| Ticker | Inception | CUSIP | Net Expense Ratio1 | Gross Expense Ratio | Current Assets | |
|---|---|---|---|---|---|---|
| Institutional | CRIHX | August 16, 2016 | 12628J881 | 2.50% | 2.62% | $225 million |
¹ The net expense ratio for the CRM Long/Short Opportunities Fund is the ratio listed in the CRM Funds Prospectus, dated October 27, 2023 and includes dividend expense related to short sales. If dividend expense related to short sales were excluded, the net expense ratio for the fund would have been 1.60%. This figure will fluctuate over time. CRM has a contractual obligation to waive a portion of fees through November 1, 2024 and to assume certain expenses. This agreement may change or end at any time. Performance would have been lower in the absence of fee waivers and expense reimbursements.
CRM Long/Short Opportunities Fund seeks long-term capital appreciation. The CRM Long/Short Opportunities Fund, under normal circumstances, invests at least 80% of its assets in long and short positions in equity and equity related securities of U.S. and non-U.S. companies with market capitalizations at the time of initial purchase within the range of those in the S&P 500 Index that are publicly traded on a U.S. securities market.
The market capitalization range of the S&P 500 Index changes constantly, and as a result, the capitalization of companies in which the Fund will invest will also change. As of September 30, 2023, the market capitalization range of the Index was from approximately $4 billion to $2.7 trillion.
Supported by an experienced team of investment professionals, the portfolio managers make judgements about the relative attractiveness of various securities in selecting stocks for the Fund. This Fund typically will be invested in 30-40 long positions and 35-50 short positions. Although the Fund is built from the bottom up, stock-specific risks, sector weightings, and risk/reward characteristic are all considered during the portfolio construction process.
As of September 30, 2023
It should not be assumed that the holdings presented have been profitable or will in the future be profitable. Holdings are subject to change at any time without notice.
| Arcosa, Inc. | 5.0% |
| Vontier Corporation | 4.1% |
| Kirby Corporation | 3.6% |
| Canadian Pacific Kansas City, Ltd. | 3.5% |
| Microsoft Corporation | 3.3% |
| Becle SAB de CV | 3.1% |
| PTC, Inc. | 3.1% |
| NextEra Energy, Inc. | 2.8% |
| Humana, Inc. | 2.8% |
| Danaher Corporation | 2.7% |
| Total | 34.0% |
As of September 30, 2023
It should not be assumed that the holdings presented have been profitable or will in the future be profitable. Holdings are subject to change at any time without notice.
| Consumer Discretionary | -1.8% |
| Information Technology | -1.7% |
| Information Technology | -1.6% |
| Communication Services | -1.4% |
| Industrials | -1.3% |
| Financials | -1.0% |
| Industrials | -1.0% |
| Consumer Discretionary | -1.0% |
| Consumer Staples | -1.0% |
| Industrials | -1.0% |
| Total | -12.8% |
As a shareholder of a Fund, you are entitled to dividends and other distributions arising from net investment income and net realized gains, if any, earned on the investments held by the Funds. Dividends and distributions, if any, are declared and paid annually to you. Each Fund expects to distribute any net realized gains once a year.
Distributions are payable to the shareholders of record at the time the distributions are declared (including holders of shares being redeemed, but excluding holders of shares being purchased). Distributions are reinvested in additional Fund shares unless you have elected to receive the distributions in cash.
The below projections may be used to assist client with year-end tax planning. These amounts reflect activity as of October 31, 2023 and are only estimates, which are subject to change. Actual distributions may be impacted by shareholder activity, IRS required tax adjustments, and external auditor comments, until the record date of the actual distribution.
Distribution amounts in the table below are preliminary estimates, which do not include an estimate for ordinary income. Please refer to final distribution amounts for tax purposes.
| Short Term | Long Term | Ordinary Income | Total | |
|---|---|---|---|---|
| Institutional Class | $0.00 | $0.00 | - | $0.00 |
As of September 30, 2023
| Year | Long/Short Opportunities | S&P 500 |
| Q3’23 | -3.22 | -3.27 |
| YTD | 2.72 | 13.07 |
| 1 Yr | 8.09 | 21.62 |
| 3 Yr | 4.20 | 10.15 |
| 5 Yr | 4.27 | 9.92 |
| ICD | 4.22 | 11.98 |
The performance above represent past performance, which does not guarantee future results. If you invest in a Fund, your investment return and principal value will fluctuate, so that your shares, when redeemed, may be worth more of less than their original cost. The Fund’s current performance may be lower or higher than the performance above. For most recent month-end performance, please click here.
Shares of CRM Funds are distributed by ALPS Distributors, Inc.
Cramer Rosenthal McGlynn, LLC is the investment advisor to the CRM Funds and is not affiliated with ALPS.
You should consider the investment objectives, risks, charges and expenses of the Funds carefully before investing. Before making an investment, please download a prospectus containing all the information about the Funds or call 800.276.2883. You should read the prospectus carefully before investing.