IQRAX — ACR International Quality Return (IQR) Fund
Data updated: 2026-07-28
IQRAX — ACR International Quality Return (IQR) Fund. Europe Small Cap Value Materials Equity · $139.60M AUM. Holdings, fees, performance and SEC filings.
IQRAX Fund Overview
IQRAX — ACR International Quality Return (IQR) Fund is a US mutual fund managed by Investment Managers Series Trust II, categorised as Europe Small Cap Value Materials Equity. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.
- Type: US mutual fund
- Manager: Investment Managers Series Trust II
- Category: Europe Small Cap Value Materials Equity
- Assets under management: $139.60M
- 1-year return: 72.4%
- Ticker: IQRAX
- SEC CIK: 0001587982
- SEC series ID: S000055968
- Share class ID: C000176261
IQRAX Investment Objective and Strategy
ACR International Quality Return (IQR) Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Investment Managers Series Trust II.
Investment objective
"The investment objective of the ACR International Quality Return (IQR) Fund (the ""Fund"" or ""IQR Fund"") is to protect capital from permanent impairment while providing a return above both the Fund's cost of capital and the Fund's benchmark over a full market cycle."
Principal investment strategy
"To pursue the Fund's objectives, under normal market conditions, the Advisor invests the Fund's assets primarily in equity securities of companies located outside of the U.S. The Fund will invest primarily in equity securities including common stock, preferred stock, American Depository Receipts (""ADRs""), European Depository Receipts (""EDRs"") and Global Depository Receipts (""GDRs). ADRs are receipts that represent interests in foreign securities held on deposit by U.S. banks. EDRs and GDRs are similar to ADRs, except that they may be traded in international trading markets. The Fund may invest in shares of other registered investment companies and exchange-traded funds (""ETFs"") that invest substantially all of their assets in equity securities of companies located outside of the U.S.
The Advisor considers a company to be located outside of the U.S. if: (i) it is organized under the laws of a foreign country or maintains its principal offices or headquarters in a foreign country; (ii) its securities are principally traded in a foreign country; or (iii) it derives at least 50% of its revenues or profits from goods produced or sold, investments made, or services performed in a foreign country, or has at least 50% of its assets in a foreign country. The Fund will allocate its assets among various regions and countries and will normally invest its assets in issuers representing at least three different countries. The Advisor does not expect, under normal circumstances, to invest more than 35% of the Fund's net assets in securities of companies located in emerging markets; however, the Fund's investments in emerging markets may exceed this amount from time to time depending on market opportunities.
The Fund's investments may be denominated in foreign currencies. The Advisor adheres to a bottom-up due diligence and a fundamental valuation process in which each prospective investment is analyzed from an operating quality perspective, a financial quality perspective and a valuation perspective. The Advisor considers a company with high operating quality to have an understandable business model, a solid competitive position, long term staying power, sufficient returns on capital, a management team that allocates capital appropriately, and competitive dynamics that can be reasonably forecasted and will not be significantly impacted by technological developments or foreign competition. The Advisor considers a company with high financial quality to have understandable financial statements, appropriate accounting judgment, a conservative balance sheet, an appropriate capital structure for the cyclicality and profit profile of the business, a sustainable debt maturity schedule, and understandable cash flow dynamics.
The Advisor's fundamental valuation process considers the long term cash flows a company generates and the manners in which the company may distribute those cash flows. In seeking to generate ""quality returns,"" the Fund will attempt to limit its investments to those with reasonable and sustainable returns for full market cycles i.e., returns from companies that the Advisor believes are well positioned to be in business over the long term, have a high likelihood of generating sufficient returns on capital, and are capitalized conservatively so that the company should remain solvent during, and be able to overcome, any near to medium term recessions or market headwinds. With respect to the Fund's objective, the Advisor defines certain terms as follows: ""Permanent impairment"" means a loss of value on the purchase price of an investment that the Advisor, believes will not be recovered together with a reasonable return on the purchase price.
""Cost of capital"" refers to the opportunity cost of making a specific investment. It is the rate of return that an investor believes, at the time of an investment, could have been earned by putting the same money into a different investment with equal risk. The Fund's cost of capital at any time is the weighted average of the cost of capital of the securities that comprise the Fund's portfolio, as estimated by the Advisor. ""Fund's benchmark"" means the MSCI All Country World Index Ex-U.S. The Advisor has selected the MSCI All Country World Index Ex-U.S. as the Fund's benchmark because it is a broad proxy for the world equity market excluding U.S.-based companies. ""Full market cycle"" means a period of time that includes both an up and down equity market. A down market is characterized with a peak to trough decline of 20% or greater.
A full market cycle can be measured from a prior equity market peak to the next equity market peak. Full market cycles are usually measured in years. When fully invested, the Fund's portfolio will generally consist of approximately 20 holdings and will not be limited by security type, issuer size or geographic location. The Fund may hold a significant amount in cash or cash equivalents in markets where the Advisor cannot find enough securities that meet its risk and return thresholds. For example, the cash allocation may be larger during times of high security prices with relatively few investment opportunities and may also be significantly lower, or zero, during periods of ample investment opportunities that adhere to the Fund's investment criteria. The Fund will generally invest 3-5% of its net assets in any new investment.
The Advisor will consider specific risk factors of the individual companies that comprise the Fund's portfolio (e.g., currency exposure, interest rate sensitivity, end market exposure, customer concentration, commodity prices), in addition to the Fund's industry exposure, in an effort to prevent the Fund's portfolio from being overly exposed to a specific factor or industry that could impair the portfolio's return. Investments are sold for four general reasons: (1) an unanticipated change at the company, (2) an error in the analysis of the company, (3) an ability to invest in a superior investment opportunity that requires the sale of a current portfolio holding that has a relatively inferior prospective return, (4) a share price approaching/reaching/exceeding the estimate of intrinsic value, or (5) the Fund requires cash to meet redemption requests.
The Fund is ""non-diversified"" under the Investment Company Act of 1940, as amended (the ""1940 Act"") which means that it may invest more of its assets in fewer issuers than ""diversified"" mutual funds."
IQRAX Holdings
Top 10 holdings of ACR International Quality Return (IQR) Fund by percentage of net assets, from the fund's latest SEC N-PORT filing.
| Holding | % of net assets |
|---|---|
| iShares 0-3 Month Treasury Bon | 11.45% |
| Vodafone Group PLC | 7.18% |
| Eurocell PLC | 6.44% |
| Umb Ib Money Market Ii / | 6.30% |
| Premium Brands Holdings Corp | 6.10% |
| Liberty Global Ltd | 5.73% |
| Vistry Group PLC | 5.72% |
| Sodexo SA | 5.41% |
| Dcc PLC | 5.32% |
| Sunbelt Rentals Holdings Inc | 4.96% |
IQRAX Portfolio Allocation
Asset-class allocation of ACR International Quality Return (IQR) Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Asset class | Allocation |
|---|---|
| Equity | 74.4% |
| Other | 18.6% |
| Cash & Equivalents | 6.3% |
IQRAX Performance
Total returns for IQRAX (as of 2026-10-01), from SEC filings.
| Period | Total return |
|---|---|
| 1 year | 72.4% |
IQRAX Risk Information
Risk metrics for IQRAX, derived from monthly returns in SEC filings.
- 1-year volatility (annualised): 20.3%
IQRAX Costs and Fees
IQRAX costs about $139 per $10,000 invested per year in fund expenses.
- Net expense ratio: 1.39%
- Gross expense ratio: 2.40%
- Portfolio turnover: 30%
- Brokerage commissions: 7.06 bps of average net assets (SEC N-CEN)
IQRAX Cashflows
Over the 12 months to 2026-05, ACR International Quality Return (IQR) Fund had net inflows of $18.00M, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2026-05 | −$156.98K |
| 2026-04 | −$85.90K |
| 2026-03 | $7.10M |
| 2026-02 | −$890.75K |
| 2026-01 | $10.15M |
| 2025-12 | −$5.77M |
IQRAX Debt Constituents
No individual debt constituents are reported in ACR International Quality Return (IQR) Fund's latest SEC N-PORT filing.
IQRAX Prospectus and SEC Filings
Official ACR International Quality Return (IQR) Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
- Prospectus (485BPOS) — filed 2026-03-25
- Prospectus (485BPOS) — filed 2025-03-26
- Prospectus (485BPOS) — filed 2024-03-28
- Portfolio holdings (N-PORT) — filed 2026-07-28
- Portfolio holdings (N-PORT) — filed 2026-04-07
- Portfolio holdings (N-PORT) — filed 2026-01-26
- Annual census (N-CEN) — filed 2026-02-10
- Annual census (N-CEN) — filed 2025-02-12
Related Funds
Related funds tracked on ABC INVEST:
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.