Lyrical U.S. Value Equity Fund A Class LYRAX

Morningstar Medalist Rating
  • NAV / 1-Day Return $33.44  /  −0.12 %
  • Fund Size $1.3B
  • Adjusted Expense Ratio 1.240%
  • Net Expense Ratio 1.240%
  • Fee Level: Distribution Above Average
  • Share Class Type Front Load
  • Morningstar Category Mid-Cap Value
  • Equity Style Box (Funds) Mid Blend
  • Minimum Initial Investment $1,000
  • Investment Status Open
  • TTM Yield 0.00%
  • Turnover Ratio 32%

Morningstar’s Analysis LYRAX

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Lyrical US Value Equity to convert to an ETF; Ratings Unchanged.

null Todd Trubey

Todd Trubey

Analyst Note

Lyrical Asset Management intends to convert its USD 1.3 billion Lyrical US Value Equity mutual fund into an exchange-traded fund in November 2026. The Board of Trustees has approved the reorganization, which does not require a fundholder vote. Many investors should find the conversion advantageous. The ETF’s expense ratio is expected to be 0.75%, which is less than the current mutual fund share classes (0.99% for the institutional share class; 1.24% for the investor and A class shares; and 1.99% for the C class shares). The ETF structure will allow for daily visibility into its holdings (versus monthly, after a delay, for the mutual fund). Because the strategy focuses on the liquid mid- and large-cap US market, the added transparency shouldn’t create issues around trade execution or hamper nimble maneuvering. The ETF format will provide greater tax efficiency, too. As a mutual fund, Lyrical US Value Equity is required to distribute its capital gains annually, and certain investors might have to pay taxes on them. ETFs typically realize far fewer capital gains, so they tend to have much smaller distributions, if any. Fundholders who invest directly through the firm should be aware that they must have (or open) a brokerage account that may hold ETF shares and transfer their mutual fund shares into the account before the conversion takes place. A brokerage account is necessary because, as the name indicates, ETFs trade on exchanges.

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Portfolio Holdings LYRAX

  • Current Portfolio Date
  • Equity Holdings —
  • Bond Holdings —
  • Other Holdings —
  • % Assets in Top 10 Holdings 49.8
Top 10 Holdings
% Portfolio Weight
Market Value USD
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Technology

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