Fund Evaluator:

MFG Core Infrastructure Institutional Overview

MFG Core Infrastructure Institutional (FMGIX) is an actively managed Sector Equity Infrastructure fund. MFG Funds, Inc. launched the fund in 2012.

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 Institutional (FMGIX)

There are 2 members of the management team with an average tenure of 2.54 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 Institutional has 94 securities in its portfolio. The top 10 holdings constitute 27.9% 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 Institutional is part of the Equity global asset class and is within the Sector Equity fund group. MFG Core Infrastructure Institutional has 55.7% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 40.3%. There is 55.7% 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 Institutional has 2.8% of the portfolio in cash.

Assets Under Management

The fund has $142 million in total assets, which is below the $319 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.

FMGIX 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 Institutional expense ratio is average compared to funds in the Infrastructure category. MFG Core Infrastructure Institutional has an expense ratio of 0.50%, which is 58% 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 Institutional 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 July 2026, MFG Core Infrastructure Institutional returned -1.2%, which earned it a grade of F, as the Infrastructure category had an average return of -0.3%. 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.

MFG Core Infrastructure Institutional has a trailing yield of 2.17%, which is above the 1.93% 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 Institutional Grades

Year to date, the fund has returned 7.9%, 2.4 percentage points worse than the category, which translates into a grade of F. The fund has returned 13.2% over the past year (grade of D), 12.0% over the past three years (grade of D) and 7.1% per year over the past five years (grade of D) and 7.2% per year over the past 10 years (grade of D).

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