Name
As of 04/12/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
Vitals
YTD Return
0.6%
1 yr return
3.5%
3 Yr Avg Return
1.7%
5 Yr Avg Return
3.7%
Net Assets
$243 M
Holdings in Top 10
100.7%
52 WEEK LOW AND HIGH
Expenses
OPERATING FEES
Expense Ratio 1.64%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover 12.00%
Redemption Fee N/A
Min Investment
Standard (Taxable)
$100,000
IRA
$100,000
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 04/12/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
TMNIX - Profile
Distributions
- YTD Total Return 0.6%
- 3 Yr Annualized Total Return 1.7%
- 5 Yr Annualized Total Return 3.7%
- Capital Gain Distribution Frequency N/A
- Net Income Ratio 2.33%
- Dividend Yield 0.0%
- Dividend Distribution Frequency None
Fund Details
-
Legal NameCounterpoint Tactical Municipal Fund
-
Fund Family NameCounterpoint Mutual Funds
-
Inception DateJun 11, 2018
-
Shares OutstandingN/A
-
Share ClassI
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerMichael Krause
Fund Description
Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of borrowings, if any) in, or derives at least 80% of its income from, municipal bonds. Municipal bonds are securities exempt from regular federal income tax and generally issued by or on behalf of states and local governments and their agencies, authorities and other instrumentalities. The Fund may indirectly and directly invest in issuers located in U.S. territories, commonwealths, possessions or protectorates. The Fund’s adviser, Counterpoint Funds, LLC (the “Adviser”), uses a proprietary quantitative model that seeks to identify trends in the high-yield municipal bond market.
| · | The Fund invests in mutual funds, passively and actively managed ETFs, and closed-end funds (collectively, “Bond Funds”) that invest primarily in high-yield municipal bonds, otherwise known as “junk bonds,” when the model indicates the high-yield municipal bond market is stable or trending upwards. |
| · | The Fund invests in Bond Funds that invest primarily in investment grade municipal bonds when the model indicates the high-yield municipal bond market is trending downwards. |
By tactically allocating the Fund’s investments, the Adviser seeks to reduce the Fund’s exposure to declines in the high-yield municipal bond market, attempting to limit downside portfolio volatility. To hedge against or replicate interest rate exposure, the Fund may also invest in U.S. treasury futures.
The Fund may also invest in municipal securities directly, and may invest, without limitation, in securities, the income from which may subject you to the federal alternative minimum tax. The Fund may invest in debt securities of any credit quality or maturity. The Fund is not constrained in the range of maturities or geographical diversification it may assume from acquired fund holdings. The Fund may invest up to 100% of its assets in below investment grade securities, including bonds that hold securities that are in default.
TMNIX - Performance
Return Ranking - Trailing
| Period | TMNIX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 0.6% | -3.8% | 3.4% | 55.83% |
| 1 Yr | 3.5% | -5.9% | 7.4% | 48.06% |
| 3 Yr | 1.7%* | -9.9% | 1.7% | 0.50% |
| 5 Yr | 3.7%* | -4.8% | 525.2% | 1.04% |
| 10 Yr | N/A* | 0.0% | 155.7% | N/A |
* Annualized
Return Ranking - Calendar
| Period | TMNIX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 3.2% | -1.5% | 7.5% | 41.26% |
| 2022 | -3.5% | -26.9% | -3.5% | 0.49% |
| 2021 | -1.4% | -1.9% | 5.6% | 95.50% |
| 2020 | 4.2% | -10.1% | 4.2% | 0.51% |
| 2019 | 4.7% | 2.0% | 9.1% | 66.15% |
Total Return Ranking - Trailing
| Period | TMNIX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 0.6% | -3.8% | 3.4% | 55.83% |
| 1 Yr | 3.5% | -5.9% | 7.4% | 48.06% |
| 3 Yr | 1.7%* | -9.9% | 1.7% | 0.50% |
| 5 Yr | 3.7%* | -4.8% | 525.2% | 1.04% |
| 10 Yr | N/A* | 0.0% | 155.7% | N/A |
* Annualized
Total Return Ranking - Calendar
| Period | TMNIX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 6.8% | 0.4% | 10.9% | 51.46% |
| 2022 | -3.1% | -26.9% | -2.9% | 1.48% |
| 2021 | 3.0% | -1.9% | 10.0% | 87.50% |
| 2020 | 6.7% | -4.1% | 8.2% | 3.54% |
| 2019 | 8.2% | 3.5% | 1028633.9% | 60.42% |
NAV & Total Return History
TMNIX - Holdings
Concentration Analysis
| TMNIX | Category Low | Category High | TMNIX % Rank | |
|---|---|---|---|---|
| Net Assets | 243 M | 9.79 K | 16.1 B | 75.85% |
| Number of Holdings | 17 | 1 | 3076 | 99.03% |
| Net Assets in Top 10 | 245 M | -102 M | 3.44 B | 36.89% |
| Weighting of Top 10 | 100.69% | 4.7% | 100.7% | 0.98% |
Top 10 Holdings
- AF-H/I MUN-F3 34.09%
- TRP-T/F H/Y-I 28.95%
- DEL-NTL HY M-I 7.21%
- PGIM MUNI HIGH INCOME-Z 6.93%
- VANECK HIGH YIEL 6.85%
- AC-H/Y MUNI-I 6.51%
- NUVEEN HIGH YLD MUNI BND- 5.98%
- BLKR-LI MUNI-INS 3.33%
- PIMCO HI YLD MUNI BND-I 0.42%
- GLDMN SCHS HI YLD MUNI-IN 0.42%
Asset Allocation
| Weighting | Return Low | Return High | TMNIX % Rank | |
|---|---|---|---|---|
| Stocks | 98.40% | 0.00% | 99.38% | 3.35% |
| Cash | 3.33% | -0.64% | 100.00% | 26.70% |
| Preferred Stocks | 0.00% | -47.61% | 1.89% | 37.86% |
| Other | 0.00% | -12.04% | 9.96% | 41.26% |
| Convertible Bonds | 0.00% | 0.00% | 0.00% | 37.86% |
| Bonds | 0.00% | 0.00% | 146.69% | 98.09% |
Stock Sector Breakdown
| Weighting | Return Low | Return High | TMNIX % Rank | |
|---|---|---|---|---|
| Utilities | 0.00% | 0.00% | 0.00% | 30.16% |
| Technology | 0.00% | 0.00% | 0.00% | 30.16% |
| Real Estate | 0.00% | 0.00% | 0.00% | 30.16% |
| Industrials | 0.00% | 0.00% | 4.78% | 20.63% |
| Healthcare | 0.00% | 0.00% | 0.00% | 30.16% |
| Financial Services | 0.00% | 0.00% | 0.00% | 30.16% |
| Energy | 0.00% | 0.00% | 0.00% | 31.75% |
| Communication Services | 0.00% | 0.00% | 0.00% | 30.16% |
| Consumer Defense | 0.00% | 0.00% | 0.00% | 30.16% |
| Consumer Cyclical | 0.00% | 0.00% | 77.65% | 30.16% |
| Basic Materials | 0.00% | 17.58% | 100.00% | 33.33% |
Stock Geographic Breakdown
| Weighting | Return Low | Return High | TMNIX % Rank | |
|---|---|---|---|---|
| US | 98.40% | 0.00% | 99.38% | 3.40% |
| Non US | 0.00% | 0.00% | 0.00% | 37.86% |
TMNIX - Expenses
Operational Fees
| TMNIX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Expense Ratio | 1.64% | 0.21% | 3.44% | 20.00% |
| Management Fee | 0.70% | 0.00% | 1.41% | 92.82% |
| 12b-1 Fee | 0.00% | 0.00% | 1.00% | 8.11% |
| Administrative Fee | N/A | 0.02% | 0.35% | N/A |
Sales Fees
| TMNIX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Front Load | N/A | 1.00% | 4.50% | N/A |
| Deferred Load | N/A | 1.00% | 5.00% | N/A |
Trading Fees
| TMNIX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Max Redemption Fee | N/A | 1.00% | 1.00% | N/A |
Related Fees
Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.
| TMNIX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Turnover | 12.00% | 2.00% | 121.00% | 14.06% |
TMNIX - Distributions
Dividend Yield Analysis
| TMNIX | Category Low | Category High | TMNIX % Rank | |
|---|---|---|---|---|
| Dividend Yield | 0.00% | 0.00% | 6.72% | 80.86% |
Dividend Distribution Analysis
| TMNIX | Category Low | Category High | Category Mod | |
|---|---|---|---|---|
| Dividend Distribution Frequency | None | Monthly | Monthly | Monthly |
Net Income Ratio Analysis
| TMNIX | Category Low | Category High | TMNIX % Rank | |
|---|---|---|---|---|
| Net Income Ratio | 2.33% | 1.11% | 5.70% | 84.21% |
Capital Gain Distribution Analysis
| TMNIX | Category Low | Category High | Capital Mode | |
|---|---|---|---|---|
| Capital Gain Distribution Frequency | Annually | Annually | Annually |
Distributions History
| Date | Amount | Type |
|---|---|---|
| Mar 28, 2024 | $0.026 | OrdinaryDividend |
| Feb 29, 2024 | $0.029 | OrdinaryDividend |
| Jan 31, 2024 | $0.023 | OrdinaryDividend |
| Dec 19, 2023 | $0.035 | OrdinaryDividend |
| Nov 30, 2023 | $0.026 | OrdinaryDividend |
| Oct 31, 2023 | $0.017 | OrdinaryDividend |
| Sep 29, 2023 | $0.028 | OrdinaryDividend |
| Aug 31, 2023 | $0.033 | OrdinaryDividend |
| Jul 31, 2023 | $0.027 | OrdinaryDividend |
| Jun 30, 2023 | $0.027 | OrdinaryDividend |
| May 31, 2023 | $0.030 | OrdinaryDividend |
| Apr 28, 2023 | $0.029 | OrdinaryDividend |
| Mar 31, 2023 | $0.037 | OrdinaryDividend |
| Feb 28, 2023 | $0.033 | OrdinaryDividend |
| Jan 31, 2023 | $0.040 | OrdinaryDividend |
| Dec 20, 2022 | $0.020 | OrdinaryDividend |
| Nov 30, 2022 | $0.008 | OrdinaryDividend |
| Oct 31, 2022 | $0.010 | OrdinaryDividend |
| Oct 28, 2022 | $0.010 | OrdinaryDividend |
| Sep 29, 2021 | $0.019 | OrdinaryDividend |
| Aug 30, 2021 | $0.019 | OrdinaryDividend |
| Jul 29, 2021 | $0.018 | OrdinaryDividend |
| Jun 29, 2021 | $0.023 | OrdinaryDividend |
| May 27, 2021 | $0.018 | OrdinaryDividend |
| Apr 29, 2021 | $0.020 | OrdinaryDividend |
| Mar 30, 2021 | $0.024 | OrdinaryDividend |
| Feb 25, 2021 | $0.023 | OrdinaryDividend |
| Jan 28, 2021 | $0.017 | OrdinaryDividend |
| Dec 21, 2020 | $0.120 | OrdinaryDividend |
| Nov 27, 2020 | $0.023 | OrdinaryDividend |
| Oct 29, 2020 | $0.020 | OrdinaryDividend |
| Sep 29, 2020 | $0.025 | OrdinaryDividend |
| Aug 28, 2020 | $0.019 | OrdinaryDividend |
| Jul 30, 2020 | $0.017 | OrdinaryDividend |
| Mar 30, 2020 | $0.027 | OrdinaryDividend |
| Feb 27, 2020 | $0.005 | OrdinaryDividend |
| Dec 27, 2019 | $0.057 | OrdinaryDividend |
| Nov 27, 2019 | $0.023 | OrdinaryDividend |
| Oct 30, 2019 | $0.019 | OrdinaryDividend |
| Sep 27, 2019 | $0.024 | OrdinaryDividend |
| Aug 29, 2019 | $0.017 | OrdinaryDividend |
| Jul 30, 2019 | $0.028 | OrdinaryDividend |
| Jun 27, 2019 | $0.021 | OrdinaryDividend |
| May 30, 2019 | $0.035 | OrdinaryDividend |
| Apr 29, 2019 | $0.027 | OrdinaryDividend |
| Mar 28, 2019 | $0.027 | OrdinaryDividend |
| Feb 27, 2019 | $0.029 | OrdinaryDividend |
| Jan 30, 2019 | $0.025 | OrdinaryDividend |
| Dec 20, 2018 | $0.010 | OrdinaryDividend |
| Nov 29, 2018 | $0.005 | OrdinaryDividend |
| Oct 30, 2018 | $0.011 | OrdinaryDividend |
| Aug 30, 2018 | $0.036 | OrdinaryDividend |
| Jul 30, 2018 | $0.015 | OrdinaryDividend |
| Jun 28, 2018 | $0.007 | OrdinaryDividend |
TMNIX - Fund Manager Analysis
Managers
Michael Krause
Start Date
Tenure
Tenure Rank
Jun 11, 2018
3.97
4.0%
Michael Krause is a co-founder of Counterpoint Mutual Funds, LLC. Prior to founding Counterpoint Mutual Funds, LLC in 2014, Mr. Krause co-founded Counterpoint Asset Management, LLC in 2012 to offer quantitative investment strategies to investment clients. Mr. Krause served as a senior financial risk analyst for San Diego Gas & Electric from 2012 until 2014. Mr. Krause is a CFA® charter holder. He obtained an MBA from the Rady School of Management at the University of California at San Diego in 2012 and a Bachelor of Arts in Economics from San Diego State University. Prior to attending San Diego State University, Mr. Krause worked as a computer and information technology consultant and co-founded Exchange Network Services, Inc., an internet service provider, which earned him the Ernst and Young Entrepreneur of the Year, Northeast Ohio regional award in 1998.
Joseph Engelberg
Start Date
Tenure
Tenure Rank
Jun 11, 2018
3.97
4.0%
Joseph Engelberg has served as Chief Research Officer of Counterpoint Mutual Funds, LLC since 2015. Dr. Engelberg has also been an Associate Professor of Finance at University California San Diego, Rady School of Management since 2011. Prior to joining Counterpoint Mutual Funds, LLC, Dr. Engelberg co-founded Counterpoint Asset Management, LLC in 2012. From 2008 to 2011, Dr. Engelberg was an Assistant Professor of Finance at the Kenan-Flagler Business School at the University of North Carolina at Chapel Hill. He earned his Ph.D. in Finance from the Kellogg School of Management at Northwestern University and earned his B.A. in Mathematics and B.S. in Business Administration from the University of Southern California.
Tenure Analysis
| Category Low | Category High | Category Average | Category Mode |
|---|---|---|---|
| 0.06 | 21.43 | 7.46 | 2.52 |