Acuitas U.S. Microcap Fund
The Acuitas U.S. Microcap Fund (AFMCX) aims to deliver attractive returns with reduced volatility using a multi-manager investment process in the U.S. microcap market. Acuitas believes microcap securities are the least efficient area of the equity markets, overlooked by most institutional investors.
This inefficiency results in a distinct opportunity for skilled active investors to deliver attractive returns. Acuitas seeks to invest with complementary, return-focused microcap managers that will outperform their benchmarks over the long run. Those managers are combined in a manner that reduces volatility while effectively capturing the returns available in microcap markets.
Dedicated Microcap Improves Returns:
Microcap stocks are the least efficient segment of the equity markets, providing robust excess return opportunities for skilled managers. Dedicated microcap managers can tailor their investment processes, and exploit the distinct return drivers in microcap markets, improving their ability to deliver attractive returns.
Access to Specialist Managers:
Acuitas’ research process identifies and invests with skilled institutional microcap managers that are often not available to individual investors. We prefer earlier stage managers with modest assets under management because they tend to deliver better returns than strategies with a larger asset base.
Long-term Capacity:
Acuitas’ multi-manager process provides more capacity than single-manager strategies. Microcap funds tend to fill up quickly, closing to new asset flows. Acuitas’ process allows the Fund to grow with clients over the long run, offering a long-term, evergreen solution. Additionally, Acuitas continuously monitors and upgrades the Fund into new, high confidence managers.
Acuitas US Microcap Fund
The Acuitas US Microcap Fund invests primarily in microcap companies in the United States. The Fund seeks to remain invested down the cap spectrum to take advantage of market inefficiencies in a segment of the market that many institutional investors ignore.
Fund details
| Ticker Symbol | AFMCX |
|---|---|
| CUSIP | 34984Y807 |
| Minimum: Institutional | $10,000 |
| Inception Date | July 18, 2014 |
| Benchmark | Russell Microcap Index |
| Expense Ratio | Institutional - 1.50% (Gross 1.96%) |
Fund Documents:
Fund Prospectus
Summary Prospectus
Statement of Additional Information
Annual Report
Annual Financials and Other Information
Semi-Annual Financials and Other Information
Semi-Annual Tailored Shareholder Report
Proxy Report
US Microcap Holdings 9-30-2025
US Microcap Holdings 3-31-2025Account Application
IRA Account Application
IRA Transfer Form
For information about the Fund's adviser, Acuitas Investments or to contact the adviser, please click here.
The Acuitas US Microcap Fund is available at Schwab, Fidelity, Vanguard and Pershing.
Or open an account by downloading the application and mailing it to:
Acuitas Funds
PO Box 588
Portland, Maine 04112
(844) 805-5628
Investment Considerations:
Before investing you should carefully consider the Fund's investment objectives, risks, charges and expenses. This and other information is in the prospectus, a copy of which can be obtained by calling (844) 805-5628. Please read the prospectus carefully before you invest.
There can be no guarantee that any strategy (risk management or otherwise) will be successful. All investing involves risk, including potential loss of principal.
Equity Risk. Equity securities, which include common stocks, may decline in value because of changes in the price of a particular holding or a broad stock market decline.
Small and Micro Capitalization Company Risk. The Fund's investments in small and micro capitalization companies may be less liquid and their securities' prices may fluctuate more than those of larger, more established companies.
Multi-Manager Risk. The success of the Fund's strategy depends on, among other things, the Adviser's skill in selecting Subadvisers and the Subadvisers' skill in executing the relevant strategy. The Subadvisers' strategies may be out of favor at any time.
The Mutual Fund is distributed by Foreside Fund Services, LLC