Fund Evaluator:
Aristotle Portfolio Optimization ModCnsA (POBAX)
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Best Performing in Moderately Conservative Allocation Over the Last Year
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Fund Details
Aristotle Portfolio Optimization ModCnsA Overview
Aristotle Portfolio Optimization ModCnsA (POBAX) is an actively managed Allocation Moderately Conservative Allocation fund. Aristotle Funds launched the fund in 2003.
The investment seeks current income and moderate growth of capital. The fund is a "fund of funds" that seeks to achieve its investment goal by investing in a combination of underlying funds. The fund's exposure to the debt is expected to be within 50-70%; the fund's exposure to the equity is expected to be within 30-50%. It may invest a significant portion of its assets in any single underlying fund. The advisor expects to be as fully invested as practical, although it may maintain liquidity reserves to meet redemption requests.
About Aristotle Portfolio Optimization ModCnsA (POBAX)
There are 3 members of the management team with an average tenure of 8.23 years: Carleton Muench (2006), Jie "Edward" Sheng (2021), Jordan Fettman (2026). 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 Bloomberg US Agg Bond TR USD index with a weighting of 100%. Aristotle Portfolio Optimization ModCnsA has 22 securities in its portfolio. The top 10 holdings constitute 84.4% 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.
Aristotle Portfolio Optimization ModCnsA is part of the Allocation global asset class and is within the Allocation fund group. Aristotle Portfolio Optimization ModCnsA has 17.7% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 35.0%. There is 9.3% allocated to foreign stock, and 0.2% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 53.6% (45.2% domestic bond, 8.4% foreign bond and 0.1% convertible bond). Aristotle Portfolio Optimization ModCnsA has 1.9% of the portfolio in cash.
Assets Under Management
The fund has $172 million in total assets, which is below the $561 million average for the 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.
POBAX 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 Aristotle Portfolio Optimization ModCnsA expense ratio is high compared to funds in the Moderately Conservative Allocation category. Aristotle Portfolio Optimization ModCnsA has an expense ratio of 1.16%, which is 15% 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. Aristotle Portfolio Optimization ModCnsA has a portfolio turnover rate of 56%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 43% for the Moderately Conservative Allocation category.
Recently, in the month of July 2026, Aristotle Portfolio Optimization ModCnsA returned -0.3%, which earned it a grade of C, as the Moderately Conservative Allocation category had an average return of -0.3%. 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.
Aristotle Portfolio Optimization ModCnsA has a trailing yield of 2.90%, which is below the 3.29% 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.
Aristotle Portfolio Optimization ModCnsA Grades
Year to date, the fund has returned 5.4%, 0.6 percentage points better than the category, which translates into a grade of B. The fund has returned 10.5% over the past year (grade of C), 9.5% over the past three years (grade of C) and 3.5% per year over the past five years (grade of F) and 5.6% per year over the past 10 years (grade of D).
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POBAX 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 |
|
| POBAX Return (NAV) | -0.3% | 2.1% | 10.5% | 9.5% | 3.5% | 5.6% |
| POBAX Grade | C | A | C | C | F | D |
| +/- Category | 0.1% | 0.9% | 0.1% | 0.1% | -1.2% | -0.3% |
| Moderately Conservative Allocation Avg | -0.3% | 1.2% | 10.4% | 9.4% | 4.6% | 6.0% |
| POBAX Tax Cost Ratio | na | na | 1.2% | 1.2% | 1.7% | 1.7% |
POBAX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| POBAX Return (NAV) | 5.4% | 11.5% | 8.2% | 11.3% | -16.9% | 7.6% | 12.4% | 15.6% | -5.8% | 10.5% | 6.1% |
| POBAX Grade | B | C | C | B | F | D | A | C | F | C | D |
| +/- Category | 0.6% | 0.0% | -0.1% | 1.3% | -5.1% | -2.4% | 4.3% | 0.0% | -1.5% | 0.6% | -2.4% |
| Moderately Conservative Allocation Avg | 4.8% | 11.5% | 8.3% | 10.0% | -11.8% | 10.0% | 8.1% | 15.6% | -4.3% | 9.8% | 8.5% |
| Risk Measures | |
| Standard Deviation: | 7.4% |
| Total Risk Index: | 0.60 - Below Average |
| Category Risk Index: | 1.00 - Average |
| Category Risk Grade: | C (54% Rank) |
| Beta: | 0.77 |
| R-Squared: | 96% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Large-Cap Blend |
| Bond Investment Style: | High Quality Moderate Sensitivity |
| Yield: | 2.9% |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | Annually |
| Total Assets: | $181 Mil |
| Fund Total Assets: | $ 173 Mil |
| Share Class Type: | A |
| Portfolio Turnover: | 56% |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 19.7 years | |||
| Average Tenure: 8.2 years | |||
| Managers (Year): Muench Carleton (2006), Sheng Jie "Edward" (2021), Fettman Jordan (2026) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 22 |
| % in Top 10 Holdings: | 84.4% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 17.7% |
Portfolio Allocation |
|
| Domestic Stock: | 35.0% |
| Foreign Stock: | 9.3% |
| Preferred Stock: | 0.2% |
| Domestic Bond: | 45.2% |
| Foreign Bond: | 8.4% |
| Convertible Bond: | 0.1% |
| Other: | 0.0% |
| Cash: | 1.9% |
Purchase Information
| Fund Family: | Aristotle Funds |
| Phone Number: | 844-274-7885 |
| Website: | www.pacificlife.com |
| Status: | Open |
| Inception Date: | December 31, 2003 |
| Min. Initial Purchase: | $1,000 |
| Min. Initial IRA Purchase: | $1,000 |
| True No-Load: | No |
| Front Load Maximum: | 5.50% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | 0.25% |
Expenses and Fees | |
| Expense Ratio (%): | 1.16% ( Rating : High ) |
| Category Average Expense Ratio (%): | 1.01% |
| Share Class: | Aristotle Portfolio Optimization ModCnsA |
| Min. Subsequent Purchase: | $ 50 |
| Min. Subsequent IRA Purchase: | $ 50 |
