Fund Evaluator:
Counterpoint Tactical Income I (CPITX)
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Fund Details
Counterpoint Tactical Income I Overview
Counterpoint Tactical Income I (CPITX) is an actively managed Taxable Bond Nontraditional Bond fund. Counterpoint Mutual Funds launched the fund in 2014.
The investment seeks income and capital preservation. 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).
About Counterpoint Tactical Income I (CPITX)
There are 2 members of the management team with an average tenure of 10.27 years: Michael Krause (2014), Joseph Engelberg (2017). 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%. Counterpoint Tactical Income I has 34 securities in its portfolio. The top 10 holdings constitute 99.3% 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 Income I is part of the Fixed Income global asset class and is within the Taxable Bond fund group. Counterpoint Tactical Income I has 0.0% 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 36.6% (36.6% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Counterpoint Tactical Income I has 63.3% of the portfolio in cash.
Assets Under Management
The fund has $1 billion in total assets, which is above 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.
CPITX 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 Income I expense ratio is high compared to funds in the Nontraditional Bond category. Counterpoint Tactical Income I has an expense ratio of 1.87%, which is 32% 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 Income I has a portfolio turnover rate of 94%, 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, Counterpoint Tactical Income I 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.
Counterpoint Tactical Income I has a trailing yield of 4.94%, which is above the 4.94% category average. The fund normally distributes its income monthly 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 Income I Grades
Year to date, the fund has returned -0.7%, 1.9 percentage points worse than the category, which translates into a grade of F. The fund has returned 2.2% over the past year (grade of F), 4.9% over the past three years (grade of D) and 3.4% per year over the past five years (grade of B) and 4.4% per year over the past 10 years (grade of A).
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CPITX 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 |
|
| CPITX Return (NAV) | -0.4% | -0.0% | 2.2% | 4.9% | 3.4% | 4.4% |
| CPITX Grade | D | D | F | D | B | A |
| +/- Category | -0.1% | -0.4% | -2.1% | -0.7% | 0.9% | 1.2% |
| Nontraditional Bond Avg | -0.2% | 0.4% | 4.4% | 5.6% | 2.5% | 3.1% |
| CPITX Tax Cost Ratio | na | na | 2.0% | 2.2% | 1.9% | 1.7% |
CPITX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| CPITX Return (NAV) | -0.7% | 4.6% | 6.8% | 9.8% | -2.4% | 2.5% | 8.5% | 9.8% | -2.8% | 4.9% | 15.9% |
| CPITX Grade | F | D | B | A | A | B | B | A | D | B | A |
| +/- Category | -1.9% | -2.3% | 1.3% | 3.3% | 3.7% | 1.2% | 3.0% | 3.3% | -2.0% | 0.9% | 9.4% |
| 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: | 3.2% |
| Total Risk Index: | 0.26 - Low |
| Category Risk Index: | 0.89 - Average |
| Category Risk Grade: | C (54% Rank) |
| Beta: | 0.34 |
| R-Squared: | 36% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | na |
| Yield: | 4.9% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $1857 Mil |
| Fund Total Assets: | $1,702 Mil |
| Share Class Type: | Inst |
| Portfolio Turnover: | 94% |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 11.7 years | |||
| Average Tenure: 10.3 years | |||
| Managers (Year): Krause Michael (2014), Engelberg Joseph (2017) | |||
Portfolio Composition (as of 3/31/26)
| # of Holdings: | 34 |
| % in Top 10 Holdings: | 99.3% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 0.0% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 36.6% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 63.3% |
Purchase Information
| Fund Family: | Counterpoint Mutual Funds |
| Phone Number: | 844-273-8637 |
| Website: | www.boydwatterson.com |
| Status: | Open |
| Inception Date: | December 4, 2014 |
| Min. Initial Purchase: | $100,000 |
| Min. Initial IRA Purchase: | $100,000 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | 0.00% |
Expenses and Fees | |
| Expense Ratio (%): | 1.87% ( Rating : High ) |
| Category Average Expense Ratio (%): | 1.42% |
| Share Class: | Counterpoint Tactical Income I |
| Min. Subsequent Purchase: | $1,000 |
| Min. Subsequent IRA Purchase: | $1,000 |
