What are some of the best balanced mutual funds?

As of 2015, the best balanced funds include the LKCM Balanced Fund and the Fidelity Puritan Fund, according to U.S. News and World Report. A balanced fund keeps a steady balance between holdings in both stocks and bonds, usually around a 60/40 split between stocks and bonds, explains Morningstar.

As of October 2014, the Bruce Fund, Dodge & Cox Balanced Fund, and State Farm Balanced Fund are among the top-rated mutual funds best positioned to outperform their peers, according to Zacks.

Balanced funds are good investment options for intermediate-term investors, explains Morningstar. Many balanced funds hold levels of bonds that are too high for many longer-term investors, although some balanced funds offer higher levels of stocks than the typical 60 percent.