MXAJX — Great-West Lifetime 2020 Fund
Data updated: 2026-08-20
MXAJX — Great-West Lifetime 2020 Fund. Target Date / Glide Path Allocation · $542.19M AUM · 1.07% expense ratio. Holdings, fees, performance and SEC filings.
MXAJX Fund Overview
MXAJX — Great-West Lifetime 2020 Fund is a US mutual fund managed by Empower Funds, Inc., categorised as Target Date / Glide Path Allocation. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.
- Type: US mutual fund
- Manager: Empower Funds, Inc.
- Category: Target Date / Glide Path Allocation
- Assets under management: $542.19M
- 1-year return: 1.5%
- Ticker: MXAJX
- SEC CIK: 0000356476
- SEC series ID: S000053676
- Share class ID: C000168749
MXAJX Investment Objective and Strategy
Great-West Lifetime 2020 Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Empower Funds, Inc..
Investment objective
The Fund seeks income and secondarily, capital growth .
Principal investment strategy
Below is a summary of the principal investment strategies of the Fund. The Fund is a fund-of-funds that seeks to achieve its objective by investing in a professionally selected mix of mutual funds and in a fixed interest contract (the Contract or the Empower of America Contract) issued and guaranteed by Empower Annuity Insurance Company of America (Empower of America) that is tailored for investors who retired in (or otherwise began using the invested funds on), or close to, 2020 (which is assumed to be at age 65). The mutual funds and the Contract are referred to as the Underlying Funds. The Fund is designed for investors who plan to withdraw the value of their account in the Fund gradually after retirement. Depending on its risk profile and proximity to 2020, the Fund employs a combination of investments among Underlying Funds in order to emphasize, as appropriate, growth, income and preservation of capital.
The Fund currently expects (as of the date of this Prospectus) to invest 30-50% of its net assets in Underlying Funds that invest primarily in equity securities, 45-65% of its net assets in Underlying Funds that invest primarily in fixed income securities, and 0-10% of its net assets in Underlying Funds that invest primarily in real estate-related securities. Over time, the Funds asset allocation strategy will generally become more conservative, with greater emphasis on investments that provide for income and preservation of capital, and less on those offering the potential for growth. The following chart illustrates the Funds target asset allocations among U.S. equity, foreign equity, fixed income, and real estate-related securities. The chart represents the asset allocation path (the glide path) that the Fund follows to become more conservative over time.
The glide path reflects the declining percentage of equities in the Fund as it approaches and passes the target date. The glide path provides for more exposure to equities for investors further from retirement and more exposure to fixed income securities for investors near and through retirement. The glide path continues to adjust the Funds equity exposure downward after the target date is reached. The illustration reflects the Funds neutral allocations without any tactical adjustments by Empower Capital Management, LLC (ECM), the Funds investment adviser. The Funds actual asset allocations may differ from this illustration to reflect ECMs tactical adjustments to the asset mix based on market outlook or other factors. ECM uses asset allocation strategies to allocate the Funds assets among different broad asset classes and the Underlying Funds.
Each Underlying Fund has its own investment objectives and strategies and may hold a wide range of securities and other instruments in its portfolio, including, without limitation, U.S. and foreign equity securities (including those from emerging markets), U.S. and foreign fixed income securities (including those rated below investment grade), real estate investments, short-term investments and derivatives. The following table shows the Funds target allocation for the various asset classes and the Underlying Funds in which the Fund expects to invest as of the date of this Prospectus: Large Cap 21.89% Empower Large Cap Growth Fund Institutional Empower Large Cap Value Fund Institutional Empower S&P 500 Index Fund Institutional Mid Cap 5.31% Empower Mid Cap Value Fund Institutional Empower T.
Rowe Price Mid Cap Growth Fund Institutional Small Cap 1.88% Empower Small Cap Growth Fund Institutional Empower Small Cap Value Fund Institutional Janus Henderson Triton Fund N International 8.75% Empower International Growth Fund Institutional Empower International Index Fund Institutional Empower International Value Fund Institutional Emerging Markets 2.36% Empower Emerging Markets Equity Fund Institutional Fidelity Emerging Markets Index Fund Bond 40.13% Empower Bond Index Fund Institutional Empower Core Bond Fund Institutional Empower Global Bond Fund Institutional Empower High Yield Bond Fund Institutional Empower Inflation-Protected Securities Fund Institutional Empower Multi-Sector Bond Fund Institutional Real Estate 2.78% Empower Real Estate Index Fund Institutional Short-Term Bond/Cash 16.90% Empower of America Contract Empower Short Duration Bond Fund Institutional The Fund will rebalance its holdings of the Underlying Funds on a periodic basis to maintain the appropriate asset allocations.
ECM reviews asset class allocations, Underlying Fund allocations, and the Underlying Funds on a quarterly basis, or more frequently as deemed necessary. ECM may add or delete asset classes, change target asset class or Underlying Fund allocations, or add or delete Underlying Funds at any time without shareholder notice or approval.
MXAJX Holdings
Top 10 holdings of Great-West Lifetime 2020 Fund by percentage of net assets, from the fund's latest SEC N-PORT filing.
| Holding | % of net assets |
|---|---|
| Empower Funds, Inc. | 15.29% |
| Empower | 11.82% |
| Empower Funds, Inc. | 11.20% |
| Empower Funds, Inc. | 9.80% |
| Empower Funds, Inc. | 5.88% |
| Empower Funds, Inc. | 5.79% |
| Empower Funds, Inc. | 5.07% |
| Empower Funds, Inc. | 4.41% |
| Empower Funds, Inc. | 4.35% |
| Empower Funds, Inc. | 3.42% |
MXAJX Portfolio Allocation
Asset-class allocation of Great-West Lifetime 2020 Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Asset class | Allocation |
|---|---|
| Equity | 88.2% |
| Fixed Income | 11.8% |
MXAJX Performance
Total returns for MXAJX (as of 2026-10-01), from SEC filings.
| Period | Total return |
|---|---|
| 1 year | 1.5% |
| 3 years (annualised) | 7.1% |
MXAJX Risk Information
Risk metrics for MXAJX, derived from monthly returns in SEC filings.
- 1-year volatility (annualised): 6.5%
MXAJX Costs and Fees
MXAJX costs about $107 per $10,000 invested per year in fund expenses.
- Net expense ratio: 1.07%
- Gross expense ratio: 1.10%
- Portfolio turnover: 30%
- Brokerage commissions: 0.00 bps of average net assets (SEC N-CEN)
MXAJX Cashflows
Over the 12 months to 2026-06, Great-West Lifetime 2020 Fund had net inflows of $212.69M, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2026-06 | −$1.75M |
| 2026-05 | −$1.10M |
| 2026-04 | $2.32M |
| 2026-03 | $8.35M |
| 2026-02 | $5.77M |
| 2026-01 | $739.34K |
MXAJX Debt Constituents
Largest debt holdings of Great-West Lifetime 2020 Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Debt holding | % of net assets |
|---|---|
| Empower | 11.82% |
MXAJX Prospectus and SEC Filings
Official Great-West Lifetime 2020 Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
- Prospectus (485BPOS) — filed 2026-04-30
- Prospectus (485BPOS) — filed 2025-04-25
- Prospectus (485BPOS) — filed 2024-12-11
- Portfolio holdings (N-PORT) — filed 2026-08-20
- Portfolio holdings (N-PORT) — filed 2026-05-20
- Portfolio holdings (N-PORT) — filed 2026-02-13
- Annual census (N-CEN) — filed 2026-03-13
- Annual census (N-CEN) — filed 2025-03-14
Related Funds
Other Target Date / Glide Path Allocation funds tracked on ABC INVEST:
Data Sources
ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.