Fund Evaluator:
Tarkio (TARKX)
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Best Performing in Mid-Cap Blend Over the Last Year
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| 27.4% | Cantor Fitzgerald Equity Opp Inst (ATGYX) |
Fund Details
Tarkio Overview
Tarkio (TARKX) is an actively managed U.S. Equity Mid-Cap Blend fund. Clark Fork Trust launched the fund in 2011.
The investment seeks long-term growth of capital. The fund, under normal market conditions, invests primarily in common stock from small, medium, and large capitalization U.S. companies that are selected for their long-term compounding potential. To a significantly lesser extent, it may invest in fixed income securities (including debt securities that are considered speculative and are commonly referred to as "junk bonds") and securities of foreign issuers, including issuers in emerging markets using the same fundamental research approach based on quality and price. The fund is non-diversified.
About Tarkio (TARKX)
There are 3 members of the management team with an average tenure of 9.68 years: Russell Piazza (2011), Dominic Piazza (2019), Jeremy Brown (2019). Management tenure is more important for actively managed funds than passive index funds.
The fund has 1 primary benchmark: S&P 500 (TR) (1970) index with a weighting of 100%. Tarkio has 36 securities in its portfolio. The top 10 holdings constitute 71.1% 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.
Tarkio is part of the Equity global asset class and is within the U.S. Equity fund group. Tarkio has 0.4% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 99.1%. There is 0.4% 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). Tarkio has 0.5% of the portfolio in cash.
Assets Under Management
The fund has $255 million in total assets, which is below the $1 billion average for the Mid-Cap Blend 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.
TARKX 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 Tarkio expense ratio is high compared to funds in the Mid-Cap Blend category. Tarkio has an expense ratio of 1.00%, which is 2% higher 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. Tarkio has a portfolio turnover rate of 24%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 53% for the Mid-Cap Blend category.
Recently, in the month of August 2026, Tarkio returned 1.2%, which earned it a grade of B, as the Mid-Cap Blend category had an average return of 0.7%. 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.
Tarkio has a trailing yield of 0.00%, which is below the 0.48% category average. The fund normally distributes its income annually 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.
Tarkio Grades
Year to date, the fund has returned 24.0%, 10.3 percentage points better than the category, which translates into a grade of A. The fund has returned 42.7% over the past year (grade of A), 26.9% over the past three years (grade of A) and 11.2% per year over the past five years (grade of A) and 14.7% per year over the past 10 years (grade of A).
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TARKX Trailing NAV Total Returns Data as of 8/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| TARKX Return (NAV) | 1.2% | 0.3% | 42.7% | 26.9% | 11.2% | 14.7% |
| TARKX Grade | B | F | A | A | A | A |
| +/- Category | 0.5% | -2.5% | 27.3% | 13.1% | 4.0% | 4.3% |
| Mid-Cap Blend Avg | 0.7% | 2.8% | 15.4% | 13.8% | 7.2% | 10.4% |
| TARKX Tax Cost Ratio | na | na | 1.2% | 0.8% | 1.0% | 0.8% |
TARKX Annual NAV Total ReturnsData as of 8/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| TARKX Return (NAV) | 24.0% | 30.3% | 21.7% | 26.3% | -30.3% | 24.4% | 27.0% | 29.6% | -23.3% | 29.0% | 28.5% |
| TARKX Grade | A | A | A | A | F | C | A | B | F | A | A |
| +/- Category | 10.3% | 22.4% | 8.2% | 9.9% | -15.1% | 0.2% | 13.6% | 1.0% | -13.0% | 12.9% | 14.0% |
| Mid-Cap Blend Avg | 13.6% | 7.9% | 13.5% | 16.4% | -15.2% | 24.2% | 13.4% | 28.6% | -10.2% | 16.2% | 14.5% |
| Risk Measures | |
| Standard Deviation: | 24.1% |
| Total Risk Index: | 1.98 - High |
| Category Risk Index: | 1.55 - High |
| Category Risk Grade: | F (101% Rank) |
| Beta: | 1.46 |
| R-Squared: | 61% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Mid-Cap Blend |
| Bond Investment Style: | na |
| Yield: | 0.0% |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | Annually |
| Total Assets: | $255 Mil |
| Fund Total Assets: | $ 256 Mil |
| Share Class Type: | Other |
| Portfolio Turnover: | 24% |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 15.2 years | |||
| Average Tenure: 9.7 years | |||
| Managers (Year): Piazza Russell (2011), Piazza Dominic (2019), Brown Jeremy (2019) | |||
Portfolio Composition (as of 5/31/26)
| # of Holdings: | 36 |
| % in Top 10 Holdings: | 71.1% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 0.4% |
Portfolio Allocation |
|
| Domestic Stock: | 99.1% |
| Foreign Stock: | 0.4% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 0.5% |
Purchase Information
| Fund Family: | Clark Fork Trust |
| Phone Number: | 866-738-3629 |
| Website: | www.tarkiofund.com |
| Status: | Open |
| Inception Date: | June 28, 2011 |
| Min. Initial Purchase: | $2,500 |
| Min. Initial IRA Purchase: | $1,000 |
| 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 (%): | 1.00% ( Rating : High ) |
| Category Average Expense Ratio (%): | 0.98% |
| Share Class: | Tarkio |
| Min. Subsequent Purchase: | $ 100 |
| Min. Subsequent IRA Purchase: | $ 100 |
