Fund Evaluator:
Empower Moderately Cnsrv Pfl L (MXHPX)
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Best Performing in Global Moderately Conservative Allocation Over the Last Year
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Fund Details
Empower Moderately Cnsrv Pfl L Overview
Empower Moderately Cnsrv Pfl L (MXHPX) is an actively managed Allocation Global Moderately Conservative Allocation fund. Empower Funds launched the fund in 2011.
The investment seeks income and capital appreciation primarily through investments in funds that emphasize fixed income investments and, to a lesser degree, in funds that emphasize equity investments. The fund invests assets in funds according to the following asset allocation ranges: 0% to 30% of assets in international funds, 0% to 10% of assets in emerging markets funds, 0% to 15% of assets in small cap funds, 0% to 25% of assets in mid cap funds, 10% to 40% in large cap funds, 0-10% of assets in real estate, 20% to 40% in bond funds and 10% to 30% in short term bond funds. While the fund is non-diversified, it invests in diversified underlying holdings.
About Empower Moderately Cnsrv Pfl L (MXHPX)
There are 2 members of the management team with an average tenure of 10.26 years: Andrew Corwin (2014), Maria Mendelsberg (2018). Management tenure is more important for actively managed funds than passive index funds.
The fund has 1 primary benchmark: Bloomberg US Agg Bond TR USD index with a weighting of 100%. Empower Moderately Cnsrv Pfl L has 18 securities in its portfolio. The top 10 holdings constitute 77.4% of the fund’s assets. The fund meets the SEC requirement of being classified as a nondiversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
Empower Moderately Cnsrv Pfl L is part of the Allocation global asset class and is within the Allocation fund group. Empower Moderately Cnsrv Pfl L has 18.6% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 31.9%. There is 12.8% allocated to foreign stock, and 0.2% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 30.7% (25.0% domestic bond, 5.8% foreign bond and 0.7% convertible bond). Empower Moderately Cnsrv Pfl L has 1.7% of the portfolio in cash.
Assets Under Management
The fund has $50 million in total assets, which is below the $304 million average for the Global 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.
MXHPX 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 Empower Moderately Cnsrv Pfl L expense ratio is high compared to funds in the Global Moderately Conservative Allocation category. Empower Moderately Cnsrv Pfl L has an expense ratio of 1.06%, which is 8% 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. Empower Moderately Cnsrv Pfl L has a portfolio turnover rate of 13%, indicating that holds its assets around 0.1 years. By way of comparison, the average portfolio turnover is 50% for the Global Moderately Conservative Allocation category.
Recently, in the month of July 2026, Empower Moderately Cnsrv Pfl L returned -0.1%, which earned it a grade of A, as the Global Moderately Conservative Allocation category had an average return of -0.5%. 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.
Empower Moderately Cnsrv Pfl L has a trailing yield of 1.78%, which is below the 3.07% category average. The fund normally distributes its income annually and its capital gains semi-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.
Empower Moderately Cnsrv Pfl L Grades
Year to date, the fund has returned 5.8%, 0.6 percentage points better than the category, which translates into a grade of B. The fund has returned 10.7% over the past year (grade of C), 8.2% over the past three years (grade of F) and 4.1% per year over the past five years (grade of B) and 5.6% per year over the past 10 years (grade of C).
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MXHPX 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 |
|
| MXHPX Return (NAV) | -0.1% | 2.0% | 10.7% | 8.2% | 4.1% | 5.6% |
| MXHPX Grade | A | A | C | F | B | C |
| +/- Category | 0.4% | 0.6% | -0.2% | -0.9% | 0.2% | 0.2% |
| Global Moderately Conservative Allocation Avg | -0.5% | 1.5% | 10.9% | 9.1% | 3.9% | 5.4% |
| MXHPX Tax Cost Ratio | na | na | 1.3% | 1.2% | 1.4% | 1.3% |
MXHPX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| MXHPX Return (NAV) | 5.8% | 9.7% | 6.3% | 9.6% | -11.0% | 8.9% | 9.2% | 14.1% | -4.9% | 9.8% | 7.0% |
| MXHPX Grade | B | F | D | D | A | A | C | D | D | D | B |
| +/- Category | 0.6% | -1.8% | -1.0% | -0.7% | 2.5% | 1.3% | 0.2% | -0.9% | -0.1% | -1.0% | 0.9% |
| Global Moderately Conservative Allocation Avg | 5.1% | 11.6% | 7.3% | 10.4% | -13.5% | 7.5% | 8.9% | 15.0% | -4.8% | 10.7% | 6.1% |
| Risk Measures | |
| Standard Deviation: | 7.0% |
| Total Risk Index: | 0.57 - Below Average |
| Category Risk Index: | 0.94 - Below Average |
| Category Risk Grade: | B (34% Rank) |
| Beta: | 0.73 |
| R-Squared: | 96% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Large-Cap Blend |
| Bond Investment Style: | na |
| Yield: | 1.8% |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | Semi-Monthly |
| Total Assets: | $1369 Mil |
| Fund Total Assets: | $ 50 Mil |
| Share Class Type: | Other |
| Portfolio Turnover: | 13% |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 12.3 years | |||
| Average Tenure: 10.3 years | |||
| Managers (Year): Corwin Andrew (2014), Mendelsberg Maria (2018) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 18 |
| % in Top 10 Holdings: | 77.4% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 18.6% |
Portfolio Allocation |
|
| Domestic Stock: | 31.9% |
| Foreign Stock: | 12.8% |
| Preferred Stock: | 0.2% |
| Domestic Bond: | 25.0% |
| Foreign Bond: | 5.8% |
| Convertible Bond: | 0.7% |
| Other: | 22.0% |
| Cash: | 1.7% |
Purchase Information
| Fund Family: | Empower Funds |
| Phone Number: | 866-831-7129 |
| Website: | www.greatwestfunds.com |
| Status: | Open |
| Inception Date: | July 29, 2011 |
| Min. Initial Purchase: | $ 0 |
| 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: | 0.25% |
Expenses and Fees | |
| Expense Ratio (%): | 1.06% ( Rating : High ) |
| Category Average Expense Ratio (%): | 0.98% |
| Share Class: | Empower Moderately Cnsrv Pfl Inv |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
