Fund Evaluator:
BTS Tactical Fixed Income R (BTFRX)
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Best Performing in Nontraditional Bond Over the Last Year
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Fund Details
BTS Tactical Fixed Income R Overview
BTS Tactical Fixed Income R (BTFRX) is an actively managed Taxable Bond Nontraditional Bond fund. BTS launched the fund in 2015.
The investment seeks to provide total return. Under normal circumstances, the fund invests (long or short) at least 80% of its assets in fixed income securities of domestic and foreign issuers or counterparties ("80% investment policy"). The Adviser seeks to achieve the fund's investment objective by investing primarily in a portfolio of fixed income securities without restriction as to maturity, credit quality, type of issuer, country or currency.
About BTS Tactical Fixed Income R (BTFRX)
There are 4 members of the management team with an average tenure of 9.47 years: Vilis Pasts (2013), Matthew Pasts (2013), Isaac Braley (2017), Henry Pasts (2024). Management tenure is more important for actively managed funds than passive index funds.
The fund has 1 primary benchmark: Bloomberg US Agg Bond TR USD index with a weighting of 100%. BTS Tactical Fixed Income R has 3 securities in its portfolio. The top 10 holdings constitute 99.8% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
BTS Tactical Fixed Income R is part of the Fixed Income global asset class and is within the Taxable Bond fund group. BTS Tactical Fixed Income R has 6.2% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0%. There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 45.7% (39.5% domestic bond, 6.2% foreign bond and 0.0% convertible bond). BTS Tactical Fixed Income R has 54.3% of the portfolio in cash.
Assets Under Management
The fund has $426 million in total assets, which is below the $663 million average for the Nontraditional Bond category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
BTFRX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The BTS Tactical Fixed Income R expense ratio is high compared to funds in the Nontraditional Bond category. BTS Tactical Fixed Income R has an expense ratio of 2.33%, which is 65% higher than its category average, making the fund expense ratio grade a F. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. BTS Tactical Fixed Income R has a portfolio turnover rate of 237%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 304% for the Nontraditional Bond category.
Recently, in the month of July 2026, BTS Tactical Fixed Income R returned -0.4%, which earned it a grade of D, as the Nontraditional Bond category had an average return of -0.2%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
BTS Tactical Fixed Income R has a trailing yield of 3.62%, which is below the 4.94% category average. The fund normally distributes its income quarterly and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
BTS Tactical Fixed Income R Grades
Year to date, the fund has returned -1.5%, 2.8 percentage points worse than the category, which translates into a grade of F. The fund has returned 0.9% over the past year (grade of F), 2.5% over the past three years (grade of F) and -1.8% per year over the past five years (grade of F) and -0.5% per year over the past 10 years (grade of F).
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BTFRX Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| BTFRX Return (NAV) | -0.4% | -0.3% | 0.9% | 2.5% | -1.8% | -0.5% |
| BTFRX Grade | D | F | F | F | F | F |
| +/- Category | -0.2% | -0.7% | -3.5% | -3.1% | -4.3% | -3.7% |
| Nontraditional Bond Avg | -0.2% | 0.4% | 4.4% | 5.6% | 2.5% | 3.1% |
| BTFRX Tax Cost Ratio | na | na | 1.4% | 1.6% | 1.2% | 1.2% |
BTFRX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| BTFRX Return (NAV) | -1.5% | 2.6% | 5.0% | 2.0% | -12.9% | -2.5% | 1.2% | 4.1% | -6.8% | 2.5% | 13.6% |
| BTFRX Grade | F | F | D | F | F | F | F | D | F | F | A |
| +/- Category | -2.8% | -4.2% | -0.4% | -4.6% | -6.9% | -3.9% | -4.2% | -2.5% | -5.9% | -1.5% | 7.1% |
| Nontraditional Bond Avg | 1.2% | 6.8% | 5.4% | 6.5% | -6.1% | 1.3% | 5.4% | 6.5% | -0.8% | 4.1% | 6.4% |
| Risk Measures | |
| Standard Deviation: | 4.3% |
| Total Risk Index: | 0.35 - Low |
| Category Risk Index: | 1.20 - Above Average |
| Category Risk Grade: | D (72% Rank) |
| Beta: | 0.60 |
| R-Squared: | 62% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | High Quality Limited Sensitivity |
| Yield: | 3.6% |
| Dividend Distribution: | Quarterly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $32 Mil |
| Fund Total Assets: | $ 0 Mil |
| Share Class Type: | Retirement |
| Portfolio Turnover: | 237% |
Management Team
| Number of Managers: 4 | |||
| Longest Tenure: 13.2 years | |||
| Average Tenure: 9.5 years | |||
| Managers (Year): Pasts Vilis (2013), Pasts Matthew (2013), Braley Isaac (2017), Pasts Henry (2024) | |||
Portfolio Composition (as of 4/30/26)
| # of Holdings: | 3 |
| % in Top 10 Holdings: | 99.8% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 6.2% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 39.5% |
| Foreign Bond: | 6.2% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 54.3% |
Purchase Information
| Fund Family: | BTS |
| Phone Number: | 877-287-9820 |
| Website: | www.btsfunds.com |
| Status: | Open |
| Inception Date: | May 5, 2015 |
| Min. Initial Purchase: | $1,000 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | No |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | 0.50% |
Expenses and Fees | |
| Expense Ratio (%): | 2.33% ( Rating : High ) |
| Category Average Expense Ratio (%): | 1.42% |
| Share Class: | BTS Tactical Fixed Income A |
| Min. Subsequent Purchase: | $ 100 |
| Min. Subsequent IRA Purchase: | $ 0 |
