NOTEX Performance — Tax-Exempt Fund
Data updated: 2026-08-28
NOTEX returned +2.31% year to date and +6.90% over one year to Jun 2026. Annualised returns are +3.70% over 3 years and +0.46% over 5 years. The fund trailed its Long-Term Municipal Bond category average: $100 invested three years ago grew to $112, against $112 for the category, and to $107 over one year, against $108. Volatility over the past three years was 5.15% a year. In the 12 months to Jun 2026 the fund took in a net $13.3M, and assets reached $780.10M.
NOTEX Growth of $100
What $100 invested in Tax-Exempt Fund grew to, compounded from monthly returns reported on SEC Form N-PORT, against the Long-Term Municipal Bond category average over the same months.
| Period | NOTEX | Category average |
|---|---|---|
| 1 year (Jul 2025 – Jun 2026) | $107 | $108 |
| 3 years (Jul 2023 – Jun 2026) | $112 | $112 |
| 5 years (Jul 2021 – Jun 2026) | $102 | $103 |
| Since data start (Jul 2019 – Jun 2026) | $111 | $113 |
NOTEX Trailing Returns
Total returns to Jun 2026, from SEC N-PORT.
| Period | Total return |
|---|---|
| YTD | +2.31% |
| 1 year | +6.90% |
| 3 years (annualised) | +3.70% |
| 5 years (annualised) | +0.46% |
NOTEX Annual Returns
Calendar-year total returns of Tax-Exempt Fund, compounded from monthly SEC N-PORT returns. Partial years show the months covered.
| Year | Total return |
|---|---|
| 2026 (Jan–Jun) | +2.31% |
| 2025 | +3.93% |
| 2024 | +1.94% |
| 2023 | +5.88% |
| 2022 | −11.20% |
| 2021 | +1.27% |
| 2020 | +5.08% |
| 2019 (Jul–Dec) | +2.28% |
NOTEX 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 | +0.6% | +1.4% | −2.0% | +1.0% | +0.4% | +0.8% | — | — | — | — | — | — |
| 2025 | +0.2% | +1.0% | −1.7% | −0.5% | −0.1% | +0.6% | −0.3% | +0.9% | +2.4% | +1.1% | +0.3% | +0.1% |
| 2024 | −0.1% | 0.0% | −0.1% | −1.0% | +0.1% | +1.6% | +0.8% | +0.8% | +0.9% | −1.4% | +1.6% | −1.3% |
| 2023 | +3.2% | −2.6% | +2.2% | +0.1% | −0.8% | +0.9% | +0.2% | −1.3% | −2.7% | −1.2% | +5.8% | +2.3% |
| 2022 | −2.6% | −0.6% | −3.7% | −3.6% | +2.1% | −2.7% | +3.0% | −3.1% | −4.1% | −1.3% | +5.7% | −0.4% |
| 2021 | +0.4% | −1.7% | +0.4% | +1.0% | +0.5% | +0.2% | +0.7% | −0.5% | −0.8% | 0.0% | +1.0% | +0.1% |
| 2020 | +2.0% | +1.6% | −3.7% | −1.8% | +3.3% | +0.8% | +1.6% | −0.4% | −0.1% | −0.3% | +1.6% | +0.5% |
| 2019 | — | — | — | — | — | — | +0.7% | +1.9% | −0.7% | −0.1% | +0.2% | +0.2% |
NOTEX Risk
Risk measures from monthly returns over Jul 2023 – Jun 2026.
- 3-year volatility (annualised): 5.15%
- 3-year Sharpe ratio: -0.16 (vs 4.5% risk-free rate)
- Best month: +5.75% (Nov 2023)
- Worst month: −2.68% (Sep 2023)
NOTEX Fund Flows
Monthly money in and out of Tax-Exempt Fund, from SEC Form N-PORT.
- 12-month net flow: $13.3M
- 12-month gross sales (incl. reinvestments): $190.8M
- Sales ÷ redemptions: 1.07×
| Month | Sales | Redemptions | Net flow |
|---|---|---|---|
| Jun 2026 | $14.5M | $12.2M | $2.3M |
| May 2026 | $23.0M | $4.4M | $18.6M |
| Apr 2026 | $15.5M | $11.7M | $3.8M |
| Mar 2026 | $21.3M | $16.2M | $5.1M |
| Feb 2026 | $7.1M | $9.1M | −$1.9M |
| Jan 2026 | $9.2M | $14.5M | −$5.3M |
| Dec 2025 | $15.8M | $22.1M | −$6.3M |
| Nov 2025 | $7.4M | $10.2M | −$2.8M |
| Oct 2025 | $17.0M | $8.4M | $8.6M |
| Sep 2025 | $24.6M | $9.8M | $14.8M |
| Aug 2025 | $19.8M | $23.2M | −$3.4M |
| Jul 2025 | $15.6M | $35.7M | −$20.1M |
NOTEX Assets Under Management
Net assets of Tax-Exempt Fund by report date, from SEC N-PORT filings.
| Report date | Net assets |
|---|---|
| 2026-06-30 | $780.10M |
| 2026-03-31 | $745.13M |
| 2025-12-31 | $753.20M |
| 2025-09-30 | $749.48M |
| 2025-06-30 | $744.18M |
| 2025-03-31 | $776.19M |
| 2024-12-31 | $771.47M |
| 2024-09-30 | $781.53M |
| 2024-06-28 | $749.28M |
| 2024-03-28 | $756.13M |
| 2023-12-29 | $774.54M |
| 2023-09-29 | $735.79M |
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.