Fund Facts

# of Holdings

48

Net AUM

$134.7M

Primary Benchmark

S&P 500 Index

Oldest Share Class Inception

7/31/2007

Our Long/Short Strategy

The Cromwell Long Short Fund* seeks capital appreciation while trying to achieve lower volatility than the broad equity market.

Mutual of America Capital Management employs its fundamental and quantitative research to construct the Fund’s portfolio. Primarily investing in large and mid-capitalization equities, the Fund generally holds long positions in companies that appear to be undervalued or have superior growth potential relative to its peers. Short positions are held in companies where the opposite is true, or to capture a specific risk identified in the market. Importantly, the Fund engages in short sales of securities for hedging purposes and to profit from an anticipated decline in the price of the securities sold short.

Under normal market conditions, the Fund maintains long positions at approximately 80% of its net assets, which may range between 70% to 90% of net assets, and its short positions at approximately 20%, which may range between 10% to 30% of its net assets, consistent with the Sub-Advisor’s expectations of investment opportunities within the equity market.

Reasons to Invest

  1. 1

    Focus on Risk Reduction

    The Fund seeks capital appreciation while trying to achieve lower volatility than the broad equity market.
  2. 2

    Diversification

    The Fund invests in mid- and large-cap positions to capture appreciation while taking short positions to reduce volatility. This expands the investment universe offering the potential for a more diversified portfolio.
  3. 3

    Experienced Management Team

    Mutual of America Capital Management has employed a disciplined, consistent approach and long-term focus for over 30 years.

Fund Performance (%)

As of 6/30/24

Class MTD YTD 1 Yr 3 Yr 5 Yr 10 Yr Since Inception
Institutional Class 0.93 3.13 4.37 2.94 7.63 2.78 5.23
Investor Class 0.91 3.01 4.12 2.69 7.37 2.54 3.25
Russell 1000 Index 3.31 14.24 23.88 8.74 14.61 12.51 10.23
S&P 500 Index 3.59 15.29 24.56 10.01 15.05 12.86 10.30

As of 6/30/24

Class QTD YTD 1 Yr 3 Yr 5 Yr 10 Yr Since Inception
Institutional Class -2.49 3.13 4.37 2.94 7.63 2.78 5.23
Investor Class -2.54 3.01 4.12 2.69 7.37 2.54 3.25
Russell 1000 Index 3.57 14.24 23.88 8.74 14.61 12.51 10.23
S&P 500 Index 4.28 15.29 24.56 10.01 15.05 12.86 10.30

Expense Ratios (gross/net): Institutional 1.95%/1.73%, Investor 2.20%/1.98%

Cromwell Investment Advisors has agreed to waive its management fees and/or reimburse Fund expenses to ensure that Total Annual Fund Operating Expenses through at least 4/30/25. Please refer to the prospectus for detailed information.

Inception dates for the Institutional Class and Investor Class shares are 7/31/07 and 10/5/12, respectively. Index return since the inception of the Institutional Class on 7/31/07.

*Prior to 6/1/24, the Fund was not managed by the current Sub-Advisor.

Hypothetical Growth of $10,000 As of 6/30/24

Value of $10,000 invested between 6/30/2023 and 6/30/2024

Share Class Value
Institutional Class (MFLDX) $10,437

Value of $10,000 invested between 6/30/2021 and 6/30/2024

Share Class Value
Institutional Class (MFLDX) $10,909

Value of $10,000 invested between 6/30/2019 and 6/30/2024

Share Class Value
Institutional Class (MFLDX) $14,445

Value of $10,000 invested between 6/30/2014 and 6/30/2024

Share Class Value
Institutional Class (MFLDX) $13,160

Value of $10,000 invested between 7/31/2007 and 6/30/2024

Share Class Value
Institutional Class (MFLDX) $23,685

The Fund’s Investment Manager has contractually agreed to limit fund operating expenses through 3/14/24. Please refer to the prospectus for detailed information.

This chart illustrates the performance of a hypothetical $10,000 investment made in the Fund the number years ago as indicated. It assumes reinvestment of dividends and capital gains, but does not reflect the effect of any applicable sales charge or redemption fees. This chart does not imply any future performance.

The performance data shown represents past performance. Past performance is not a guarantee of future results. Current performance may be lower or higher than the performance data quoted. The investment return and the principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. For performance information through the most recent month end please call 855.625.7333.

During the past 10 years, the Fund was a series of different registered investment companies. The Fund launched on 7/31/07 as a series of Trust for Professional Managers (TPM). The Fund reorganized into the MainStay Marketfield Fund as a series of Mainstay Funds Trust on 10/5/12. On 4/8/16, the Fund reorganized back into the Marketfield Fund (the Predecessor Fund) as part of TPM where it remained until 3/14/22, when it reorganized into the Fund. The Fund has adopted the performance and financial history of the Predecessor Fund. Performance information shown prior to the close of business on 3/14/22, is that of the Predecessor Fund. Performance figures for Investor Class shares are those of the former Class A shares, unadjusted. The returns reflect the imposition of the Class A sales load. Going forward, Investor Class shares will have no sales load. The former Class A shares include the historical performance of the Single Class of shares offered by the Fund from 7/31/07 to 10/5/12, and were adjusted to reflect differences in fees and expenses. Performance figures for Institutional Class shares are those of the former Class I shares, unadjusted. The former Class I shares include the historical performance of the Single Class of shares offered by the Fund from 7/31/07 to 10/5/12.

Risk Characteristics As of 3/31/24

Item 3 Yr 5 Yr 10 Yr
Beta 0.43 0.58 0.55
Standard Deviation 10.99 13.16 11.02
Downside Capture 44 56 62

Information shown for Institutional Class. Benchmark: S&P 500 Index

Portfolio As of 3/31/24

Geographic Exposure (%)

Holding Long Short Net
U.S. 71.2 22.4 48.8
Japan 11.0 0.0 11.0
Europe 3.3 3.4 -0.1
U.K. 2.6 0.0 2.6
Canada 1.7 3.0 -1.3
Australia 1.6 0.0 1.6
Other 1.6 0.0 1.6

Sector Net Exposure (%)

Sector Exposure
Industrials 23.9
Materials 22.2
Energy 21.8
Consumer Discretionary 12.0
Health Care 3.6
Consumer Staples 3.5
Real Estate 2.9
Utilities 0.0
Communication Services 0.0
Country Index -3.4
Information Technology -6.3
Financials -16.0

Country Index includes ETFs and Emerging Markets

Excludes cash.