Fund Evaluator:
X-Square Balanced Fund, LLC Instl (SQBIX)
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Best Performing in Moderate Allocation Over the Last Year
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Fund Details
X-Square Balanced Fund, LLC Instl Overview
X-Square Balanced Fund, LLC Instl (SQBIX) is an actively managed Allocation Moderate Allocation fund. Xsquare Capital launched the fund in 2019.
The investment seeks conservation of capital, current income and long-term growth of capital and income. The fund uses a balanced approach to invest in a broad range of securities, including common stocks and investment-grade bonds. Normally, it will target a 60% allocation towards U.S. equity securities and a 40% allocation towards fixed income securities, including, but not limited to, investment-grade corporate debt, U.S. agency securities, and U.S. mortgage-related and other asset-backed securities and related derivatives. The fund may also invest in securities of foreign issuers.
About X-Square Balanced Fund, LLC Instl (SQBIX)
There are 2 members of the management team with an average tenure of 6.75 years: Ignacio Canto (2019), Gabriel Medina (2019). Management tenure is more important for actively managed funds than passive index funds.
The fund has 3 primary benchmarks: S&P 500 (TR) (1970) index with a weighting of 100%, Bloomberg US Agg Bond TR USD index with a weighting of 40% and S&P 500 (TR) (1970) index with a weighting of 60%. X-Square Balanced Fund, LLC Instl has 92 securities in its portfolio. The top 10 holdings constitute 33.6% 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.
X-Square Balanced Fund, LLC Instl is part of the Allocation global asset class and is within the Allocation fund group. X-Square Balanced Fund, LLC Instl has 12.6% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 49.6%. There is 12.6% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 30.5% (30.5% domestic bond, 0.0% foreign bond and 0.0% convertible bond). X-Square Balanced Fund, LLC Instl has 7.1% of the portfolio in cash.
Assets Under Management
The fund has $11 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.
SQBIX 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 X-Square Balanced Fund, LLC Instl expense ratio is high compared to funds in the Moderate Allocation category. X-Square Balanced Fund, LLC Instl has an expense ratio of 1.61%, which is 62% 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. X-Square Balanced Fund, LLC Instl has a portfolio turnover rate of 9%, 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 July 2026, X-Square Balanced Fund, LLC Instl returned -0.4%, which earned it a grade of C, as the Moderate 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.
X-Square Balanced Fund, LLC Instl has a trailing yield of 1.63%, which is below the 1.97% category average. The fund normally distributes its income quarterly.
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.
X-Square Balanced Fund, LLC Instl Grades
Year to date, the fund has returned 10.4%, 4.0 percentage points better than the category, which translates into a grade of A. The fund has returned 17.3% over the past year (grade of A), 13.5% over the past three years (grade of B) and 7.8% per year over the past five years (grade of A).
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SQBIX 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 |
|
| SQBIX Return (NAV) | -0.4% | 3.6% | 17.3% | 13.5% | 7.8% | na |
| SQBIX Grade | C | A | A | B | A | na |
| +/- Category | -0.1% | 1.5% | 4.3% | 1.5% | 1.2% | na |
| Moderate Allocation Avg | -0.3% | 2.1% | 13.1% | 12.0% | 6.6% | 8.5% |
| SQBIX Tax Cost Ratio | na | na | 0.7% | 0.7% | 0.7% | na |
SQBIX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| SQBIX Return (NAV) | 10.4% | 12.0% | 13.0% | 15.1% | -10.7% | 9.5% | 12.3% | na | na | na | na |
| SQBIX Grade | A | D | B | C | A | F | C | na | na | na | na |
| +/- Category | 4.0% | -1.4% | 0.7% | 0.8% | 3.3% | -4.8% | -0.6% | na | na | na | na |
| Moderate Allocation Avg | 6.4% | 13.4% | 12.2% | 14.3% | -14.0% | 14.4% | 12.9% | 19.8% | -5.1% | 13.8% | 7.7% |
| Risk Measures | |
| Standard Deviation: | 9.3% |
| Total Risk Index: | 0.76 - Below Average |
| Category Risk Index: | 1.01 - Average |
| Category Risk Grade: | C (54% Rank) |
| Beta: | 0.91 |
| R-Squared: | 84% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Large-Cap Blend |
| Bond Investment Style: | na |
| Yield: | 1.6% |
| Dividend Distribution: | Quarterly |
| Cap Gains Distribution: | |
| Total Assets: | $106 Mil |
| Fund Total Assets: | $ 11 Mil |
| Share Class Type: | Inst |
| Portfolio Turnover: | 10% |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 6.8 years | |||
| Average Tenure: 6.8 years | |||
| Managers (Year): Canto Ignacio (2019), Medina Gabriel (2019) | |||
Portfolio Composition (as of 3/31/26)
| # of Holdings: | 92 |
| % in Top 10 Holdings: | 33.6% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 12.6% |
Portfolio Allocation |
|
| Domestic Stock: | 49.6% |
| Foreign Stock: | 12.6% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 30.5% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.2% |
| Cash: | 7.1% |
Purchase Information
| Fund Family: | Xsquare Capital |
| Phone Number: | 833-977-8273 |
| Website: |
| Status: | Open |
| Inception Date: | November 1, 2019 |
| Min. Initial Purchase: | $100,000 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 1.00% |
| 12b-1 Fee: | na |
Expenses and Fees | |
| Expense Ratio (%): | 1.61% ( Rating : High ) |
| Category Average Expense Ratio (%): | 0.99% |
| Share Class: | X-Square Balanced Fund, LLC Instl |
| Min. Subsequent Purchase: | $10,000 |
| Min. Subsequent IRA Purchase: | $ 0 |
