https://acr-invest.com/commentary/seeing-through-the-ai-haze/
2Q 2026 Commentary
Equity International Mutual Fund (ACREX)
Overview
- Fund Name: ACR Equity International Fund
- Ticker: ACREX
- Investment Advisor: ACR Alpine Capital Research, LLC
- Benchmark: MSCI ACWI ex USA Index
- Inception Date: December 30, 2016
Investment Objective
The investment objective of the ACR Equity International Fund (the “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.
Investors should consider the investment objectives, risks, charges and expenses carefully before investing. For a prospectus with this and other information about the Fund, please contact us at (855) 955-9552 and/or click here. Read the prospectus carefully before investing. Investments in the Fund involve substantial risk. The Fund is not suitable for investors who cannot bear the risk of loss of all or part of their investment. The ACR Equity International Fund is distributed by IMST Distributors, LLC.
Fund Documents
Annual Report
Semi-Annual Report
Prospectus
XBRL Documents
Statement of Additional Information
Summary Prospectus
Semi-Annual Financials and Other Information
Annual Financials and Other Information
Holdings – Fiscal 1Q
Holdings – Fiscal 3Q
Full Portfolio Holdings
2026 Form N-PX Proxy Voting
ACR Mutual Funds – Name Changes – Shareholder Letter – March 31, 2024
Investment Approach
Quality First
Focus on durable businesses that can succeed in an ever-changing world
Valuation Second
Value equals the present value of lifetime distributable cash flows
Margin of Safety
Require at least a 20% discount to our estimate of value before investing
Patience
Act only when the opportunity is right, and hold until full value is realized
Volatility is Opportunity
Price swings create opportunities to improve entry and exit points
Risk is Permanent Loss
Avoid overpaying or misjudging business quality/durability
Balance Concentration & Diversification
Portfolio of ~20 best ideas
Active Management
To add value, you must be different from the market (~99% active share)
Full Alignment
Team members maintain significant personal investments in the strategy
Contact
Monday – Friday 8:00 am to 5:00 pm CT
ACR Alpine Capital Research
190 Carondelet Plaza
Suite 1300
Saint Louis, MO 63105
info@acr-invest.com
Darryl Grayson, Head of Client Relations and Distribution
Chip Tow, Senior Client Relations Associate
Individuals
For more information about ACR Alpine Capital Research’s Equity International Fund, please contact Customer Service. Our representatives are ready to assist with opening an account, or provide service to shareholders. Please read the Fund prospectus before investing.
Monday – Friday 7:00 am to 7:00 pm CT
Risk Considerations:
Investing in the Fund carries certain risks. The value of the Fund may decrease in response to the activities and financial prospects of an individual security in the Fund’s portfolio. The Fund is non-diversified and may invest a greater percentage of its assets in a particular issue and may own fewer securities than other mutual funds.
Investments in foreign securities are affected by risk factors generally not thought to be present in the United States. The prices of foreign securities may be more volatile than the prices of securities of U.S. issuers because of economic and social conditions abroad, political developments, and changes in the regulatory environments of foreign countries. Many of the risks with respect to foreign investments are more pronounced for investments in issuers in developing or emerging market countries. Emerging market countries tend to have more government exchange controls, more volatile interest and currency exchange rates, less market regulation, and less developed and less stable economic, political and legal systems than those of more developed countries.
The performance of the Fund may be subject to substantial short term changes. Stocks of smaller companies may be subject to additional risks, including the risk that earnings and prospects of these companies are more volatile than larger companies.
Investments in inverse ETFs will prevent the Fund from participating in market-wide or sector-wide gains and may not prove to bean effective hedge.
There are risks associated with the sale and purchase of call and put options. As the seller (writer) of a covered call option, the Fund assumes the risk of a decline in the market price of the underlying security below the purchase price of the underlying security less the premium received. If a security sold short increases in price, the Fund may have to cover its short position at a higher price than the short sale price, resulting in a loss. Leveraged ETFs employ financial derivatives and debt to try to achieve a multiple of the return of a stated benchmark or index over the course of a single day. The more leverage used, the greater the potential magnification of gains or losses on those investments. These factors may affect the value of your investment.