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    • Overview

    Objective

    The Fund seeks long-term capital growth.

    Dynamic allocation approach: Pioneering asset allocation framework provides opportunity to consistently outperform large-cap equities while maintaining a similar risk profile. 

    Key features

    • Risk-adjusted returns: Seeks excess returns over the S&P 500 with similar volatility
    • Portfolio optimization: Allocates across S&P 500, Bloomberg U.S. Long Treasury Index and cash based on forward-looking estimates of returns, risk and correlation
    • Diversification: Low correlation to traditional long-only equity strategies

    Fund documentation

    Additional resources

    Visit the site where the prospectus, reports, and other regulatory documents are located.

    Strategy overview

    The Nationwide BNY Mellon Dynamic U.S. Core Fund's objective is long-term growth of capital by seeking to outperform the S&P 500® while also producing a similar risk profile.

    Managed by Newton Investment Management, a subsidiary of BNY Mellon Investment Management, the strategy seeks to invest in the most efficient portfolio by investing across equities (S&P 500), bonds (Bloomberg Long U.S. Treasury Index), and cash. Their asset allocation decisions are driven by Mellon Capital's risk and return projections.

    The strategy will generally employ leverage and have greater than 100% exposure to equities. Allocation to bonds or cash, unique use of financial instruments, and Mellon Capital's risk management program all contribute to the strategy, designed to deliver a risk profile similar to that of the S&P 500 Index.

    Fund management

    Portfolio management

    BNY Investments Newton logo

    BNY Investments Newton

    BNY Investments Newton seeks to deliver strong investment outcomes to its clients by taking an active, multidimensional and engaged approach, applied across four key disciplines: income and value equities, growth and core equities, specialist equities and multi-asset strategies.

    BNY Investments Newton is the name for a group of affiliated companies that provide investment management services under the trading name of 'Newton' or 'Newton Investment Management'. Investment management services are provided in the United Kingdom by Newton Investment Management Ltd (NIM), in the United States by Newton Investment Management North America LLC (NIMNA), and in Japan by Newton Investment Management Japan Limited (NIMJ). All firms are indirect subsidiaries of The Bank of New York Mellon Corporation ('BNY').

    Founded: 2021

    Location: Boston, MA

    Assets Under Management (AUM): $82.7 Billion (as of 6/30/2026)

    Management team

    James Stavena photo

    James Stavena

    Managing Director, Portfolio Manager

    Investing since: 1991
    Fund tenure since: 2018
    Education: MBA, Rice University; BA, Trinity University
    Torrey Zaches photo

    Torrey Zaches, CFA

    Director, Portfolio Manager

    Investing since : 1994
    Fund tenure since: 2020
    Education: MBA, University of Southern California; BA, University of California, Santa Barbara
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    Performance

    Average annual returns
    (as of )

    Important disclosure

    The results shown represent past performance; past performance does not guarantee future results. Current performance may be lower or higher than the past performance shown. Share price, principal value, and return will vary, and you may have a gain or a loss when you sell your shares. Current performance may be lower or higher than the performance data quoted.

    Performance returns assume the reinvestment of all distributions. Returns for periods less than one year are not annualized. Total returns reflect a contractual expense limitation for direct annual Fund expenses for all classes for certain periods since inception, without which returns would have been lower. Pre-inception historical performance for newer share classes is based on the corresponding share class performance of a Fund's predecessor fund. If no predecessor Fund applies, historical performance is based on that of the longest existing share class, adjusted for sales charges if applicable.

    Calendar year returns
    (as of )

    Growth of 10K
    (as of )

    Fees, expenses and minimums

    Important disclosure

    The expense ratios are as of the most recent prospectus. The difference between gross and net operating expenses reflects contractual fee waivers in place through March 2, 2027.

    The Nationwide Mutual Funds and NFA entered into a written contract limiting annual fund operating expenses to 0.50% until at least March 2, 2027. Under the agreement, the expense cap applies to all share classes (excluding 12b-1 fees). Please see the Fund's prospectus for more details.

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    Portfolio

    Asset allocation
    (as of )

    Percentage of net assets. The net exposures are a combination of potential long and short exposures of derivatives, such as futures.

    Top 10 holdings
    NMFAX (as of )

    Holding nameWeight (%)
    No holdings data available.

    Holdings are provided for informational purposes and should not be deemed as a recommendation to buy or sell the securities.

    Sector allocations
    (as of )

    Percentage of net equity assets. The net exposures are the combination of potential long and short exposures across equity, fixed income, and cash derivatives.

    Portfolio characteristics
    (as of )

    * Portfolio Characteristics are calculated based on the Fund’s Morningstar Category Index using a rolling 3-year time period. If Inception Date of the share class is less than 3 years ago, Characteristic is not available.

    Style details
    (as of )

    Important disclosure

    The Morningstar Style Box is a nine-square grid that provides a graphical representation of the "investment style" of mutual funds as of the date noted above. For stocks and stock funds, it classifies securities according to market capitalization (the vertical axis) and growth and value factors (the horizontal axis). A darkened square in the style box indicates the weighted average style of the portfolio.

    Rankings and ratings
    (as of )

    Fund risks

    The Fund is subject to the risks of investing in equity securities and fixed-income securities including default risk and interest rate risk. The Fund may invest in more aggressive investments such as derivatives (many of which create investment leverage and are highly volatile). The Fund's holdings may subject the Fund to liquidity risk, making it more volatile than other mutual funds. The Fund's strategy may lead to above-average short-term volatility. Please refer to the most recent prospectus for a more detailed explanation of the Fund's principal risks.

    Distributions

    Distribution information

    Access important year-end information shareholders will need to prepare taxes.

    [1] S&P 500® Index: An unmanaged, market capitalization-weighted index of 500 stocks of leading large-cap U.S. companies in leading industries; gives a broad look at the U.S. equities market and those companies' stock price performance.

    S&P Indexes are trademarks of Standard & Poor's and have been licensed for use by Nationwide Fund Advisors. The Products are not sponsored, endorsed, sold or promoted by Standard & Poor's and Standard & Poor's does not make any representation regarding the advisability of investing in the Product.

    Need more information?
    We’re here to help you meet your clients’ needs. 
    Mutual fund service: 1-800-848-0920
    Retail mutual fund sales: 1-877-245-0761
    Connect with a Nationwide Funds wholesaler or key accounts representative

    Read this important information

    Performance represents average annual total returns, assumes the reinvestment of all distributions and reflects applicable sales charges. Total returns reflect a waiver of part of each Fund's fees for certain periods since inception, without which returns would have been lower. Average annual total returns illustrate the annual compounded returns that would have produced the cumulative total return if each Fund's performance had remained constant throughout the period indicated. Returns for periods less than one year are not annualized.

    Additional disclosures

    Returns prior to the first offering of a specific share class of a Fund are based on the previous performance of other share classes of that Fund as noted below. This performance is substantially similar to what the specific share class would have produced because all share classes of a Fund invest in the same portfolio of securities. Performance assumes the reinvestment of all dividends and distributions. Performance has not been adjusted to reflect differences in applicable sales charges for individual classes, which if reflected may have resulted in higher or lower performance for the specific share class. Performance has been adjusted to reflect different expense levels for individual classes.

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    Morningstar Ratings disclosure

    Morningstar Ratings reflect risk-adjusted performance. The Morningstar RatingTM is derived from a weighted average of the performance figures associated with the Fund's 3-, 5- and 10-year (if applicable) periods.

    Morningstar Ratings metrics: Morningstar Ratings are based solely on a proprietary mathematical formula based on measures of risk and performance that it recalculates each month. The ratings formula measures the amount of variation in a fund's monthly performance (excluding the effects of sales charges and loads) emphasizing downward variations and rewarding consistency. Ratings are subject to change every month. The top 10% of funds in the category receive 5 stars; the next 22.5%, 4 stars; the next 35%, 3 stars; the next 22.5%, 2 stars; and the bottom 10%, 1 star.

    Ratings are based on specific class performance of each fund. Current fund performance may be higher or lower, which may change a fund's star rating. Despite high ratings, funds may have experienced negative performance during the period. Performance may reflect a waiver of part of a fund's fees for certain periods since inception, without which returns would have been lower. The Morningstar Rating does not include any adjustment for sales loads.

    © 2026 Morningstar. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.