Fund Evaluator:
Integrity Dividend Summit I (IPAYX)
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Best Performing in Large Value Over the Last Year
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Fund Details
Integrity Dividend Summit I Overview
Integrity Dividend Summit I (IPAYX) is an actively managed U.S. Equity Large Value fund. Integrity Viking Funds launched the fund in 2023.
The investment seeks to maximize qualified dividend income with long term appreciation as a secondary objective. To pursue its objective, the fund normally invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in dividend-paying equity securities, including common stock and preferred stock. In addition, under normal conditions, the fund invests at least 65% of its net assets in equity securities that pay current dividends at a rate (yield) at least double that of the current yield of S&P 500. The fund is non-diversified.
About Integrity Dividend Summit I (IPAYX)
There are 4 members of the management team with an average tenure of 3.25 years: Shannon Radke (2023), Joshua Larson (2023), Michael Morey (2023), Trey Welstad (2023). Management tenure is more important for actively managed funds than passive index funds.
Integrity Dividend Summit I has 38 securities in its portfolio. The top 10 holdings constitute 46.3% of the fund’s assets. The fund meets the SEC requirement of being classified as a nondiversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
Integrity Dividend Summit I is part of the Equity global asset class and is within the U.S. Equity fund group. Integrity Dividend Summit I has 26.3% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 73.7%. There is 26.3% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Integrity Dividend Summit I has 0.0% of the portfolio in cash.
Assets Under Management
The fund has $15 million in total assets, which is below the $1 billion average for the Large Value 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.
IPAYX 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 Integrity Dividend Summit I expense ratio is above average compared to funds in the Large Value category. Integrity Dividend Summit I has an expense ratio of 0.74%, which is 20% lower than its category average, making the fund expense ratio grade a B. 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. Integrity Dividend Summit I has a portfolio turnover rate of 43%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 62% for the Large Value category.
Recently, in the month of July 2026, Integrity Dividend Summit I returned 5.1%, which earned it a grade of A, as the Large Value category had an average return of 2.9%. 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.
Integrity Dividend Summit I has a trailing yield of 5.50%, which is above the 1.20% 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.
Integrity Dividend Summit I Grades
Year to date, the fund has returned 22.3%, 8.0 percentage points better than the category, which translates into a grade of A. The fund has returned 29.0% over the past year (grade of B) and 15.6% over the past three years (grade of C).
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IPAYX 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 |
|
| IPAYX Return (NAV) | 5.1% | 2.7% | 29.0% | 15.6% | na | na |
| IPAYX Grade | A | F | B | C | na | na |
| +/- Category | 2.2% | -3.5% | 5.2% | -0.0% | na | na |
| Large Value Avg | 2.9% | 6.2% | 23.8% | 15.7% | 10.9% | 11.3% |
| IPAYX Tax Cost Ratio | na | na | 2.7% | 2.6% | na | na |
IPAYX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| IPAYX Return (NAV) | 22.3% | 10.3% | 10.7% | na | na | na | na | na | na | na | na |
| IPAYX Grade | A | F | F | na | na | na | na | na | na | na | na |
| +/- Category | 8.0% | -4.9% | -3.4% | na | na | na | na | na | na | na | na |
| Large Value Avg | 14.3% | 15.2% | 14.1% | 11.8% | -6.0% | 25.8% | 3.8% | 25.6% | -8.5% | 16.4% | 14.6% |
| Risk Measures | |
| Standard Deviation: | 12.2% |
| Total Risk Index: | 1.00 - Average |
| Category Risk Index: | 1.01 - Average |
| Category Risk Grade: | C (60% Rank) |
| Beta: | 0.39 |
| R-Squared: | 17% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Mid-Cap Value |
| Bond Investment Style: | na |
| Yield: | 5.5% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $17 Mil |
| Fund Total Assets: | $ 15 Mil |
| Share Class Type: | Inst |
| Portfolio Turnover: | 43% |
Management Team
| Number of Managers: 4 | |||
| Longest Tenure: 3.3 years | |||
| Average Tenure: 3.3 years | |||
| Managers (Year): Radke Shannon (2023), Larson Joshua (2023), Morey Michael (2023), Welstad Trey (2023) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 38 |
| % in Top 10 Holdings: | 46.3% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 26.3% |
Portfolio Allocation |
|
| Domestic Stock: | 73.7% |
| Foreign Stock: | 26.3% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 0.0% |
Purchase Information
| Fund Family: | Integrity Viking Funds |
| Phone Number: | 800-276-1262 |
| Website: | www.integrityvikingfunds.com |
| Status: | Open |
| Inception Date: | May 1, 2023 |
| Min. Initial Purchase: | $1,000 |
| Min. Initial IRA Purchase: | $ 250 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | na |
Expenses and Fees | |
| Expense Ratio (%): | 0.74% ( Rating : Above Avg ) |
| Category Average Expense Ratio (%): | 0.93% |
| Share Class: | Integrity Dividend Summit I |
| Min. Subsequent Purchase: | $ 50 |
| Min. Subsequent IRA Purchase: | $ 50 |
