Fund Evaluator:
Cromwell CenterSquare Real Estate Inv (MRESX)
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Best Performing in Real Estate Over the Last Year
| 23.4% | Nomura Real Estate Securities Y (IRSYX) |
| 15.9% | Cromwell CenterSquare Real Estate Inv (MRESX) |
| 15.0% | Nuveen Real Estate Sec Sel I (TIRHX) |
| 14.3% | PGIM Real Estate Income Z (PRKZX) |
| 14.1% | American Century Real Estate Y (ARYEX) |
Fund Details
Cromwell CenterSquare Real Estate Inv Overview
Cromwell CenterSquare Real Estate Inv (MRESX) is an actively managed Sector Equity Real Estate fund. Cromwell Funds launched the fund in 1997.
The investment seeks to achieve a combination of income and long-term capital appreciation. The fund will invest at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in stocks of companies principally engaged in the real estate industry. The Subadvisor considers a company to be principally engaged in the real estate industry if it derives at least 50% of its revenues or profits from the ownership, construction, management, financing or sale of residential, commercial or industrial real estate, or has at least 50% of its assets invested in residential, commercial or industrial real estate. It is non-diversified.
About Cromwell CenterSquare Real Estate Inv (MRESX)
There are 2 members of the management team with an average tenure of 20.94 years: Eric Rothman (2006), Dean Frankel (2004). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: S&P 500 (TR) (1970) index with a weighting of 100% and FTSE Nareit All Equity REITs TR USD index with a weighting of 100%. Cromwell CenterSquare Real Estate Inv has 60 securities in its portfolio. The top 10 holdings constitute 51.3% 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.
Cromwell CenterSquare Real Estate Inv is part of the Equity global asset class and is within the Sector Equity fund group. Cromwell CenterSquare Real Estate Inv has 0.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 99.3%. There is 0.0% 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). Cromwell CenterSquare Real Estate Inv has 0.7% of the portfolio in cash.
Assets Under Management
The fund has $48 million in total assets, which is below the $657 million average for the Real Estate 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.
MRESX 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 CenterSquare Real Estate Inv expense ratio is high compared to funds in the Real Estate category. Cromwell CenterSquare Real Estate Inv has an expense ratio of 1.12%, which is 9% 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 CenterSquare Real Estate Inv has a portfolio turnover rate of 31%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 80% for the Real Estate category.
Recently, in the month of June 2026, Cromwell CenterSquare Real Estate Inv returned 1.8%, which earned it a grade of C, as the Real Estate category had an average return of 2.0%. 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 CenterSquare Real Estate Inv has a trailing yield of 1.98%, which is below the 2.17% category average. The fund normally distributes its income quarterly 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 CenterSquare Real Estate Inv Grades
Year to date, the fund has returned 15.7%, 1.5 percentage points better than the category, which translates into a grade of B. The fund has returned 15.9% over the past year (grade of B), 10.8% over the past three years (grade of B) and 4.1% per year over the past five years (grade of B) and 5.3% per year over the past 10 years (grade of C).
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MRESX 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 |
|
| MRESX Return (NAV) | 1.8% | 11.2% | 15.9% | 10.8% | 4.1% | 5.3% |
| MRESX Grade | C | B | B | B | B | C |
| +/- Category | -0.2% | 0.5% | 1.0% | 1.0% | 0.5% | -0.2% |
| Real Estate Avg | 2.0% | 10.7% | 14.9% | 9.8% | 3.6% | 5.5% |
| MRESX Tax Cost Ratio | na | na | 0.9% | 0.9% | 1.2% | 1.6% |
MRESX Annual NAV Total ReturnsData as of 6/30/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| MRESX Return (NAV) | 15.7% | 1.5% | 7.1% | 11.7% | -24.7% | 39.5% | -2.6% | 22.9% | -5.5% | 5.4% | 6.8% |
| MRESX Grade | B | C | B | C | A | F | B | F | C | C | B |
| +/- Category | 1.5% | 0.2% | 0.6% | -0.6% | 1.4% | -2.4% | 1.2% | -5.7% | 0.5% | -1.2% | 0.7% |
| Real Estate Avg | 14.2% | 1.4% | 6.5% | 12.3% | -26.1% | 41.8% | -3.8% | 28.6% | -6.0% | 6.6% | 6.1% |
| Risk Measures | |
| Standard Deviation: | 16.7% |
| Total Risk Index: | 1.37 - High |
| Category Risk Index: | 1.03 - High |
| Category Risk Grade: | F (82% Rank) |
| Beta: | 0.97 |
| R-Squared: | 55% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Mid-Cap Blend |
| Bond Investment Style: | na |
| Yield: | 2.0% |
| Dividend Distribution: | Quarterly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $93 Mil |
| Fund Total Assets: | $ 49 Mil |
| Share Class Type: | N |
| Portfolio Turnover: | 31% |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 22.3 years | |||
| Average Tenure: 20.9 years | |||
| Managers (Year): Frankel Dean (2004), Rothman Eric (2006) | |||
Portfolio Composition (as of 3/31/26)
| # of Holdings: | 60 |
| % in Top 10 Holdings: | 51.3% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 0.0% |
Portfolio Allocation |
|
| Domestic Stock: | 99.3% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 0.7% |
Purchase Information
| Fund Family: | Cromwell Funds |
| Phone Number: | 855-625-7333 |
| Website: | www.amgfunds.com |
| Status: | Open |
| Inception Date: | December 31, 1997 |
| 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: | na |
Expenses and Fees | |
| Expense Ratio (%): | 1.12% ( Rating : High ) |
| Category Average Expense Ratio (%): | 1.23% |
| Share Class: | Cromwell CenterSquare Real Estate Inv |
| Min. Subsequent Purchase: | $ 100 |
| Min. Subsequent IRA Purchase: | $ 100 |
