Fund Evaluator:
DF Tactical Dividend Fund I (PWDIX)
Follow This Fund
Best Performing in Tactical Allocation Over the Last Year
| 62.5% | Quantified Evolution Plus Investor (QEVOX) |
| 35.2% | Teberg (TEBRX) |
| 30.8% | Potomac Defensive Bull - Instl (CRDBX) |
| 25.7% | ACR Opportunity Fund I Shares (ACROX) |
| 24.4% | Invesco Balanced-Risk Allocation Y (ABRYX) |
Fund Details
DF Tactical Dividend Fund I Overview
DF Tactical Dividend Fund I (PWDIX) is a passively managed Allocation Tactical Allocation fund. Donoghue Forlines LLC launched the fund in 2013.
The investment seeks total return from dividend income and capital appreciation; capital preservation is a secondary objective of the fund. The fund’s investment adviser seeks to achieve its investment objectives by seeking to track the DF Risk-Managed Dividend Index that provides a formulaic methodology for allocating investment between securities of issuers who demonstrate positive free cash flow and higher dividend yield and short-term treasuries. The methodology of the index is designed to convey the benefits of positive free cash flow and dividend yield, sector diversification and equal weighting.
About DF Tactical Dividend Fund I (PWDIX)
There are 3 members of the management team with an average tenure of 10.09 years: John Forlines (2018), Richard Molari (2016), Jeffrey Thompson (2013). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: Syntax US LargeCap 500 TR USD index with a weighting of 100% and Syntax US Net Value TR USD index with a weighting of 100%. DF Tactical Dividend Fund I has 52 securities in its portfolio. The top 10 holdings constitute 23.3% 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.
DF Tactical Dividend Fund I is part of the Allocation global asset class and is within the Allocation fund group. DF Tactical Dividend Fund I has 3.7% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 94.1%. There is 3.7% 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). DF Tactical Dividend Fund I has 2.3% of the portfolio in cash.
Assets Under Management
The fund has $72 million in total assets, which is below the $222 million average for the Tactical Allocation 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.
PWDIX 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 DF Tactical Dividend Fund I expense ratio is high compared to funds in the Tactical Allocation category. DF Tactical Dividend Fund I has an expense ratio of 1.58%, which is 10% lower than its category average, making the fund expense ratio grade a C. 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. DF Tactical Dividend Fund I has a portfolio turnover rate of 181%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 196% for the Tactical Allocation category.
Recently, in the month of July 2026, DF Tactical Dividend Fund I returned 5.2%, which earned it a grade of A, as the Tactical Allocation category had an average return of -0.9%. 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.
DF Tactical Dividend Fund I has a trailing yield of 1.84%, which is below the 2.86% 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.
DF Tactical Dividend Fund I Grades
Year to date, the fund has returned 18.0%, 9.6 percentage points better than the category, which translates into a grade of A. The fund has returned 27.5% over the past year (grade of A), 15.7% over the past three years (grade of A) and 8.6% per year over the past five years (grade of A) and 5.8% per year over the past 10 years (grade of C).
For more mutual fund grades, analysis and screening tools to help your investment discovery, join AAII for a $2, full-access trial. Learn more here: https://invest.aaii.com/membership.
Otherwise, for more information about DF Tactical Dividend Fund I, including its riskiness, submit your email to unlock the rest of the article.
Gain access to exclusive AAII member-only content.
PWDIX 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 |
|
| PWDIX Return (NAV) | 5.2% | 6.0% | 27.5% | 15.7% | 8.6% | 5.8% |
| PWDIX Grade | A | A | A | A | A | C |
| +/- Category | 6.0% | 4.5% | 11.4% | 5.1% | 3.3% | -0.5% |
| Tactical Allocation Avg | -0.9% | 1.5% | 16.2% | 10.6% | 5.3% | 6.3% |
| PWDIX Tax Cost Ratio | na | na | 0.8% | 0.8% | 0.8% | 1.6% |
PWDIX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| PWDIX Return (NAV) | 18.0% | 17.7% | 12.3% | -0.2% | -9.8% | 31.5% | -6.5% | -2.8% | -8.0% | 11.4% | 14.2% |
| PWDIX Grade | A | A | B | F | B | A | F | F | D | D | A |
| +/- Category | 9.6% | 5.1% | 3.4% | -10.9% | 3.3% | 18.9% | -16.7% | -16.4% | -1.7% | -1.8% | 8.6% |
| Tactical Allocation Avg | 8.4% | 12.7% | 8.9% | 10.8% | -13.1% | 12.7% | 10.2% | 13.5% | -6.2% | 13.2% | 5.6% |
| Risk Measures | |
| Standard Deviation: | 12.7% |
| Total Risk Index: | 1.03 - Average |
| Category Risk Index: | 1.24 - Above Average |
| Category Risk Grade: | D (80% Rank) |
| Beta: | 0.98 |
| R-Squared: | 52% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Mid-Cap Value |
| Bond Investment Style: | na |
| Yield: | 1.8% |
| Dividend Distribution: | Quarterly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $82 Mil |
| Fund Total Assets: | $ 73 Mil |
| Share Class Type: | Inst |
| Portfolio Turnover: | 181% |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 12.7 years | |||
| Average Tenure: 10.1 years | |||
| Managers (Year): Thompson Jeffrey (2013), Molari Richard (2016), Forlines John (2018) | |||
Portfolio Composition (as of 5/31/26)
| # of Holdings: | 52 |
| % in Top 10 Holdings: | 23.3% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 3.7% |
Portfolio Allocation |
|
| Domestic Stock: | 94.1% |
| Foreign Stock: | 3.7% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 2.3% |
Purchase Information
| Fund Family: | Donoghue Forlines LLC |
| Phone Number: | 877-779-7462 |
| Website: |
| Status: | Open |
| Inception Date: | November 7, 2013 |
| Min. Initial Purchase: | $10,000 |
| 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 (%): | 1.58% ( Rating : High ) |
| Category Average Expense Ratio (%): | 1.76% |
| Share Class: | DF Tactical Dividend Fund I |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
