Fund Evaluator:
New Covenant Income (NCICX)
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Best Performing in Intermediate Core-Plus Bond Over the Last Year
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Fund Details
New Covenant Income Overview
New Covenant Income (NCICX) is an actively managed Taxable Bond Intermediate Core-Plus Bond fund. New Covenant launched the fund in 1999.
The investment seeks a high level of current income with preservation of capital. Under normal market conditions, at least 80% of the fund's net assets will be invested in a diversified portfolio of bonds and other debt obligations of varying maturities. At least 65% of the fund's net assets will be invested in bonds that are rated within the four highest credit rating categories assigned by independent rating agencies, and the advisor will attempt to maintain an overall credit quality rating of AA or higher.
About New Covenant Income (NCICX)
There are 9 members of the management team with an average tenure of 4.28 years: Bryan Whalen (2024), Jake Remley (2019), Mike Sheldon (2025), James Gubitosi (2017), Richard Bamford (2017), Anthony Karaminas (2021), Nilay Shah (2021), Ruben Hovhannisyan (2024), Jerry Cudzil (2024). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: Bloomberg US Agg Bond TR USD index with a weighting of 100% and Bloomberg US Agg Interm TR USD index with a weighting of 100%. New Covenant Income has 840 securities in its portfolio. The top 10 holdings constitute 33.1% 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 Income is part of the Fixed Income global asset class and is within the Taxable Bond fund group. New Covenant Income has 3.1% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0%. There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 96.1% (93.0% domestic bond, 3.1% foreign bond and 0.0% convertible bond). New Covenant Income has 3.9% of the portfolio in cash.
Assets Under Management
The fund has $350 million in total assets, which is below the $1 billion average for the Intermediate Core-Plus Bond 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.
NCICX 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 Income expense ratio is above average compared to funds in the Intermediate Core-Plus Bond category. New Covenant Income has an expense ratio of 0.75%, which is 4% 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 Income has a portfolio turnover rate of 356%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 180% for the Intermediate Core-Plus Bond category.
Recently, in the month of June 2026, New Covenant Income returned 0.1%, which earned it a grade of F, as the Intermediate Core-Plus Bond 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.
New Covenant Income has a trailing yield of 3.26%, which is below the 4.29% category average. The fund normally distributes its income monthly 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 Income Grades
Year to date, the fund has returned 0.3%, 0.4 percentage points worse than the category, which translates into a grade of F. The fund has returned 3.3% over the past year (grade of F), 4.3% over the past three years (grade of D) and 0.4% per year over the past five years (grade of C) and 1.5% per year over the past 10 years (grade of F).
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NCICX Trailing NAV Total Returns Data as of 6/30/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| NCICX Return (NAV) | 0.1% | 0.3% | 3.3% | 4.3% | 0.4% | 1.5% |
| NCICX Grade | F | F | F | D | C | F |
| +/- Category | -0.2% | -0.6% | -0.6% | -0.4% | 0.1% | -0.6% |
| Intermediate Core-Plus Bond Avg | 0.3% | 0.9% | 3.9% | 4.7% | 0.3% | 2.1% |
| NCICX Tax Cost Ratio | na | na | 1.3% | 1.3% | 1.1% | 1.0% |
NCICX Annual NAV Total ReturnsData as of 6/30/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| NCICX Return (NAV) | 0.3% | 7.1% | 2.1% | 5.2% | -10.8% | -1.7% | 5.9% | 7.0% | 0.1% | 2.5% | 2.3% |
| NCICX Grade | F | D | C | F | A | F | F | F | A | F | F |
| +/- Category | -0.4% | -0.2% | -0.2% | -1.0% | 2.6% | -1.1% | -2.7% | -2.2% | 1.0% | -1.9% | -2.0% |
| Intermediate Core-Plus Bond Avg | 0.7% | 7.3% | 2.3% | 6.1% | -13.4% | -0.6% | 8.6% | 9.1% | -0.9% | 4.4% | 4.3% |
| Risk Measures | |
| Standard Deviation: | 4.5% |
| Total Risk Index: | 0.37 - Low |
| Category Risk Index: | 0.81 - Low |
| Category Risk Grade: | A (8% Rank) |
| Beta: | 0.80 |
| R-Squared: | 99% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | High Quality Limited Sensitivity |
| Yield: | 3.3% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $350 Mil |
| Fund Total Assets: | $ 351 Mil |
| Share Class Type: | No Load |
| Portfolio Turnover: | 356% |
Management Team
| Number of Managers: 9 | |||
| Longest Tenure: 8.7 years | |||
| Average Tenure: 4.3 years | |||
| Managers (Year): Gubitosi James (2017), Bamford Richard (2017), Remley Jake (2019), Karaminas Anthony (2021), Shah Nilay (2021), Hovhannisyan Ruben (2024), Cudzil Jerry (2024), Whalen Bryan (2024), Sheldon Mike (2025) | |||
Portfolio Composition (as of 3/31/26)
| # of Holdings: | 840 |
| % in Top 10 Holdings: | 33.1% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 3.1% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 93.0% |
| Foreign Bond: | 3.1% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 3.9% |
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 (%): | 0.75% ( Rating : Above Avg ) |
| Category Average Expense Ratio (%): | 0.78% |
| Share Class: | New Covenant Income |
| Min. Subsequent Purchase: | $ 100 |
| Min. Subsequent IRA Purchase: | $ 0 |
