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Empower Core Bond Fund
mutual fund
MXIUX
Payout Change
Pending
Price as of:
$8.69
-0.01
-0.11%
primary theme
U.S. Intermediate-Term Bond Duration
share class
MXIUX (Mutual Fund)
Empower Core Bond Fund
Payout Change
Pending
Price as of:
$8.69
-0.01
-0.11%
primary theme
U.S. Intermediate-Term Bond Duration
share class
MXIUX (Mutual Fund)
Empower Core Bond Fund
Payout Change
Pending
Price as of:
$8.69
-0.01
-0.11%
primary theme
U.S. Intermediate-Term Bond Duration
share class
Name
As of 12/10/2024Price
Aum/Mkt Cap
YIELD
Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.
Exp Ratio
Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.
Watchlist
Vitals
YTD Return
3.5%
1 yr return
6.6%
3 Yr Avg Return
-1.8%
5 Yr Avg Return
0.1%
Net Assets
$519 M
Holdings in Top 10
16.6%
52 WEEK LOW AND HIGH
$8.7
N/A
N/A
Expenses
OPERATING FEES
Expense Ratio 0.41%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover 72.00%
Redemption Fee N/A
Min Investment
Standard (Taxable)
$0
IRA
N/A
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 12/10/2024Price
Aum/Mkt Cap
YIELD
Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.
Exp Ratio
Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.
Watchlist
MXIUX - Profile
Distributions
- YTD Total Return 3.5%
- 3 Yr Annualized Total Return -1.8%
- 5 Yr Annualized Total Return 0.1%
- Capital Gain Distribution Frequency N/A
- Net Income Ratio 1.07%
- Dividend Yield 0.8%
- Dividend Distribution Frequency Quarterly
Fund Details
-
Legal NameEmpower Core Bond Fund
-
Fund Family NameGreat-West Funds
-
Inception DateMay 01, 2015
-
Shares OutstandingN/A
-
Share ClassInstl
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerJoseph Marvan
Fund Description
Below is a summary of the principal investment strategies of the Fund.The Fund will, under normal circumstances, invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in fixed income securities. The Fund will invest primarily in a diversified portfolio of investment grade securities, including mortgage-backed securities, U.S. government securities, corporate fixed income securities, to-be-announced (“TBA”) securities, when-issued securities, asset-backed securities (including collateralized loan obligations (“CLOs”)) and municipal securities.A portion of the Fund may invest in foreign investment grade fixed income securities, which may be denominated in either foreign currency or in U.S. dollars. The Fund may also invest in domestic or foreign below investment grade securities (commonly known as “high yield securities” or “junk bonds”), and may purchase interests in bank loans.The Fund may invest in derivatives, including but not limited to interest rate, inflation, and total return forward rate agreements; deliverable and non-deliverable bond and currency forward contracts; interest and bond rate futures; interest rate, bond and swap options; credit default swaps and credit default swap indices; and interest rate, inflation, and total return swaps. The Fund may implement short positions and may do so by using swaps, options or futures, TBA agreements in agency mortgage-backed securities, or through short sales of any instrument that the Fund may purchase for investment.The Fund may invest in securities of any maturity and of any duration. “Duration” is a measure of a debt security’s price sensitivity to changes in interest rates. The longer the duration of the Fund (or an individual debt security), the more sensitive its market price will be to changes in interest rates. For example, if market interest rates increase by 1%, the market price of a debt security with a three-year effective duration will generally decrease by approximately 3%. Conversely, a 1% decline in market interest rates will generally result in an increase of approximately 3% of that security’s market price.Empower Capital Management, LLC (“ECM”) is the Fund’s investment adviser and, subject to the approval of the Board of Directors of Empower Funds (the “Board”), selects the Fund’s sub-advisers and monitors their performance on an ongoing basis. The Fund’s investment portfolio is managed by two sub-advisers: Goldman Sachs Asset Management, L.P. (“GSAM”) and Wellington Management Company LLP (“Wellington”) (each, a “Sub-Adviser,” and collectively, the “Sub-Advisers”).•GSAM seeks to provide total return consisting of capital appreciation and income. GSAM implements its overall philosophy through an investment process that seeks to maximize risk-adjusted performance by utilizing a diverse set of investment strategies. GSAM’s fundamental investment process may integrate environmental, social and governance (“ESG”) factors with traditional fundamental factors. ESG considerations are only one component in the evaluation of eligible investments and may not be a determinative factor in the final investment decision.•Wellington seeks to provide long-term total returns in excess of the U.S. bond market as represented by the Bloomberg U.S. Aggregate Bond Index with equivalent or lower levels of risk.ECM maintains a strategic allocation of the Fund’s assets with each Sub-Adviser and reviews the asset allocations on a quarterly basis, or more frequently as deemed necessary. As of the date of this Prospectus, the target percentage is a 50% allocation of the Fund’s assets to GSAM and a 50% allocation of the Fund’s assets to Wellington. Actual allocations may vary from the target allocations and ECM may change the asset allocations at any time without shareholder notice or approval.
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MXIUX - Performance
Return Ranking - Trailing
| Period | MXIUX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 3.5% | -4.6% | 11.7% | 58.86% |
| 1 Yr | 6.6% | -2.4% | 15.0% | 47.46% |
| 3 Yr | -1.8%* | -10.0% | 28.5% | 49.31% |
| 5 Yr | 0.1%* | -7.2% | 58.8% | 60.21% |
| 10 Yr | N/A* | -2.8% | 74.0% | 49.08% |
* Annualized
Return Ranking - Calendar
| Period | MXIUX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 0.4% | -16.2% | 8.1% | 93.87% |
| 2022 | -16.3% | -34.7% | 131.9% | 58.51% |
| 2021 | -4.8% | -11.6% | 4.4% | 90.77% |
| 2020 | 4.7% | -9.9% | 946.1% | 40.16% |
| 2019 | 6.2% | -1.7% | 16.9% | 26.77% |
Total Return Ranking - Trailing
| Period | MXIUX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 3.5% | -4.6% | 11.7% | 58.86% |
| 1 Yr | 6.6% | -2.4% | 15.0% | 47.46% |
| 3 Yr | -1.8%* | -10.0% | 28.5% | 49.31% |
| 5 Yr | 0.1%* | -7.2% | 58.8% | 60.21% |
| 10 Yr | N/A* | -2.8% | 74.0% | 46.20% |
* Annualized
Total Return Ranking - Calendar
| Period | MXIUX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 6.6% | -11.3% | 11.9% | 29.11% |
| 2022 | -14.4% | -32.2% | 131.9% | 75.32% |
| 2021 | -1.2% | -9.4% | 9.2% | 58.29% |
| 2020 | 7.6% | -1.9% | 1009.0% | 69.16% |
| 2019 | 9.4% | 1.1% | 21668.0% | 34.33% |
NAV & Total Return History
MXIUX - Holdings
Concentration Analysis
| MXIUX | Category Low | Category High | MXIUX % Rank | |
|---|---|---|---|---|
| Net Assets | 519 M | 2.9 M | 314 B | 66.94% |
| Number of Holdings | 1403 | 1 | 17880 | 32.29% |
| Net Assets in Top 10 | 87.6 M | 1.62 M | 35.1 B | 74.04% |
| Weighting of Top 10 | 16.60% | 4.7% | 3984.6% | 77.69% |
Top 10 Holdings
- B 0 10/15/24 4.04%
- DREYFUS INSTL PREFER GOVT-IS #6546 2.52%
- FN MA4356 1.77%
- FNMA-30YR 1.44%
- T 3 05/15/47 1.32%
- T 4.25 03/15/27 1.27%
- B 0 10/08/24 1.11%
- FN CB7867 1.10%
- FNMA-30YR 1.07%
- T 1.375 08/31/26 0.96%
Asset Allocation
| Weighting | Return Low | Return High | MXIUX % Rank | |
|---|---|---|---|---|
| Bonds | 87.45% | 0.00% | 9231.88% | 80.21% |
| Other | 17.17% | -27.25% | 1695.17% | 11.01% |
| Cash | 2.52% | -54.51% | 237.69% | 55.14% |
| Convertible Bonds | 1.41% | 0.00% | 7.93% | 51.99% |
| Stocks | 0.00% | 0.00% | 99.98% | 32.02% |
| Preferred Stocks | 0.00% | 0.00% | 72.34% | 39.46% |
Stock Sector Breakdown
| Weighting | Return Low | Return High | MXIUX % Rank | |
|---|---|---|---|---|
| Utilities | 0.00% | 0.00% | 100.00% | 50.25% |
| Technology | 0.00% | 0.00% | 43.45% | 1.00% |
| Real Estate | 0.00% | 0.00% | 99.26% | 42.79% |
| Industrials | 0.00% | 0.00% | 48.31% | 58.71% |
| Healthcare | 0.00% | 0.00% | 17.70% | 46.77% |
| Financial Services | 0.00% | 0.00% | 100.00% | 53.23% |
| Energy | 0.00% | 0.00% | 100.00% | 65.17% |
| Communication Services | 0.00% | 0.00% | 100.00% | 52.24% |
| Consumer Defense | 0.00% | 0.00% | 99.67% | 46.27% |
| Consumer Cyclical | 0.00% | 0.00% | 100.00% | 55.72% |
| Basic Materials | 0.00% | 0.00% | 100.00% | 46.77% |
Stock Geographic Breakdown
| Weighting | Return Low | Return High | MXIUX % Rank | |
|---|---|---|---|---|
| US | 0.00% | 0.00% | 99.98% | 30.53% |
| Non US | 0.00% | 0.00% | 88.46% | 21.60% |
Bond Sector Breakdown
| Weighting | Return Low | Return High | MXIUX % Rank | |
|---|---|---|---|---|
| Securitized | 39.70% | 0.00% | 98.40% | 23.12% |
| Government | 31.42% | 0.00% | 86.23% | 35.88% |
| Corporate | 27.37% | 0.00% | 100.00% | 59.00% |
| Cash & Equivalents | 2.52% | 0.00% | 237.69% | 52.86% |
| Municipal | 1.41% | 0.00% | 100.00% | 19.87% |
| Derivative | 0.15% | -6.56% | 44.82% | 27.10% |
Bond Geographic Breakdown
| Weighting | Return Low | Return High | MXIUX % Rank | |
|---|---|---|---|---|
| US | 87.45% | 0.00% | 9042.62% | 74.14% |
| Non US | 0.00% | 0.00% | 189.26% | 47.04% |
MXIUX - Expenses
Operational Fees
| MXIUX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Expense Ratio | 0.41% | 0.01% | 39.64% | 82.13% |
| Management Fee | 0.32% | 0.00% | 1.76% | 37.15% |
| 12b-1 Fee | 0.00% | 0.00% | 1.00% | 1.53% |
| Administrative Fee | N/A | 0.01% | 0.50% | 0.22% |
Sales Fees
| MXIUX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Front Load | N/A | 2.00% | 5.75% | N/A |
| Deferred Load | N/A | 1.00% | 4.00% | N/A |
Trading Fees
| MXIUX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Max Redemption Fee | N/A | 1.00% | 2.00% | N/A |
Related Fees
Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.
| MXIUX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Turnover | 72.00% | 2.00% | 493.39% | 30.10% |
MXIUX - Distributions
Dividend Yield Analysis
| MXIUX | Category Low | Category High | MXIUX % Rank | |
|---|---|---|---|---|
| Dividend Yield | 0.79% | 0.00% | 10.11% | 5.08% |
Dividend Distribution Analysis
| MXIUX | Category Low | Category High | Category Mod | |
|---|---|---|---|---|
| Dividend Distribution Frequency | Quarterly | Monthly | Monthly | Monthly |
Net Income Ratio Analysis
| MXIUX | Category Low | Category High | MXIUX % Rank | |
|---|---|---|---|---|
| Net Income Ratio | 1.07% | -1.28% | 4.79% | 85.76% |
Capital Gain Distribution Analysis
| MXIUX | Category Low | Category High | Capital Mode | |
|---|---|---|---|---|
| Capital Gain Distribution Frequency | Annually | Annually | Annually |
Distributions History
| Date | Amount | Type |
|---|---|---|
| Sep 06, 2024 | $0.017 | OrdinaryDividend |
| Dec 27, 2023 | $0.282 | OrdinaryDividend |
| Sep 26, 2023 | $0.046 | OrdinaryDividend |
| Sep 06, 2023 | $0.004 | OrdinaryDividend |
| Jun 23, 2023 | $0.103 | OrdinaryDividend |
| Mar 27, 2023 | $0.080 | OrdinaryDividend |
| Dec 29, 2022 | $0.034 | OrdinaryDividend |
| Sep 27, 2022 | $0.076 | OrdinaryDividend |
| Jun 23, 2022 | $0.050 | OrdinaryDividend |
| Mar 25, 2022 | $0.034 | OrdinaryDividend |
| Dec 29, 2021 | $0.059 | OrdinaryDividend |
| Dec 29, 2021 | $0.202 | CapitalGainLongTerm |
| Sep 24, 2021 | $0.035 | OrdinaryDividend |
| Sep 03, 2021 | $0.000 | CapitalGainLongTerm |
| Jun 23, 2021 | $0.035 | OrdinaryDividend |
| Mar 24, 2021 | $0.041 | OrdinaryDividend |
| Dec 29, 2020 | $0.092 | OrdinaryDividend |
| Dec 29, 2020 | $0.058 | CapitalGainLongTerm |
| Jun 24, 2020 | $0.059 | OrdinaryDividend |
| Mar 25, 2020 | $0.074 | OrdinaryDividend |
| Dec 27, 2019 | $0.035 | OrdinaryDividend |
| Sep 25, 2019 | $0.076 | OrdinaryDividend |
| Sep 06, 2019 | $0.044 | OrdinaryDividend |
| Jun 24, 2019 | $0.081 | OrdinaryDividend |
| Mar 25, 2019 | $0.061 | OrdinaryDividend |
| Dec 27, 2018 | $0.059 | OrdinaryDividend |
| Sep 21, 2018 | $0.073 | OrdinaryDividend |
| Sep 07, 2018 | $0.036 | OrdinaryDividend |
| Jun 22, 2018 | $0.075 | OrdinaryDividend |
| Mar 23, 2018 | $0.064 | OrdinaryDividend |
| Dec 27, 2017 | $0.042 | OrdinaryDividend |
MXIUX - Fund Manager Analysis
Managers
Joseph Marvan
Start Date
Tenure
Tenure Rank
Apr 10, 2017
5.14
5.1%
Joseph F. Marvan, CFA, Senior Managing Director and Fixed Income Portfolio Manager of Wellington Management, has served as a portfolio manager of the Fund since 2012. Mr. Marvan joined Wellington Management as an investment professional in 2003. Joe is a fixed income portfolio manager and serves as chair of the US Broad Market Team. As chair, Joe is responsible for setting aggregate risk levels and investment strategy in Core Bond Plus, Core Bond, Intermediate Bond, and Long Bond portfolios. Prior to joining Wellington Management, Joe was a senior portfolio manager and head of US Fixed Income at State Street Global Advisors, working on a wide range of fixed income portfolios, including those concentrating on total return, mortgage-backed securities, non-dollar bonds, and investment grade credit (1996 – 2003). Prior to that, he worked at both The Boston Company and Shearson Lehman Brothers in Fixed Income Portfolio Management and Trading (1988 – 1996). Joe earned his MBA, magna cum laude, from Babson College (Olin, 2001) and his BS in finance from Ithaca College (1987). Additionally, Joe holds the Chartered Financial Analyst designation and is a member of the CFA Institute.
Campe Goodman
Start Date
Tenure
Tenure Rank
Apr 10, 2017
5.14
5.1%
Campe Goodman, CFA, Senior Managing Director and Fixed Income Portfolio Manager of Wellington Management. Campe is a fixed income portfolio manager on the US Broad Market Team. Prior to joining Wellington Management in 2000, Campe spent four years at the Massachusetts Institute of Technology studying macroeconomics and finance in a doctoral program in economics. He received his AB in mathematics, magna cum laude, from Harvard College (1995). In addition, Campe holds the Chartered Financial Analyst designation.
Robert Burn
Start Date
Tenure
Tenure Rank
Apr 10, 2017
5.14
5.1%
Robert D. Burn, CFA, Managing Director and Fixed Income Portfolio Manager of Wellington Management, has been involved in portfolio management for the Fund since 2016 and has been involved in securities analysis for the Fund since 2012. Mr. Burn joined Wellington Management as an investment professional in 2007.
Paul Seary
Start Date
Tenure
Tenure Rank
Jul 09, 2021
0.89
0.9%
Paul Seary, CFA, Vice President, joined Goldman Sachs Asset Management in 2009 and is a Portfolio Manager focused on fixed income strategies. Mr. Seary is responsible for risk budgeting and portfolio construction focusing on multi-sector fixed income mandates. Prior to joining GSAM, Mr. Seary spent three years with HSBC Halbis, where he was a product specialist within their fixed income alternatives team focusing on Fixed Income Global Macro, Emerging Markets Relative Value and Long/Short Credit strategies. Prior to HSBC Halbis, Mr. Seary worked for five years at Franklin Templeton within their fixed income quantitative research and product management teams. Paul received a Bachelor's of Science in Financial Economics from Binghamton University. Mr. Seary is a CFA charterholder and is a member of the New York Society of Security Analysts.
Ron Arons
Start Date
Tenure
Tenure Rank
Jul 09, 2021
0.89
0.9%
Ron is a portfolio manager in Goldman Sachs Asset Management (GSAM), responsible for core, long duration and other multi-sector fixed income strategies. He joined Goldman Sachs as a managing director in 2010. Prior to joining the firm, Ron worked for 16 years at J.P. Morgan Asset Management, where he was a managing director responsible for the management and distribution of a broad range of fixed income products. Before that, he worked at MetLife for seven years as a trader and portfolio manager. Ron earned a BBA in Accounting from The George Washington University and an MBA from the Stern School of Business at New York University. He is a CFA charterholder.
Ashish Shah
Start Date
Tenure
Tenure Rank
Jan 07, 2022
0.39
0.4%
Mr. Shah is Co-Chief Investment Officer of Global Fixed Income, Global Head of Corporate Credit and Head of the Cross-Sector Strategy within Fixed Income. Mr. Shah joined Goldman Sachs Asset Management, L.P. in 2018. Mr. Shah was previously at AllianceBernstein from 2010 to 2018, where he was most recently the Head of Fixed Income and Chief Investment Officer of Global Credit. Prior to AB, he was a managing director and head of Global Credit Strategy at Barclays Capital (2008-2010). From 2003 to 2008, Shah was the head of Credit Strategy at Lehman Brothers.
Tenure Analysis
| Category Low | Category High | Category Average | Category Mode |
|---|---|---|---|
| 0.08 | 33.43 | 6.77 | 1.16 |
