Fund Evaluator:

Praxis Small Cap Index A Overview

Praxis Small Cap Index A (MMSCX) is a passively managed U.S. Equity Small Blend fund. Praxis Investment Management, Inc. launched the fund in 2007.

The investment seeks to maximize long-term capital appreciation. The fund invests primarily in U.S. equity securities and seeks to reflect the performance of the U.S. small capitalization equities market, as measured by the CRSP U.S. Small Cap Index. It invests at least 80 percent of the value of its assets in securities of, and investments related to, issuers in the fund's benchmark index.

About Praxis Small Cap Index A (MMSCX)

There are 1 members of the management team with an average tenure of 9.58 years: Dale Snyder (2017). Management tenure is more important for actively managed funds than passive index funds.

The fund has 2 primary benchmarks: Morningstar US Total Market TR USD index with a weighting of 100% and Morningstar US Small TR USD index with a weighting of 100%. Praxis Small Cap Index A has 707 securities in its portfolio. The top 10 holdings constitute 5.6% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is considered to have an ESG focus with its investment selection and management.

Praxis Small Cap Index A is part of the Equity global asset class and is within the U.S. Equity fund group. Praxis Small Cap Index A has 2.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 97.1%. There is 2.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.6% (0.6% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Praxis Small Cap Index A has 0.3% of the portfolio in cash.

Assets Under Management

The fund has $9 million in total assets, which is below the $685 million average for the Small Blend 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.

MMSCX 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 Praxis Small Cap Index A expense ratio is high compared to funds in the Small Blend category. Praxis Small Cap Index A has an expense ratio of 0.94%, which is 10% 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. Praxis Small Cap Index A 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 66% for the Small Blend category.

Recently, in the month of July 2026, Praxis Small Cap Index A returned -2.9%, which earned it a grade of C, as the Small Blend category had an average return of -2.8%. 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.

Praxis Small Cap Index A has a trailing yield of 0.37%, which is below the 0.42% 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.

Praxis Small Cap Index A Grades

Year to date, the fund has returned 15.3%, 2.8 percentage points worse than the category, which translates into a grade of D. The fund has returned 22.5% over the past year (grade of D), 11.0% over the past three years (grade of D) and 5.1% per year over the past five years (grade of F) and 8.0% per year over the past 10 years (grade of F).

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