About Meeder Moderate Allocation Adviser (DVOAX)

There are 3 members of the management team with an average tenure of 7.51 years: Bob Meeder (2015), Joseph Bell (2018), Aneep Maniar (2023). Management tenure is more important for actively managed funds than passive index funds.

The fund has 2 primary benchmarks: Bloomberg US Agg Bond TR USD index with a weighting of 100% and Morningstar Mod Con Tgt Risk TR USD index with a weighting of 100%. Meeder Moderate Allocation Adviser has 224 securities in its portfolio. The top 10 holdings constitute 51.5% 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.

Meeder Moderate Allocation Adviser is part of the Allocation global asset class and is within the Allocation fund group. Meeder Moderate Allocation Adviser has 13.6% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 42.5%. There is 8.1% allocated to foreign stock, and 0.4% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 43.8% (38.3% domestic bond, 5.5% foreign bond and 0.1% convertible bond). Meeder Moderate Allocation Adviser has 4.3% of the portfolio in cash.

Assets Under Management

The fund has $31 million in total assets, which is below the $561 million average for the Moderately Conservative Allocation 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.

DVOAX 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 Meeder Moderate Allocation Adviser expense ratio is high compared to funds in the Moderately Conservative Allocation category. Meeder Moderate Allocation Adviser has an expense ratio of 1.24%, which is 24% 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. Meeder Moderate Allocation Adviser has a portfolio turnover rate of 200%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 43% for the Moderately Conservative Allocation category.

Recently, in the month of August 2026, Meeder Moderate Allocation Adviser returned 1.2%, which earned it a grade of B, as the Moderately Conservative Allocation category had an average return of 1.3%. 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.

Meeder Moderate Allocation Adviser has a trailing yield of 2.00%, which is below the 3.29% category average. The fund normally distributes its income quarterly 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.

Meeder Moderate Allocation Adviser Grades

Year to date, the fund has returned 7.2%, 1.0 percentage points better than the category, which translates into a grade of B. The fund has returned 11.7% over the past year (grade of A), 11.3% over the past three years (grade of B) and 5.5% per year over the past five years (grade of B) and 7.1% per year over the past 10 years (grade of A).

For more mutual fund grades, analysis and screening tools to help your investment discovery, join AAII for a $2, full-access trial. Learn more here: https://invest.aaii.com/membership.

Otherwise, for more information about Meeder Moderate Allocation Adviser, including its riskiness, submit your email to unlock the rest of the article.