Fund Evaluator:
Ocean Park Tactical Municipal Investor (STMNX)
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Best Performing in High Yield Muni Over the Last Year
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Fund Details
Ocean Park Tactical Municipal Investor Overview
Ocean Park Tactical Municipal Investor (STMNX) is an actively managed Municipal Bond High Yield Muni fund. Ocean Park Asset Management, LLC launched the fund in 2018.
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 tax-exempt municipal bonds ("underlying municipal bond funds"), as well as municipal money market 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 funds that primarily invest in municipal bonds or other municipal debt instruments.
About Ocean Park Tactical Municipal Investor (STMNX)
There are 3 members of the management team with an average tenure of 4.39 years: Kenneth Sleeper (2018), Ryan Harder (2023), James Aubin (2024). Management tenure is more important for actively managed funds than passive index funds.
The fund has 1 primary benchmark: Bloomberg Municipal TR USD index with a weighting of 100%. Ocean Park Tactical Municipal Investor has 24 securities in its portfolio. The top 10 holdings constitute 99.5% 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 Municipal Investor is part of the Fixed Income global asset class and is within the Municipal Bond fund group. Ocean Park Tactical Municipal Investor has 5.0% 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 95.2% (90.2% domestic bond, 5.0% foreign bond and 0.0% convertible bond). Ocean Park Tactical Municipal Investor has 4.7% of the portfolio in cash.
Assets Under Management
The fund has $314 million in total assets, which is below the $803 million average for the High Yield Muni 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.
STMNX 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 Municipal Investor expense ratio is high compared to funds in the High Yield Muni category. Ocean Park Tactical Municipal Investor has an expense ratio of 1.95%, which is 100% 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. Ocean Park Tactical Municipal Investor has a portfolio turnover rate of 200%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 51% for the High Yield Muni category.
Recently, in the month of July 2026, Ocean Park Tactical Municipal Investor returned -1.9%, which earned it a grade of C, as the High Yield Muni category had an average return of -1.8%. 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 Municipal Investor has a trailing yield of 3.09%, which is below the 4.46% 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 Municipal Investor Grades
Year to date, the fund has returned 0.5%, 1.0 percentage points worse than the category, which translates into a grade of F. The fund has returned 4.8% over the past year (grade of F), 1.6% over the past three years (grade of F) and -0.0% per year over the past five years (grade of D).
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STMNX 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 |
|
| STMNX Return (NAV) | -1.9% | -0.3% | 4.8% | 1.6% | -0.0% | na |
| STMNX Grade | C | F | F | F | D | na |
| +/- Category | -0.1% | -0.4% | -2.1% | -2.5% | -0.3% | na |
| High Yield Muni Avg | -1.8% | 0.1% | 6.9% | 4.1% | 0.3% | 2.5% |
| STMNX Tax Cost Ratio | na | na | 0.0% | 0.0% | 0.2% | na |
STMNX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| STMNX Return (NAV) | 0.5% | -1.4% | 1.6% | 3.8% | -3.3% | 2.8% | 3.8% | 7.4% | na | na | na |
| STMNX Grade | F | F | F | F | A | F | C | F | na | na | na |
| +/- Category | -1.0% | -3.9% | -3.7% | -3.0% | 9.8% | -2.6% | -0.0% | -1.8% | na | na | na |
| High Yield Muni Avg | 1.5% | 2.5% | 5.2% | 6.8% | -13.1% | 5.5% | 3.8% | 9.2% | 2.0% | 8.0% | 1.5% |
| Risk Measures | |
| Standard Deviation: | 5.4% |
| Total Risk Index: | 0.44 - Low |
| Category Risk Index: | 0.82 - Low |
| Category Risk Grade: | A (17% Rank) |
| Beta: | 0.85 |
| R-Squared: | 83% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Small-Cap Value |
| Bond Investment Style: | na |
| Yield: | 3.1% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | |
| Total Assets: | $131 Mil |
| Fund Total Assets: | $ 0 Mil |
| Share Class Type: | N |
| Portfolio Turnover: | 200% |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 7.6 years | |||
| Average Tenure: 4.4 years | |||
| Managers (Year): Sleeper Kenneth (2018), Harder Ryan (2023), Aubin James (2024) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 24 |
| % in Top 10 Holdings: | 99.5% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 5.0% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 90.2% |
| Foreign Bond: | 5.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 4.7% |
Purchase Information
| Fund Family: | Ocean Park Asset Management, LLC |
| Phone Number: | 866-738-4363 |
| Website: | www.SierraMutualFunds.com |
| Status: | Open |
| Inception Date: | December 27, 2018 |
| Min. Initial Purchase: | $10,000 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | No |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | 0.40% |
Expenses and Fees | |
| Expense Ratio (%): | 1.95% ( Rating : High ) |
| Category Average Expense Ratio (%): | 0.98% |
| Share Class: | Ocean Park Tactical Municipal Special |
| Min. Subsequent Purchase: | $1,000 |
| Min. Subsequent IRA Purchase: | $ 0 |
