Fund Evaluator:
NAA Large Cap Value Institutional (GILCX)
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Fund Details
NAA Large Cap Value Institutional Overview
NAA Large Cap Value Institutional (GILCX) is an actively managed U.S. Equity Large Value fund. New Age Alpha Advisors LLC launched the fund in 2013.
The investment seeks long-term capital growth. Under normal circumstances, the fund pursues its objective by investing at least 80% of its assets in large-capitalization securities that the Adviser considers having “value” characteristics. The managers define “value” as investments that appear to be undervalued relative to assets, earnings, growth potential or cash flows. The fund will primarily invest in equity securities, including common stocks, REITs, options, warrants, convertible debt securities of U.S. and U.S. dollar-denominated foreign issuers, and ADRs.
About NAA Large Cap Value Institutional (GILCX)
There are 6 members of the management team with an average tenure of 2.72 years: Julian Koski (2024), Armen Arus (2024), Gennadiy Khayutin (2025), Burak Hurmeydan (2018), Konstantin Tourevski (2024), Hugo Chang (2024). Management tenure is more important for actively managed funds than passive index funds.
The fund has 1 primary benchmark: S&P 500 Value TR USD index with a weighting of 100%. NAA Large Cap Value Institutional has 103 securities in its portfolio. The top 10 holdings constitute 23.4% 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.
NAA Large Cap Value Institutional is part of the Equity global asset class and is within the U.S. Equity fund group. NAA Large Cap Value Institutional has 1.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 98.9%. There is 1.0% 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). NAA Large Cap Value Institutional has 0.1% of the portfolio in cash.
Assets Under Management
The fund has $25 million in total assets, which is below the $1 billion average for the Large Value 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.
GILCX 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 NAA Large Cap Value Institutional expense ratio is high compared to funds in the Large Value category. NAA Large Cap Value Institutional has an expense ratio of 0.85%, which is 8% lower than its category average, making the fund expense ratio grade a C. 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. NAA Large Cap Value Institutional has a portfolio turnover rate of 61%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 62% for the Large Value category.
Recently, in the month of July 2026, NAA Large Cap Value Institutional returned 1.5%, which earned it a grade of D, as the Large Value category had an average return of 2.9%. 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.
NAA Large Cap Value Institutional has a trailing yield of 0.90%, which is below the 1.20% 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.
NAA Large Cap Value Institutional Grades
Year to date, the fund has returned 8.1%, 6.1 percentage points worse than the category, which translates into a grade of F. The fund has returned 18.2% over the past year (grade of D), 12.1% over the past three years (grade of F) and 10.0% per year over the past five years (grade of D) and 10.7% per year over the past 10 years (grade of D).
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GILCX 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 |
|
| GILCX Return (NAV) | 1.5% | 3.8% | 18.2% | 12.1% | 10.0% | 10.7% |
| GILCX Grade | D | F | D | F | D | D |
| +/- Category | -1.4% | -2.4% | -5.7% | -3.6% | -0.8% | -0.5% |
| Large Value Avg | 2.9% | 6.2% | 23.8% | 15.7% | 10.9% | 11.3% |
| GILCX Tax Cost Ratio | na | na | 3.5% | 3.3% | 2.9% | 2.4% |
GILCX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| GILCX Return (NAV) | 8.1% | 14.2% | 13.4% | 9.1% | -1.2% | 27.4% | 2.8% | 21.7% | -9.8% | 15.5% | 21.4% |
| GILCX Grade | F | D | C | D | A | B | C | F | D | D | A |
| +/- Category | -6.1% | -1.0% | -0.7% | -2.8% | 4.9% | 1.7% | -1.0% | -3.9% | -1.3% | -0.9% | 6.9% |
| Large Value Avg | 14.3% | 15.2% | 14.1% | 11.8% | -6.0% | 25.8% | 3.8% | 25.6% | -8.5% | 16.4% | 14.6% |
| Risk Measures | |
| Standard Deviation: | 11.7% |
| Total Risk Index: | 0.95 - Average |
| Category Risk Index: | 0.97 - Below Average |
| Category Risk Grade: | B (34% Rank) |
| Beta: | 0.75 |
| R-Squared: | 71% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Large-Cap Value |
| Bond Investment Style: | na |
| Yield: | 0.9% |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | Annually |
| Total Assets: | $71 Mil |
| Fund Total Assets: | $ 26 Mil |
| Share Class Type: | Inst |
| Portfolio Turnover: | 61% |
Management Team
| Number of Managers: 6 | |||
| Longest Tenure: 7.8 years | |||
| Average Tenure: 2.7 years | |||
| Managers (Year): Hurmeydan Burak (2018), Tourevski Konstantin (2024), Chang Hugo (2024), Koski Julian (2024), Arus Armen (2024), Khayutin Gennadiy (2025) | |||
Portfolio Composition (as of 3/31/26)
| # of Holdings: | 103 |
| % in Top 10 Holdings: | 23.4% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 1.0% |
Portfolio Allocation |
|
| Domestic Stock: | 98.9% |
| Foreign Stock: | 1.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 0.1% |
Purchase Information
| Fund Family: | New Age Alpha Advisors LLC |
| Phone Number: | 833-840-3937 |
| Website: |
| Status: | Open |
| Inception Date: | June 7, 2013 |
| Min. Initial Purchase: | $2,000,000 |
| Min. Initial IRA Purchase: | $ 0 |
| 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 (%): | 0.85% ( Rating : High ) |
| Category Average Expense Ratio (%): | 0.93% |
| Share Class: | NAA Large Cap Value A |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
