- ISIN
- US34984Y8075
- CUSIP
- 34984Y807
- Issuer
- Acuitas Investments
- Inception Date
- Jul 18, 2014
- Category
- Small Cap Blend Equities
- Min. Investment
- $100,000
- Distribution Policy
- Distributing
- Asset Class
- Equity
- Asset Class Size
- Small-Cap
- Asset Class Style
- Blend
Share Price Chart
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Performance
AFMCX Performance Chart
Acuitas US Microcap Fund (AFMCX) is up 26.3% since the beginning of the year. AFMCX is currently trading at $19 per share. Investors who bought $1,000 worth of AFMCX shares 5 years ago would now be looking at an investment worth $1,446.
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Returns By Period
Acuitas US Microcap Fund (AFMCX) has returned 26.28% so far this year and 52.39% over the past 12 months. Over the last ten years, AFMCX has returned 12.07% per year, falling short of the S&P 500 Index benchmark, which averaged 13.71% annually.
Acuitas US Microcap Fund
- 1D
- -0.36%
- 1M
- 7.74%
- YTD
- 26.28%
- 6M
- 24.00%
- 1Y
- 52.39%
- 3Y*
- 19.80%
- 5Y*
- 7.65%
- 10Y*
- 12.07%
Benchmark (S&P 500 Index)
- 1D
- -1.44%
- 1M
- -1.45%
- YTD
- 7.60%
- 6M
- 6.59%
- 1Y
- 22.24%
- 3Y*
- 19.20%
- 5Y*
- 11.54%
- 10Y*
- 13.71%
AFMCX Monthly Returns History
Based on dividend-adjusted daily data since Jan 2, 2015, AFMCX's average daily return is +0.05%, while the average monthly return is +1.06%. At this rate, an investment would double in approximately 5.5 years.
Historically, 62% of months were positive and 38% were negative. The best month was Nov 2020 with a return of +21.5%, while the worst month was Mar 2020 at -28.1%. The longest winning streak lasted 9 consecutive months, and the longest losing streak was 4 months.
On a daily basis, AFMCX closed higher 51% of trading days. The best single day was Mar 19, 2020 with a return of +10.0%, while the worst single day was Mar 18, 2020 at -14.5%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 5.12% | 0.50% | -4.10% | 13.10% | 4.76% | 5.20% | 26.28% | ||||||
| 2025 | 1.28% | -7.45% | -9.27% | -2.60% | 7.48% | 9.60% | 0.44% | 8.43% | 2.35% | 2.16% | -0.90% | 3.11% | 13.54% |
| 2024 | -3.52% | 5.67% | 3.97% | -7.42% | 3.82% | -3.01% | 10.08% | -2.20% | -0.99% | -3.06% | 13.72% | -6.70% | 8.32% |
| 2023 | 12.05% | -2.51% | -5.07% | -3.56% | 0.70% | 8.03% | 4.77% | -3.94% | -4.66% | -6.57% | 7.03% | 12.47% | 17.41% |
| 2022 | -7.89% | 0.07% | -0.65% | -11.32% | 1.81% | -6.72% | 10.84% | -0.55% | -10.31% | 9.65% | 1.12% | -4.32% | -19.11% |
| 2021 | 7.96% | 14.08% | 1.42% | 2.48% | 2.05% | 2.01% | -2.63% | 1.29% | -3.81% | 3.27% | -4.27% | 3.37% | 29.20% |
Benchmark Metrics
Acuitas US Microcap Fund has an annualized alpha of -0.45%, beta of 1.05, and R2 of 0.65 versus S&P 500 Index. Calculated based on daily prices since January 02, 2015.
- This fund participated in 107.94% of S&P 500 Index downside but only 103.24% of its upside - more exposed to losses than it benefited from rallies.
- With beta of 1.05 and R2 of 0.65, this fund moves broadly in line with S&P 500 Index - much of its variation is explained by market exposure rather than independent behavior.
- Alpha
- -0.45%
- Beta
- 1.05
- R²
- 0.65
- Upside Capture
- 103.24%
- Downside Capture
- 107.94%
Expense Ratio
AFMCX has a high expense ratio of 1.50%, indicating above-average management fees.
Return for Risk
Risk / Return Rank
AFMCX ranks 83 for risk / return — in the top 83% of mutual funds on our site. This means strong returns relative to risk — exactly what professional investors look for. Well-suited for investors who want to maximize return per unit of risk.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for Acuitas US Microcap Fund (AFMCX) and compare them to S&P 500 Index.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| AFMCX | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.78 | ||
| Sortino ratioReturn per unit of downside risk | +1.00 | ||
| Omega ratioGain probability vs. loss probability | 1.41 | 1.32 | +0.09 |
| Calmar ratioReturn relative to maximum drawdown | 5.14 | 2.46 | +2.68 |
| Martin ratioReturn relative to average drawdown | 16.36 | 10.92 | +5.44 |
Dividends
Dividend History
Acuitas US Microcap Fund provided a 3.75% dividend yield over the last twelve months, with an annual payout of $0.72 per share.
| Period | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend | $0.72 | $0.72 | $0.45 | $0.00 | $0.73 | $1.25 | $0.00 | $0.01 | $2.57 | $0.47 | $0.11 | $0.68 |
Dividend yield | 3.75% | 4.74% | 3.18% | 0.00% | 6.40% | 8.34% | 0.00% | 0.10% | 28.38% | 3.58% | 0.92% | 6.58% |
Monthly Dividends
The table displays the monthly dividend distributions for Acuitas US Microcap Fund. The dividends shown in the table have been adjusted to account for any splits that may have occurred.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | ||||||
| 2025 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.72 | $0.72 |
| 2024 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.45 | $0.45 |
| 2023 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| 2022 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.73 | $0.73 |
| 2021 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $1.25 | $1.25 |
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the Acuitas US Microcap Fund. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the Acuitas US Microcap Fund was 51.65%, occurring on Mar 18, 2020. Recovery took 181 trading sessions.
The current Acuitas US Microcap Fund drawdown is 0.36%.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
COVID crash2020 | -51.65%Mar 2020 | 1y 6mo | 8mo 20d | 2y 3moSep 2018 - Dec 2020 |
2025 selloff2025 | -31.09%Apr 2025 | 4mo 6d | 5mo 13d | 9mo 19dDec 2024 - Sep 2025 |
Bear market2022 | -31.02%Jun 2022 | 7mo 10d | 2y 4mo | 2y 12moNov 2021 - Nov 2024 |
2016 correction2016 | -17.72%Feb 2016 | 7mo 22d | 5mo 1d | 1y 18dJun 2015 - Jul 2016 |
2025 correction2025 | -10.73%Nov 2025 | 24d | 20d | 1mo 14dOct 2025 - Dec 2025 |
Drawdown Indicators
| AFMCX | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -51.65% | -56.78% | +5.13% |
Max Drawdown (1Y)Largest decline over 1 year | -10.73% | -9.10% | -1.63% |
Max Drawdown (3Y)Largest decline over 3 years | -31.09% | -18.90% | -12.19% |
Max Drawdown (5Y)Largest decline over 5 years | -31.09% | -25.43% | -5.66% |
Max Drawdown (10Y)Largest decline over 10 years | -51.65% | -33.92% | -17.73% |
Current DrawdownCurrent decline from peak | -0.36% | -3.21% | +2.85% |
Average DrawdownAverage peak-to-trough decline | -10.11% | -10.71% | +0.60% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.36% | 2.04% | +1.32% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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