LKCM Balanced Fund
LKBAX
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- LKCM Balanced Fund (LKBAX) is an open-end mutual fund that seeks current income and long-term capital appreciation by investing primarily in a diversified portfolio of equity securities and fixed-income securities of high-quality companies exhibiting strong profitability, balance sheet quality, competitive advantages, excess cash flow generation, and attractive valuations. The fund allocates approximately 67% to U.S. stocks, 29% to U.S. bonds, 3% to non-U.S. stocks, and 1% to cash, with top holdings concentrated in large-cap blend equities; it targets individual investors, high-net-worth individuals, institutions, and retirement plans through broker-dealers and financial intermediaries. Luther King Capital Management Corporation (LKCM), founded in 1979 and headquartered at 301 Commerce Street, Suite 1600, Fort Worth, Texas, with additional offices in Austin, San Antonio, and Dallas, serves as the investment adviser, managing approximately $30.1 billion in assets as of September 30, 2025. The fund offers institutional-class shares (LKBAX) with a net expense ratio of 0.80%, no sales loads, a 1.00% redemption fee on shares held less than 30 days, a minimum initial investment of $2,000, and subsequent investments of $500; it is part of the LKCM Funds family, which includes small-cap equity, small-mid cap equity, equity, fixed income, and international equity funds, all advised by LKCM. Portfolio management is led by Scot C. Hollmann, CFA (since inception in 1997), J. Luther King, Jr., CFA (since inception), and Mark L. Johnson, CFA (since 2010), employing a disciplined, bottom-up approach focused on fundamental analysis. In recent developments, LKCM extended contractual fee waivers through May 1, 2026, limiting total annual operating expenses after waivers to align with competitive positioning amid moderating interest rates and market volatility; the firm maintained its independent, employee-owned structure while growing assets under management to $30.1 billion as of September 30, 2025, reflecting sustained operational stability. The LKCM Funds updated their statutory prospectus and statement of additional information effective May 1, 2025, incorporating enhanced risk disclosures on market, inflation, and cybersecurity factors, with no reported acquisitions, partnerships, or structural reorganizations in 2024-2025. As of late 2025, the fund reports net assets of approximately $115 million, with year-to-date returns of 8.43% through September 30, 2025.