Fund Evaluator:
Shelton S&P Smallcap Index K (SMLKX)
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Best Performing in Small Blend Over the Last Year
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Fund Details
Shelton S&P Smallcap Index K Overview
Shelton S&P Smallcap Index K (SMLKX) is a passively managed U.S. Equity Small Blend fund. Shelton Capital Management launched the fund in 2003.
The investment seeks to replicate the performance of small-sized U.S. companies as measured by the S&P SmallCap 600 Stock Index. The S&P SmallCap 600 Index includes common stocks of 600 small U.S. companies from a broad range of industries. The fund is passively managed. It invests primarily in the stocks that make up the S&P SmallCap 600 Index so that the weighting of each stock in the portfolio approximates the index. The fund's policy to invest at least 80% of its total assets (which includes the amount of any borrowings for investment purposes) in the underlying stocks.
About Shelton S&P Smallcap Index K (SMLKX)
There are 2 members of the management team with an average tenure of 13.59 years: Anthony Jacoby (2022), Stephen Rogers (2003). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: S&P Composite 1500 (TR) USD index with a weighting of 100% and S&P SmallCap 600 TR USD index with a weighting of 100%. Shelton S&P Smallcap Index K has 587 securities in its portfolio. The top 10 holdings constitute 5.0% 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.
Shelton S&P Smallcap Index K is part of the Equity global asset class and is within the U.S. Equity fund group. Shelton S&P Smallcap Index K has 0.6% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 98.8%. There is 0.6% allocated to foreign stock, and 0.0% 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). Shelton S&P Smallcap Index K has 0.6% of the portfolio in cash.
Assets Under Management
The fund has $189 million in total assets, which is below the $685 million average for the Small Blend 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.
SMLKX 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 Shelton S&P Smallcap Index K expense ratio is high compared to funds in the Small Blend category. Shelton S&P Smallcap Index K has an expense ratio of 1.36%, which is 30% higher than its category average, making the fund expense ratio grade a F. 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. Shelton S&P Smallcap Index K has a portfolio turnover rate of 20%, indicating that holds its assets around 0.1 years. By way of comparison, the average portfolio turnover is 66% for the Small Blend category.
Recently, in the month of July 2026, Shelton S&P Smallcap Index K returned -2.1%, which earned it a grade of B, as the Small Blend category had an average return of -2.8%. 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.
Shelton S&P Smallcap Index K has a trailing yield of 0.49%, which is above the 0.42% 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.
Shelton S&P Smallcap Index K Grades
Year to date, the fund has returned 20.9%, 2.8 percentage points better than the category, which translates into a grade of B. The fund has returned 32.0% over the past year (grade of B), 11.9% over the past three years (grade of D) and 6.5% per year over the past five years (grade of D) and 9.5% per year over the past 10 years (grade of D).
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SMLKX 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 |
|
| SMLKX Return (NAV) | -2.1% | 6.3% | 32.0% | 11.9% | 6.5% | 9.5% |
| SMLKX Grade | B | B | B | D | D | D |
| +/- Category | 0.7% | 1.1% | 3.7% | -1.5% | -1.1% | -0.8% |
| Small Blend Avg | -2.8% | 5.2% | 28.3% | 13.5% | 7.6% | 10.3% |
| SMLKX Tax Cost Ratio | na | na | 2.4% | 1.8% | 2.0% | 1.9% |
SMLKX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| SMLKX Return (NAV) | 20.9% | 4.6% | 7.4% | 15.1% | -17.0% | 26.2% | 10.7% | 21.3% | -9.6% | 11.8% | 24.4% |
| SMLKX Grade | B | D | F | D | C | B | D | F | B | D | B |
| +/- Category | 2.8% | -3.3% | -4.1% | -1.4% | -0.5% | 3.0% | -3.6% | -4.1% | 2.3% | -2.3% | 4.2% |
| Small Blend Avg | 18.2% | 7.9% | 11.6% | 16.5% | -16.5% | 23.2% | 14.4% | 25.5% | -11.8% | 14.1% | 20.2% |
| Risk Measures | |
| Standard Deviation: | 19.3% |
| Total Risk Index: | 1.58 - High |
| Category Risk Index: | 1.04 - Above Average |
| Category Risk Grade: | D (73% Rank) |
| Beta: | 1.07 |
| R-Squared: | 52% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Small-Cap Blend |
| Bond Investment Style: | na |
| Yield: | 0.5% |
| Dividend Distribution: | Quarterly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $49 Mil |
| Fund Total Assets: | $ 0 Mil |
| Share Class Type: | Retirement |
| Portfolio Turnover: | 20% |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 22.6 years | |||
| Average Tenure: 13.6 years | |||
| Managers (Year): Rogers Stephen (2003), Jacoby Anthony (2022) | |||
Portfolio Composition (as of 3/31/26)
| # of Holdings: | 587 |
| % in Top 10 Holdings: | 5.0% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 0.6% |
Portfolio Allocation |
|
| Domestic Stock: | 98.8% |
| Foreign Stock: | 0.6% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 0.6% |
Purchase Information
| Fund Family: | Shelton Capital Management |
| Phone Number: | 800-955-9988 |
| Website: | www.sheltoncap.com |
| Status: | Open |
| Inception Date: | October 17, 2003 |
| Min. Initial Purchase: | $1,000 |
| 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 (%): | 1.36% ( Rating : High ) |
| Category Average Expense Ratio (%): | 1.05% |
| Share Class: | Shelton S&P Smallcap Index Investor |
| Min. Subsequent Purchase: | $ 100 |
| Min. Subsequent IRA Purchase: | $ 0 |
