Fund Evaluator:
LKCM Fixed-Income (LKFIX)
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Best Performing in Corporate Bond Over the Last Year
| 3.2% | Vanguard Global Credit Bond Admiral (VGCAX) |
| 3.2% | Vanguard Interm-Term Investment-Grde Adm (VFIDX) |
| 3.0% | Vanguard Interm-Term Invmt-Grade Inv (VFICX) |
| 3.0% | Vanguard Global Credit Bond Investor (VGCIX) |
| 3.0% | Vanguard Interm-Term Corp Bd Idx Admiral (VICSX) |
Fund Details
LKCM Fixed-Income Overview
LKCM Fixed-Income (LKFIX) is an actively managed Taxable Bond Corporate Bond fund. LKCM launched the fund in 1997.
The investment seeks current income. The fund seeks to achieve its investment objective by investing under normal circumstances at least 80% of its net assets (plus any borrowings for investment purposes) in a portfolio of investment grade corporate and U.S. government fixed income securities. The fund's investments in fixed income securities consist primarily of investment grade corporate fixed income securities and fixed income securities issued or guaranteed by the U.S. government, its agencies or instrumentalities. The fund typically invests in fixed income securities with short- to intermediate-term maturities from one to ten years.
About LKCM Fixed-Income (LKFIX)
There are 3 members of the management team with an average tenure of 20.37 years: Mark Johnson (2010), Scot Hollmann (2010), Joan Maynard (1997). 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 Interm TR USD index with a weighting of 100%. LKCM Fixed-Income has 78 securities in its portfolio. The top 10 holdings constitute 25.3% 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.
LKCM Fixed-Income is part of the Fixed Income global asset class and is within the Taxable Bond fund group. LKCM Fixed-Income has 0.0% 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 97.7% (97.7% domestic bond, 0.0% foreign bond and 0.0% convertible bond). LKCM Fixed-Income has 2.3% of the portfolio in cash.
Assets Under Management
The fund has $266 million in total assets, which is below the $723 million average for the Corporate 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.
LKFIX 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 LKCM Fixed-Income expense ratio is average compared to funds in the Corporate Bond category. LKCM Fixed-Income has an expense ratio of 0.50%, which is 33% 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. LKCM Fixed-Income has a portfolio turnover rate of 34%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 117% for the Corporate Bond category.
Recently, in the month of July 2026, LKCM Fixed-Income returned -0.9%, which earned it a grade of A, as the Corporate Bond category had an average return of -1.6%. 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.
LKCM Fixed-Income has a trailing yield of 3.85%, which is below the 4.39% 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.
LKCM Fixed-Income Grades
Year to date, the fund has returned -0.4%, 0.5 percentage points better than the category, which translates into a grade of A. The fund has returned 2.4% over the past year (grade of C), 4.2% over the past three years (grade of D) and 1.4% per year over the past five years (grade of A) and 1.9% per year over the past 10 years (grade of F).
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LKFIX 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 |
|
| LKFIX Return (NAV) | -0.9% | -0.5% | 2.4% | 4.2% | 1.4% | 1.9% |
| LKFIX Grade | A | A | C | D | A | F |
| +/- Category | 0.7% | 0.3% | 0.1% | -0.3% | 1.7% | -0.4% |
| Corporate Bond Avg | -1.6% | -0.8% | 2.3% | 4.5% | -0.3% | 2.2% |
| LKFIX Tax Cost Ratio | na | na | 1.5% | 1.3% | 1.1% | 1.0% |
LKFIX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| LKFIX Return (NAV) | -0.4% | 6.7% | 3.1% | 5.0% | -5.6% | -1.5% | 4.3% | 6.7% | 0.3% | 2.2% | 3.8% |
| LKFIX Grade | A | F | B | F | A | D | F | F | A | F | F |
| +/- Category | 0.5% | -0.8% | 0.4% | -3.2% | 10.1% | -0.6% | -5.8% | -7.2% | 3.1% | -4.2% | -3.0% |
| Corporate Bond Avg | -0.9% | 7.4% | 2.7% | 8.2% | -15.7% | -1.0% | 10.0% | 13.9% | -2.9% | 6.3% | 6.9% |
| Risk Measures | |
| Standard Deviation: | 2.9% |
| Total Risk Index: | 0.23 - Low |
| Category Risk Index: | 0.47 - Low |
| Category Risk Grade: | A (1% Rank) |
| Beta: | 0.49 |
| R-Squared: | 94% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | na |
| Yield: | 3.9% |
| Dividend Distribution: | Quarterly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $266 Mil |
| Fund Total Assets: | $ 266 Mil |
| Share Class Type: | No Load |
| Portfolio Turnover: | 34% |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 28.6 years | |||
| Average Tenure: 20.4 years | |||
| Managers (Year): Maynard Joan (1997), Johnson Mark (2010), Hollmann Scot (2010) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 78 |
| % in Top 10 Holdings: | 25.3% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 0.0% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 97.7% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 2.3% |
Purchase Information
| Fund Family: | LKCM |
| Phone Number: | 800-688-5526 |
| Website: | www.lkcm.com |
| Status: | Open |
| Inception Date: | December 30, 1997 |
| Min. Initial Purchase: | $2,000 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 1.00% |
| 12b-1 Fee: | 0.00% |
Expenses and Fees | |
| Expense Ratio (%): | 0.50% ( Rating : Avg ) |
| Category Average Expense Ratio (%): | 0.75% |
| Share Class: | LKCM Fixed-Income |
| Min. Subsequent Purchase: | $ 500 |
| Min. Subsequent IRA Purchase: | $ 0 |
