Fund Evaluator:
Cromwell Long Short Investor (MFADX)
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Best Performing in Long-Short Equity Over the Last Year
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| 18.4% | Cromwell Long Short Investor (MFADX) |
Fund Details
Cromwell Long Short Investor Overview
Cromwell Long Short Investor (MFADX) is an actively managed Nontraditional Equity Long-Short Equity fund. Cromwell Funds launched the fund in 2012.
The investment seeks capital appreciation. To achieve the fund’s investment objective, the Sub-Adviser employs a long/short strategy and allocates the fund’s assets by primarily investing in equity securities and exchange-traded funds (ETFs), while also investing in fixed-income securities and other investment companies in proportions consistent with the Sub-Adviser’s evaluation of their expected risks and returns. The fund's equity securities investments may include common and preferred stocks of United States companies of any size.
About Cromwell Long Short Investor (MFADX)
There are 3 members of the management team with an average tenure of 2.08 years: Joseph Gaffoglio (2024), Jamie Zendel (2024), Thad Pollock (2024). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: Russell 1000 TR USD index with a weighting of 100% and S&P 500 (TR) (1970) index with a weighting of 100%. Cromwell Long Short Investor has 166 securities in its portfolio. The top 10 holdings constitute 54.5% 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.
Cromwell Long Short Investor is part of the Equity global asset class and is within the Nontraditional Equity fund group. Cromwell Long Short Investor has 0.5% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 81.0%. There is 0.5% 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). Cromwell Long Short Investor has 18.6% of the portfolio in cash.
Assets Under Management
The fund has $42 million in total assets, which is below the $342 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.
MFADX 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 Cromwell Long Short Investor expense ratio is high compared to funds in the Long-Short Equity category. Cromwell Long Short Investor has an expense ratio of 1.96%, which is 11% lower than its category average, making the fund expense ratio grade a C. 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. Cromwell Long Short Investor has a portfolio turnover rate of 18%, indicating that holds its assets around 0.1 years. By way of comparison, the average portfolio turnover is 287% for the Long-Short Equity category.
Recently, in the month of June 2026, Cromwell Long Short Investor returned 1.5%, which earned it a grade of A, as the Long-Short Equity category had an average return of -0.3%. 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.
Cromwell Long Short Investor has a trailing yield of 0.02%, which is below the 1.21% 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.
Cromwell Long Short Investor Grades
Year to date, the fund has returned 8.8%, 3.7 percentage points better than the category, which translates into a grade of B. The fund has returned 18.4% over the past year (grade of B), 10.9% over the past three years (grade of C) and 7.2% per year over the past five years (grade of C) and 8.1% per year over the past 10 years (grade of C).
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MFADX 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 |
|
| MFADX Return (NAV) | 1.5% | 12.4% | 18.4% | 10.9% | 7.2% | 8.1% |
| MFADX Grade | A | B | B | C | C | C |
| +/- Category | 1.8% | 6.6% | 6.4% | -0.8% | -1.2% | 0.1% |
| Long-Short Equity Avg | -0.3% | 5.7% | 12.1% | 11.6% | 8.5% | 8.0% |
| MFADX Tax Cost Ratio | na | na | 0.0% | 0.4% | 0.3% | 0.2% |
MFADX Annual NAV Total ReturnsData as of 6/30/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| MFADX Return (NAV) | 8.8% | 17.3% | 5.6% | -0.3% | 2.8% | 8.3% | 19.9% | 11.9% | -13.4% | 20.8% | -3.6% |
| MFADX Grade | B | B | F | F | B | F | A | C | F | A | F |
| +/- Category | 3.7% | 5.9% | -7.8% | -13.4% | 6.6% | -12.9% | 14.1% | -1.4% | -5.5% | 9.2% | -10.8% |
| Long-Short Equity Avg | 5.1% | 11.4% | 13.4% | 13.0% | -3.8% | 21.2% | 5.8% | 13.3% | -7.9% | 11.6% | 7.3% |
| Risk Measures | |
| Standard Deviation: | 9.5% |
| Total Risk Index: | 0.78 - Below Average |
| Category Risk Index: | 0.93 - Average |
| Category Risk Grade: | C (45% Rank) |
| Beta: | 0.59 |
| R-Squared: | 65% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Large-Cap Blend |
| Bond Investment Style: | na |
| Yield: | 0.0% |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | Annually |
| Total Assets: | $92 Mil |
| Fund Total Assets: | $ 43 Mil |
| Share Class Type: | A |
| Portfolio Turnover: | 18% |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 2.1 years | |||
| Average Tenure: 2.1 years | |||
| Managers (Year): Gaffoglio Joseph (2024), Zendel Jamie (2024), Pollock Thad (2024) | |||
Portfolio Composition (as of 3/31/26)
| # of Holdings: | 166 |
| % in Top 10 Holdings: | 54.5% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 0.5% |
Portfolio Allocation |
|
| Domestic Stock: | 81.0% |
| Foreign Stock: | 0.5% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 18.6% |
Purchase Information
| Fund Family: | Cromwell Funds |
| Phone Number: | 855-625-7333 |
| Website: |
| Status: | Open |
| Inception Date: | October 5, 2012 |
| Min. Initial Purchase: | $2,000 |
| 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: | 0.25% |
Expenses and Fees | |
| Expense Ratio (%): | 1.96% ( Rating : High ) |
| Category Average Expense Ratio (%): | 2.19% |
| Share Class: | Cromwell Long Short Institutional |
| Min. Subsequent Purchase: | $ 100 |
| Min. Subsequent IRA Purchase: | $ 100 |
