Fund Evaluator:

Knights of Columbus Limited Duration I Overview

Knights of Columbus Limited Duration I (KCLIX) is an actively managed Taxable Bond Short-Term Bond fund. Knights of Columbus Asset Advisors launched the fund in 2015.

The investment seeks current income and capital preservation. Under normal circumstances, the fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in bonds. It invests primarily in U.S. issuers and investment-grade securities, but may hold securities that are rated below investment grade ("high yield" or "junk bonds"). The fund may invest in securities with any maturity or duration, but seeks to maintain an average duration similar to that of the Bloomberg 1-3 Year U.S. government/Credit Index, which generally ranges between zero and three years.

About Knights of Columbus Limited Duration I (KCLIX)

There are 2 members of the management team with an average tenure of 5.98 years: Deepak Devaraj (2026), Gilles Marchand (2015). Management tenure is more important for actively managed funds than passive index funds.

The fund has 2 primary benchmarks: Bloomberg US Agg Bond TR USD index with a weighting of 100% and Bloomberg US Govt/Credit 1-3 Yr TR USD index with a weighting of 100%. Knights of Columbus Limited Duration I has 241 securities in its portfolio. The top 10 holdings constitute 19.2% 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.

Knights of Columbus Limited Duration I is part of the Fixed Income global asset class and is within the Taxable Bond fund group. Knights of Columbus Limited Duration I has 11.8% 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 0.5% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 98.1% (86.2% domestic bond, 11.8% foreign bond and 0.0% convertible bond). Knights of Columbus Limited Duration I has 1.4% of the portfolio in cash.

Assets Under Management

The fund has $254 million in total assets, which is below the $904 million average for the Short-Term Bond 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.

KCLIX 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 Knights of Columbus Limited Duration I expense ratio is average compared to funds in the Short-Term Bond category. Knights of Columbus Limited Duration I has an expense ratio of 0.50%, which is 25% 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. Knights of Columbus Limited Duration I has a portfolio turnover rate of 60%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 135% for the Short-Term Bond category.

Recently, in the month of July 2026, Knights of Columbus Limited Duration I returned 0.1%, which earned it a grade of B, as the Short-Term Bond category had an average return of -0.0%. 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.

Knights of Columbus Limited Duration I has a trailing yield of 4.10%, which is below the 4.16% category average. The fund normally distributes its income quarterly.

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.

Knights of Columbus Limited Duration I Grades

Year to date, the fund has returned 1.2%, 0.3 percentage points better than the category, which translates into a grade of B. The fund has returned 3.4% over the past year (grade of C), 4.6% over the past three years (grade of D) and 2.2% per year over the past five years (grade of C) and 2.1% per year over the past 10 years (grade of C).

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 Knights of Columbus Limited Duration I, including its riskiness, submit your email to unlock the rest of the article.