Fund Evaluator:
Leuthold Core Investment Institutional (LCRIX)
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Best Performing in Tactical Allocation Over the Last Year
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Fund Details
Leuthold Core Investment Institutional Overview
Leuthold Core Investment Institutional (LCRIX) is an actively managed Allocation Tactical Allocation fund. Leuthold launched the fund in 2006.
The investment seeks capital appreciation and income. The fund is a "flexible" fund which allocates its investments among common stocks and other equity securities, bonds and other debt securities, REITs, commodities, money market instruments in proportions which reflect the judgment of Leuthold Weeden Capital Management. under normal market conditions, the fund’s net assets will be invested approximately: 30% to 70% of its net assets in common stocks and other equity securities; 30% to 70% in common stocks and other equity securities; 10% to 70% in bonds and other debt securities; and 0% to 20% in cash or cash equivalent investments.
About Leuthold Core Investment Institutional (LCRIX)
There are 3 members of the management team with an average tenure of 9.70 years: Chun Wang (2013), Greg Swenson (2015), Scott Opsal (2021). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: S&P 500 (TR) (1970) index with a weighting of 100% and Bloomberg Global Aggregate TR USD index with a weighting of 100%. Leuthold Core Investment Institutional has 224 securities in its portfolio. The top 10 holdings constitute 23.6% 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.
Leuthold Core Investment Institutional is part of the Allocation global asset class and is within the Allocation fund group. Leuthold Core Investment Institutional has 21.6% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 50.4%. There is 14.1% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 14.7% (7.2% domestic bond, 7.5% foreign bond and 0.0% convertible bond). Leuthold Core Investment Institutional has 20.7% of the portfolio in cash.
Assets Under Management
The fund has $325 million in total assets, which is above the $224 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.
LCRIX 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 Leuthold Core Investment Institutional expense ratio is high compared to funds in the Tactical Allocation category. Leuthold Core Investment Institutional has an expense ratio of 1.24%, which is 30% 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. Leuthold Core Investment Institutional has a portfolio turnover rate of 64%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 207% for the Tactical Allocation category.
Recently, in the month of August 2026, Leuthold Core Investment Institutional returned 2.8%, which earned it a grade of B, as the Tactical Allocation category had an average return of 2.1%. 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.
Leuthold Core Investment Institutional has a trailing yield of 1.02%, which is below the 2.80% 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.
Leuthold Core Investment Institutional Grades
Year to date, the fund has returned 9.1%, 1.5 percentage points worse than the category, which translates into a grade of C. The fund has returned 13.3% over the past year (grade of D), 12.3% over the past three years (grade of C) and 7.5% per year over the past five years (grade of B) and 8.2% per year over the past 10 years (grade of A).
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LCRIX 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 |
|
| LCRIX Return (NAV) | 2.8% | 2.1% | 13.3% | 12.3% | 7.5% | 8.2% |
| LCRIX Grade | B | A | D | C | B | A |
| +/- Category | 0.7% | 1.3% | -2.8% | 0.1% | 2.0% | 1.7% |
| Tactical Allocation Avg | 2.1% | 0.8% | 16.1% | 12.2% | 5.5% | 6.5% |
| LCRIX Tax Cost Ratio | na | na | 2.0% | 1.8% | 1.7% | 1.2% |
LCRIX Annual NAV Total ReturnsData as of 8/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| LCRIX Return (NAV) | 9.1% | 14.5% | 7.8% | 11.8% | -6.7% | 15.3% | 10.2% | 11.7% | -6.1% | 15.9% | 4.6% |
| LCRIX Grade | C | B | C | B | A | B | B | D | C | B | C |
| +/- Category | -1.5% | 1.8% | -1.2% | 1.1% | 6.3% | 2.6% | -0.0% | -1.8% | 0.1% | 2.7% | -1.0% |
| Tactical Allocation Avg | 10.7% | 12.7% | 9.0% | 10.8% | -13.0% | 12.7% | 10.2% | 13.5% | -6.2% | 13.2% | 5.6% |
| Risk Measures | |
| Standard Deviation: | 9.4% |
| Total Risk Index: | 0.77 - Below Average |
| Category Risk Index: | 0.92 - Average |
| Category Risk Grade: | C (47% Rank) |
| Beta: | 0.90 |
| R-Squared: | 78% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Mid-Cap Blend |
| Bond Investment Style: | Medium Quality Moderate Sensitivity |
| Yield: | 1.0% |
| Dividend Distribution: | Quarterly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $561 Mil |
| Fund Total Assets: | $ 326 Mil |
| Share Class Type: | Inst |
| Portfolio Turnover: | 64% |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 13.1 years | |||
| Average Tenure: 9.7 years | |||
| Managers (Year): Wang Chun (2013), Swenson Greg (2015), Opsal Scott (2021) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 224 |
| % in Top 10 Holdings: | 23.6% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 21.6% |
Portfolio Allocation |
|
| Domestic Stock: | 50.4% |
| Foreign Stock: | 14.1% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 7.2% |
| Foreign Bond: | 7.5% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 20.7% |
Purchase Information
| Fund Family: | Leuthold |
| Phone Number: | 800-273-6886 |
| Website: | www.leutholdfunds.com |
| Status: | Open |
| Inception Date: | January 31, 2006 |
| Min. Initial Purchase: | $100,000 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 2.00% |
| 12b-1 Fee: | na |
Expenses and Fees | |
| Expense Ratio (%): | 1.24% ( Rating : High ) |
| Category Average Expense Ratio (%): | 1.76% |
| Share Class: | Leuthold Core Investment Retail |
| Min. Subsequent Purchase: | $ 100 |
| Min. Subsequent IRA Purchase: | $ 0 |
