CRM Small/Mid Cap Value

Assets Under Management: $198 million as of September 30, 2021

Ticker Inception CUSIP Net Expense Ratio1 Gross Expense Ratio Current Assets Minimum Investment
Institutional CRIAX September 1, 2004 92934R116 0.96% 0.96% $164 million $1,000,000
Investor CRMAX September 1, 2004 92934R124 1.18% 1.18% $34 million $2,500

¹The net expense ratio for the CRM Small/Mid Cap Value Fund is the ratio listed in the CRM Funds Prospectus, dated October 28, 2020. This figure will fluctuate over time.

Summary

CRM Small/Mid Cap Value Fund seeks long-term capital appreciation. The CRM Small/Mid Cap Value Fund, under normal circumstances, invests at least 80% of its assets in a diversified portfolio of equity and equity related securities of companies with market capitalizations at the time of initial purchase similar to those in the Russell 2500 Value Index or in the S&P MidCap 400 Value Index (together, “small/mid cap companies”) that are publicly traded on a U.S. securities market.

The market capitalization ranges of the Russell 2500 Value Index and/or the S&P MidCap 400 Value Index change constantly, and as a result, the capitalization of small/mid cap companies in which the Fund will invest will also change. As of September 30, 2021, the market capitalization range of the Russell 2500 Value Index was approximately $1 million to $32 billion and the market capitalization range of the S&P MidCap 400 Value Index was approximately $1.9 billion to $16 billion.

Supported by an experienced team of investment professionals, the portfolio managers make judgments about the relative attractiveness of various securities in selecting stocks for the Fund. This Fund typically will be invested in 35 to 50 stocks. Although the Fund is built from the bottom up, stock-specific risks, sector weightings and risk/reward characteristics are all considered during the portfolio construction process.

Top Ten Equity Holdings

As of September 30, 2021

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.

LKQ Corporation4.4%
American Financial Group, Inc.3.8%
Clean Harbors, Inc.3.6%
G-III Apparel Group3.5%
Great Western Bancorp, Inc.3.3%
Regal Beloit Corporation3.2%
Valmont Industries, Inc.3.0%
Ashland Global Holdings, Inc.3.0%
Envista Holdings Corporation3.0%
James River Group Holdings2.8%
Total33.6%

Most Recent Funds Distribution-2021 Preliminary Distributions

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 clients with year-end tax planning.  These amounts reflect activity as of October 31, 2021 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.

CRM Small/Mid Cap Value Fund

  • Date of Record: December 8, 2021
  • Ex-Date: December 9, 2021
  • Payment Date: December 10, 2021
Short Term Long Term Ordinary Income Total
Institutional Class $2.06 $1.89 -- $3.95
Investor Class $2.06 $1.89 -- $3.95

Performance

As of September 30, 2021

Institutional

Annualized Returns (%)

YearSmall/Mid Cap ValueRussell 2500 Value IndexRussell 2500 Index
Q3’21-3.78-2.07-2.68
YTD17.8220.1413.83
1 Yr48.8054.3845.03
3 Yr11.368.8712.47
5 Yr13.4310.4914.25
10 Yr13.9013.3515.27
ICD10.259.1310.71

Investor

Annualized Returns (%)

YearSmall/Mid Cap ValueRussell 2500 Value IndexRussell 2500 Index
Q3'21-3.77-2.07-2.68
YTD17.6620.1413.83
1 Yr48.4754.3845.03
3 Yr11.148.8712.47
5 Yr13.1910.4914.25
10 Yr13.6613.3515.27
ICD10.019.1310.71

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 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 and/or mid 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.

 The Russell 2500 Value Index is an unmanaged index that measures the performance of those companies in the Russell 2500 Index with lower price-to-book ratios and lower forecasted growth values. The Russell 2500 Index is an unmanaged index that measures the performance of the 2,500 smallest companies in the Russell 3000 Index. 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.