Fund Evaluator:
Counterpoint Tactical Equity C (CPCEX)
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Best Performing in Long-Short Equity Over the Last Year
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Fund Details
Counterpoint Tactical Equity C Overview
Counterpoint Tactical Equity C (CPCEX) is an actively managed Nontraditional Equity Long-Short Equity fund. Counterpoint Mutual Funds launched the fund in 2015.
The investment seeks capital appreciation and preservation. Under normal market conditions, the fund invests at least 80% of its assets (plus the amount of borrowings, if any) in long and short positions in equity instruments of any market capitalization. Equity instruments include domestic and foreign common stock, preferred stock, depositary receipts, equity swaps (including single-name, index, and basket swaps), options, equity index futures, and other investment companies (such as ETFs, mutual funds, and closed-end funds) that invest in these types of securities.
About Counterpoint Tactical Equity C (CPCEX)
There are 2 members of the management team with an average tenure of 10.67 years: Michael Krause (2015), Joseph Engelberg (2015). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: S&P 500 (TR) (1970) index with a weighting of 100% and ICE BofA US 3M Trsy Bill TR USD index with a weighting of 100%. Counterpoint Tactical Equity C has 298 securities in its portfolio. The top 10 holdings constitute 164.3% 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.
Counterpoint Tactical Equity C is part of the Equity global asset class and is within the Nontraditional Equity fund group. Counterpoint Tactical Equity C has 4.8% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 28.7%. There is 4.8% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 5.0% (5.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Counterpoint Tactical Equity C has -61.4% of the portfolio in cash.
Assets Under Management
The fund has $6 million in total assets, which is below the $352 million average for the Long-Short Equity 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.
CPCEX 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 Counterpoint Tactical Equity C expense ratio is high compared to funds in the Long-Short Equity category. Counterpoint Tactical Equity C has an expense ratio of 2.62%, which is 19% higher than its category average, making the fund expense ratio grade a D. 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. Counterpoint Tactical Equity C has a portfolio turnover rate of 236%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 287% for the Long-Short Equity category.
Recently, in the month of July 2026, Counterpoint Tactical Equity C returned -2.9%, which earned it a grade of F, as the Long-Short Equity category had an average return of 2.6%. 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.
Counterpoint Tactical Equity C has a trailing yield of 0.00%, which is below the 1.15% category average. The fund normally distributes its income annually 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.
Counterpoint Tactical Equity C Grades
Year to date, the fund has returned 7.2%, 0.3 percentage points worse than the category, which translates into a grade of C. The fund has returned 13.1% over the past year (grade of C), 18.5% over the past three years (grade of A) and 18.9% per year over the past five years (grade of A) and 7.1% per year over the past 10 years (grade of D).
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CPCEX 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 |
|
| CPCEX Return (NAV) | -2.9% | 2.2% | 13.1% | 18.5% | 18.9% | 7.1% |
| CPCEX Grade | F | D | C | A | A | D |
| +/- Category | -5.5% | -1.4% | -1.0% | 6.7% | 10.1% | -0.8% |
| Long-Short Equity Avg | 2.6% | 3.6% | 14.1% | 11.9% | 8.8% | 7.9% |
| CPCEX Tax Cost Ratio | na | na | 1.3% | 0.9% | 0.8% | 0.6% |
CPCEX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| CPCEX Return (NAV) | 7.2% | 9.1% | 36.4% | 5.1% | 11.0% | 52.6% | -29.9% | -8.5% | -4.3% | 13.1% | -4.3% |
| CPCEX Grade | C | C | A | D | A | A | F | F | B | B | F |
| +/- Category | -0.3% | -2.3% | 23.1% | -8.0% | 14.8% | 31.4% | -35.8% | -21.8% | 3.7% | 1.5% | -11.6% |
| Long-Short Equity Avg | 7.5% | 11.4% | 13.4% | 13.0% | -3.8% | 21.2% | 5.8% | 13.3% | -7.9% | 11.6% | 7.3% |
| Risk Measures | |
| Standard Deviation: | 9.9% |
| Total Risk Index: | 0.80 - Average |
| Category Risk Index: | 0.92 - Average |
| Category Risk Grade: | C (57% Rank) |
| Beta: | 0.46 |
| R-Squared: | 38% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Small-Cap Blend |
| Bond Investment Style: | na |
| Yield: | 0.0% |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | Annually |
| Total Assets: | $723 Mil |
| Fund Total Assets: | $ 7 Mil |
| Share Class Type: | C |
| Portfolio Turnover: | 236% |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 10.7 years | |||
| Average Tenure: 10.7 years | |||
| Managers (Year): Krause Michael (2015), Engelberg Joseph (2015) | |||
Portfolio Composition (as of 3/31/26)
| # of Holdings: | 298 |
| % in Top 10 Holdings: | 164.3% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 4.8% |
Portfolio Allocation |
|
| Domestic Stock: | 28.7% |
| Foreign Stock: | 4.8% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 5.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 122.9% |
| Cash: | -61.4% |
Purchase Information
| Fund Family: | Counterpoint Mutual Funds |
| Phone Number: | 844-273-8637 |
| Website: | www.boydwatterson.com |
| Status: | Open |
| Inception Date: | November 30, 2015 |
| Min. Initial Purchase: | $5,000 |
| Min. Initial IRA Purchase: | $1,000 |
| True No-Load: | No |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | 1.00% |
Expenses and Fees | |
| Expense Ratio (%): | 2.62% ( Rating : High ) |
| Category Average Expense Ratio (%): | 2.19% |
| Share Class: | Counterpoint Tactical Equity I |
| Min. Subsequent Purchase: | $ 250 |
| Min. Subsequent IRA Purchase: | $ 100 |
