Fund Evaluator:
Kensington Dynamic Allocation Inst (KAGIX)
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Best Performing in Tactical Allocation Over the Last Year
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Fund Details
Kensington Dynamic Allocation Inst Overview
Kensington Dynamic Allocation Inst (KAGIX) is an actively managed Allocation Tactical Allocation fund. Kensington Asset Management LLC launched the fund in 2020.
The investment seeks capital gains. The fund will gain exposure to equity securities primarily by investing in one or more of the following investment types (1) exchange-traded funds (“ETFs”) (“underlying funds”) that track the returns of a broad-based U.S. equity market index, (2) individual equity securities, and/or (3) equity index futures. The use of futures contracts is just one option that the fund may use and such use is determined in the same manner as the other investments. It is non-diversified.
About Kensington Dynamic Allocation Inst (KAGIX)
There are 4 members of the management team with an average tenure of 4.52 years: Bruce DeLaurentis (2020), Patrick Sommerstad (2022), Jason Sim (2022), Jordan Flebotte (2022). Management tenure is more important for actively managed funds than passive index funds.
The fund has 1 primary benchmark: S&P 500 (TR) (1970) index with a weighting of 100%. Kensington Dynamic Allocation Inst has 13 securities in its portfolio. The top 10 holdings constitute 50.9% of the fund’s assets. The fund meets the SEC requirement of being classified as a nondiversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
Kensington Dynamic Allocation Inst is part of the Allocation global asset class and is within the Allocation fund group. Kensington Dynamic Allocation Inst has 15.5% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0%. There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 43.0% (27.5% domestic bond, 15.5% foreign bond and 0.0% convertible bond). Kensington Dynamic Allocation Inst has 57.0% of the portfolio in cash.
Assets Under Management
The fund has $1 billion in total assets, which is above the $222 million average for the Tactical 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.
KAGIX 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 Kensington Dynamic Allocation Inst expense ratio is high compared to funds in the Tactical Allocation category. Kensington Dynamic Allocation Inst has an expense ratio of 1.43%, which is 19% lower than its category average, making the fund expense ratio grade a B. 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. Kensington Dynamic Allocation Inst has a portfolio turnover rate of 222%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 196% for the Tactical Allocation category.
Recently, in the month of July 2026, Kensington Dynamic Allocation Inst returned 0.3%, which earned it a grade of B, as the Tactical Allocation category had an average return of -0.9%. 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.
Kensington Dynamic Allocation Inst has a trailing yield of 0.88%, which is below the 2.86% category average. The fund normally distributes its income 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.
Kensington Dynamic Allocation Inst Grades
Year to date, the fund has returned 13.9%, 5.5 percentage points better than the category, which translates into a grade of A. The fund has returned 22.5% over the past year (grade of A), 17.6% over the past three years (grade of A) and 11.6% per year over the past five years (grade of A).
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KAGIX 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 |
|
| KAGIX Return (NAV) | 0.3% | 3.7% | 22.5% | 17.6% | 11.6% | na |
| KAGIX Grade | B | A | A | A | A | na |
| +/- Category | 1.1% | 2.2% | 6.4% | 6.9% | 6.3% | na |
| Tactical Allocation Avg | -0.9% | 1.5% | 16.2% | 10.6% | 5.3% | 6.3% |
| KAGIX Tax Cost Ratio | na | na | 2.8% | 2.0% | 2.0% | na |
KAGIX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| KAGIX Return (NAV) | 13.9% | 37.6% | 0.5% | 15.6% | -8.7% | 20.8% | na | na | na | na | na |
| KAGIX Grade | A | A | F | A | B | A | na | na | na | na | na |
| +/- Category | 5.5% | 24.9% | -8.5% | 4.8% | 4.5% | 8.1% | na | na | na | na | na |
| Tactical Allocation Avg | 8.4% | 12.7% | 8.9% | 10.8% | -13.1% | 12.7% | 10.2% | 13.5% | -6.2% | 13.2% | 5.6% |
| Risk Measures | |
| Standard Deviation: | 13.0% |
| Total Risk Index: | 1.06 - Above Average |
| Category Risk Index: | 1.27 - High |
| Category Risk Grade: | F (86% Rank) |
| Beta: | 0.73 |
| R-Squared: | 28% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | High Quality Limited Sensitivity |
| Yield: | 0.9% |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | |
| Total Assets: | $1933 Mil |
| Fund Total Assets: | $1,887 Mil |
| Share Class Type: | Inst |
| Portfolio Turnover: | 222% |
Management Team
| Number of Managers: 4 | |||
| Longest Tenure: 5.8 years | |||
| Average Tenure: 4.5 years | |||
| Managers (Year): DeLaurentis Bruce (2020), Sommerstad Patrick (2022), Sim Jason (2022), Flebotte Jordan (2022) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 13 |
| % in Top 10 Holdings: | 50.9% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 15.5% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 27.5% |
| Foreign Bond: | 15.5% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 57.0% |
Purchase Information
| Fund Family: | Kensington Asset Management LLC |
| Phone Number: | 855-375-3060 |
| Website: |
| Status: | Open |
| Inception Date: | October 23, 2020 |
| Min. Initial Purchase: | $25,000 |
| Min. Initial IRA Purchase: | $25,000 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | 0.00% |
Expenses and Fees | |
| Expense Ratio (%): | 1.43% ( Rating : High ) |
| Category Average Expense Ratio (%): | 1.76% |
| Share Class: | Kensington Dynamic Allocation Inst |
| Min. Subsequent Purchase: | $ 250 |
| Min. Subsequent IRA Purchase: | $ 100 |
