Fund Evaluator:
CRM Long/Short Opportunities Instl (CRIHX)
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Best Performing in Long-Short Equity Over the Last Year
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Fund Details
CRM Long/Short Opportunities Instl Overview
CRM Long/Short Opportunities Instl (CRIHX) is an actively managed Nontraditional Equity Long-Short Equity fund. CRM launched the fund in 2016.
The investment seeks long-term capital appreciation. The fund 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. Equity and equity related securities include: common and preferred stocks, and warrants on common stock. It will hold long equity securities that the Adviser has identified as undervalued and take short positions in equity securities that the Adviser has identified as overvalued or poised for underperformance.
About CRM Long/Short Opportunities Instl (CRIHX)
There are 1 members of the management team with an average tenure of 8.53 years: Madeleine (Mimi) Morris (2018). Management tenure is more important for actively managed funds than passive index funds.
The fund has 1 primary benchmark: S&P 500 (TR) (1970) index with a weighting of 100%. CRM Long/Short Opportunities Instl has 91 securities in its portfolio. The top 10 holdings constitute 52.0% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
CRM Long/Short Opportunities Instl is part of the Equity global asset class and is within the Nontraditional Equity fund group. CRM Long/Short Opportunities Instl has 5.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 35.8%. There is 5.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). CRM Long/Short Opportunities Instl has 93.5% of the portfolio in cash.
Assets Under Management
The fund has $527 million in total assets, which is above the $352 million average for the Long-Short Equity 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.
CRIHX 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 CRM Long/Short Opportunities Instl expense ratio is high compared to funds in the Long-Short Equity category. CRM Long/Short Opportunities Instl has an expense ratio of 1.77%, which is 19% 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. CRM Long/Short Opportunities Instl has a portfolio turnover rate of 65%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 287% for the Long-Short Equity category.
Recently, in the month of July 2026, CRM Long/Short Opportunities Instl returned -7.0%, which earned it a grade of F, as the Long-Short Equity category had an average return of 2.6%. 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.
CRM Long/Short Opportunities Instl has a trailing yield of 0.00%, which is below the 1.15% 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.
CRM Long/Short Opportunities Instl Grades
Year to date, the fund has returned 8.2%, 0.7 percentage points better than the category, which translates into a grade of B. The fund has returned 14.1% over the past year (grade of C), 7.7% over the past three years (grade of D) and 6.0% per year over the past five years (grade of D).
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CRIHX 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 |
|
| CRIHX Return (NAV) | -7.0% | 3.2% | 14.1% | 7.7% | 6.0% | na |
| CRIHX Grade | F | C | C | D | D | na |
| +/- Category | -9.6% | -0.4% | 0.0% | -4.2% | -2.8% | na |
| Long-Short Equity Avg | 2.6% | 3.6% | 14.1% | 11.9% | 8.8% | 7.9% |
| CRIHX Tax Cost Ratio | na | na | 0.0% | 1.0% | 0.7% | na |
CRIHX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| CRIHX Return (NAV) | 8.2% | -1.6% | 17.8% | 6.1% | -4.2% | 5.9% | 20.4% | 13.0% | -8.4% | 4.5% | na |
| CRIHX Grade | B | F | B | D | C | F | A | C | C | F | na |
| +/- Category | 0.7% | -13.0% | 4.4% | -7.0% | -0.4% | -15.3% | 14.6% | -0.3% | -0.5% | -7.1% | na |
| Long-Short Equity Avg | 7.5% | 11.4% | 13.4% | 13.0% | -3.8% | 21.2% | 5.8% | 13.3% | -7.9% | 11.6% | 7.3% |
| Risk Measures | |
| Standard Deviation: | 11.8% |
| Total Risk Index: | 0.97 - Average |
| Category Risk Index: | 1.11 - Above Average |
| Category Risk Grade: | D (70% Rank) |
| Beta: | 0.63 |
| R-Squared: | 48% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Small-Cap Blend |
| Bond Investment Style: | na |
| Yield: | 0.0% |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | Annually |
| Total Assets: | $527 Mil |
| Fund Total Assets: | $ 527 Mil |
| Share Class Type: | Inst |
| Portfolio Turnover: | 65% |
Management Team
| Number of Managers: 1 | |||
| Longest Tenure: 8.5 years | |||
| Average Tenure: 8.5 years | |||
| Managers (Year): Morris Madeleine (Mimi) (2018) | |||
Portfolio Composition (as of 3/31/26)
| # of Holdings: | 91 |
| % in Top 10 Holdings: | 52.0% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 5.0% |
Portfolio Allocation |
|
| Domestic Stock: | 35.8% |
| Foreign Stock: | 5.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | -34.4% |
| Cash: | 93.5% |
Purchase Information
| Fund Family: | CRM |
| Phone Number: | 800-276-2883 |
| Website: | www.crmfunds.com |
| Status: | Open |
| Inception Date: | August 16, 2016 |
| Min. Initial Purchase: | $10,000 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | na |
Expenses and Fees | |
| Expense Ratio (%): | 1.77% ( Rating : High ) |
| Category Average Expense Ratio (%): | 2.19% |
| Share Class: | CRM Long/Short Opportunities Instl |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
