Fund Evaluator:
MFG Core Infrastructure Service (FCIVX)
Follow This Fund
Best Performing in Infrastructure Over the Last Year
| 15.4% | Cohen & Steers Global Infrastructure Z (CSUZX) |
| 13.3% | Northern Multi-Mgr Glbl Listed Infra (NMFIX) |
| 11.5% | Russell Inv Global Infrastructure Y (RGIYX) |
| 11.5% | Russell Inv Global Infrastructure M (RGFTX) |
| 10.9% | Goldman Sachs Global Infras Inv (GGINX) |
Fund Details
MFG Core Infrastructure Service Overview
MFG Core Infrastructure Service (FCIVX) is an actively managed Sector Equity Infrastructure fund. MFG Funds, Inc. launched the fund in 2016.
The investment seeks long-term capital appreciation. The fund invests at least 80% of its net assets in equity securities of infrastructure companies. It will concentrate in the infrastructure sector and utilities industry. The fund invests in a diversified portfolio of securities of infrastructure companies that subadviser has determined have an appropriate capital structure, are likely to generate reliable income streams and are likely to benefit from inflation protection. The fund's portfolio will generally consist of 70 to 100 companies.
About MFG Core Infrastructure Service (FCIVX)
There are 2 members of the management team with an average tenure of 2.63 years: Ben McVicar (2022), Ofer Karliner (2025). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: MSCI World NR USD index with a weighting of 100% and S&P Global Infrastructure TR USD index with a weighting of 100%. MFG Core Infrastructure Service has 96 securities in its portfolio. The top 10 holdings constitute 28.2% 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.
MFG Core Infrastructure Service is part of the Equity global asset class and is within the Sector Equity fund group. MFG Core Infrastructure Service has 55.3% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 39.9%. There is 55.3% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). MFG Core Infrastructure Service has 3.2% of the portfolio in cash.
Assets Under Management
The fund has $4 million in total assets, which is below the $313 million average for the Infrastructure 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.
FCIVX 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 MFG Core Infrastructure Service expense ratio is above average compared to funds in the Infrastructure category. MFG Core Infrastructure Service has an expense ratio of 0.65%, which is 45% lower than its category average, making the fund expense ratio grade a A. 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. MFG Core Infrastructure Service has a portfolio turnover rate of 13%, indicating that holds its assets around 0.1 years. By way of comparison, the average portfolio turnover is 56% for the Infrastructure category.
Recently, in the month of August 2026, MFG Core Infrastructure Service returned -2.7%, which earned it a grade of F, as the Infrastructure category had an average return of -1.6%. 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.
MFG Core Infrastructure Service has a trailing yield of 2.16%, which is above the 1.96% 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.
MFG Core Infrastructure Service Grades
Year to date, the fund has returned 5.0%, 3.7 percentage points worse than the category, which translates into a grade of F. The fund has returned 8.0% over the past year (grade of F), 12.9% over the past three years (grade of D) and 6.2% per year over the past five years (grade of D) and 7.2% per year over the past 10 years (grade of D).
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 MFG Core Infrastructure Service, including its riskiness, submit your email to unlock the rest of the article.
Gain access to exclusive AAII member-only content.
FCIVX Trailing NAV Total Returns Data as of 8/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| FCIVX Return (NAV) | -2.7% | -3.2% | 8.0% | 12.9% | 6.2% | 7.2% |
| FCIVX Grade | F | F | F | D | D | D |
| +/- Category | -1.2% | -2.0% | -4.2% | -1.2% | -1.0% | -0.4% |
| Infrastructure Avg | -1.6% | -1.1% | 12.2% | 14.1% | 7.1% | 7.6% |
| FCIVX Tax Cost Ratio | na | na | 6.5% | 4.8% | 3.5% | 2.3% |
FCIVX Annual NAV Total ReturnsData as of 8/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| FCIVX Return (NAV) | 5.0% | 22.8% | 5.1% | 4.7% | -7.7% | 13.7% | -1.4% | 27.8% | -6.5% | 20.2% | 6.2% |
| FCIVX Grade | F | B | F | C | D | D | C | C | B | A | F |
| +/- Category | -3.7% | 4.5% | -4.0% | 0.5% | -1.1% | -0.8% | -0.9% | 0.7% | 0.9% | 3.1% | -2.7% |
| Infrastructure Avg | 8.6% | 18.3% | 9.0% | 4.2% | -6.6% | 14.5% | -0.6% | 27.1% | -7.5% | 17.1% | 8.8% |
| Risk Measures | |
| Standard Deviation: | 13.0% |
| Total Risk Index: | 1.07 - Above Average |
| Category Risk Index: | 1.00 - Above Average |
| Category Risk Grade: | D (62% Rank) |
| Beta: | 0.50 |
| R-Squared: | 22% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Mid-Cap Blend |
| Bond Investment Style: | na |
| Yield: | 2.2% |
| Dividend Distribution: | Quarterly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $122 Mil |
| Fund Total Assets: | $ 4 Mil |
| Share Class Type: | S |
| Portfolio Turnover: | 13% |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 3.8 years | |||
| Average Tenure: 2.6 years | |||
| Managers (Year): McVicar Ben (2022), Karliner Ofer (2025) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 96 |
| % in Top 10 Holdings: | 28.2% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 55.3% |
Portfolio Allocation |
|
| Domestic Stock: | 39.9% |
| Foreign Stock: | 55.3% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 1.6% |
| Cash: | 3.2% |
Purchase Information
| Fund Family: | MFG Funds, Inc. |
| Phone Number: | 888-825-2100 |
| Website: | www.mfg-funds.com |
| Status: | Open |
| Inception Date: | July 15, 2016 |
| Min. Initial Purchase: | $10,000 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 2.00% |
| 12b-1 Fee: | na |
Expenses and Fees | |
| Expense Ratio (%): | 0.65% ( Rating : Above Avg ) |
| Category Average Expense Ratio (%): | 1.19% |
| Share Class: | MFG Core Infrastructure Institutional |
| Min. Subsequent Purchase: | $1,000 |
| Min. Subsequent IRA Purchase: | $ 0 |
