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4Q 2023 Commentary Cromwell CenterSquare Real Estate Fund

Portfolio Manager Eric Rothman discusses the 2023 real estate investment trust (REIT) market, subsectors that look attractive, the role REITs play in a portfolio, and the outlook for real estate assets in 2024.

4Q 2023 Commentary Cromwell Foresight Global Sustainable Infrastructure Fund

In the commentary below, the Portfolio Managers discuss the tailwinds for infrastructure assets, Foresight Group’s strengths in global infrastructure, and how the Fund is currently positioned.

4Q 2023 Commentary Cromwell Greenspring Mid Cap Fund

Portfolio Managers Chip Carlson, CFA and Michael Goodman, CFA emphasize the attractiveness of mid-cap companies in today’s environment, the importance of free cash flow and strong balance sheets, and a new position that exemplifies the team’s approach to finding “All-Weather” companies.

4Q 2023 Commentary Cromwell Marketfield L/S Fund

In the commentary below, Portfolio Managers Michael Aronstein and Michael Shaoul, Ph.D. discuss the Federal Reserve’s rate actions, how the Fund is positioned, and the Fund’s emphasis on reducing risk while allowing investors to participate in global equity markets.

4Q 2023 Commentary Cromwell Sustainable Balanced Fund

The Fund’s Portfolio Managers discuss the equity and fixed income markets and their approach to finding sustainable businesses for the equity and fixed income portfolios.

4Q 2023 Commentary Cromwell Tran Sustainable Focus Fund

Portfolio Managers Quoc Tran and Michael Im, CFA discuss this year’s narrow market performance, how the Fund’s holdings are positioned to grow in the face of higher interest rates, and their thoughts about the market and economy.

3Q 2023 Commentary Cromwell CenterSquare Real Estate Fund

Portfolio Manager Eric Rothman covers real estate investment trusts’ (REITs) rare discount percentage to net asset value (NAV), the historical performance of REITs after the terminal rate has been reached, and the case for investing in REITs.

3Q 2023 Commentary Cromwell Foresight Global Sustainable Infrastructure Fund

In the commentary below, the Portfolio Managers discuss the tailwinds for infrastructure assets, Foresight Group’s strengths in global infrastructure, and how the Fund is currently positioned.

3Q 2023 Commentary Cromwell Greenspring Mid Cap Fund

Portfolio Managers Chip Carlson, CFA and Michael Goodman, CFA discuss the Fund’s composition following the reorganization, their perspectives on mid-cap performance, the Fund as an “all-weather” solution, and less cyclically sensitive Industrials companies.

3Q 2023 Commentary Cromwell Marketfield L/S Fund

3Q 2023 Commentary Cromwell Tran Sustainable Focus Fund

Portfolio Managers Quoc Tran and Michael Im, CFA discuss this ear’s top heavy market performance, how the Fund’s holdings are positioned to grow in the face of higher interest rates, and their thoughts about the market and economy.

2Q 2023 Commentary Cromwell CenterSquare Real Estate Fund

Portfolio Manager Eric Rothman highlights how real estate investment trusts (REITs) have historically performed after the Federal Reserve ends its hiking cycle, what changes were made to the portfolio and REITs’ attractive attributes.

2Q 2023 Commentary Cromwell Foresight Global Sustainable Infrastructure Fund

The Portfolio Managers discuss how the macro environment as affected companies that own and operate physical infrastructure. They also discuss where they are finding investment opportunities, projected earnings growth rates, and how investors should think about sustainability.

2Q 2023 Commentary Cromwell Greenspring Mid Cap Fund

Portfolio Managers Chip Carlson, CFA and Michael Goodman, CFA of the Cromwell Greenspring Mid Cap Fund describe what kind of mid-cap companies they prefer, their investment process, and why mid-caps are considered the “sweet spot” of the market.

2Q 2023 Commentary Cromwell Marketfield L/S Fund

In the commentary below, Portfolio Managers Michael Aronstein and Michael Shaoul, Ph.D. discuss the market over the first half of 2023, how the Fund is currently positioned and how the Fund’s risk profile compares to the overall market.

2Q 2023 Commentary Cromwell Tran Sustainable Focus Fund

Portfolio Managers Quoc Tran and Michael Im, CFA discuss the macro environment, the Fund’s ESG process, how much of the portfolio could benefit from artificial intelligence (AI), and the growth metrics compared to the overall market.

1Q 2023 Commentary Cromwell CenterSquare Real Estate Fund

Portfolio Manager Eric Rothman highlights a primary difference etween public real estate investment trusts (REITs) and private real estate, the composition of the REIT market, the perception versus reality of the effect rising rates have on REITs, and the important role REITs play in a portfolio.

1Q 2023 Commentary Cromwell Foresight Global Sustainable Infrastructure Fund

Since its inception on January 31, 2023, the Fund has been fully invested in companies that own and operate physical infrastructure. In the commentary below, the Portfolio Managers review their investment focus, the case for sustainability, and the effect of tightening lending conditions on infrastructure companies.

1Q 2023 Commentary Cromwell Marketfield L/S Fund

Through a constant and thorough assessment of macroeconomic and business conditions, Portfolio Managers Michael Aronstein and Michael Shaoul, Ph.D. select investments hat they expect to be most affected by large scale, external economic forces. The commentary below discusses a few of these macro themes that were present in the first quarter of 2023.

1Q 2023 Commentary Cromwell Tran Sustainable Focus Fund

The following commentary provides insight into the potential for growth stock outperformance, portfolio changes and growth metrics, and the Fund’s high active ESG score from Portfolio Managers Quoc Tran and Michael Im.

Call Recap - December 12, 2023 2024 Opportunities in Real Assets

On December 12, 2023, CenterSquare Investment Management’s Eric Rothman and London-based Foresight Group’s Eric Bright discussed the rare investment opportunity in high-quality REIT securities and companies that own and operate sustainable infrastructure assets. The following are highlights.

Call Recap - July 12, 2023 Incorporating Active ESG Share in Client Portfolios

On July 12, 2023, University of Notre Dame Assistant Professor Rafael Zambrana, Tran Capital Management’s Quoc Tran and London-based Foresight Group’s Nick Scullion discussed the concept of Active Share in ESG Investing.

News - October 18, 2023 Cromwell Funds Adds the Greenspring Fund to its Growing Fund Line-up

October 18, 2023 -Baltimore, MD – The Cromwell Funds, an innovative mutual fund company that commenced operations in March 2022, announced it has completed its adoption of the Greenspring Fund, expanding its growing line-up to five mutual funds.

Video - June 30, 2023 REIT Insights with Portfolio Manager Eric Rothman

REITs are required to distribute at least 90% of their taxable income to shareholders in a dividend distribution, thereby making income an important component of a REIT's total return. Dividends have historically grown as property cash flows have remained durable and resilient throughout various economic cycles.

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