Balanced Fund
Aggressive allocation fund
As of its 2026 Q2 report, Balanced Fund held 1,128 positions with $6.62B in net assets. Its ten largest holdings made up 27.4% of the fund. The SVBAX share class costs 1.02% a year. Over the 12 months to May 2026, SVBAX returned 24.4%, with dividends reinvested. In 2026 Q3 it added 137 new positions and exited 72.
To seek current income, long-term growth of capital and income and preservation of capital.
The fund allocates between debt and equity securities, screening for undervalued equities using fundamental analysis and financial models—targeting companies trading at discounts by price-to-book, price-to-earnings, or price-to-sales ratios and showing near-term catalysts for value realization—while its bond portfolio emphasizes investment-grade securities with up to 20% in below-investment-grade bonds to enhance income. The fund considers ESG factors alongside other investment criteria but may pursue an investment despite weaker ESG characteristics. Because manager selection of both equity and debt holdings depends on the manager's identification of value and catalysts, fund performance will diverge from broad market returns.
What you own
| Company | Weight | Value | Shares | Reported price |
|---|---|---|---|---|
GOOGLAlphabet Inc. | 4.58% | $302.77M | 786.8K | $384.80 |
4.14% | $273.98M | 671.9K | $407.78 | |
AMZNAmazon.com Inc. | 3.96% | $262.23M | 989.3K | $265.06 |
AVGOBroadcom Inc. | 2.92% | $193.50M | 463.5K | $417.43 |
2.33% | $154.02M | 491.7K | $313.23 | |
2.28% | $150.89M | 913.6K | $165.15 | |
1.93% | $127.46M | 125.6K | $1,014.53 | |
1.81% | $119.67M | 128.0K | $934.60 | |
WMTWalmart Inc. | 1.73% | $114.16M | 865.3K | $131.93 |
1.68% | $111.42M | 558.3K | $199.57 |
Reported price is the fund's own reported value divided by its own reported shares at 2026-04-30 — not a live quote, and not what the fund paid.
The 200 largest of 1,128 holdings, with the share counts as filed, open with a free account.
What the fund is made of
Percentages are of fund net assets. Rounding, liabilities and short positions can make totals differ from 100%.
| Stocks | 60.15% |
| Bonds | 21.63% |
| Securitized | 16.89% |
| Cash & short-term | 0.42% |
| Loans | 0.09% |
By sector
- Securitized
- 18.2%
- Information Technology
- 17.0%
- Financials
- 9.1%
- Other
- 8.6%
- 12 other sectors
- 47.2%
- Securitized
- 18.2%
- Information Technology
- 17.0%
- Financials
- 9.1%
- Other
- 8.6%
- International
- 7.9%
- Consumer Discretionary
- 6.2%
- Government
- 5.9%
- Communication Services
- 5.2%
- Health Care
- 5.1%
- Industrials
- 4.0%
- Consumer Staples
- 3.5%
- Energy
- 3.2%
- Materials
- 2.5%
- Utilities
- 1.8%
- Real Estate
- 1.4%
- Cash
- 0.5%
How it has done
SVBAX share class · total returns with dividends reinvested
Volatility over the last 12 months: 9.04%. Past returns are a record, not a forecast.
Jun 2026 and Jul 2026 have been filed since the trailing figures were struck, so they are not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
The 7 share classes hold the same portfolio
| Share class | Expense ratio | 1 year | 3 years | 5 years | Worst fall |
|---|---|---|---|---|---|
| 1.02% | +24.45% | +59.53% | +53.34% | -5.69% | |
| 1.72% | +23.57% | +56.28% | +48.08% | -5.84% | |
| 0.72% | +24.84% | +61.06% | +55.68% | -5.63% | |
| 0.86% | +24.66% | +60.43% | +54.58% | -5.63% | |
| 0.66% | +24.87% | +61.33% | +56.09% | -5.58% | |
| 0.61% | +24.96% | +61.57% | +56.47% | -5.59% | |
| 1.11% | +24.33% | +59.20% | +52.75% | -5.68% |
These classes hold the same portfolio, so the 8.40pp spread over 5 years is the cost difference between them — roughly 1.68pp a year — not a difference in what they own.
Fees & fund details
Balanced Fund is an aggressive allocation fund. 27% of SVBAX’s stock holdings are in companies whose revenue grew in the top quartile of U.S. companies over the last five fiscal years (covering 86% of the fund’s equity).
- Asset class
- Allocation (multi-asset)
- Region
- United States
- Management
- Actively managed
- Fund type
- Open-end fund
- Equity exposure
- Aggressive
- Expense ratio, by class
- 0.61% – 1.72%· SVBAX 1.02%
- Portfolio turnover
- 71.00% a year · as of 2026 Q1
Net is what a holder pays after the adviser's contractual waiver; gross is before it. A waiver can expire.
Turnover is how much of the portfolio was replaced in a year.
Classified from what the fund holds, not from its name · 2026 Q2. The summary is a paraphrase of the prospectus; the objective is verbatim.
What changed this quarter
Positions that entered or left the fund since its previous filing. Positions that were only resized are not listed.
137 new· the largest 7
72 exited· the largest 7
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-04-30
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Fixed rate | 81.9% |
| Floating rate | 16.9% |
| Zero-coupon or unclassified | 1.2% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 1.5% |
| 1-3y | 2.8% |
| 3-5y | 12.4% |
| 5-10y | 24.8% |
| 10y+ | 58.5% |
Based on what filers reported; a filer that never reported a flag also reads as none.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
Most of this fund’s sensitivity is to interest rates, with credit spreads carrying nearly as much.
Where the loss would come from. The two shocks are the same size, so this is the balance of the fund's two sensitivities rather than a bet on one moving more.
| Interest rates | 57% |
| Credit spreads | 43% |
Filers report the impact of a 0.01% move only, so the total is our own scaling of that one number and overstates the loss on most bonds — read it as approximate, never as precise. The two sensitivities overlap rather than add up: they measure the same positions against different shocks, which is why the durations above are shown side by side and never summed.
Share of the fund's spread duration carried by each credit tier.
| Investment grade | +1.51 yr |
| High yield | +0.20 yr |
Share of duration at each point, shortest first. A positive figure loses value when spreads widen; a negative one offsets — a credit hedge.
| 3 mo | 0.01 yr | 0% |
| 1 yr | 0.19 yr | 8% |
| 5 yr | 0.77 yr | 33% |
| 10 yr | 0.90 yr | 39% |
| 30 yr | 0.43 yr | 19% |
| 3 mo | 0.01 yr | 0% |
| 1 yr | 0.19 yr | 11% |
| 5 yr | 0.73 yr | 42% |
| 10 yr | 0.65 yr | 38% |
| 30 yr | 0.14 yr | 8% |
The two bands measure the same positions against different shocks and do not add — a Treasury carries rate duration and no spread duration, a floating-rate credit the reverse. Rate tenors are also summed across every currency the fund discloses.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | +0.01 | +0.01 | +0.00 | $4.5k | $865 |
| 1 yr | +0.19 | +0.15 | +0.04 | $99.6k | $24.7k |
| 5 yr | +0.77 | +0.61 | +0.12 | $403.0k | $79.0k |
| 10 yr | +0.90 | +0.62 | +0.04 | $407.0k | $26.1k |
| 30 yr | +0.43 | +0.13 | +0.00 | $87.7k | $1.8k |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
A newer credit-spread reading (2026Q3) is on file. This page holds one quarter across every figure on it, so that one appears here next quarter.
Understand how this fund fits with the rest.
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