Fund Evaluator:
Counterpoint Tactical Municipal A (TMNAX)
Follow This Fund
Best Performing in High Yield Muni Over the Last Year
| 8.7% | T. Rowe Price High Yield Muncpl Bd (PRFHX) |
| 8.2% | Thrivent High Yield Municipal Bond S (THMBX) |
| 8.1% | AMG GW&K Municipal Enhanced Yield N (GWMNX) |
| 8.0% | Invesco Rochester® Municipal Opps Y (ORNYX) |
| 7.9% | City National Rochdale Muni Hi Inc N (CNRNX) |
Fund Details
Counterpoint Tactical Municipal A Overview
Counterpoint Tactical Municipal A (TMNAX) is an actively managed Municipal Bond High Yield Muni fund. Counterpoint Mutual Funds launched the fund in 2018.
The investment seeks tax-free income and capital preservation. Under normal circumstances, the fund invests at least 80% of its net assets (plus the amount of borrowings, if any) in, or derives at least 80% of its income from, municipal bonds. It may indirectly and directly invest in issuers located in U.S. territories, commonwealths, possessions or protectorates. The fund may invest in debt securities of any credit quality or maturity. It may invest up to 100% of its assets in below investment grade securities.
About Counterpoint Tactical Municipal A (TMNAX)
There are 2 members of the management team with an average tenure of 8.14 years: Michael Krause (2018), Joseph Engelberg (2018). 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%. Counterpoint Tactical Municipal A has 20 securities in its portfolio. The top 10 holdings constitute 98.4% 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.
Counterpoint Tactical Municipal A is part of the Fixed Income global asset class and is within the Municipal Bond fund group. Counterpoint Tactical Municipal A has 0.3% 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 3.1% (2.9% domestic bond, 0.3% foreign bond and 0.0% convertible bond). Counterpoint Tactical Municipal A has 96.8% of the portfolio in cash.
Assets Under Management
The fund has $17 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.
TMNAX 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 Counterpoint Tactical Municipal A expense ratio is high compared to funds in the High Yield Muni category. Counterpoint Tactical Municipal A has an expense ratio of 1.75%, which is 79% 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. Counterpoint Tactical Municipal A has a portfolio turnover rate of 360%, 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, Counterpoint Tactical Municipal A returned -2.0%, which earned it a grade of D, 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.
Counterpoint Tactical Municipal A has a trailing yield of 3.23%, 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.
Counterpoint Tactical Municipal A Grades
Year to date, the fund has returned 0.3%, 1.3 percentage points worse than the category, which translates into a grade of F. The fund has returned 4.7% over the past year (grade of F), 3.4% over the past three years (grade of F) and 1.6% per year over the past five years (grade of A).
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 Counterpoint Tactical Municipal A, including its riskiness, submit your email to unlock the rest of the article.
Gain access to exclusive AAII member-only content.
TMNAX 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 |
|
| TMNAX Return (NAV) | -2.0% | -0.3% | 4.7% | 3.4% | 1.6% | na |
| TMNAX Grade | D | F | F | F | A | na |
| +/- Category | -0.2% | -0.4% | -2.2% | -0.8% | 1.3% | na |
| High Yield Muni Avg | -1.8% | 0.1% | 6.9% | 4.1% | 0.3% | 2.5% |
| TMNAX Tax Cost Ratio | na | na | 0.0% | 0.0% | 0.1% | na |
TMNAX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| TMNAX Return (NAV) | 0.3% | 2.5% | 3.6% | 6.5% | -3.3% | 2.7% | 6.5% | 7.9% | na | na | na |
| TMNAX Grade | F | C | F | D | A | F | A | D | na | na | na |
| +/- Category | -1.3% | 0.0% | -1.6% | -0.3% | 9.9% | -2.7% | 2.7% | -1.3% | 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: | 4.9% |
| Total Risk Index: | 0.40 - Low |
| Category Risk Index: | 0.74 - Low |
| Category Risk Grade: | A (14% Rank) |
| Beta: | 0.71 |
| R-Squared: | 71% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Small-Cap Value |
| Bond Investment Style: | na |
| Yield: | 3.2% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | |
| Total Assets: | $284 Mil |
| Fund Total Assets: | $ 17 Mil |
| Share Class Type: | A |
| Portfolio Turnover: | 360% |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 8.1 years | |||
| Average Tenure: 8.1 years | |||
| Managers (Year): Krause Michael (2018), Engelberg Joseph (2018) | |||
Portfolio Composition (as of 3/31/26)
| # of Holdings: | 20 |
| % in Top 10 Holdings: | 98.4% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 0.3% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 2.9% |
| Foreign Bond: | 0.3% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 96.8% |
Purchase Information
| Fund Family: | Counterpoint Mutual Funds |
| Phone Number: | 844-273-8637 |
| Website: | www.boydwatterson.com |
| Status: | Open |
| Inception Date: | June 11, 2018 |
| Min. Initial Purchase: | $5,000 |
| Min. Initial IRA Purchase: | $1,000 |
| True No-Load: | No |
| Front Load Maximum: | 4.50% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | 0.25% |
Expenses and Fees | |
| Expense Ratio (%): | 1.75% ( Rating : High ) |
| Category Average Expense Ratio (%): | 0.98% |
| Share Class: | Counterpoint Tactical Municipal I |
| Min. Subsequent Purchase: | $ 250 |
| Min. Subsequent IRA Purchase: | $ 100 |
