Acuitas US Microcap Fund
Name
As of 03/26/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
Vitals
YTD Return
3.0%
1 yr return
19.5%
3 Yr Avg Return
0.6%
5 Yr Avg Return
9.3%
Net Assets
$72.1 M
Holdings in Top 10
18.4%
52 WEEK LOW AND HIGH
Expenses
OPERATING FEES
Expense Ratio 2.05%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover 78.00%
Redemption Fee 1.00%
Min Investment
Standard (Taxable)
$100,000
IRA
$100,000
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 03/26/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
AFMCX - Profile
Distributions
- YTD Total Return 3.0%
- 3 Yr Annualized Total Return 0.6%
- 5 Yr Annualized Total Return 9.3%
- Capital Gain Distribution Frequency Annually
- Net Income Ratio -0.36%
- Dividend Yield 0.0%
- Dividend Distribution Frequency Annual
Fund Details
-
Legal NameAcuitas US Microcap Fund
-
Fund Family NameForum Family
-
Inception DateJul 18, 2014
-
Shares OutstandingN/A
-
Share ClassInstl
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerChristopher Tessin
Fund Description
The Fund normally invests at least 80% of its net assets in the equity securities of microcap companies that (i) are headquartered in the United States, or (ii) generate at least 50% of their revenue from activity in the United States. For the purposes of this policy, microcap companies are those with market capitalizations of equal to or less than $2.0 billion or that of the largest company in the Russell Microcap® Index at the time of its most recent reconstitution, whichever is greater, at the time of purchase. The Fund will invest primarily in equity securities, which may include common stock, preferred stock, depositary receipts, common and preferred stock of real estate investment trusts (“REITs”), exchange-traded funds (“ETFs”) consisting primarily of common stocks, rights, warrants, initial public offerings (“IPOs”), publicly traded partnerships, and securities convertible into common stock. From time to time, the Fund may invest in index futures contracts for the purpose of equitizing the Fund’s cash balance. The extent to which the Fund invests in index futures contracts will be determined by the Fund’s short-term cash flows but is generally not expected to exceed 5% of the Fund’s net assets.
The Fund will pursue its investment objective using a “multi-manager” process, allocating assets among a carefully chosen group of asset managers (the “Subadvisers”). The Adviser will select the Fund’s Subadvisers using its manager research and selection process which seeks to identify investment managers that are likely to achieve out performance over a long time horizon.
The Adviser’s investment manager selection process is research driven. The Adviser develops a strong fundamental understanding of each potential investment manager’s investment process, what types of securities the investment manager is likely to invest in, and in what markets that investment manager would be likely to perform well or poorly. The Adviser may select Subadvisers that invest in any combination of value, growth or core microcap investments in an effort to diversify the Fund’s portfolio while capitalizing on the underlying managers’ stock selection skills.
In selecting investments for the Fund, each Subadviser may identify microcap companies across many industries that are expected to benefit from long-term industry, general market, or company-specific trends. Each Subadviser may select securities based upon fundamental analysis of industries and the economic cycle, company-specific analysis such as product cycles and quality of management, rigorous valuation analysis, or a number of other criteria intended to help the Fund achieve its investment objective. Subadvisers may sell the Fund’s investments to secure gains, limit losses or reinvest in more promising investment opportunities. The Fund is not limited by a fixed allocation of assets to equity securities of either growth or value companies and, depending on the economic environment and judgment of the Adviser and Subadvisers, may invest in either growth companies or value companies to the exclusion of the other. In addition, the Fund may invest in ETFs in order to equitize cash balances if cash levels are unusually high and if no potential replacement securities have been identified for purchase in the short-term. ETFs will be selected based on their ability to offer specific sector and style exposure desired. From time to time, the Fund may also invest in the equity securities of foreign companies. The location of companies in which the Fund invests may be determined by (i) the location of the principal securities trading market in which the company trades, (ii) where the company derives 50%
or more of its annual revenue from goods produced, sales made or services performed, or (iii) the country in which the company is organized or has a principal office.
The Adviser has responsibility for allocating Fund assets among Subadvisers in a manner that the Adviser believes will increase returns or reduce tracking error. The Adviser may invest the Fund’s assets directly in the same manner as any Subadviser in pursuit of the Fund’s investment objective. The Adviser may direct a Subadviser to reduce or limit its investment in certain assets or asset classes in order to achieve the desired composition of the Fund’s portfolio.
AFMCX - Performance
Return Ranking - Trailing
Period | AFMCX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 3.0% | -5.1% | 23.8% | 46.31% |
1 Yr | 19.5% | -12.5% | 56.1% | 48.65% |
3 Yr | 0.6%* | -8.5% | 41.4% | 68.20% |
5 Yr | 9.3%* | -13.7% | 32.2% | 37.13% |
10 Yr | N/A* | -3.0% | 17.2% | 74.07% |
* Annualized
Return Ranking - Calendar
Period | AFMCX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 17.4% | -49.6% | 29.0% | 19.57% |
2022 | -23.9% | -59.3% | 118.2% | 76.04% |
2021 | 18.9% | -31.6% | 39.3% | 16.12% |
2020 | 14.1% | -51.0% | 39.5% | 36.47% |
2019 | 21.8% | -16.9% | 37.8% | 40.59% |
Total Return Ranking - Trailing
Period | AFMCX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 3.0% | -5.1% | 23.8% | 46.31% |
1 Yr | 19.5% | -12.5% | 56.1% | 48.65% |
3 Yr | 0.6%* | -8.5% | 41.4% | 68.20% |
5 Yr | 9.3%* | -13.7% | 32.2% | 37.13% |
10 Yr | N/A* | -3.0% | 17.2% | 84.51% |
* Annualized
Total Return Ranking - Calendar
Period | AFMCX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 17.4% | -21.7% | 31.8% | 34.47% |
2022 | -19.2% | -45.2% | 123.7% | 70.99% |
2021 | 29.3% | 0.0% | 47.7% | 15.93% |
2020 | 14.1% | -50.5% | 46.9% | 44.92% |
2019 | 21.9% | -12.6% | 43.7% | 77.45% |
NAV & Total Return History
AFMCX - Holdings
Concentration Analysis
AFMCX | Category Low | Category High | AFMCX % Rank | |
---|---|---|---|---|
Net Assets | 72.1 M | 480 K | 118 B | 86.32% |
Number of Holdings | 247 | 2 | 2519 | 41.23% |
Net Assets in Top 10 | 12.5 M | 104 K | 9.83 B | 85.79% |
Weighting of Top 10 | 18.36% | -2849.0% | 100.5% | 43.49% |
Top 10 Holdings
- First American Government Obligations Fund 3.64%
- CME E-mini Russell 2000 Index Future 2.85%
- Columbus McKinnon Corp. 1.96%
- Photronics, Inc. 1.93%
- Sterling Infrastructure, Inc. 1.73%
- Customers Bancorp, Inc. 1.37%
- BioLife Solutions, Inc. 1.28%
- Harvard Bioscience, Inc. 1.27%
- American Coastal Insurance Corp. 1.24%
- Wabash National Corp. 1.10%
Asset Allocation
Weighting | Return Low | Return High | AFMCX % Rank | |
---|---|---|---|---|
Stocks | 95.70% | -565235.00% | 107.11% | 86.49% |
Cash | 3.64% | 0.00% | 565934.00% | 27.54% |
Other | 2.85% | -598.74% | 82.28% | 7.54% |
Preferred Stocks | 0.00% | 0.00% | 7.53% | 8.07% |
Convertible Bonds | 0.00% | 0.00% | 3.17% | 3.87% |
Bonds | 0.00% | -2.00% | 74.53% | 8.77% |
Stock Sector Breakdown
Weighting | Return Low | Return High | AFMCX % Rank | |
---|---|---|---|---|
Healthcare | 22.68% | 0.00% | 26.53% | 0.89% |
Technology | 17.98% | 0.00% | 54.70% | 15.60% |
Industrials | 17.94% | 2.46% | 37.42% | 37.41% |
Financial Services | 13.33% | 0.00% | 35.52% | 86.35% |
Consumer Cyclical | 9.54% | 0.99% | 47.79% | 75.71% |
Energy | 5.17% | 0.00% | 37.72% | 66.84% |
Basic Materials | 4.78% | 0.00% | 18.66% | 50.18% |
Communication Services | 3.77% | 0.00% | 14.85% | 23.40% |
Consumer Defense | 2.65% | 0.00% | 18.87% | 80.32% |
Real Estate | 1.87% | 0.00% | 29.43% | 91.84% |
Utilities | 0.28% | 0.00% | 18.58% | 86.70% |
Stock Geographic Breakdown
Weighting | Return Low | Return High | AFMCX % Rank | |
---|---|---|---|---|
US | 95.70% | -565235.00% | 107.11% | 82.28% |
Non US | 0.00% | 0.00% | 94.14% | 20.70% |
AFMCX - Expenses
Operational Fees
AFMCX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Expense Ratio | 2.05% | 0.01% | 38.45% | 8.47% |
Management Fee | 1.25% | 0.00% | 1.50% | 98.42% |
12b-1 Fee | N/A | 0.00% | 1.00% | N/A |
Administrative Fee | N/A | 0.01% | 0.45% | N/A |
Sales Fees
AFMCX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Front Load | N/A | 3.50% | 5.75% | N/A |
Deferred Load | N/A | 1.00% | 5.00% | N/A |
Trading Fees
AFMCX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Max Redemption Fee | 1.00% | 1.00% | 2.00% | 66.04% |
Related Fees
Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.
AFMCX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Turnover | 78.00% | 1.00% | 314.00% | 77.00% |
AFMCX - Distributions
Dividend Yield Analysis
AFMCX | Category Low | Category High | AFMCX % Rank | |
---|---|---|---|---|
Dividend Yield | 0.00% | 0.00% | 42.10% | 76.84% |
Dividend Distribution Analysis
AFMCX | Category Low | Category High | Category Mod | |
---|---|---|---|---|
Dividend Distribution Frequency | Annual | Annually | Annual | Annual |
Net Income Ratio Analysis
AFMCX | Category Low | Category High | AFMCX % Rank | |
---|---|---|---|---|
Net Income Ratio | -0.36% | -2.40% | 2.49% | 81.56% |
Capital Gain Distribution Analysis
AFMCX | Category Low | Category High | Capital Mode | |
---|---|---|---|---|
Capital Gain Distribution Frequency | Annually | Annually | Quarterly | Annually |
Distributions History
Date | Amount | Type |
---|---|---|
Dec 16, 2019 | $0.011 | OrdinaryDividend |
Dec 31, 2015 | $0.276 | OrdinaryDividend |
AFMCX - Fund Manager Analysis
Managers
Christopher Tessin
Start Date
Tenure
Tenure Rank
Jul 18, 2014
7.87
7.9%
Christopher D. Tessin, CFA, Partner and Chief Investment Officer, co-founded Acuitas Investments in January 2011. Prior to this, Mr. Tessin was employed by Russell Investments in Tacoma, Washington, from 2003 through 2010. During his many years at the firm, he progressed from Research Analyst to Associate Portfolio Manager and, finally, to Portfolio Manager. Before joining Russell Investments, Mr. Tessin worked as an Associate in Equity Research with Bear, Stearns in New York from 2001 to 2003. He has also held positions in portfolio management and research at Lehman Brothers, and in portfolio management at International Asset Transactions. Mr. Tessin received a B.A. degree in 1993 (Economics and Philosophy) and an MBA in 1998 (Finance), both from Columbia University.
Dennis Jensen
Start Date
Tenure
Tenure Rank
Jul 18, 2014
7.87
7.9%
Dennis W. Jensen, CFA, is Partner and Director of Research of Acuitas Investments which he co-founded in 2011. Prior to this, Mr. Jensen was employed by Russell Investments from 1994 until 2010. During his early years at the firm, he was an Analyst and then a Senior Research Analyst. During his last two years at Russell Investments. Mr. Jensen formed the General Partner to leverage his experience at Russell Investments. He received a Bachelor of Business Administration degree in 1993 from the University of Puget Sound.
Matt Nieman
Start Date
Tenure
Tenure Rank
Mar 10, 2021
1.22
1.2%
Matt Nieman joined Acuitas in 2013 and serves as a Portfolio Manager on select U.S. microcap portfolios and as a Senior Research Analyst. He is responsible for discovering, researching and recommending external investment managers across asset classes. Matt leads the external manager due diligence effort for U.S. microcap value, international growth and long/short equity. Additionally, he oversees and implements manager transitions across client portfolios. Matt received his undergraduate degree from Santa Clara University, where he studied Economics. He is currently a member of the Seattle Society of Financial Analysts and is a CFA charterholder.
Tenure Analysis
Category Low | Category High | Category Average | Category Mode |
---|---|---|---|
0.08 | 49.61 | 7.05 | 2.58 |