AISCX — Acuitas International Small Cap Fund, Institutional Shares

AISCX Fund Overview

AISCX — Acuitas International Small Cap Fund, Institutional Shares is a US mutual fund managed by Forum Funds II, categorised as Europe Small Cap Blend / Core Equity. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.

• Type: US mutual fund
• Manager: Forum Funds II
• Category: Europe Small Cap Blend / Core Equity
• Assets under management: $721.29K
• Ticker: AISCX
• SEC CIK: 0001576367
• SEC series ID: S000045889
• Share class ID: C000142988

AISCX Investment Objective and Strategy

Acuitas International Small Cap Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Forum Funds II.

Investment objective

"The Acuitas International Small Cap Fund's (the ""Fund"") investment objective is capital appreciation."

Principal investment strategy

"The Fund normally invests at least 80% of its net assets (plus borrowings for investment purposes) in the equity securities of publicly traded international companies with small market capitalizations. For the purposes of this policy, small market capitalization companies are those with market capitalizations of less than $4 billion at time of purchase. Equity securities may include common stock, preferred stock, ETFs consisting primarily of common stocks, and securities convertible into common stock. The Fund's principal investment strategy may include investments in emerging markets. Emerging markets or developing countries are countries that major international financial institutions, such as the World Bank, generally consider to be less economically mature than developed nations, such as the United States or most nations in Western Europe.

The Adviser and/or Subadvisers (as defined below) consider an issuer to be located in an emerging market country if (i) its principal securities trading market is in an emerging market country, (ii) alone or on a consolidated basis it derives 50% or more of its annual revenue from goods produced, sales made or services performed in emerging market or developing countries, or (iii) it is organized under the laws of, or has a principal office in, an emerging market or developing country. The Fund will pursue its investment objective using a ""multi-manager"" process by allocating assets among a carefully chosen group of asset managers (the ""Subadvisers""). Acuitas Investments, LLC (the ""Adviser"") will select the Fund's Subadvisers using its manager research and selection process which seeks to identify investment managers that are likely to achieve out performance over a long time horizon.

The Adviser's investment manager selection process is research driven. The Adviser develops a strong fundamental understanding of each potential investment manager's investment process, what types of securities the investment manager is likely to invest in, and in what markets that investment manager would be likely to perform well or poorly. The Adviser may select Subadvisers that invest in any combination of value, growth or core international small- or microcap stocks in an effort to diversify the Fund's portfolio while capitalizing on the underlying managers' stock selection skills. In selecting investments for the Fund, each Subadviser may identify international small-cap companies across many industries that are expected to benefit from long-term industry, general market, or company-specific trends.

Each Subadviser may select securities based upon fundamental analysis of industries and the economic cycle, company-specific analysis such as product cycles and quality of management, rigorous valuation analysis, or a number of other criteria intended to help the Fund achieve its investment objective. Subadvisers may sell the Fund's investments to secure gains, limit losses or reinvest in more promising investment opportunities. The Fund is not limited by a fixed allocation of assets to equity securities of either growth or value companies and, depending on the economic environment and judgment of the Adviser and Subadvisers, may invest in either growth companies or value companies to the exclusion of the other. In addition, the Fund may invest in exchange-traded funds (""ETFs"") that provide international small cap exposure in order to equitize cash balances if cash levels are unusually high and if no potential replacement securities have been identified for purchase in the short-term.

The Adviser has responsibility for allocating Fund assets among Subadvisers in a manner that the Adviser believes will reduce tracking error. The Adviser may invest the Fund's assets directly in the same manner as any Subadviser in pursuit of the Fund's investment objective. The Adviser may direct a Subadviser to reduce or limit its investment in certain assets or asset classes in order to achieve the desired composition of the Fund's portfolio."

AISCX Costs and Fees

AISCX costs about $150 per $10,000 invested per year in fund expenses.

• Net expense ratio: 1.50%
• Gross expense ratio: 2.43%
• Portfolio turnover: 105%
• Brokerage commissions: 22.02 bps of average net assets (SEC N-CEN)

AISCX Cashflows

Over the 12 months to 2020-03, Acuitas International Small Cap Fund had net outflows of $47.82K, from monthly SEC N-PORT filings.

AISCX Debt Constituents

No individual debt constituents are reported in Acuitas International Small Cap Fund's latest SEC N-PORT filing.

AISCX Prospectus and SEC Filings

Official Acuitas International Small Cap Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.

• Prospectus (485BPOS) — filed 2019-11-13
• Prospectus (485BPOS) — filed 2018-11-06
• Prospectus (485BPOS) — filed 2017-11-14
• Portfolio holdings (N-PORT) — filed 2020-05-13
• Annual census (N-CEN) — filed 2020-09-11
• Annual census (N-CEN) — filed 2019-09-09
• Annual census (N-CEN) — filed 2018-09-12

Related Funds

Other Europe Small Cap Blend / Core Equity funds tracked on ABC INVEST:

• ClearBridge International Value Fund (SBIEX)
• iShares MSCI Europe Small-Cap ETF (IEUS)
• Sophus Capital Emerging Market Small Cap ETF (EMSC)
• Balter European L/S Small Cap Fund (BESMX)
• GraniteShares YieldBOOST Small Cap ETF (RYY)

Data Sources

ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.