Fund Evaluator:
CRM Small/Mid Cap Value Inv (CRMAX)
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Fund Details
CRM Small/Mid Cap Value Inv Overview
CRM Small/Mid Cap Value Inv (CRMAX) is an actively managed U.S. Equity Small Blend fund. CRM launched the fund in 2004.
The investment seeks long-term capital appreciation. The fund, under normal circumstances, invests at least 80% of its assets 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 Russell 2500 Value Index or in the S&P Mid Cap 400 Value Index (together, "small/mid cap companies") that are publicly traded on a U.S. securities market.
About CRM Small/Mid Cap Value Inv (CRMAX)
There are 2 members of the management team with an average tenure of 2.45 years: Madeleine (Mimi) Morris (2023), Jeffrey Yanover (2024). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: Russell 3000 TR USD index with a weighting of 100% and Russell 2500 Value TR USD index with a weighting of 100%. CRM Small/Mid Cap Value Inv has 47 securities in its portfolio. The top 10 holdings constitute 36.0% 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 Small/Mid Cap Value Inv is part of the Equity global asset class and is within the U.S. Equity fund group. CRM Small/Mid Cap Value Inv has 2.4% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 92.9%. There is 2.4% 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 Small/Mid Cap Value Inv has 4.7% of the portfolio in cash.
Assets Under Management
The fund has $15 million in total assets, which is below the $694 million average for the Small Blend 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.
CRMAX 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 Small/Mid Cap Value Inv expense ratio is high compared to funds in the Small Blend category. CRM Small/Mid Cap Value Inv has an expense ratio of 1.22%, which is 17% 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. CRM Small/Mid Cap Value Inv has a portfolio turnover rate of 46%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 65% for the Small Blend category.
Recently, in the month of June 2026, CRM Small/Mid Cap Value Inv returned 10.1%, which earned it a grade of A, as the Small Blend category had an average return of 5.9%. 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.
CRM Small/Mid Cap Value Inv has a trailing yield of 0.24%, which is below the 0.41% 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 Small/Mid Cap Value Inv Grades
Year to date, the fund has returned 27.9%, 6.2 percentage points better than the category, which translates into a grade of A. The fund has returned 44.7% over the past year (grade of A), 17.6% over the past three years (grade of B) and 9.3% per year over the past five years (grade of B) and 12.2% per year over the past 10 years (grade of B).
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CRMAX Trailing NAV Total Returns Data as of 6/30/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| CRMAX Return (NAV) | 10.1% | 28.2% | 44.7% | 17.6% | 9.3% | 12.2% |
| CRMAX Grade | A | A | A | B | B | B |
| +/- Category | 4.2% | 8.5% | 10.8% | 1.2% | 1.4% | 1.1% |
| Small Blend Avg | 5.9% | 19.8% | 33.9% | 16.4% | 7.9% | 11.2% |
| CRMAX Tax Cost Ratio | na | na | 1.2% | 1.5% | 3.0% | 2.8% |
CRMAX Annual NAV Total ReturnsData as of 6/30/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| CRMAX Return (NAV) | 27.9% | 3.8% | 16.7% | 8.8% | -10.9% | 27.0% | 13.0% | 25.7% | -7.7% | 14.2% | 17.1% |
| CRMAX Grade | A | D | A | F | A | B | C | C | A | C | D |
| +/- Category | 6.2% | -4.1% | 5.1% | -7.7% | 5.7% | 3.8% | -1.3% | 0.2% | 4.2% | 0.2% | -3.1% |
| Small Blend Avg | 21.7% | 7.9% | 11.6% | 16.5% | -16.5% | 23.2% | 14.4% | 25.5% | -11.8% | 14.1% | 20.2% |
| Risk Measures | |
| Standard Deviation: | 19.0% |
| Total Risk Index: | 1.56 - High |
| Category Risk Index: | 1.03 - Above Average |
| Category Risk Grade: | D (69% Rank) |
| Beta: | 1.15 |
| R-Squared: | 62% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Small-Cap Blend |
| Bond Investment Style: | na |
| Yield: | 0.2% |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | Annually |
| Total Assets: | $190 Mil |
| Fund Total Assets: | $ 16 Mil |
| Share Class Type: | Inv |
| Portfolio Turnover: | 46% |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 2.7 years | |||
| Average Tenure: 2.5 years | |||
| Managers (Year): Morris Madeleine (Mimi) (2023), Yanover Jeffrey (2024) | |||
Portfolio Composition (as of 3/31/26)
| # of Holdings: | 47 |
| % in Top 10 Holdings: | 36.0% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 2.4% |
Portfolio Allocation |
|
| Domestic Stock: | 92.9% |
| Foreign Stock: | 2.4% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 4.7% |
Purchase Information
| Fund Family: | CRM |
| Phone Number: | 800-276-2883 |
| Website: | www.crmfunds.com |
| Status: | Open |
| Inception Date: | September 1, 2004 |
| Min. Initial Purchase: | $2,500 |
| Min. Initial IRA Purchase: | $1,000 |
| 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 (%): | 1.22% ( Rating : High ) |
| Category Average Expense Ratio (%): | 1.05% |
| Share Class: | CRM Small/Mid Cap Value Inv |
| Min. Subsequent Purchase: | $ 50 |
| Min. Subsequent IRA Purchase: | $ 50 |
