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Annual Shareholder Report - June 30, 2024
Acuitas US Microcap Fund
AFMCX
: Institutional Shares
Fund Overview
This annual shareholder report contains important information about the Acuitas US Microcap Fund for the period of July 1, 2023, to June 30, 2024. You can find additional information about the Fund at https://acuitasfunds.com/invest-with-us/ . You can also request this information by contacting us at (844) 805-5628.
What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
---|---|---|
Institutional Shares | $155 | 1.50% |
How did the Fund perform in the last year?
The Fund returned +6.63% over the last year, outperforming the Russell Microcap Index’s return of +5.96% by 67 basis points. Strong stock selection across our subadvisers drove the Fund’s excess returns, with stock picks in financials, technology, consumer discretionary, and basic materials adding the most value relative to the benchmark.
We are proud that the Fund has consistently outperformed the benchmark over various time horizons, including the 1-, 3-, and 5- year periods. Additionally, since the Fund’s inception on 7/18/14, the Fund has returned an annualized 7.80% net of fees, outperforming the benchmark’s 6.02% return by an annualized 178 basis points.
Total Return Based on a $10,000 Investment
![Growth of 10K Chart](https://capedge.com/proxy/N-CSR/0001435109-24-000338/eJ7Ls7fuEgu6AahcBrNulwWF17KN.jpg)
Date | Institutional Shares | Russell Microcap® Index | Russell 3000 Index |
---|---|---|---|
07/18/14 | $10,000 | $10,000 | $10,000 |
09/30/14 | $9,520 | $9,581 | $9,963 |
12/31/14 | $10,470 | $10,653 | $10,485 |
03/31/15 | $11,000 | $10,988 | $10,674 |
06/30/15 | $11,270 | $11,295 | $10,688 |
09/30/15 | $10,320 | $9,739 | $9,914 |
12/31/15 | $10,727 | $10,103 | $10,535 |
03/31/16 | $10,311 | $9,555 | $10,637 |
06/30/16 | $10,789 | $9,933 | $10,917 |
09/30/16 | $11,693 | $11,051 | $11,397 |
12/31/16 | $13,039 | $12,161 | $11,877 |
03/31/17 | $12,808 | $12,207 | $12,559 |
06/30/17 | $13,186 | $12,676 | $12,938 |
09/30/17 | $14,161 | $13,519 | $13,529 |
12/31/17 | $14,376 | $13,763 | $14,386 |
03/31/18 | $14,224 | $13,856 | $14,294 |
06/30/18 | $15,397 | $15,237 | $14,849 |
09/30/18 | $15,864 | $15,364 | $15,907 |
12/31/18 | $12,523 | $11,962 | $13,632 |
03/31/19 | $14,170 | $13,529 | $15,547 |
06/30/19 | $13,907 | $13,654 | $16,183 |
09/30/19 | $13,589 | $12,910 | $16,371 |
12/31/19 | $15,264 | $14,645 | $17,861 |
03/31/20 | $9,613 | $9,961 | $14,128 |
06/30/20 | $12,134 | $13,003 | $17,240 |
09/30/20 | $12,937 | $13,483 | $18,827 |
12/31/20 | $17,411 | $17,715 | $21,592 |
03/31/21 | $21,746 | $21,947 | $22,962 |
06/30/21 | $23,201 | $22,856 | $24,854 |
09/30/21 | $22,009 | $21,718 | $24,829 |
12/31/21 | $22,511 | $21,141 | $27,132 |
03/31/22 | $20,614 | $19,535 | $25,700 |
06/30/22 | $17,361 | $15,831 | $21,408 |
09/30/22 | $17,166 | $15,755 | $20,452 |
12/31/22 | $18,199 | $16,499 | $21,921 |
03/31/23 | $18,871 | $16,033 | $23,495 |
06/30/23 | $19,799 | $16,882 | $25,465 |
09/30/23 | $18,999 | $15,542 | $24,637 |
12/31/23 | $21,368 | $18,039 | $27,611 |
03/31/24 | $22,649 | $18,884 | $30,377 |
06/30/24 | $21,112 | $17,887 | $31,354 |
The above chart represents historical performance of a hypothetical $10,000 investment over the past 10 years. Effective June 12, 2024, the Fund changed its primary benchmark index from the Russell Microcap® Index to the Russell 3000® Index due to regulatory requirements. The Fund retained the Russell Microcap® Index as a secondary benchmark because the Russell Microcap® Index more closely aligns with the Fund’s investment strategies and investment restrictions.
The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Average Annual Total Returns
One Year | Five Year | Since Inception 07/18/14 | |
---|---|---|---|
Institutional Shares | 6.63% | 8.71% | 7.80% |
Russell Microcap® Index | 5.96% | 5.55% | 6.02% |
Russell 3000 Index | 23.13% | 14.14% | 12.17% |
Fund Statistics
Total Net Assets | $82,567,532 |
# of Portfolio Holdings | 234 |
Portfolio Turnover Rate | 64% |
Investment Advisory Fees (Net of fees waived) | $565,156 |
Sector Weightings
(% total investments)*
![Group By Industry Chart](https://capedge.com/proxy/N-CSR/0001435109-24-000338/bOFEswa2ANHb66qJAplaKzPgsBDf.jpg)
Value | Value |
---|---|
Industrials | 23.2% |
Health Care | 20.2% |
Technology | 15.7% |
Financials | 13.2% |
Consumer Discretionary | 11.4% |
Energy | 6.5% |
Utilities | 2.6% |
Basic Materials | 2.5% |
Real Estate | 2.4% |
Consumer Staples | 1.9% |
Telecommunications | 0.4% |
* excluding cash equivalents
Top Ten Holdings
(% of investments)*
Columbus McKinnon Corp. | 1.72% |
Photronics, Inc. | 1.54% |
Select Water Solutions, Inc., Class A | 1.53% |
BioLife Solutions, Inc. | 1.52% |
Magnite, Inc. | 1.46% |
Interface, Inc. | 1.43% |
Ducommun, Inc. | 1.26% |
Customers Bancorp, Inc. | 1.21% |
Civitas Resources, Inc. | 1.17% |
Barrett Business Services, Inc. | 1.13% |
* excluding cash equivalents
Asset Class Weightings
(% total investments)
![Group By Asset Type Chart](https://capedge.com/proxy/N-CSR/0001435109-24-000338/sGoteQ1LIp5QcrMtn49wovCxN9DL.jpg)
Value | Value |
---|---|
Common Stock | 97.3% |
Money Market Fund | 2.7% |
Where can I find additional information about the fund?
The Fund is distributed by Foreside Fund Services, LLC, a wholly owned subsidiary of Foreside Financial Group, LLC (dba ACA Group). If you wish to view additional information about the Fund; including but not limited to its prospectus, holdings, financial information, and proxy information, please visit https://acuitasfunds.com/invest-with-us/ .
Acuitas US Microcap Fund
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Annual Shareholder Report - June 30, 2024
220A-AFMCX-24
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SIGNATURES
By: | /s/ Zachary Tackett | |
Zachary Tackett, Principal Executive Officer | ||
Date: | August 28, 2024 |
By: | /s/ Zachary Tackett | |
Zachary Tackett, Principal Executive Officer | ||
Date: | August 28, 2024 |
By: | /s/ Karen Shaw | |
Karen Shaw, Principal Financial Officer | ||
Date: | August 28, 2024 |