Fund Evaluator:
LoCorr Hedged Core I (LHEIX)
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Best Performing in Macro Trading Over the Last Year
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Fund Details
LoCorr Hedged Core I Overview
LoCorr Hedged Core I (LHEIX) is an actively managed Alternative Macro Trading fund. LoCorr Funds launched the fund in 2024.
The investment seeks capital appreciation in rising and falling equity and commodities markets with managing volatility as a secondary objective. The fund seeks to achieve its investment objectives by allocating its assets using three principal strategies: “Managed Futures” Strategy “Commodities” Strategy “Fixed Income” Strategy. The advisor will execute its Managed Futures and Commodities strategies primarily by investing up to 25% of its total assets (measured at the time of purchase) in a wholly-owned and controlled subsidiary.
About LoCorr Hedged Core I (LHEIX)
There are 14 members of the management team with an average tenure of 1.54 years: Adrian Owens (2026), Roy Niederhoffer (2024), Scott Watson (2026), David Gorton (2026), Peter Agrimson (2024), Jon Essen (2024), Michael Mundt (2024), Theodore Olson (2024), Tony Rodriguez (2024), Nikhil Mathur (2026), Sean Katof (2024), Barry Goodman (2024), Harvey Beker (2024), Grant Smith (2024). 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 ICE BofA 0-3 M US Trsy Bill TR USD index with a weighting of 100%. LoCorr Hedged Core I has 5870 securities in its portfolio. The top 10 holdings constitute 72.5% 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.
LoCorr Hedged Core I is part of the Alternative Strategies global asset class and is within the Alternative fund group. LoCorr Hedged Core I has 60.7% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is -0.3%. There is 5.9% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 99.3% (44.4% domestic bond, 54.8% foreign bond and 0.0% convertible bond). LoCorr Hedged Core I has -32.3% of the portfolio in cash.
Assets Under Management
The fund has $303 million in total assets, which is above the $296 million average for the Macro Trading 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.
LHEIX 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 LoCorr Hedged Core I expense ratio is high compared to funds in the Macro Trading category. LoCorr Hedged Core I has an expense ratio of 1.98%, which is 25% higher than its category average, making the fund expense ratio grade a D. 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. LoCorr Hedged Core I has a portfolio turnover rate of 75%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 95% for the Macro Trading category.
Recently, in the month of July 2026, LoCorr Hedged Core I returned -0.8%, which earned it a grade of F, as the Macro Trading category had an average return of 0.3%. 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.
LoCorr Hedged Core I has a trailing yield of 2.03%, which is above the 1.90% 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.
LoCorr Hedged Core I Grades
Year to date, the fund has returned 4.6%, 0.8 percentage points worse than the category, which translates into a grade of C. The fund has returned 6.2% over the past year (grade of C).
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LHEIX 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 |
|
| LHEIX Return (NAV) | -0.8% | -2.1% | 6.2% | na | na | na |
| LHEIX Grade | F | D | C | na | na | na |
| +/- Category | -1.1% | -1.8% | -2.1% | na | na | na |
| Macro Trading Avg | 0.3% | -0.2% | 8.3% | 6.5% | 4.9% | 4.8% |
| LHEIX Tax Cost Ratio | na | na | 0.9% | na | na | na |
LHEIX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| LHEIX Return (NAV) | 4.6% | 2.9% | na | na | na | na | na | na | na | na | na |
| LHEIX Grade | C | D | na | na | na | na | na | na | na | na | na |
| +/- Category | -0.8% | -3.8% | na | na | na | na | na | na | na | na | na |
| Macro Trading Avg | 5.4% | 6.6% | 6.5% | 4.4% | 4.4% | 2.8% | 4.4% | 8.9% | -0.5% | 6.7% | -0.8% |
| Risk Measures | |
| Standard Deviation: | na |
| Total Risk Index: | na |
| Category Risk Index: | na |
| Category Risk Grade: | |
| Beta: | na |
| R-Squared: | na |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Large-Cap Blend |
| Bond Investment Style: | na |
| Yield: | 2.0% |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | Annually |
| Total Assets: | $335 Mil |
| Fund Total Assets: | $ 303 Mil |
| Share Class Type: | Inst |
| Portfolio Turnover: | 75% |
Management Team
| Number of Managers: 14 | |||
| Longest Tenure: 2.1 years | |||
| Average Tenure: 1.5 years | |||
| Managers (Year): Agrimson Peter (2024), Essen Jon (2024), Mundt Michael (2024), Olson Theodore (2024), Rodriguez Tony (2024), Katof Sean (2024), Goodman Barry (2024), Beker Harvey (2024), Smith Grant (2024), Niederhoffer Roy (2024), Watson Scott (2026), Gorton David (2026), Owens Adrian (2026), Mathur Nikhil (2026) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 5870 |
| % in Top 10 Holdings: | 72.5% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 60.7% |
Portfolio Allocation |
|
| Domestic Stock: | -0.3% |
| Foreign Stock: | 5.9% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 44.4% |
| Foreign Bond: | 54.8% |
| Convertible Bond: | 0.0% |
| Other: | 27.4% |
| Cash: | -32.3% |
Purchase Information
| Fund Family: | LoCorr Funds |
| Phone Number: | 855-523-8637 |
| Website: | www.LoCorrFunds.com |
| Status: | Open |
| Inception Date: | July 10, 2024 |
| 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: | 0.00% |
| 12b-1 Fee: | 0.00% |
Expenses and Fees | |
| Expense Ratio (%): | 1.98% ( Rating : High ) |
| Category Average Expense Ratio (%): | 1.59% |
| Share Class: | LoCorr Hedged Core I |
| Min. Subsequent Purchase: | $ 500 |
| Min. Subsequent IRA Purchase: | $ 0 |
