TOWFX Performance — Towpath Focus Fund
Data updated: 2026-07-30
TOWFX returned +7.25% year to date and +23.93% over one year to May 2026. Annualised returns are +20.04% over 3 years and +11.31% over 5 years. The fund beat its US Large Blend category average: $100 invested three years ago grew to $173, against $165 for the category, and to $124 over one year, against $122. Volatility over the past three years was 9.03% a year. In the 12 months to May 2026 the fund took in a net $7.5M, and assets reached $72.31M.
TOWFX Growth of $100
What $100 invested in Towpath Focus Fund grew to, compounded from monthly returns reported on SEC Form N-PORT, against the US Large Blend category average over the same months.
| Period | TOWFX | Category average |
|---|---|---|
| 1 year (Jun 2025 – May 2026) | $124 | $122 |
| 3 years (Jun 2023 – May 2026) | $173 | $165 |
| 5 years (Jun 2021 – May 2026) | $171 | $164 |
| Since data start (Mar 2020 – May 2026) | $263 | $227 |
TOWFX Trailing Returns
Total returns to May 2026, from SEC N-PORT.
| Period | Total return |
|---|---|
| YTD | +7.25% |
| 1 year | +23.93% |
| 3 years (annualised) | +20.04% |
| 5 years (annualised) | +11.31% |
TOWFX Annual Returns
Calendar-year total returns of Towpath Focus Fund, compounded from monthly SEC N-PORT returns. Partial years show the months covered.
| Year | Total return |
|---|---|
| 2026 (Jan–May) | +7.25% |
| 2025 | +23.50% |
| 2024 | +13.21% |
| 2023 | +12.31% |
| 2022 | −2.04% |
| 2021 | +26.47% |
| 2020 (Mar–Dec) | +26.02% |
TOWFX 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 | +3.3% | +3.5% | −2.9% | +4.2% | −0.8% | — | — | — | — | — | — | — |
| 2025 | +5.7% | +0.9% | −1.7% | −1.3% | +3.3% | +0.6% | +1.8% | +2.5% | +3.0% | +1.8% | +4.2% | +0.7% |
| 2024 | +1.0% | +2.0% | +4.1% | −2.0% | +2.9% | +0.6% | +2.0% | +1.0% | −0.9% | −0.8% | +5.5% | −2.6% |
| 2023 | +5.0% | −3.5% | −1.1% | −0.4% | −2.3% | +5.4% | +4.0% | −2.0% | −1.6% | −1.6% | +5.8% | +4.8% |
| 2022 | −0.9% | −0.4% | +1.0% | −4.3% | +3.3% | −7.1% | +3.8% | −3.3% | −6.7% | +10.0% | +7.4% | −3.2% |
| 2021 | +2.4% | +7.3% | +4.3% | +3.8% | +2.6% | −0.3% | −0.6% | +1.8% | −3.3% | +3.8% | −3.2% | +5.5% |
| 2020 | — | — | −10.6% | +14.0% | +3.2% | +0.3% | −0.1% | +3.2% | −3.5% | +0.9% | +15.3% | +3.0% |
TOWFX Risk
Risk measures from monthly returns over Jun 2023 – May 2026.
- 3-year volatility (annualised): 9.03%
- 3-year Sharpe ratio: 1.72 (vs 4.5% risk-free rate)
- Best month: +5.75% (Nov 2023)
- Worst month: −2.85% (Mar 2026)
TOWFX Fund Flows
Monthly money in and out of Towpath Focus Fund, from SEC Form N-PORT.
- 12-month net flow: $7.5M
- 12-month gross sales (incl. reinvestments): $15.9M
- Sales ÷ redemptions: 1.88×
| Month | Sales | Redemptions | Net flow |
|---|---|---|---|
| May 2026 | $1.6M | $4.4M | −$2.8M |
| Apr 2026 | $2.6M | $484K | $2.2M |
| Mar 2026 | $3.5M | $301K | $3.2M |
| Feb 2026 | $738K | $397K | $341K |
| Jan 2026 | $1.4M | $191K | $1.2M |
| Dec 2025 | $2.7M | $253K | $2.5M |
| Nov 2025 | $611K | $142K | $469K |
| Oct 2025 | $212K | $97K | $116K |
| Sep 2025 | $137K | $144K | −$7K |
| Aug 2025 | $577K | $361K | $216K |
| Jul 2025 | $525K | $1.3M | −$758K |
| Jun 2025 | $1.3M | $404K | $865K |
TOWFX Assets Under Management
Net assets of Towpath Focus Fund by report date, from SEC N-PORT filings.
| Report date | Net assets |
|---|---|
| 2026-05-31 | $72.31M |
| 2026-02-28 | $69.46M |
| 2025-11-30 | $61.71M |
| 2025-08-31 | $55.94M |
| 2025-05-31 | $52.90M |
| 2025-02-28 | $45.46M |
| 2024-11-30 | $40.72M |
| 2024-08-31 | $36.66M |
| 2024-05-31 | $35.16M |
| 2024-02-29 | $32.47M |
| 2023-11-30 | $29.65M |
| 2023-08-31 | $28.80M |
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.