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Counterpoint Tactical Income Fund
CPATX (Mutual Fund)
Counterpoint Tactical Income Fund
Name
As of 10/02/2024Price
Aum/Mkt Cap
YIELD
Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.
Exp Ratio
Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.
Watchlist
Vitals
YTD Return
5.8%
1 yr return
10.6%
3 Yr Avg Return
3.8%
5 Yr Avg Return
5.1%
Net Assets
$1.73 B
Holdings in Top 10
86.6%
52 WEEK LOW AND HIGH
$11.4
N/A
N/A
Expenses
OPERATING FEES
Expense Ratio 2.28%
SALES FEES
Front Load 4.50%
Deferred Load N/A
TRADING FEES
Turnover 36.00%
Redemption Fee N/A
Min Investment
Standard (Taxable)
$5,000
IRA
$1,000
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 10/02/2024Price
Aum/Mkt Cap
YIELD
Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.
Exp Ratio
Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.
Watchlist
CPATX - Profile
Distributions
- YTD Total Return 5.8%
- 3 Yr Annualized Total Return 3.8%
- 5 Yr Annualized Total Return 5.1%
- Capital Gain Distribution Frequency Annually
- Net Income Ratio 3.03%
- Dividend Yield 5.3%
- Dividend Distribution Frequency None
Fund Details
-
Legal NameCounterpoint Tactical Income Fund
-
Fund Family NameCounterpoint Mutual Funds
-
Inception DateDec 04, 2014
-
Shares OutstandingN/A
-
Share ClassA
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerMichael Krause
Fund Description
To pursue its investment objective, the Fund invests in mutual funds, closed-end funds and passively and actively managed exchange traded funds (“ETFs”) that invest in (i) high yield instruments (also known as “junk bonds”) (including bonds, bank loans, preferred stock, floating rate bonds and debt and municipal high yield debt); (ii) obligations issued or guaranteed by the United States government, its agencies or instrumentalities, including U.S. treasuries (with an average duration of up to 5 years); and (iii) cash and cash equivalents (including money market funds). The Fund may also invest in these types of securities directly. The Fund’s adviser, Counterpoint Funds, LLC (the “Adviser”) uses a proprietary quantitative model that seeks to identify the trends in the market for high yield instruments. To hedge against or replicate credit and interest rate exposure, the Fund also invests directly in derivatives (including U.S. treasury futures and credit default swaps) and may borrow an amount up to 33 1/3% of its total assets (including the amount borrowed). The Fund invests in high yield instruments of any maturity or duration when the
model determines that the market for high yield instruments is stable or trending upwards and either U.S. Treasuries or cash and cash equivalents when the model determines that the market for high yield instruments is trending downwards. By tactically allocating its investments among the securities described above, the Fund seeks to reduce its exposure to declines in the market for high yield instruments, thereby limiting portfolio volatility in down-trending markets (“downside volatility”) and downside loss.
The Adviser uses a quantitative model that takes into account macro market data and other market-based inputs and metrics to seek to identify market trends. When making investment decisions for the Fund, the portfolio managers consider both the outputs of the model as well as an assessment of current market conditions, the average credit quality of the portfolio, the average duration of the portfolio and other factors. When the Fund is invested in high yield instruments, the portfolio managers consider the relative risk adjusted net returns of available high yield instruments.
CPATX - Performance
Return Ranking - Trailing
| Period | CPATX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 5.8% | -7.8% | 15.4% | 68.61% |
| 1 Yr | 10.6% | -5.0% | 31.2% | 75.80% |
| 3 Yr | 3.8%* | -16.8% | 17.0% | 12.11% |
| 5 Yr | 5.1%* | -13.9% | 14.3% | 5.78% |
| 10 Yr | N/A* | -6.8% | 7.0% | N/A |
* Annualized
Return Ranking - Calendar
| Period | CPATX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 3.5% | -12.0% | 15.7% | 36.09% |
| 2022 | -4.9% | -31.8% | 18.4% | 7.05% |
| 2021 | -1.3% | -16.2% | 25.7% | 44.73% |
| 2020 | 5.8% | -31.1% | 18.7% | 11.09% |
| 2019 | 5.8% | -6.1% | 15.3% | 35.55% |
Total Return Ranking - Trailing
| Period | CPATX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 5.8% | -7.8% | 15.4% | 68.61% |
| 1 Yr | 10.6% | -5.0% | 31.2% | 75.80% |
| 3 Yr | 3.8%* | -16.8% | 17.0% | 12.11% |
| 5 Yr | 5.1%* | -13.9% | 14.3% | 5.78% |
| 10 Yr | N/A* | -6.8% | 7.0% | N/A |
* Annualized
Total Return Ranking - Calendar
| Period | CPATX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 9.5% | -6.9% | 22.2% | 29.36% |
| 2022 | -2.6% | -31.8% | 21.1% | 14.73% |
| 2021 | 2.3% | -13.5% | 49.9% | 48.14% |
| 2020 | 8.1% | -28.6% | 24.1% | 21.83% |
| 2019 | 9.6% | -4.8% | 19.1% | 41.44% |
NAV & Total Return History
CPATX - Holdings
Concentration Analysis
| CPATX | Category Low | Category High | CPATX % Rank | |
|---|---|---|---|---|
| Net Assets | 1.73 B | 2.53 M | 143 B | 34.02% |
| Number of Holdings | 26 | 4 | 9195 | 92.59% |
| Net Assets in Top 10 | 1.4 B | -204 M | 80.4 B | 13.43% |
| Weighting of Top 10 | 86.56% | 6.2% | 209.5% | 9.02% |
Top 10 Holdings
- F/A-F/R HI-I 19.33%
- BLKR-H/Y BND-INS 12.96%
- PIMCO-H/Y-INS 12.93%
- BLK-FLOAT RA-INS 7.99%
- JPM-HIGH YLD-I 6.43%
- INVESCO SENIOR L 6.00%
- GS-H/Y FL RT-INS 5.95%
- PGIM-HI YLD-Z 5.82%
- ISHARES BROAD US 5.09%
- SPDR BLACKSTONE 4.07%
Asset Allocation
| Weighting | Return Low | Return High | CPATX % Rank | |
|---|---|---|---|---|
| Stocks | 90.06% | -4.92% | 99.66% | 6.02% |
| Bonds | 6.70% | 0.00% | 192.97% | 91.36% |
| Cash | 2.73% | -94.66% | 91.07% | 58.18% |
| Other | 0.51% | -73.61% | 112.16% | 66.51% |
| Convertible Bonds | 0.03% | 0.00% | 33.50% | 83.36% |
| Preferred Stocks | 0.00% | 0.00% | 26.42% | 97.99% |
Stock Sector Breakdown
| Weighting | Return Low | Return High | CPATX % Rank | |
|---|---|---|---|---|
| Energy | 62.70% | 0.00% | 100.00% | 23.36% |
| Communication Services | 13.96% | 0.00% | 100.00% | 14.81% |
| Real Estate | 5.71% | 0.00% | 100.00% | 23.08% |
| Basic Materials | 4.65% | 0.00% | 100.00% | 21.37% |
| Industrials | 4.17% | 0.00% | 100.00% | 35.90% |
| Financial Services | 2.65% | 0.00% | 100.00% | 52.71% |
| Utilities | 2.35% | 0.00% | 100.00% | 31.34% |
| Consumer Cyclical | 1.30% | 0.00% | 89.95% | 43.02% |
| Healthcare | 1.27% | 0.00% | 18.60% | 27.92% |
| Technology | 1.24% | 0.00% | 28.30% | 29.63% |
| Consumer Defense | 0.00% | 0.00% | 99.97% | 97.72% |
Stock Geographic Breakdown
| Weighting | Return Low | Return High | CPATX % Rank | |
|---|---|---|---|---|
| US | 90.06% | -4.84% | 99.66% | 6.02% |
| Non US | 0.00% | -0.26% | 17.73% | 97.38% |
Bond Sector Breakdown
| Weighting | Return Low | Return High | CPATX % Rank | |
|---|---|---|---|---|
| Government | 91.70% | 0.00% | 99.43% | 0.64% |
| Cash & Equivalents | 2.28% | 0.00% | 88.00% | 57.59% |
| Corporate | 1.98% | 0.00% | 96.66% | 90.29% |
| Derivative | 0.51% | -73.61% | 112.16% | 21.05% |
| Securitized | 0.01% | 0.00% | 99.65% | 91.56% |
| Municipal | 0.00% | 0.00% | 54.26% | 98.41% |
Bond Geographic Breakdown
| Weighting | Return Low | Return High | CPATX % Rank | |
|---|---|---|---|---|
| US | 6.70% | 0.00% | 192.97% | 89.81% |
| Non US | 0.00% | 0.00% | 74.14% | 99.38% |
CPATX - Expenses
Operational Fees
| CPATX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Expense Ratio | 2.28% | 0.03% | 20.67% | 13.85% |
| Management Fee | 1.25% | 0.00% | 2.29% | 93.26% |
| 12b-1 Fee | 0.25% | 0.00% | 1.00% | 58.00% |
| Administrative Fee | N/A | 0.00% | 0.70% | 36.55% |
Sales Fees
| CPATX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Front Load | 4.50% | 0.00% | 5.75% | 25.21% |
| Deferred Load | N/A | 1.00% | 1.50% | N/A |
Trading Fees
| CPATX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Max Redemption Fee | N/A | 0.50% | 2.00% | 85.71% |
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.
| CPATX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Turnover | 36.00% | 0.00% | 632.00% | 12.66% |
CPATX - Distributions
Dividend Yield Analysis
| CPATX | Category Low | Category High | CPATX % Rank | |
|---|---|---|---|---|
| Dividend Yield | 5.26% | 0.00% | 23.30% | 34.40% |
Dividend Distribution Analysis
| CPATX | Category Low | Category High | Category Mod | |
|---|---|---|---|---|
| Dividend Distribution Frequency | None | SemiAnnual | Monthly | Monthly |
Net Income Ratio Analysis
| CPATX | Category Low | Category High | CPATX % Rank | |
|---|---|---|---|---|
| Net Income Ratio | 3.03% | -1.55% | 11.51% | 46.71% |
Capital Gain Distribution Analysis
| CPATX | Category Low | Category High | Capital Mode | |
|---|---|---|---|---|
| Capital Gain Distribution Frequency | Annually | Annually | Annually | Annually |
Distributions History
| Date | Amount | Type |
|---|---|---|
| Sep 27, 2024 | $0.050 | OrdinaryDividend |
| Aug 29, 2024 | $0.054 | OrdinaryDividend |
| Jul 30, 2024 | $0.057 | OrdinaryDividend |
| Apr 29, 2024 | $0.057 | OrdinaryDividend |
| Mar 27, 2024 | $0.051 | OrdinaryDividend |
| Feb 28, 2024 | $0.053 | OrdinaryDividend |
| Jan 30, 2024 | $0.045 | OrdinaryDividend |
| Dec 18, 2023 | $0.065 | OrdinaryDividend |
| Nov 29, 2023 | $0.047 | OrdinaryDividend |
| Oct 30, 2023 | $0.038 | OrdinaryDividend |
| Sep 28, 2023 | $0.054 | OrdinaryDividend |
| Aug 30, 2023 | $0.061 | OrdinaryDividend |
| Jul 28, 2023 | $0.050 | OrdinaryDividend |
| Jun 29, 2023 | $0.058 | OrdinaryDividend |
| May 30, 2023 | $0.056 | OrdinaryDividend |
| Apr 27, 2023 | $0.044 | OrdinaryDividend |
| Mar 30, 2023 | $0.058 | OrdinaryDividend |
| Feb 27, 2023 | $0.050 | OrdinaryDividend |
| Jan 30, 2023 | $0.047 | OrdinaryDividend |
| Dec 29, 2022 | $0.018 | OrdinaryDividend |
| Dec 19, 2022 | $0.050 | OrdinaryDividend |
| Nov 29, 2022 | $0.045 | OrdinaryDividend |
| Oct 28, 2022 | $0.014 | OrdinaryDividend |
| Sep 29, 2022 | $0.000 | ReturnOfCapital |
| Sep 29, 2022 | $0.009 | OrdinaryDividend |
| Aug 30, 2022 | $0.000 | ReturnOfCapital |
| Aug 30, 2022 | $0.034 | OrdinaryDividend |
| Jul 28, 2022 | $0.000 | ReturnOfCapital |
| Jul 28, 2022 | $0.024 | OrdinaryDividend |
| Jun 29, 2022 | $0.000 | ReturnOfCapital |
| Jun 29, 2022 | $0.022 | OrdinaryDividend |
| May 27, 2022 | $0.000 | ReturnOfCapital |
| May 27, 2022 | $0.026 | OrdinaryDividend |
| Apr 28, 2022 | $0.000 | ReturnOfCapital |
| Apr 28, 2022 | $0.017 | OrdinaryDividend |
| Dec 20, 2021 | $0.059 | OrdinaryDividend |
| Nov 29, 2021 | $0.031 | OrdinaryDividend |
| Oct 28, 2021 | $0.027 | OrdinaryDividend |
| Sep 29, 2021 | $0.031 | OrdinaryDividend |
| Aug 30, 2021 | $0.028 | OrdinaryDividend |
| Jul 29, 2021 | $0.029 | OrdinaryDividend |
| Jun 29, 2021 | $0.033 | OrdinaryDividend |
| May 27, 2021 | $0.027 | OrdinaryDividend |
| Apr 29, 2021 | $0.026 | OrdinaryDividend |
| Mar 30, 2021 | $0.033 | OrdinaryDividend |
| Feb 25, 2021 | $0.030 | OrdinaryDividend |
| Jan 28, 2021 | $0.066 | OrdinaryDividend |
| Nov 27, 2020 | $0.028 | OrdinaryDividend |
| Oct 29, 2020 | $0.030 | OrdinaryDividend |
| Sep 29, 2020 | $0.028 | OrdinaryDividend |
| Aug 28, 2020 | $0.023 | OrdinaryDividend |
| Jul 30, 2020 | $0.017 | OrdinaryDividend |
| Mar 30, 2020 | $0.010 | OrdinaryDividend |
| Feb 27, 2020 | $0.031 | OrdinaryDividend |
| Jan 30, 2020 | $0.067 | OrdinaryDividend |
| Nov 27, 2019 | $0.032 | OrdinaryDividend |
| Oct 30, 2019 | $0.021 | OrdinaryDividend |
| Sep 27, 2019 | $0.031 | OrdinaryDividend |
| Aug 29, 2019 | $0.031 | OrdinaryDividend |
| Jul 30, 2019 | $0.034 | OrdinaryDividend |
| Jun 27, 2019 | $0.032 | OrdinaryDividend |
| May 30, 2019 | $0.038 | OrdinaryDividend |
| Apr 29, 2019 | $0.036 | OrdinaryDividend |
| Mar 28, 2019 | $0.036 | OrdinaryDividend |
| Feb 27, 2019 | $0.044 | OrdinaryDividend |
| Jan 30, 2019 | $0.044 | OrdinaryDividend |
| Dec 20, 2018 | $0.142 | CapitalGainLongTerm |
| Nov 29, 2018 | $0.030 | OrdinaryDividend |
| Oct 30, 2018 | $0.024 | OrdinaryDividend |
| Sep 27, 2018 | $0.024 | OrdinaryDividend |
| Aug 30, 2018 | $0.033 | OrdinaryDividend |
| Jul 30, 2018 | $0.034 | OrdinaryDividend |
| Jun 28, 2018 | $0.026 | OrdinaryDividend |
| May 30, 2018 | $0.012 | OrdinaryDividend |
| Jan 30, 2018 | $0.016 | OrdinaryDividend |
| Dec 21, 2017 | $0.002 | CapitalGainShortTerm |
| Dec 21, 2017 | $0.128 | OrdinaryDividend |
| Nov 29, 2017 | $0.034 | OrdinaryDividend |
| Oct 30, 2017 | $0.030 | OrdinaryDividend |
| Sep 28, 2017 | $0.026 | OrdinaryDividend |
| Aug 30, 2017 | $0.029 | OrdinaryDividend |
| Jul 28, 2017 | $0.027 | OrdinaryDividend |
| Jun 29, 2017 | $0.036 | OrdinaryDividend |
| May 30, 2017 | $0.044 | OrdinaryDividend |
| Apr 27, 2017 | $0.033 | OrdinaryDividend |
| Mar 30, 2017 | $0.033 | OrdinaryDividend |
| Feb 27, 2017 | $0.014 | OrdinaryDividend |
| Jan 30, 2017 | $0.023 | OrdinaryDividend |
| Dec 22, 2016 | $0.115 | CapitalGainShortTerm |
| Dec 22, 2016 | $0.036 | CapitalGainLongTerm |
| Dec 22, 2016 | $0.064 | OrdinaryDividend |
| Nov 29, 2016 | $0.031 | OrdinaryDividend |
| Oct 28, 2016 | $0.025 | OrdinaryDividend |
| Sep 29, 2016 | $0.036 | OrdinaryDividend |
| Aug 30, 2016 | $0.038 | OrdinaryDividend |
| Jul 28, 2016 | $0.036 | OrdinaryDividend |
| Jun 29, 2016 | $0.036 | OrdinaryDividend |
| May 27, 2016 | $0.037 | OrdinaryDividend |
| Apr 28, 2016 | $0.027 | OrdinaryDividend |
| Jun 29, 2015 | $0.031 | OrdinaryDividend |
| May 28, 2015 | $0.025 | OrdinaryDividend |
| Apr 29, 2015 | $0.029 | OrdinaryDividend |
| Mar 30, 2015 | $0.025 | OrdinaryDividend |
| Feb 26, 2015 | $0.020 | OrdinaryDividend |
CPATX - Fund Manager Analysis
Managers
Michael Krause
Start Date
Tenure
Tenure Rank
Dec 04, 2014
7.49
7.5%
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
Sep 18, 2017
4.7
4.7%
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 |
|---|---|---|---|
| 0.08 | 28.19 | 5.72 | 3.19 |
