Fund Evaluator:
Nuance Mid Cap Value Z (NMVZX)
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Best Performing in Mid-Cap Value Over the Last Year
| 41.4% | Fidelity Value Strategies (FSLSX) |
| 39.3% | Fidelity Advisor Mid Cap Value Z (FIDFX) |
| 39.2% | Fidelity Mid Cap Value (FSMVX) |
| 38.8% | Harbor Mid Cap Value Instl (HAMVX) |
| 38.3% | Harbor Mid Cap Value Investor (HIMVX) |
Fund Details
Nuance Mid Cap Value Z Overview
Nuance Mid Cap Value Z (NMVZX) is an actively managed U.S. Equity Mid-Cap Value fund. Nuance Investments launched the fund in 2017.
The investment seeks long-term capital appreciation. Under normal market conditions, the fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in securities issued by mid-capitalization companies. It typically invests in a portfolio of 50 to 90 companies. Although the fund will invest primarily in U.S. companies, it may invest up to 15% of its assets in non-U.S. companies that are classified as “developed” by MSCI, Inc. (“MSCI”).
About Nuance Mid Cap Value Z (NMVZX)
There are 3 members of the management team with an average tenure of 6.20 years: D. Adam West (2024), Jack Meurer (2022), Scott Moore (2013). 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 Russell Mid Cap Value TR USD index with a weighting of 100%. Nuance Mid Cap Value Z has 56 securities in its portfolio. The top 10 holdings constitute 52.9% 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.
Nuance Mid Cap Value Z is part of the Equity global asset class and is within the U.S. Equity fund group. Nuance Mid Cap Value Z has 11.2% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 75.2%. There is 11.2% allocated to foreign stock, and 5.2% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Nuance Mid Cap Value Z has 8.4% of the portfolio in cash.
Assets Under Management
The fund has $42 million in total assets, which is below the $642 million average for the Mid-Cap Value 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.
NMVZX 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 Nuance Mid Cap Value Z expense ratio is high compared to funds in the Mid-Cap Value category. Nuance Mid Cap Value Z has an expense ratio of 0.81%, which is 22% 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. Nuance Mid Cap Value Z has a portfolio turnover rate of 110%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 51% for the Mid-Cap Value category.
Recently, in the month of July 2026, Nuance Mid Cap Value Z returned 3.7%, which earned it a grade of A, as the Mid-Cap Value category had an average return of 1.7%. 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.
Nuance Mid Cap Value Z has a trailing yield of 1.17%, which is above the 0.87% 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.
Nuance Mid Cap Value Z Grades
Year to date, the fund has returned 13.8%, 1.7 percentage points worse than the category, which translates into a grade of D. The fund has returned 17.4% over the past year (grade of D), 8.0% over the past three years (grade of F) and 5.4% per year over the past five years (grade of F) and 9.0% per year over the past 10 years (grade of D).
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NMVZX 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 |
|
| NMVZX Return (NAV) | 3.7% | 10.4% | 17.4% | 8.0% | 5.4% | 9.0% |
| NMVZX Grade | A | A | D | F | F | D |
| +/- Category | 2.0% | 4.4% | -5.8% | -5.5% | -4.0% | -1.2% |
| Mid-Cap Value Avg | 1.7% | 6.0% | 23.1% | 13.4% | 9.4% | 10.1% |
| NMVZX Tax Cost Ratio | na | na | 0.5% | 1.3% | 2.0% | na |
NMVZX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| NMVZX Return (NAV) | 13.8% | 4.3% | 5.8% | 6.8% | -4.6% | 11.4% | 4.8% | 31.2% | -4.9% | 15.1% | 20.7% |
| NMVZX Grade | D | F | F | F | A | F | B | A | A | B | B |
| +/- Category | -1.7% | -5.6% | -6.0% | -7.0% | 3.5% | -16.1% | 1.0% | 4.8% | 8.4% | 1.0% | 3.3% |
| Mid-Cap Value Avg | 15.5% | 9.9% | 11.8% | 13.9% | -8.2% | 27.5% | 3.8% | 26.3% | -13.4% | 14.1% | 17.4% |
| Risk Measures | |
| Standard Deviation: | 14.0% |
| Total Risk Index: | 1.14 - Above Average |
| Category Risk Index: | 0.96 - Below Average |
| Category Risk Grade: | B (38% Rank) |
| Beta: | 0.63 |
| R-Squared: | 34% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Small-Cap Value |
| Bond Investment Style: | na |
| Yield: | 1.2% |
| Dividend Distribution: | Quarterly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $294 Mil |
| Fund Total Assets: | $ 42 Mil |
| Share Class Type: | Inst |
| Portfolio Turnover: | 110% |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 12.6 years | |||
| Average Tenure: 6.2 years | |||
| Managers (Year): Moore Scott (2013), Meurer Jack (2022), West D. Adam (2024) | |||
Portfolio Composition (as of 4/30/26)
| # of Holdings: | 56 |
| % in Top 10 Holdings: | 52.9% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 11.2% |
Portfolio Allocation |
|
| Domestic Stock: | 75.2% |
| Foreign Stock: | 11.2% |
| Preferred Stock: | 5.2% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 8.4% |
Purchase Information
| Fund Family: | Nuance Investments |
| Phone Number: | 855-682-6233 |
| Website: | www.nuanceinvestments.com |
| Status: | Open |
| Inception Date: | May 8, 2017 |
| Min. Initial Purchase: | $2,500 |
| 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: | 0.00% |
Expenses and Fees | |
| Expense Ratio (%): | 0.81% ( Rating : High ) |
| Category Average Expense Ratio (%): | 1.03% |
| Share Class: | Nuance Mid Cap Value Institutional |
| Min. Subsequent Purchase: | $ 100 |
| Min. Subsequent IRA Purchase: | $ 0 |
