Fund Evaluator:
HCM Multi-Asset Plus I (HCMLX)
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Best Performing in Moderate Allocation Over the Last Year
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Fund Details
HCM Multi-Asset Plus I Overview
HCM Multi-Asset Plus I (HCMLX) is an actively managed Allocation Moderate Allocation fund. Howard Capital Management launched the fund in 2019.
The investment seeks total return. The fund seeks to achieve its investment objective through investments in ETFs that invest in foreign (including emerging markets) and domestic (i) equity securities of any market capitalization (ii) fixed income securities of any maturity, duration and credit quality (including "junk bonds") (iii) investment companies (mutual funds, closed-end funds and ETFs) and (iv) cash and cash equivalents and put and call options. The adviser maintains the ability to invest a large percentage of the fund's holdings in one asset class of the market.
About HCM Multi-Asset Plus I (HCMLX)
There are 1 members of the management team with an average tenure of 9.81 years: Vance Howard (2016). Management tenure is more important for actively managed funds than passive index funds.
The fund has 1 primary benchmark: Bloomberg US Agg Bond TR USD index with a weighting of 100%. HCM Multi-Asset Plus I has 10 securities in its portfolio. The top 10 holdings constitute 100.0% 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.
HCM Multi-Asset Plus I is part of the Allocation global asset class and is within the Allocation fund group. HCM Multi-Asset Plus I has 4.9% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 63.1%. There is 2.1% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 27.5% (24.7% domestic bond, 2.8% foreign bond and 0.0% convertible bond). HCM Multi-Asset Plus I has 7.3% of the portfolio in cash.
Assets Under Management
The fund has $109 million in total assets, which is below the $2 billion average for the Moderate 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.
HCMLX 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 HCM Multi-Asset Plus I expense ratio is high compared to funds in the Moderate Allocation category. HCM Multi-Asset Plus I has an expense ratio of 1.39%, which is 40% higher than its category average, making the fund expense ratio grade a F. 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. HCM Multi-Asset Plus I has a portfolio turnover rate of 187%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 52% for the Moderate Allocation category.
Recently, in the month of August 2026, HCM Multi-Asset Plus I returned 3.9%, which earned it a grade of A, as the Moderate Allocation category had an average return of 1.4%. 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.
HCM Multi-Asset Plus I has a trailing yield of 0.42%, which is below the 1.95% 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.
HCM Multi-Asset Plus I Grades
Year to date, the fund has returned 8.5%, 0.5 percentage points better than the category, which translates into a grade of B. The fund has returned 16.8% over the past year (grade of A), 16.5% over the past three years (grade of A) and 7.1% per year over the past five years (grade of B).
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HCMLX 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 |
|
| HCMLX Return (NAV) | 3.9% | -2.8% | 16.8% | 16.5% | 7.1% | na |
| HCMLX Grade | A | F | A | A | B | na |
| +/- Category | 2.4% | -4.0% | 4.2% | 3.4% | 0.5% | na |
| Moderate Allocation Avg | 1.4% | 1.2% | 12.6% | 13.1% | 6.6% | 8.6% |
| HCMLX Tax Cost Ratio | na | na | 1.5% | 1.4% | 0.9% | na |
HCMLX Annual NAV Total ReturnsData as of 8/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| HCMLX Return (NAV) | 8.5% | 16.3% | 20.7% | 21.9% | -24.2% | 10.1% | 40.6% | 15.5% | -4.0% | 8.6% | na |
| HCMLX Grade | B | A | A | A | F | F | A | F | B | F | na |
| +/- Category | 0.5% | 3.0% | 8.5% | 7.5% | -10.2% | -4.3% | 27.7% | -4.4% | 1.1% | -5.2% | na |
| Moderate Allocation Avg | 8.0% | 13.4% | 12.2% | 14.3% | -14.0% | 14.4% | 12.9% | 19.8% | -5.1% | 13.8% | 7.7% |
| Risk Measures | |
| Standard Deviation: | 15.0% |
| Total Risk Index: | 1.24 - Above Average |
| Category Risk Index: | 1.65 - High |
| Category Risk Grade: | F (103% Rank) |
| Beta: | 1.19 |
| R-Squared: | 53% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Large-Cap Growth |
| Bond Investment Style: | High Quality Limited Sensitivity |
| Yield: | 0.4% |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | Annually |
| Total Assets: | $843 Mil |
| Fund Total Assets: | $ 110 Mil |
| Share Class Type: | Inst |
| Portfolio Turnover: | 187% |
Management Team
| Number of Managers: 1 | |||
| Longest Tenure: 9.8 years | |||
| Average Tenure: 9.8 years | |||
| Managers (Year): Howard Vance (2016) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 10 |
| % in Top 10 Holdings: | 100.0% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 4.9% |
Portfolio Allocation |
|
| Domestic Stock: | 63.1% |
| Foreign Stock: | 2.1% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 24.7% |
| Foreign Bond: | 2.8% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 7.3% |
Purchase Information
| Fund Family: | Howard Capital Management |
| Phone Number: | 855-969-8464 |
| Website: | www.boydwatterson.com |
| Status: | Open |
| Inception Date: | September 11, 2019 |
| Min. Initial Purchase: | $50,000 |
| 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 (%): | 1.39% ( Rating : High ) |
| Category Average Expense Ratio (%): | 0.99% |
| Share Class: | HCM Multi-Asset Plus A |
| Min. Subsequent Purchase: | $ 500 |
| Min. Subsequent IRA Purchase: | $ 250 |
