Fund Evaluator:

ACR Equity International Fund I Shares Overview

ACR Equity International Fund I Shares (ACREX) is an actively managed International Equity Foreign Small/Mid Value fund. ACR Alpine Capital Research launched the fund in 2016.

The investment seeks to protect capital from permanent impairment while providing a return above both the fund's cost of capital and the fund's benchmark over a full market cycle. Under normal circumstances, the fund will invest at least 80% of its net assets (including amounts borrowed for investment purposes) in equity securities. The fund will invest primarily in equity securities, including common stock, preferred stock, American Depositary Receipts (“ADRs”), European Depositary Receipts (“EDRs”) and Global Depositary Receipts (“GDRs”). It is non-diversified.

About ACR Equity International Fund I Shares (ACREX)

There are 3 members of the management team with an average tenure of 9.59 years: Willem Schilpzand (2016), Tim Piechowski (2016), Nicholas Tompras (2016). Management tenure is more important for actively managed funds than passive index funds.

The fund has 1 primary benchmark: MSCI ACWI Ex USA NR USD index with a weighting of 100%. ACR Equity International Fund I Shares has 23 securities in its portfolio. The top 10 holdings constitute 61.8% of the fund’s assets. The fund meets the SEC requirement of being classified as a nondiversified fund. The fund is not considered to have an ESG focus with its investment selection and management.

ACR Equity International Fund I Shares is part of the Equity global asset class and is within the International Equity fund group. ACR Equity International Fund I Shares has 82.8% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 4.6%. There is 82.8% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 2.3% (2.3% domestic bond, 0.0% foreign bond and 0.0% convertible bond). ACR Equity International Fund I Shares has 9.1% of the portfolio in cash.

Assets Under Management

The fund has $139 million in total assets, which is below the $797 million average for the Foreign Small/Mid Value category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.

ACREX Performance and Fees

The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The ACR Equity International Fund I Shares expense ratio is high compared to funds in the Foreign Small/Mid Value category. ACR Equity International Fund I Shares has an expense ratio of 1.11%, which is 13% higher than its category average, making the fund expense ratio grade a D. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.

High portfolio turnover can translate to higher expenses and lower aftertax returns. ACR Equity International Fund I Shares has a portfolio turnover rate of 30%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 43% for the Foreign Small/Mid Value category.

Recently, in the month of July 2026, ACR Equity International Fund I Shares returned 6.8%, which earned it a grade of B, as the Foreign Small/Mid Value category had an average return of 4.9%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.

ACR Equity International Fund I Shares has a trailing yield of 1.64%, which is below the 2.88% category average. The fund normally distributes its income annually and its capital gains annually.

It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.

ACR Equity International Fund I Shares Grades

Year to date, the fund has returned 7.1%, 3.0 percentage points worse than the category, which translates into a grade of D. The fund has returned 9.1% over the past year (grade of F), 8.3% over the past three years (grade of F) and 1.3% per year over the past five years (grade of F).

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