Fund Evaluator:
ACR Opportunity Fund I Shares (ACROX)
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Best Performing in Tactical Allocation Over the Last Year
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Fund Details
ACR Opportunity Fund I Shares Overview
ACR Opportunity Fund I Shares (ACROX) is an actively managed Allocation Tactical Allocation fund. ACR Alpine Capital Research launched the fund in 2014.
The investment seeks to preserve capital during periods of economic decline, and to provide above average absolute and relative returns in the long run. The fund seeks to preserve capital during periods of economic decline. In seeking to preserve capital, the advisor seeks to identify and avoid "permanent loss." The Advisor considers permanent loss to refer to two general types of economic losses through a full market cycle: (i) the impairment of the fundamental value of a security and (ii) the payment of a speculative (higher) price to acquire the fundamental value of a security. The fund is non-diversified.
About ACR Opportunity Fund I Shares (ACROX)
There are 4 members of the management team with an average tenure of 11.05 years: Willem Schilpzand (2014), Tim Piechowski (2014), Mark Unferth (2017), Nicholas Tompras (2014). Management tenure is more important for actively managed funds than passive index funds.
The fund has 1 primary benchmark: MSCI ACWI NR USD index with a weighting of 100%. ACR Opportunity Fund I Shares has 43 securities in its portfolio. The top 10 holdings constitute 45.9% 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 Opportunity Fund I Shares is part of the Allocation global asset class and is within the Allocation fund group. ACR Opportunity Fund I Shares has 49.9% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 29.3%. There is 49.9% allocated to foreign stock, and 0.2% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 5.1% (5.1% domestic bond, 0.0% foreign bond and 0.0% convertible bond). ACR Opportunity Fund I Shares has 15.0% of the portfolio in cash.
Assets Under Management
The fund has $133 million in total assets, which is below the $222 million average for the Tactical Allocation 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.
ACROX 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 Opportunity Fund I Shares expense ratio is high compared to funds in the Tactical Allocation category. ACR Opportunity Fund I Shares has an expense ratio of 1.25%, which is 29% lower than its category average, making the fund expense ratio grade a B. 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 Opportunity Fund I Shares has a portfolio turnover rate of 24%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 196% for the Tactical Allocation category.
Recently, in the month of July 2026, ACR Opportunity Fund I Shares returned 3.2%, which earned it a grade of A, as the Tactical Allocation category had an average return of -0.9%. 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 Opportunity Fund I Shares has a trailing yield of 1.05%, which is below the 2.86% 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 Opportunity Fund I Shares Grades
Year to date, the fund has returned 13.9%, 5.5 percentage points better than the category, which translates into a grade of A. The fund has returned 25.7% over the past year (grade of A), 17.4% over the past three years (grade of A) and 10.7% per year over the past five years (grade of A) and 10.8% per year over the past 10 years (grade of A).
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ACROX Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| ACROX Return (NAV) | 3.2% | 8.4% | 25.7% | 17.4% | 10.7% | 10.8% |
| ACROX Grade | A | A | A | A | A | A |
| +/- Category | 4.0% | 6.9% | 9.5% | 6.8% | 5.4% | 4.5% |
| Tactical Allocation Avg | -0.9% | 1.5% | 16.2% | 10.6% | 5.3% | 6.3% |
| ACROX Tax Cost Ratio | na | na | 1.4% | 1.2% | 1.0% | 0.9% |
ACROX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| ACROX Return (NAV) | 13.9% | 24.3% | 12.8% | 23.5% | -16.8% | 27.5% | 14.9% | 11.7% | -10.6% | 13.5% | 5.7% |
| ACROX Grade | A | A | A | A | D | A | B | D | F | C | C |
| +/- Category | 5.5% | 11.6% | 3.9% | 12.8% | -3.6% | 14.9% | 4.7% | -1.8% | -4.4% | 0.3% | 0.0% |
| Tactical Allocation Avg | 8.4% | 12.7% | 8.9% | 10.8% | -13.1% | 12.7% | 10.2% | 13.5% | -6.2% | 13.2% | 5.6% |
| Risk Measures | |
| Standard Deviation: | 13.8% |
| Total Risk Index: | 1.12 - Above Average |
| Category Risk Index: | 1.34 - High |
| Category Risk Grade: | F (92% Rank) |
| Beta: | 1.28 |
| R-Squared: | 76% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Mid-Cap Value |
| Bond Investment Style: | na Limited Sensitivity |
| Yield: | 1.1% |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | Annually |
| Total Assets: | $133 Mil |
| Fund Total Assets: | $ 134 Mil |
| Share Class Type: | Inst |
| Portfolio Turnover: | 24% |
Management Team
| Number of Managers: 4 | |||
| Longest Tenure: 11.6 years | |||
| Average Tenure: 11.0 years | |||
| Managers (Year): Schilpzand Willem (2014), Piechowski Tim (2014), Tompras Nicholas (2014), Unferth Mark (2017) | |||
Portfolio Composition (as of 2/28/26)
| # of Holdings: | 43 |
| % in Top 10 Holdings: | 45.9% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 49.9% |
Portfolio Allocation |
|
| Domestic Stock: | 29.3% |
| Foreign Stock: | 49.9% |
| Preferred Stock: | 0.2% |
| Domestic Bond: | 5.1% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.4% |
| Cash: | 15.0% |
Purchase Information
| Fund Family: | ACR Alpine Capital Research |
| Phone Number: | 855-955-9552 |
| Website: |
| Status: | Open |
| Inception Date: | December 31, 2014 |
| Min. Initial Purchase: | $10,000 |
| Min. Initial IRA Purchase: | $10,000 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 2.00% |
| 12b-1 Fee: | na |
Expenses and Fees | |
| Expense Ratio (%): | 1.25% ( Rating : High ) |
| Category Average Expense Ratio (%): | 1.76% |
| Share Class: | ACR Opportunity Fund I Shares |
| Min. Subsequent Purchase: | $ 100 |
| Min. Subsequent IRA Purchase: | $ 100 |
