Fund Evaluator:
Tactical Multi-Purpose (TMPFX)
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Fund Details
Tactical Multi-Purpose Overview
Tactical Multi-Purpose (TMPFX) is an actively managed Taxable Bond Ultrashort Bond fund. Fisher Investments launched the fund in 2017.
The investment seeks positive total returns over the long-term regardless of market conditions in the U.S. and foreign equity markets. The fund is designed to be used by the Adviser to facilitate moving groups of clients into and out of defensive and special situation investments efficiently based on the Adviser's perceptions of market risks and opportunities. It is not limited as to the maturity of its fixed-income investments. The fund is not limited as to the debt quality of its fixed-income investments. It may also sell securities short. The fund is non-diversified.
About Tactical Multi-Purpose (TMPFX)
There are 5 members of the management team with an average tenure of 9.43 years: William Glaser (2017), Aaron Anderson (2017), Michael Hanson (2017), Jeffery Silk (2017), Kenneth Fisher (2017). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: Bloomberg US Treasury Bills TR USD index with a weighting of 100% and ICE BofA US 3M Trsy Bill TR USD index with a weighting of 100%. Tactical Multi-Purpose has 1 securities in its portfolio. The top 10 holdings constitute 0.0% 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.
Tactical Multi-Purpose is part of the Fixed Income global asset class and is within the Taxable Bond fund group. Tactical Multi-Purpose has 0.0% 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 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Tactical Multi-Purpose has 100.0% of the portfolio in cash.
Assets Under Management
The fund has $28 million in total assets, which is below the $969 million average for the Ultrashort 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.
TMPFX 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 Tactical Multi-Purpose expense ratio is high compared to funds in the Ultrashort Bond category. Tactical Multi-Purpose has an expense ratio of 1.10%, which is 145% 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. A portfolio turnover rate cannot be currently calculated for Tactical Multi-Purpose. By way of comparison, the average portfolio turnover is 76% for the Ultrashort Bond category.
Recently, in the month of August 2026, Tactical Multi-Purpose returned 0.1%, which earned it a grade of F, as the Ultrashort Bond category had an average return of 0.3%. 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.
Tactical Multi-Purpose has a trailing yield of 3.72%, which is below the 4.16% 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.
Tactical Multi-Purpose Grades
Year to date, the fund has returned 2.3%, 0.1 percentage points worse than the category, which translates into a grade of D. The fund has returned 3.5% over the past year (grade of F), 3.9% over the past three years (grade of F) and 2.9% per year over the past five years (grade of F).
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TMPFX 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 |
|
| TMPFX Return (NAV) | 0.1% | 0.8% | 3.5% | 3.9% | 2.9% | na |
| TMPFX Grade | F | F | F | F | F | na |
| +/- Category | -0.2% | -0.1% | -0.4% | -1.2% | -0.8% | na |
| Ultrashort Bond Avg | 0.3% | 0.9% | 3.9% | 5.1% | 3.7% | 2.7% |
| TMPFX Tax Cost Ratio | na | na | 1.5% | 1.6% | 0.9% | na |
TMPFX Annual NAV Total ReturnsData as of 8/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| TMPFX Return (NAV) | 2.3% | 3.7% | 4.3% | 3.9% | 0.5% | -0.9% | -0.6% | 0.3% | -0.3% | na | na |
| TMPFX Grade | D | F | F | F | B | F | F | F | F | na | na |
| +/- Category | -0.1% | -1.1% | -1.6% | -2.0% | 0.7% | -1.0% | -2.1% | -2.8% | -2.0% | na | na |
| Ultrashort Bond Avg | 2.4% | 4.9% | 5.9% | 5.9% | -0.2% | 0.1% | 1.5% | 3.1% | 1.7% | 1.6% | 1.5% |
| Risk Measures | |
| Standard Deviation: | 0.3% |
| Total Risk Index: | 0.02 - Low |
| Category Risk Index: | 0.49 - Low |
| Category Risk Grade: | A (9% Rank) |
| Beta: | 0.00 |
| R-Squared: | 0% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | na |
| Yield: | 3.7% |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | |
| Total Assets: | $0 Mil |
| Fund Total Assets: | $ 0 Mil |
| Share Class Type: | Other |
| Portfolio Turnover: | 0% |
Management Team
| Number of Managers: 5 | |||
| Longest Tenure: 9.4 years | |||
| Average Tenure: 9.4 years | |||
| Managers (Year): Glaser William (2017), Anderson Aaron (2017), Silk Jeffery (2017), Fisher Kenneth (2017), Hanson Michael (2017) | |||
Portfolio Composition (as of 8/31/17)
| # of Holdings: | 1 |
| % in Top 10 Holdings: | 0.0% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 0.0% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 100.0% |
Purchase Information
| Fund Family: | Fisher Investments |
| Phone Number: | 800-550-1071 |
| Website: |
| Status: | Open |
| Inception Date: | March 30, 2017 |
| Min. Initial Purchase: | $ 0 |
| 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 (%): | 1.10% ( Rating : High ) |
| Category Average Expense Ratio (%): | 0.45% |
| Share Class: | Tactical Multi-Purpose |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
