AFMCX Performance — Acuitas US Microcap Fund, Institutional Class
Data updated: 2026-09-10
AFMCX returned +33.38% year to date and +55.05% over one year to Jun 2026. Annualised returns are +20.92% over 3 years and +8.58% over 5 years. The fund beat its US Small Blend category average: $100 invested three years ago grew to $177, against $156 for the category, and to $155 over one year, against $133. Volatility over the past three years was 22.16% a year. In the 12 months to Jun 2026 the fund lost a net $14.4M, and assets reached $118.06M.
AFMCX Growth of $100
What $100 invested in Acuitas US Microcap Fund grew to, compounded from monthly returns reported on SEC Form N-PORT, against the US Small Blend category average over the same months.
| Period | AFMCX | Category average |
|---|---|---|
| 1 year (Jul 2025 – Jun 2026) | $155 | $133 |
| 3 years (Jul 2023 – Jun 2026) | $177 | $156 |
| 5 years (Jul 2021 – Jun 2026) | $151 | $141 |
| Since data start (Jan 2020 – Jun 2026) | $229 | $197 |
AFMCX Trailing Returns
Total returns to Jun 2026, from SEC N-PORT.
| Period | Total return |
|---|---|
| YTD | +33.38% |
| 1 year | +55.05% |
| 3 years (annualised) | +20.92% |
| 5 years (annualised) | +8.58% |
AFMCX Annual Returns
Calendar-year total returns of Acuitas US Microcap Fund, compounded from monthly SEC N-PORT returns. Partial years show the months covered.
| Year | Total return |
|---|---|
| 2026 (Jan–Jun) | +33.38% |
| 2025 | +13.43% |
| 2024 | +8.29% |
| 2023 | +17.41% |
| 2022 | −19.16% |
| 2021 | +29.29% |
| 2020 | +14.07% |
AFMCX Monthly Returns
Monthly total returns as reported on SEC Form N-PORT.
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | +5.1% | +0.5% | −4.1% | +13.1% | +4.8% | +11.1% | — | — | — | — | — | — |
| 2025 | +1.3% | −7.5% | −9.3% | −2.6% | +7.5% | +9.6% | +0.4% | +8.4% | +2.3% | +2.2% | −0.9% | +3.0% |
| 2024 | −3.5% | +5.7% | +4.0% | −7.4% | +3.8% | −3.0% | +10.1% | −2.2% | −1.0% | −3.1% | +13.7% | −6.7% |
| 2023 | +12.0% | −2.5% | −5.1% | −3.6% | +0.7% | +8.0% | +4.8% | −3.9% | −4.7% | −6.6% | +7.0% | +12.5% |
| 2022 | −7.9% | +0.1% | −0.7% | −11.3% | +1.8% | −6.7% | +10.8% | −0.5% | −10.3% | +9.6% | +1.1% | −4.4% |
| 2021 | +8.0% | +14.1% | +1.4% | +2.5% | +2.1% | +2.0% | −2.6% | +1.3% | −3.8% | +3.3% | −4.3% | +3.5% |
| 2020 | −5.0% | −7.8% | −28.1% | +15.8% | +4.0% | +4.8% | +3.0% | +6.0% | −2.3% | +1.0% | +21.5% | +9.7% |
AFMCX Risk
Risk measures from monthly returns over Jul 2023 – Jun 2026.
- 3-year volatility (annualised): 22.16%
- 3-year Sharpe ratio: 0.74 (vs 4.5% risk-free rate)
- Best month: +13.72% (Nov 2024)
- Worst month: −9.27% (Mar 2025)
AFMCX Fund Flows
Monthly money in and out of Acuitas US Microcap Fund, from SEC Form N-PORT.
- 12-month net flow: −$14.4M
- 12-month gross sales (incl. reinvestments): $17.0M
- Sales ÷ redemptions: 0.54×
| Month | Sales | Redemptions | Net flow |
|---|---|---|---|
| Jun 2026 | $381K | $1.1M | −$752K |
| May 2026 | $461K | $1.9M | −$1.4M |
| Apr 2026 | $872K | $7.3M | −$6.4M |
| Mar 2026 | $1.0M | $2.9M | −$1.9M |
| Feb 2026 | $741K | $1.5M | −$744K |
| Jan 2026 | $912K | $5.2M | −$4.3M |
| Dec 2025 | $6.0M | $5.3M | $752K |
| Nov 2025 | $699K | $1.6M | −$949K |
| Oct 2025 | $1.4M | $1.8M | −$409K |
| Sep 2025 | $1.4M | $752K | $665K |
| Aug 2025 | $2.1M | $1.6M | $558K |
| Jul 2025 | $996K | $525K | $471K |
AFMCX Assets Under Management
Net assets of Acuitas US Microcap Fund by report date, from SEC N-PORT filings.
| Report date | Net assets |
|---|---|
| 2026-06-30 | $118.06M |
| 2026-03-31 | $97.64M |
| 2025-12-31 | $103.03M |
| 2025-09-30 | $103.99M |
| 2025-06-30 | $91.63M |
| 2025-03-31 | $79.22M |
| 2024-12-31 | $93.22M |
| 2024-09-30 | $91.97M |
| 2024-06-30 | $82.47M |
| 2024-03-31 | $75.64M |
| 2023-12-31 | $68.34M |
| 2023-09-30 | $61.00M |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.