CFNLX Performance — The National Tax-Free Intermediate Bond Fund, Shares
Data updated: 2026-09-24
CFNLX returned −0.44% year to date and +3.78% over one year to Jul 2026. Annualised returns are +2.85% over 3 years and +0.42% over 5 years. The fund trailed its Intermediate Municipal Bond category average: $100 invested three years ago grew to $109, against $109 for the category, and to $104 over one year, against $105. Volatility over the past three years was 5.28% a year. In the 12 months to Jul 2026 the fund lost a net $54.6M, and assets reached $297.75M.
CFNLX Growth of $100
What $100 invested in The National Tax-Free Intermediate Bond Fund grew to, compounded from monthly returns reported on SEC Form N-PORT, against the Intermediate Municipal Bond category average over the same months.
| Period | CFNLX | Category average |
|---|---|---|
| 1 year (Aug 2025 – Jul 2026) | $104 | $105 |
| 3 years (Aug 2023 – Jul 2026) | $109 | $109 |
| 5 years (Aug 2021 – Jul 2026) | $102 | $102 |
| Since data start (Aug 2019 – Jul 2026) | $109 | $109 |
CFNLX Trailing Returns
Total returns to Jul 2026, from SEC N-PORT.
| Period | Total return |
|---|---|
| YTD | −0.44% |
| 1 year | +3.78% |
| 3 years (annualised) | +2.85% |
| 5 years (annualised) | +0.42% |
CFNLX Annual Returns
Calendar-year total returns of The National Tax-Free Intermediate Bond Fund, compounded from monthly SEC N-PORT returns. Partial years show the months covered.
| Year | Total return |
|---|---|
| 2026 (Jan–Jul) | −0.44% |
| 2025 | +5.09% |
| 2024 | +0.88% |
| 2023 | +4.81% |
| 2022 | −7.12% |
| 2021 | +0.39% |
| 2020 | +4.67% |
| 2019 (Aug–Dec) | +1.06% |
CFNLX Monthly Returns
Monthly total returns as reported on SEC Form N-PORT.
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | +1.0% | +1.2% | −2.5% | +1.0% | +0.3% | +0.4% | −1.8% | — | — | — | — | — |
| 2025 | +0.5% | +1.0% | −1.3% | −0.3% | +0.1% | +0.8% | 0.0% | +0.8% | +1.6% | +1.1% | +0.4% | +0.2% |
| 2024 | −0.3% | +0.1% | −0.1% | −1.0% | −0.6% | +1.4% | +0.9% | +0.8% | +0.9% | −1.5% | +1.4% | −0.9% |
| 2023 | +2.6% | −2.4% | +2.1% | −0.3% | −1.1% | +0.7% | +0.2% | −1.1% | −2.8% | −1.2% | +5.9% | +2.4% |
| 2022 | −2.5% | −0.4% | −2.6% | −2.5% | +1.5% | −1.2% | +2.5% | −2.3% | −3.4% | −0.5% | +4.1% | +0.3% |
| 2021 | +0.2% | −1.2% | +0.3% | +0.6% | +0.3% | +0.1% | +0.7% | −0.3% | −0.7% | −0.2% | +0.6% | 0.0% |
| 2020 | +1.6% | +1.1% | −2.1% | −0.8% | +2.8% | +0.3% | +1.3% | −0.4% | 0.0% | −0.3% | +0.8% | +0.3% |
| 2019 | — | — | — | — | — | — | — | +1.4% | −0.8% | +0.1% | +0.1% | +0.3% |
CFNLX Risk
Risk measures from monthly returns over Aug 2023 – Jul 2026.
- 3-year volatility (annualised): 5.28%
- 3-year Sharpe ratio: -0.31 (vs 4.5% risk-free rate)
- Best month: +5.92% (Nov 2023)
- Worst month: −2.78% (Sep 2023)
CFNLX Fund Flows
Monthly money in and out of The National Tax-Free Intermediate Bond Fund, from SEC Form N-PORT.
- 12-month net flow: −$54.6M
- 12-month gross sales (incl. reinvestments): $39.6M
- Sales ÷ redemptions: 0.42×
| Month | Sales | Redemptions | Net flow |
|---|---|---|---|
| Jul 2026 | $1.5M | $27.9M | −$26.4M |
| Jun 2026 | $5.7M | $23.9M | −$18.3M |
| May 2026 | $5.4M | $7.7M | −$2.3M |
| Apr 2026 | $6.3M | $3.4M | $2.9M |
| Mar 2026 | $3.3M | $5.7M | −$2.4M |
| Feb 2026 | $3.4M | $3.0M | $350K |
| Jan 2026 | $4.2M | $3.4M | $833K |
| Dec 2025 | $3.2M | $7.6M | −$4.3M |
| Nov 2025 | $2.2M | $2.3M | −$116K |
| Oct 2025 | $2.2M | $5.0M | −$2.7M |
| Sep 2025 | $849K | $2.2M | −$1.3M |
| Aug 2025 | $1.4M | $2.0M | −$620K |
CFNLX Assets Under Management
Net assets of The National Tax-Free Intermediate Bond Fund by report date, from SEC N-PORT filings.
| Report date | Net assets |
|---|---|
| 2026-07-31 | $297.75M |
| 2026-04-30 | $350.18M |
| 2026-01-31 | $353.04M |
| 2025-10-31 | $353.59M |
| 2025-07-31 | $348.34M |
| 2025-04-30 | $348.03M |
| 2025-01-31 | $352.73M |
| 2024-10-31 | $368.37M |
| 2024-07-31 | $372.26M |
| 2024-04-30 | $373.23M |
| 2024-01-31 | $377.02M |
| 2023-10-31 | $346.36M |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.