Fund Evaluator:
MoA Conservative Allocation Fund (MACAX)
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Best Performing in Moderately Conservative Allocation Over the Last Year
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Fund Details
MoA Conservative Allocation Fund Overview
MoA Conservative Allocation Fund (MACAX) is an actively managed Allocation Moderately Conservative Allocation fund. Mutual of America launched the fund in 2003.
The investment seeks current income and, to a lesser extent, capital appreciation. The fund invests the majority of its assets in shares of fixed income funds of the Investment Company (“IC Funds”) and also invests in equity IC Funds. The IC Funds selected may be actively managed or passively managed or a mix of both. The fund’s target allocation currently is approximately 35% to 45% of net assets in equity IC Funds and approximately 55% to 65% of net assets in fixed income IC Funds.
About MoA Conservative Allocation Fund (MACAX)
There are 2 members of the management team with an average tenure of 8.76 years: Joseph Gaffoglio (2014), Jamie Zendel (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 US Agg Bond TR USD index with a weighting of 100%. MoA Conservative Allocation Fund has 7 securities in its portfolio. The top 10 holdings constitute 100.0% 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.
MoA Conservative Allocation Fund is part of the Allocation global asset class and is within the Allocation fund group. MoA Conservative Allocation Fund has 6.7% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 33.9%. There is 6.6% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 53.4% (53.3% domestic bond, 0.1% foreign bond and 0.0% convertible bond). MoA Conservative Allocation Fund has 6.1% of the portfolio in cash.
Assets Under Management
The fund has $142 million in total assets, which is below the $561 million average for the Moderately Conservative 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.
MACAX 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 MoA Conservative Allocation Fund expense ratio is average compared to funds in the Moderately Conservative Allocation category. MoA Conservative Allocation Fund has an expense ratio of 0.50%, which is 50% lower than its category average, making the fund expense ratio grade a A. 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. MoA Conservative Allocation Fund has a portfolio turnover rate of 16%, indicating that holds its assets around 0.1 years. By way of comparison, the average portfolio turnover is 43% for the Moderately Conservative Allocation category.
Recently, in the month of July 2026, MoA Conservative Allocation Fund returned -0.6%, which earned it a grade of C, as the Moderately Conservative Allocation 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.
MoA Conservative Allocation Fund has a trailing yield of 2.82%, which is below the 3.29% category average. The fund normally distributes its income monthly.
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.
MoA Conservative Allocation Fund Grades
Year to date, the fund has returned 4.2%, 0.6 percentage points worse than the category, which translates into a grade of D. The fund has returned 9.4% over the past year (grade of D), 8.9% over the past three years (grade of C) and 4.4% per year over the past five years (grade of C) and 5.8% per year over the past 10 years (grade of C).
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MACAX 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 |
|
| MACAX Return (NAV) | -0.6% | 1.4% | 9.4% | 8.9% | 4.4% | 5.8% |
| MACAX Grade | C | C | D | C | C | C |
| +/- Category | -0.2% | 0.2% | -1.0% | -0.5% | -0.2% | -0.2% |
| Moderately Conservative Allocation Avg | -0.3% | 1.2% | 10.4% | 9.4% | 4.6% | 6.0% |
| MACAX Tax Cost Ratio | na | na | 2.1% | 1.8% | 1.8% | 1.9% |
MACAX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| MACAX Return (NAV) | 4.2% | 11.1% | 8.1% | 11.2% | -12.4% | 7.8% | 9.3% | 14.0% | -2.0% | 8.9% | 6.7% |
| MACAX Grade | D | C | C | B | C | D | B | D | A | D | C |
| +/- Category | -0.6% | -0.4% | -0.2% | 1.2% | -0.6% | -2.2% | 1.3% | -1.6% | 2.3% | -0.9% | -1.8% |
| Moderately Conservative Allocation Avg | 4.8% | 11.5% | 8.3% | 10.0% | -11.8% | 10.0% | 8.1% | 15.6% | -4.3% | 9.8% | 8.5% |
| Risk Measures | |
| Standard Deviation: | 6.6% |
| Total Risk Index: | 0.54 - Below Average |
| Category Risk Index: | 0.90 - Low |
| Category Risk Grade: | A (17% Rank) |
| Beta: | 0.69 |
| R-Squared: | 96% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Large-Cap Blend |
| Bond Investment Style: | High Quality Moderate Sensitivity |
| Yield: | 2.8% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | |
| Total Assets: | $142 Mil |
| Fund Total Assets: | $ 143 Mil |
| Share Class Type: | Other |
| Portfolio Turnover: | 17% |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 12.3 years | |||
| Average Tenure: 8.8 years | |||
| Managers (Year): Gaffoglio Joseph (2014), Zendel Jamie (2021) | |||
Portfolio Composition (as of 3/31/26)
| # of Holdings: | 7 |
| % in Top 10 Holdings: | 100.0% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 6.7% |
Portfolio Allocation |
|
| Domestic Stock: | 33.9% |
| Foreign Stock: | 6.6% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 53.3% |
| Foreign Bond: | 0.1% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 6.1% |
Purchase Information
| Fund Family: | Mutual of America |
| Phone Number: | 800-468-3785 |
| Website: | www.mutualofamerica.com |
| Status: | Open |
| Inception Date: | May 20, 2003 |
| Min. Initial Purchase: | $1,000 |
| 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: | na |
Expenses and Fees | |
| Expense Ratio (%): | 0.50% ( Rating : Avg ) |
| Category Average Expense Ratio (%): | 1.01% |
| Share Class: | MoA Conservative Allocation Fund |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
