Fund Evaluator:
Empower Infl-Protd Secs Instl (MXIOX)
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Best Performing in Inflation-Protected Bond Over the Last Year
| 11.2% | Carillon Chartwell Real Income I (BERIX) |
| 3.0% | VALIC Company I Inflation Protected (VCTPX) |
| 2.7% | T. Rowe Price Inflation Protected Bond Z (TRZHX) |
| 2.6% | Fidelity Inflation-Prot Bd Index (FIPDX) |
| 2.5% | Vanguard Inflation-Protected Secs Adm (VAIPX) |
Fund Details
Empower Infl-Protd Secs Instl Overview
Empower Infl-Protd Secs Instl (MXIOX) is an actively managed Taxable Bond Inflation-Protected Bond fund. Empower Funds launched the fund in 2018.
The investment seeks real return consistent with the preservation of capital. The fund will, under normal circumstances, invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in inflation-protected securities ("IPS") of varying maturities issued by the U.S. Treasury and other U.S. and non-U.S. government agencies and corporations, and other instruments, including inflation-linked swaps, with similar economic characteristics.
About Empower Infl-Protd Secs Instl (MXIOX)
There are 2 members of the management team with an average tenure of 5.34 years: Jon Calluzzo (2022), Peter Stone (2020). 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 Trsy Infn Nt 1-10Y TR USD index with a weighting of 100%. Empower Infl-Protd Secs Instl has 272 securities in its portfolio. The top 10 holdings constitute 63.0% 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.
Empower Infl-Protd Secs Instl is part of the Fixed Income global asset class and is within the Taxable Bond fund group. Empower Infl-Protd Secs Instl has 9.4% 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 99.6% (90.2% domestic bond, 9.4% foreign bond and 0.0% convertible bond). Empower Infl-Protd Secs Instl has 0.4% of the portfolio in cash.
Assets Under Management
The fund has $592 million in total assets, which is below the $869 million average for the Inflation-Protected 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.
MXIOX 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 Infl-Protd Secs Instl expense ratio is below average compared to funds in the Inflation-Protected Bond category. Empower Infl-Protd Secs Instl has an expense ratio of 0.35%, which is 52% 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. Empower Infl-Protd Secs Instl has a portfolio turnover rate of 180%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 72% for the Inflation-Protected Bond category.
Recently, in the month of July 2026, Empower Infl-Protd Secs Instl returned -0.2%, which earned it a grade of A, as the Inflation-Protected Bond category had an average return of -0.8%. 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.
Empower Infl-Protd Secs Instl has a trailing yield of 3.96%, which is below the 4.20% category average.
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 Infl-Protd Secs Instl Grades
Year to date, the fund has returned 0.7%, 0.4 percentage points better than the category, which translates into a grade of A. The fund has returned 2.6% over the past year (grade of A), 4.4% over the past three years (grade of A) and 1.5% per year over the past five years (grade of A).
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MXIOX 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 |
|
| MXIOX Return (NAV) | -0.2% | -0.8% | 2.6% | 4.4% | 1.5% | na |
| MXIOX Grade | A | A | A | A | A | na |
| +/- Category | 0.6% | 0.4% | 0.3% | 1.0% | 1.5% | na |
| Inflation-Protected Bond Avg | -0.8% | -1.2% | 2.4% | 3.4% | -0.0% | 2.1% |
| MXIOX Tax Cost Ratio | na | na | 1.6% | 1.5% | 1.8% | na |
MXIOX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| MXIOX Return (NAV) | 0.7% | 7.2% | 3.1% | 5.1% | -8.7% | 5.2% | 8.0% | 6.7% | na | na | na |
| MXIOX Grade | A | A | A | A | A | C | F | F | na | na | na |
| +/- Category | 0.4% | 0.4% | 1.3% | 1.8% | 3.6% | 0.1% | -3.0% | -1.4% | na | na | na |
| Inflation-Protected Bond Avg | 0.2% | 6.7% | 1.8% | 3.4% | -12.3% | 5.1% | 11.1% | 8.0% | -1.9% | 2.9% | 4.5% |
| Risk Measures | |
| Standard Deviation: | 3.5% |
| Total Risk Index: | 0.28 - Low |
| Category Risk Index: | 0.76 - Low |
| Category Risk Grade: | A (3% Rank) |
| Beta: | 0.55 |
| R-Squared: | 79% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | High Quality Limited Sensitivity |
| Yield: | 4.0% |
| Dividend Distribution: | |
| Cap Gains Distribution: | |
| Total Assets: | $595 Mil |
| Fund Total Assets: | $ 592 Mil |
| Share Class Type: | Inst |
| Portfolio Turnover: | 180% |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 6.3 years | |||
| Average Tenure: 5.3 years | |||
| Managers (Year): Stone Peter (2020), Calluzzo Jon (2022) | |||
Portfolio Composition (as of 3/31/26)
| # of Holdings: | 272 |
| % in Top 10 Holdings: | 63.0% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 9.4% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 90.2% |
| Foreign Bond: | 9.4% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 0.4% |
Purchase Information
| Fund Family: | Empower Funds |
| Phone Number: | 866-831-7129 |
| Website: | www.greatwestfunds.com |
| Status: | Open |
| Inception Date: | January 5, 2018 |
| 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: | 0.00% |
Expenses and Fees | |
| Expense Ratio (%): | 0.35% ( Rating : Below Avg ) |
| Category Average Expense Ratio (%): | 0.73% |
| Share Class: | Empower Infl-Protd Secs Instl |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
