| Ticker | Inception | CUSIP | Net Expense Ratio1 | Gross Expense Ratio | Current Assets | |
|---|---|---|---|---|---|---|
| Institutional | CRIHX | August 16, 2016 | 12628J881 | 2.70% | 2.82% | $246 million |
¹ The net expense ratio for the CRM Long/Short Opportunities Fund is the ratio listed in the CRM Funds Prospectus, dated October 28, 2022 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, 2023 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, 2022, the market capitalization range of the Index was from approximately $4 billion to $2.2 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 March 31, 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.
| NextEra Energy, Inc. | 4.9% |
| Arcosa, Inc. | 4.4% |
| Clean Harbors, Inc. | 4.0% |
| Vontier Corporation | 3.7% |
| PTC, Inc. | 3.2% |
| Canadian Pacific Railway, Ltd. | 3.2% |
| Kirby Corporation | 3.1% |
| Microsoft Corporation | 3.1% |
| Becle SAB de CV | 3.0% |
| Morgan Stanley | 3.0% |
| Total | 35.7% |
As of March 31, 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.
| Communication Services | -1.8% |
| Consumer Discretionary | -1.6% |
| Information Technology | -1.5% |
| Consumer Discretionary | -1.5% |
| Industrials | -1.4% |
| Consumer Discretionary | -1.3% |
| Industrials | -1.3% |
| Information Technology | -1.2% |
| Utilities | -1.2% |
| Consumer Staples | -1.1% |
| Total | -13.9% |
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.
| Short Term | Long Term | Ordinary Income | Total | |
|---|---|---|---|---|
| Institutional Class | $0.1362 | $0.0405 | - | $0.1767 |
As of March 31, 2023
| Year | Long/Short Opportunities | S&P 500 |
| Q1’23 | 1.49 | 7.50 |
| YTD | 1.49 | 7.50 |
| 1 Yr | 1.20 | -7.73 |
| 3 Yr | 10.37 | 18.60 |
| 5 Yr | 5.15 | 11.18 |
| ICD | 4.35 | 12.24 |
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.
Principal investment risks: The Fund invests in value stocks which can perform differently from the market on whole and may continue to be undervalued for long periods of time. Compared to mutual funds that focus exclusively on large capitalization companies, shares of the Fund may be more volatile because they invest in small, mid and large capitalization companies. Small and mid capitalization companies are likely to have more limited product lines, fewer capital resources and less depth of management than larger companies.
The Funds are subject to risks, which are described in the prospectus. In particular, when compared to mutual funds that focus on larger capitalization companies, shares of the Funds generally are more volatile because of the exposure to smaller and mid capitalization companies, which may have more limited product lines and fewer capital resources. Value-based investments are subject to the risk that the broad market may not recognize their intrinsic values.
Short sales involve significant risks. If a security sold short increases in price, the Fund may have to cover its short position at a higher price than the short sale price, resulting in a loss.The Fund may not be able to borrow securities that it needs to take a short position or purchase securities needed to close out a short position at an acceptable price. Also, the lender of a security that the Fund has sold short may terminate the loan at a time when the Fund is unable to borrow the same security from another lender. In that case, the Fund would need to purchase a replacement security at the then current market price or pay the lender the cost of purchasing the security. Because the Fund’s loss on a short sale arises from increases in the value of the security sold short, such loss is theoretically unlimited as there is no limit on any such increases in value. By contrast, the Fund’s loss on a long position arises from decreases in the value of the security and is limited by the fact that a security’s value cannot drop below zero. Short positions involve significant transaction costs.
S&P 500 Index is an index of 500 stocks chosen for market size, liquidity and industry grouping, among other factors. The S&P 500 is designed to be a leading indicator of U.S. equities and is meant to reflect the risk/return characteristics of the large cap universe. It is not possible to invest directly in an index.
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.