Fund Evaluator:
Channel Income Fund (CPSIX)
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Best Performing in Short-Term Bond Over the Last Year
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| 4.8% | Channel Income Fund (CPSIX) |
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Fund Details
Channel Income Fund Overview
Channel Income Fund (CPSIX) is an actively managed Taxable Bond Short-Term Bond fund. Channel Funds launched the fund in 2005.
The investment seeks total return, comprised of both income and capital appreciation. Under normal conditions, the fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in fixed income securities. The fund may meet this objective by directly investing in fixed income securities, or by investing in other investment companies (including exchange-traded funds ("ETFs")) that invest primarily in fixed income securities.
About Channel Income Fund (CPSIX)
There are 1 members of the management team with an average tenure of 5.92 years: Matthew Duch (2020). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: Bloomberg US Agg Bond TR USD index with a weighting of 100% and Bloomberg US Govt/Credit 1-5 Yr TR USD index with a weighting of 100%. Channel Income Fund has 31 securities in its portfolio. The top 10 holdings constitute 49.0% 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.
Channel Income Fund is part of the Fixed Income global asset class and is within the Taxable Bond fund group. Channel Income Fund 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 8.8% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 87.8% (87.8% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Channel Income Fund has 3.4% of the portfolio in cash.
Assets Under Management
The fund has $12 million in total assets, which is below the $893 million average for the Short-Term 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.
CPSIX 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 Channel Income Fund expense ratio is high compared to funds in the Short-Term Bond category. Channel Income Fund has an expense ratio of 1.40%, which is 112% 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. Channel Income Fund has a portfolio turnover rate of 5167%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 134% for the Short-Term Bond category.
Recently, in the month of June 2026, Channel Income Fund returned 0.4%, which earned it a grade of A, as the Short-Term Bond category had an average return of 0.1%. 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.
Channel Income Fund has a trailing yield of 5.77%, which is above the 4.15% 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.
Channel Income Fund Grades
Year to date, the fund has returned 1.5%, 0.6 percentage points better than the category, which translates into a grade of A. The fund has returned 4.8% over the past year (grade of A), 7.4% over the past three years (grade of A) and 4.0% per year over the past five years (grade of A) and 3.6% per year over the past 10 years (grade of A).
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CPSIX Trailing NAV Total Returns Data as of 6/30/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| CPSIX Return (NAV) | 0.4% | 2.6% | 4.8% | 7.4% | 4.0% | 3.6% |
| CPSIX Grade | A | A | A | A | A | A |
| +/- Category | 0.3% | 1.8% | 1.3% | 2.2% | 1.7% | 1.3% |
| Short-Term Bond Avg | 0.1% | 0.8% | 3.5% | 5.2% | 2.3% | 2.3% |
| CPSIX Tax Cost Ratio | na | na | 2.3% | 2.3% | 2.1% | 1.6% |
CPSIX Annual NAV Total ReturnsData as of 6/30/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| CPSIX Return (NAV) | 1.5% | 7.1% | 7.8% | 10.2% | -5.4% | 1.3% | 7.5% | 7.2% | -0.0% | 2.1% | 2.2% |
| CPSIX Grade | A | A | A | A | D | A | A | A | F | B | C |
| +/- Category | 0.6% | 1.2% | 2.9% | 4.6% | -0.4% | 1.3% | 3.3% | 2.5% | -0.8% | 0.2% | -0.3% |
| Short-Term Bond Avg | 0.9% | 5.9% | 4.9% | 5.6% | -5.0% | -0.0% | 4.2% | 4.8% | 0.7% | 1.8% | 2.5% |
| Risk Measures | |
| Standard Deviation: | 3.0% |
| Total Risk Index: | 0.24 - Low |
| Category Risk Index: | 1.51 - High |
| Category Risk Grade: | F (93% Rank) |
| Beta: | 0.44 |
| R-Squared: | 70% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | High Quality Limited Sensitivity |
| Yield: | 5.8% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $12 Mil |
| Fund Total Assets: | $ 12 Mil |
| Share Class Type: | No Load |
| Portfolio Turnover: | 5167% |
Management Team
| Number of Managers: 1 | |||
| Longest Tenure: 5.9 years | |||
| Average Tenure: 5.9 years | |||
| Managers (Year): Duch Matthew (2020) | |||
Portfolio Composition (as of 4/30/26)
| # of Holdings: | 31 |
| % in Top 10 Holdings: | 49.0% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 0.0% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 8.8% |
| Domestic Bond: | 87.8% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 3.4% |
Purchase Information
| Fund Family: | Channel Funds |
| Phone Number: | 877-627-8504 |
| Website: |
| Status: | Open |
| Inception Date: | October 4, 2005 |
| Min. Initial Purchase: | $2,500 |
| Min. Initial IRA Purchase: | $ 0 |
| 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 (%): | 1.40% ( Rating : High ) |
| Category Average Expense Ratio (%): | 0.66% |
| Share Class: | Channel Income Fund |
| Min. Subsequent Purchase: | $ 100 |
| Min. Subsequent IRA Purchase: | $ 0 |
