Fund Evaluator:
New Covenant Balanced Growth (NCBGX)
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Best Performing in Moderate Allocation Over the Last Year
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Fund Details
New Covenant Balanced Growth Overview
New Covenant Balanced Growth (NCBGX) is an actively managed Allocation Moderate Allocation fund. New Covenant launched the fund in 1999.
The investment seeks to produce capital appreciation with less risk than would be present in a portfolio of only common stocks. The fund invests primarily in shares of the New Covenant Growth Fund (the "growth fund") and the New Covenant Income Fund (the "income fund"), with a majority of its assets generally invested in shares of the growth fund. Between 45% and 75% of the fund's net assets (with a "neutral" position of approximately 60% of the fund's net assets) are invested in shares of the growth fund, with the balance of its net assets invested in shares of the income fund or cash or cash equivalents.
About New Covenant Balanced Growth (NCBGX)
There are 2 members of the management team with an average tenure of 9.26 years: David Hintz (2017), Jason Collins (2016). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: Russell 3000 TR USD index with a weighting of 100% and Bloomberg US Agg Interm TR USD index with a weighting of 100%. New Covenant Balanced Growth has 3 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.
New Covenant Balanced Growth is part of the Allocation global asset class and is within the Allocation fund group. New Covenant Balanced Growth has 1.7% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 60.2%. There is 0.3% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 37.5% (36.1% domestic bond, 1.4% foreign bond and 0.0% convertible bond). New Covenant Balanced Growth has 2.0% of the portfolio in cash.
Assets Under Management
The fund has $370 million in total assets, which is below the $2 billion average for the Moderate 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.
NCBGX 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 New Covenant Balanced Growth expense ratio is high compared to funds in the Moderate Allocation category. New Covenant Balanced Growth has an expense ratio of 0.85%, which is 15% 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. New Covenant Balanced Growth has a portfolio turnover rate of 8%, indicating that holds its assets around 0.1 years. By way of comparison, the average portfolio turnover is 52% for the Moderate Allocation category.
Recently, in the month of August 2026, New Covenant Balanced Growth returned 1.8%, which earned it a grade of B, as the Moderate Allocation category had an average return of 1.4%. 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.
New Covenant Balanced Growth has a trailing yield of 1.45%, which is below the 1.95% 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.
New Covenant Balanced Growth Grades
Year to date, the fund has returned 7.6%, 0.4 percentage points worse than the category, which translates into a grade of D. The fund has returned 12.2% over the past year (grade of C), 13.2% over the past three years (grade of C) and 6.8% per year over the past five years (grade of C) and 9.1% per year over the past 10 years (grade of B).
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NCBGX Trailing NAV Total Returns Data as of 8/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| NCBGX Return (NAV) | 1.8% | 1.0% | 12.2% | 13.2% | 6.8% | 9.1% |
| NCBGX Grade | B | C | C | C | C | B |
| +/- Category | 0.3% | -0.3% | -0.4% | 0.1% | 0.2% | 0.5% |
| Moderate Allocation Avg | 1.4% | 1.2% | 12.6% | 13.1% | 6.6% | 8.6% |
| NCBGX Tax Cost Ratio | na | na | 2.3% | 1.7% | 1.5% | 1.5% |
NCBGX Annual NAV Total ReturnsData as of 8/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| NCBGX Return (NAV) | 7.6% | 12.5% | 13.9% | 16.8% | -15.6% | 13.9% | 15.4% | 20.4% | -3.4% | 13.5% | 5.9% |
| NCBGX Grade | D | D | B | B | C | D | B | C | B | D | D |
| +/- Category | -0.4% | -0.8% | 1.7% | 2.5% | -1.6% | -0.5% | 2.5% | 0.5% | 1.7% | -0.3% | -1.8% |
| Moderate Allocation Avg | 8.0% | 13.4% | 12.2% | 14.3% | -14.0% | 14.4% | 12.9% | 19.8% | -5.1% | 13.8% | 7.7% |
| Risk Measures | |
| Standard Deviation: | 9.0% |
| Total Risk Index: | 0.74 - Below Average |
| Category Risk Index: | 0.99 - Average |
| Category Risk Grade: | C (46% Rank) |
| Beta: | 0.92 |
| R-Squared: | 87% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Large-Cap Blend |
| Bond Investment Style: | High Quality Limited Sensitivity |
| Yield: | 1.5% |
| Dividend Distribution: | Quarterly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $370 Mil |
| Fund Total Assets: | $ 370 Mil |
| Share Class Type: | No Load |
| Portfolio Turnover: | 8% |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 9.7 years | |||
| Average Tenure: 9.3 years | |||
| Managers (Year): Collins Jason (2016), Hintz David (2017) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 3 |
| % in Top 10 Holdings: | 100.0% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 1.7% |
Portfolio Allocation |
|
| Domestic Stock: | 60.2% |
| Foreign Stock: | 0.3% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 36.1% |
| Foreign Bond: | 1.4% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 2.0% |
Purchase Information
| Fund Family: | New Covenant |
| Phone Number: | 877-835-4531 |
| Website: | www.newcovenantfunds.com |
| Status: | Open |
| Inception Date: | July 1, 1999 |
| Min. Initial Purchase: | $ 500 |
| 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 (%): | 0.85% ( Rating : High ) |
| Category Average Expense Ratio (%): | 0.99% |
| Share Class: | New Covenant Balanced Growth |
| Min. Subsequent Purchase: | $ 100 |
| Min. Subsequent IRA Purchase: | $ 0 |
