Fund Evaluator:
Ocean Park Tactical Bond Instl (STBJX)
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Best Performing in Nontraditional Bond Over the Last Year
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| 5.2% | PGIM Absolute Return Bond Z (PADZX) |
| 4.9% | Spectrum Low Volatility Investor (SVARX) |
| 4.8% | Spectrum Unconstrained Investor (SUNBX) |
Fund Details
Ocean Park Tactical Bond Instl Overview
Ocean Park Tactical Bond Instl (STBJX) is an actively managed Taxable Bond Nontraditional Bond fund. Ocean Park Asset Management, LLC launched the fund in 2019.
The investment seeks to provide total return and to limit exposure to downside risk. The fund invests in open-end investment companies (mutual funds) and exchange-traded funds ("ETFs") that primarily invest in high-yield corporate bonds, also commonly known as junk bonds ("HYCB Funds") or long-duration U.S. Treasury securities ("Treasury Bond Funds"). Under normal circumstances, the fund invests at least 80% of its net assets (defined as net assets plus the amount of any borrowing for investment purposes) in underlying bond funds.
About Ocean Park Tactical Bond Instl (STBJX)
There are 4 members of the management team with an average tenure of 4.25 years: Kenneth Sleeper (2019), Ryan Harder (2023), James Aubin (2024), Marshall Quan (2022). 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 Corporate High Yield TR USD index with a weighting of 100%. Ocean Park Tactical Bond Instl has 26 securities in its portfolio. The top 10 holdings constitute 96.5% 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.
Ocean Park Tactical Bond Instl is part of the Fixed Income global asset class and is within the Taxable Bond fund group. Ocean Park Tactical Bond Instl has 12.7% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.4%. There is 0.0% allocated to foreign stock, and 1.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 96.8% (84.1% domestic bond, 12.7% foreign bond and 0.4% convertible bond). Ocean Park Tactical Bond Instl has -0.7% 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.
STBJX 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 Ocean Park Tactical Bond Instl expense ratio is high compared to funds in the Nontraditional Bond category. Ocean Park Tactical Bond Instl has an expense ratio of 1.61%, which is 14% 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. Ocean Park Tactical Bond Instl has a portfolio turnover rate of 190%, 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, Ocean Park Tactical Bond Instl returned -0.3%, which earned it a grade of C, 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.
Ocean Park Tactical Bond Instl has a trailing yield of 5.73%, which is above the 4.94% category average. The fund normally distributes its income monthly.
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.
Ocean Park Tactical Bond Instl Grades
Year to date, the fund has returned 1.0%, 0.2 percentage points worse than the category, which translates into a grade of C. The fund has returned 3.9% over the past year (grade of C), 3.7% over the past three years (grade of F) and 1.8% per year over the past five years (grade of D).
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STBJX 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 |
|
| STBJX Return (NAV) | -0.3% | 0.2% | 3.9% | 3.7% | 1.8% | na |
| STBJX Grade | C | D | C | F | D | na |
| +/- Category | -0.0% | -0.2% | -0.4% | -1.9% | -0.7% | na |
| Nontraditional Bond Avg | -0.2% | 0.4% | 4.4% | 5.6% | 2.5% | 3.1% |
| STBJX Tax Cost Ratio | na | na | 2.3% | 2.2% | 1.7% | na |
STBJX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| STBJX Return (NAV) | 1.0% | 0.2% | 6.8% | 7.2% | -4.1% | 1.5% | 16.0% | na | na | na | na |
| STBJX Grade | C | F | B | C | B | C | A | na | na | na | na |
| +/- Category | -0.2% | -6.6% | 1.3% | 0.6% | 2.0% | 0.2% | 10.6% | na | na | na | na |
| 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: | 4.7% |
| Total Risk Index: | 0.38 - Low |
| Category Risk Index: | 1.30 - Above Average |
| Category Risk Grade: | D (80% Rank) |
| Beta: | 0.55 |
| R-Squared: | 44% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Mid-Cap Value |
| Bond Investment Style: | Medium Quality Limited Sensitivity |
| Yield: | 5.7% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | |
| Total Assets: | $1253 Mil |
| Fund Total Assets: | $1,221 Mil |
| Share Class Type: | Inst |
| Portfolio Turnover: | 190% |
Management Team
| Number of Managers: 4 | |||
| Longest Tenure: 6.9 years | |||
| Average Tenure: 4.3 years | |||
| Managers (Year): Sleeper Kenneth (2019), Quan Marshall (2022), Harder Ryan (2023), Aubin James (2024) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 26 |
| % in Top 10 Holdings: | 96.5% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 12.7% |
Portfolio Allocation |
|
| Domestic Stock: | 0.4% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 1.0% |
| Domestic Bond: | 84.1% |
| Foreign Bond: | 12.7% |
| Convertible Bond: | 0.4% |
| Other: | 2.1% |
| Cash: | -0.7% |
Purchase Information
| Fund Family: | Ocean Park Asset Management, LLC |
| Phone Number: | 866-738-4363 |
| Website: |
| Status: | Open |
| Inception Date: | October 1, 2019 |
| 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: | na |
Expenses and Fees | |
| Expense Ratio (%): | 1.61% ( Rating : High ) |
| Category Average Expense Ratio (%): | 1.42% |
| Share Class: | Ocean Park Tactical Bond Instl |
| Min. Subsequent Purchase: | $1,000 |
| Min. Subsequent IRA Purchase: | $ 0 |
