Fund Evaluator:
TFA Quantitative I (TFAQX)
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Best Performing in Tactical Allocation Over the Last Year
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Fund Details
TFA Quantitative I Overview
TFA Quantitative I (TFAQX) is an actively managed Allocation Tactical Allocation fund. Tactical Fund Advisors launched the fund in 2020.
The investment seeks to provide capital appreciation. The fund invests, under normal market conditions, in long, inverse, leveraged and unleveraged mutual funds and exchange-traded funds (the “underlying funds”) focused on major global equity indices, industry sectors and factor styles. The fund may invest in inverse funds, which are funds that are designed to provide returns that are the inverse, or opposite of a specific benchmark or index. In managing the fund’s portfolio, the adviser will engage in frequent trading, resulting in a high portfolio turnover rate.
About TFA Quantitative I (TFAQX)
There are 3 members of the management team with an average tenure of 4.57 years: Vance Howard (2022), Jeff Pietsch (2022), David Moenning (2022). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: S&P 500 (TR) (1970) index with a weighting of 100% and Morningstar Mod Agg Tgt Risk TR USD index with a weighting of 100%. TFA Quantitative I has 40 securities in its portfolio. The top 10 holdings constitute 81.4% 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.
TFA Quantitative I is part of the Allocation global asset class and is within the Allocation fund group. TFA Quantitative I has 1.5% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 84.0%. There is 1.5% 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). TFA Quantitative I has 14.5% of the portfolio in cash.
Assets Under Management
The fund has $62 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.
TFAQX 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 TFA Quantitative I expense ratio is high compared to funds in the Tactical Allocation category. TFA Quantitative I has an expense ratio of 2.51%, which is 42% 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. TFA Quantitative I has a portfolio turnover rate of 320%, 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, TFA Quantitative I returned -4.3%, which earned it a grade of F, 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.
TFA Quantitative I has a trailing yield of 0.00%, which is below the 2.86% category average. The fund normally distributes its income 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.
TFA Quantitative I Grades
Year to date, the fund has returned 5.0%, 3.4 percentage points worse than the category, which translates into a grade of F. The fund has returned 13.4% over the past year (grade of D), 12.6% over the past three years (grade of B) and 6.5% per year over the past five years (grade of B).
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TFAQX 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 |
|
| TFAQX Return (NAV) | -4.3% | 3.7% | 13.4% | 12.6% | 6.5% | na |
| TFAQX Grade | F | A | D | B | B | na |
| +/- Category | -3.4% | 2.2% | -2.8% | 1.9% | 1.2% | na |
| Tactical Allocation Avg | -0.9% | 1.5% | 16.2% | 10.6% | 5.3% | 6.3% |
| TFAQX Tax Cost Ratio | na | na | 2.7% | 0.9% | 2.3% | na |
TFAQX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| TFAQX Return (NAV) | 5.0% | 11.4% | 22.1% | 23.2% | -25.1% | 11.0% | na | na | na | na | na |
| TFAQX Grade | F | D | A | A | F | D | na | na | na | na | na |
| +/- Category | -3.4% | -1.2% | 13.2% | 12.5% | -12.0% | -1.7% | na | na | na | na | na |
| 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: | 14.6% |
| Total Risk Index: | 1.19 - Above Average |
| Category Risk Index: | 1.42 - High |
| Category Risk Grade: | F (92% Rank) |
| Beta: | 1.16 |
| R-Squared: | 56% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Large-Cap Growth |
| Bond Investment Style: | na |
| Yield: | 0.0% |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | |
| Total Assets: | $62 Mil |
| Fund Total Assets: | $ 62 Mil |
| Share Class Type: | Inst |
| Portfolio Turnover: | 321% |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 4.6 years | |||
| Average Tenure: 4.6 years | |||
| Managers (Year): Howard Vance (2022), Pietsch Jeff (2022), Moenning David (2022) | |||
Portfolio Composition (as of 12/31/25)
| # of Holdings: | 40 |
| % in Top 10 Holdings: | 81.4% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 1.5% |
Portfolio Allocation |
|
| Domestic Stock: | 84.0% |
| Foreign Stock: | 1.5% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.1% |
| Cash: | 14.5% |
Purchase Information
| Fund Family: | Tactical Fund Advisors |
| Phone Number: | 833-974-3787 |
| Website: | Tactical Investment Series Trust |
| Status: | Open |
| Inception Date: | May 18, 2020 |
| Min. Initial Purchase: | $ 250 |
| 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 (%): | 2.51% ( Rating : High ) |
| Category Average Expense Ratio (%): | 1.76% |
| Share Class: | TFA Quantitative I |
| Min. Subsequent Purchase: | $ 250 |
| Min. Subsequent IRA Purchase: | $ 0 |
