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CRM Global Opportunity Cramer Rosenthal McGlynn, LLC
520 Madison Avenue
New York, NY 10022
T 212.326.5325
www crmllc.comwww crmfunds.com
March 2011
Table of Contents
Organization one
Philosophy & Process two
Strategy three
Summary four
Appendix fi ve
4Organization Philosophy & Process Strategy Summary Appendix
CRM Global Opportunity As of March 2011
One-on-One Presentation Not for Distribution
Investing with Clarity for Over Three DecadesDistinguishing Characteristics
Founded
Founders
Chairman
President
Assets
Ownership
Staff
1973
Gerald Cramer, Edward Rosenthal
& Ronald McGlynn
Ronald McGlynn
Jay Abramson
$15.3 billion
As of March 2011
Cramer Rosenthal McGlynn, Inc.
19 Active Employees
Wilmington Trust Company
65 Employees
25 Investment Analysts
4 Traders
9 Client Service
Experience—more than three decades Origination as All Cap investors
Time tested investment results
Institutional knowledge base
Commitment Philosophy & Process—identifiable and repeatable
High quality research team
Team environment—strong culture and continuity
Our Clients Alignment of Interests
5Organization Philosophy & Process Strategy Summary Appendix
CRM Global Opportunity As of March 2011
One-on-One Presentation Not for Distribution
Strategy Inception Assets StatusSmall/Mid Cap Value 1973 $3,259 million Soft-Closed
Small Cap Value 1995 $1,759 million Soft-Closed
Mid Cap Value 1998 $7,839 million Soft-Closed
All Cap Value 2002 $536 million Open
Large Cap Opportunity 2005 $1,392 million* Open
Global Opportunity 2009 $114 million Open
International Opportunity 2009 $22 million Open
Alternatives 1993 $343 million Open*includes assets of CRM's Private Client Group
UCITS Offerings Inception Assets StrategyCRM U.S. Equity Opportunities Fund 2010 $475 million All Cap Value
CRM Global Opportunities Fund 2011 $2 million Global Opportunity
Our Greatest Asset:Our Globally Diverse Client Base
Individual
Institutional Mutual Funds
Corporations
Endowments &
Foundations
Foreign
Public &
Taft-Hartley
Sub-Advisory
Client Base
Institutional SMA Clients
6Organization Philosophy & Process Strategy Summary Appendix
CRM Global Opportunity As of March 2011
One-on-One Presentation Not for Distribution
Why CRM Global Opportunity Strategy?
Boutique culture, intense research driven processEquity investing is our sole focus. As a firm, we have invested according to same philosophy for 38 years
while carefully managing asset growth.
True active management
Our active share has consistently been above 90% since the inception of the global opportunity strategy1
.
Stock selection has been primary source of alpha generation – a differentiator amongst global equity
managers which tend to rely on allocation effect.
Deep team with diverse experienceA team of more than 20 analysts many who were previously practitioners in their fields and have an average of 16 years of financial experience.
Unique, relatively concentrated portfolioAcross our universe of approximately 50 global actively managed equity funds, the majority of our portfolio
(over 50%) is not currently held by any other fund2
.
We seek to invest in 50-70 holdings, allowing stock picking to drive performance.
1 Active share is defined as a measure of the percentage of the portfolio that differs from its benchmark2 Based on analysis of data from Morningstar as of March 31, 2011
Competitive Advantage
7Organization Philosophy & Process Strategy Summary Appendix
CRM Global Opportunity As of March 2011
One-on-One Presentation Not for Distribution
Meet the TeamInvestment Research
Strategy LeadsGlobal OpportunityJay Abramson
Milu Komer
International OpportunityMilu Komer
Small Cap ValueMike Caputo
Kevin Chin
Small/Mid Cap Value
Mid Cap ValueJay Abramson
Chip Rewey
Large Cap OpportunityJay Abramson
All Cap ValueJay Abramson
Mike Caputo
Kevin Chin
Chip Rewey
Jay Abramson
26 Years Financial Experience
BSE The Wharton School of the
University of Pennsylvania
JD University of Pennsylvania Law School
Adriano Almeida, CFA
12 Years Financial Experience
MS Embry-Riddle Aeronautical University
MBA Columbia Business School
Andrey Belov, Ph.D.
14 Years Financial Experience
MS Moscow Institute of Physics and
Technology
PhD Princeton University
Ian Bitner
9 Years Financial Experience
BS Indiana University
Mike Caputo
16 Years Financial Experience
BA University of Notre Dame
MBA The Wharton School of the
University of Pennsylvania
Kevin Chin
25 Years Financial Experience
BS Columbia University
Sackett Cook
20 Years Financial Experience
BA Tulane University
Tom DeBourcy
6 Years Financial Experience
BS The Wharton School of the
University of Pennsylvania
Brittain Ezzes
14 Years Financial Experience
BA Brown University
Ryan Fox
14 Years Financial Experience
BA Connecticut College
Bernard Frojmovich
12 Years Financial Experience
BS CUNY Brooklyn College
MBA NYU Stern School of Business
Brian Harvey, CFA
18 Years Financial Experience
BS Fairfi eld University
Milu Komer
17 Years Financial Experience
BA Wellesley College
MBA The Wharton School of the
University of Pennsylvania
Rob Maina
18 Years Financial Experience
BS Fairfi eld University
Ron McGlynn
44 Years Financial Experience
BA Williams College
MBA Columbia Business School
Mimi Morris
10 Years Financial Experience
BA Williams College
MBA Columbia Business School
Madison Nazamy
10 Years Financial Experience
BBA Baruch College
Thad Pollock
11 Years Financial Experience
BS Yale University
Jeff Reich, MD
10 Years Financial Experience
BA Binghamton University
MD Weill Medical College of Cornell
University
Chip Rewey, CFA
21 Years Financial Experience
BS Boston College
MBA Duke University
Jonathan Ruch
10 Years Financial Experience
BA Cornell University
Andrew Singer, CFA
12 Years Financial Experience
BA Tufts University
MBA Babson College F.W. Olin Graduate
School of Business
Martin Teng, CFA
12 Years Financial Experience
MS, BS University of Illinois
MBA MIT Sloan School of Management
Investment Team2
1. Financial experience may include experience in the fi nancial services or consulting sector, including, among other areas, tax consulting, investment banking, research analysis.
8Organization Philosophy & Process Strategy Summary Appendix
CRM Global Opportunity As of March 2011
One-on-One Presentation Not for Distribution
Opportunistic Value InvestorsEquity Style Spectrum
ValueBankruptcy /
Distressed
Growth Venture
Deep Value GARP Momentum
ankruptcy / Growth Venture
Core
CRM’s Global and International focus is core, with a value bias. A fair label would be relative value, which allows for thoughtful, opportunistic investing within the framework of our valuation discipline.
9Organization Philosophy & Process Strategy Summary Appendix
CRM Global Opportunity As of March 2011
One-on-One Presentation Not for Distribution
Investing at the Intersection of Change & Neglect
The intellectual coherence of our investment philosophy is a genuine strength. Every company we buy and hold is characterized by three attributes: change, neglect and valuation.
Change
The global financial markets are rich with change. Every day the markets present investors with
mergers, divestitures, restructurings, new management teams or new products and expanded markets.
Neglect
Especially in its early stages, change tends to be greeted with uncertainty, expressed as investor
neglect - manifested through behavioral finance, low analytical coverage, negative to neutral stock
ratings and low institutional ownership.
Valuation
When change meets neglect, the intrinsic value of a company may exceed the current stock price.
At the intersection of change and neglect with attractive valuation, CRM seeks the potential for
substantial outperformance with lower downside risk.
The conviction to invest before the rewards of change are realized requires an investment process
grounded in intensive original research.
Investment Philosophy
10Organization Philosophy & Process Strategy Summary Appendix
CRM Global Opportunity As of March 2011
One-on-One Presentation Not for Distribution
The Identifiable & Repeatable ProcessInvestment Process Overview
The dedicated leadership of our CIO and Portfolio Manager catapults the intensive and collaborative research process and strategy management at the Firm.
Idea Generation
Team Structure
Work-in-Process List
Due Diligence
Investment Decision The Portfolio
Sell Discipline
Risk Management
“As investors, we believe that a
carefully constructed portfolio
consisting of high quality stocks at
low valuation should outperform at
a relatively low level of risk. With
our dedication to in-depth company
analysis, this level of performance
is what we strive for within our
strategies.”
Milu Komer
Senior Portfolio Manager
11Organization Philosophy & Process Strategy Summary Appendix
CRM Global Opportunity As of March 2011
One-on-One Presentation Not for Distribution
Investment Universe for CRM Global OpportunityInvestment Process
42,000 Stocks
Intial Global Equity
Universe
4,200 Stocks
Practical Universe
for Global strategy
1,600 Stocks
Idea Generation
Universe
Through a series of screens we are able to generate the investible universe of stocks. These 1,600 stocks are the starting block for our sector teams to source CRM's investment ideas.
Tailored Sector Team Screens
Special Situation ScreensMarket Capitalization
greater than $1 billion
Daily Turnover >
$1 million USD
12Organization Philosophy & Process Strategy Summary Appendix
CRM Global Opportunity As of March 2011
One-on-One Presentation Not for Distribution
The Team's Idea GenerationInvestment Process
Uncovering Change, Neglect & Low Valuation
Quantitative ScreensNegative Investor Sentiment & Minimal Wall Street Coverage
Price & Neglect
Performance Disappointments
QualitativeLeverage Themes Across Strategies - Horizontally & Vertically
Company's Business Plan
Management Decision Making
Industry Dynamics
Due Diligence on Existing Holdings
Institutional Knowledge Base
CRM StrategiesInitial Stock Universe & Market Cap Ranges (in billions)
Small Small/Mid Mid Large All Global International
$400
$12
$6
$1.5
$1
$0.5
$0.1
1,500-
1,800
Stocks2,800-
3,000
Stocks
1,000-
1,300
Stocks
1,300-
1,500
Stocks
CRM
Stocks
$3 4,000-
4,200
Global
Stocks
2,000-
2,200
Non-U.S.
Stocks
13Organization Philosophy & Process Strategy Summary Appendix
CRM Global Opportunity As of March 2011
One-on-One Presentation Not for Distribution
Investment Process
Sector LeadsBusiness ServicesRob Maina
Consumer DiscretionaryMike Caputo
Consumer StaplesThad Pollock
FinancialBrian Harvey
HealthcareJeff Reich
UtilitiesJay Abramson
Energy &
IndustrialsChip Rewey
Technology &
TelecommunicationsKevin Chin
Business ServicesKevin Chin
Tom DeBourcy
Milu Komer
Rob Maina
Jonathan Ruch
Consumer DiscretionaryMike Caputo
Kevin Chin
Ryan Fox
Mimi Morris
Jonathan Ruch
Consumer StaplesJay Abramson
Mike Caputo
Ryan Fox
Mimi Morris
Thad Pollock
EnergyAdriano Almeida, CFA
Milu Komer
Rob Maina
Chip Rewey, CFA
Martin Teng, CFA
FinancialSackett Cook
Bernard Frojmovich
Brian Harvey, CFA
Thad Pollock
Chip Rewey, CFA
HealthcareAndey Belov, Ph.D.
Tom DeBourcy
Thad Pollock
Jeff Reich, MD
IndustrialsAdriano Almeida, CFA
Ian Bitner
Brittain Ezzes
Milu Komer
Chip Rewey, CFA
Andrew Singer, CFA
Technology &
TelecommunicationsAndey Belov, Ph.D.
Kevin Chin
Tom DeBourcy
Brittain Ezzes
Rob Maina
Jonathan Ruch
UtilitiesJay Abramson
Adriano Almeida, CFA
Chip Rewey, CFA
*Please note that the analysts
highlighted in red are part of our
international team:
InternationalAndey Belov, Ph.D.
Sackett Cook
Ryan Fox
Milu Komer
Madison Nazamy
Martin Teng, CFA
Sector Teams
Leveraging the CRM Sector Teams
StrategiesGlobal Opportunity
International Opportunity
The strength of the CRM Sector Teams
will be relied upon for, research and
contribution to the Global strategy, lead
by Jay Abramson and Milu Komer.
The International strategy is lead by
Milu Komer and a dedicated investment
team.
14Organization Philosophy & Process Strategy Summary Appendix
CRM Global Opportunity As of March 2011
One-on-One Presentation Not for Distribution
The Decision to InvestInvestment Process
The final decision to invest is made by the Portfolio Managers who generally consider the following:
Emphasize bottom-up, fundamental analysis
Create a proprietary financial model and assess the valuation
Sensitivity to core assumptions
Conduct all level management interviews and company visits
Contact customers, suppliers and competitors
Establish the Investment Case and Target Price, seeking at least
50% upside over a 2 year investment horizon
An Investment Case is established for holdings in the
CRM Global Opportunity, which identifies the expected
quality, neglect, valuation and risk. The Investment
Case is key in maintaining our sell discipline.
Past performance is not indicative of future results.
Sample CompanyCRM Investment CaseAnalyst: Milu Komer
Country: Luxembourg
Sector: Energy
Company Description
Company is one of the leading seamless pipes manufactur-
ers globally. The company is a key supplier to both the inde-
pendent oil majors and state owned oil companies providing
value added and highly customized products. Company has
production facilities strategically positioned across the world
which gives the company a competitive advantage in a more
fl exible production and cost effective structure. Company
has a superior sales and distribution network and is a leader
in technology versus its peers. Company is achieving over
30% EBITDA margins and ROIC of over 20% which we
believe is sustainable over the medium term. We expect the
capex spending will continue to increase over the next few
years especially in the unconventional areas like oil sands,
deepwater, and the Caspian region which are the key focus
areas for Company. Through its global platform, Tenaris
provides a complete solution to investors which includes the
seamless pipe, premium connection and servicing. Tenaris
presents a compelling investment opportunity and we be-
lieve that the shares are worth $40, representing signifi cant
upside from current levels.
15Organization Philosophy & Process Strategy Summary Appendix
CRM Global Opportunity As of March 2011
One-on-One Presentation Not for Distribution
Portfolio Construction
Both our buy and sell disciplines revolve around our Investment Case for each individual investment. The final decision to invest/sell is made by the Portfolio Managers:
Buy DisciplineFocus on bottom-up fundamental company research, identifying a high quality of management and overall business franchise
Understand the investment’s risks and rewards subject to strategy’s risk controls and existing holdings.
Portfolio Holdings: 50-70 stocks with an investment horizon of about 2 years
Conviction Weighting: 1-5% position size
Sell DisciplineDependence on the original Investment Case
A stock will be sold when one of more of the following occurs:
Target price is attained, company reaches our fair valuation•
Company’s loss of pricing power and erosion of margin of returns•
Management complacency and fundamentals of the Investment Case deteriorate•
After a decision to sell is made, investment is replaced by a higher conviction stock or one with a greater risk/reward profile.
Investment Process
16Organization Philosophy & Process Strategy Summary Appendix
CRM Global Opportunity As of March 2011
One-on-One Presentation Not for Distribution
Investment ProcessManaging the Risk with Fundamental and Quantitative Controls
Risk is controlled within the following framework:
Portfolio Holdings 50-70 stocks
Conviction Weighting 1-5% position size
Country Exposure +/- 15% benchmark
Sector Exposure +/- 15% benchmark
Emerging Markets Exposure 25% maximum in Global strategy
The weights in the portfolio are determined by the
trade off between risk and return.
Upside Potential to Target Price
Sensitivity of Valuation to Key Assumptions
FACTSET - Northfield Portfolio Optimizer
Impact on Portfolio Risk Parameters
17Organization Philosophy & Process Strategy Summary Appendix
CRM Global Opportunity As of March 2011
One-on-One Presentation Not for Distribution
The Strategy and Top PositionsGlobal Opportunity
Strategy Inception Date December 31, 2008 Market Capitalization Focus Greater than $1 billion
Total Assets in Strategy $114 million Number of Holdings 50 - 70
Products Separately Managed Account, CRM Global Opportunity Fund, UCITS Maximum Security Position, Country & Sector Exposure 5% at market, +/- 15% MSCI World
Mutual Fund Tickers CRIWX, CRMWX Portfolio Fully invested at all time
UCITS ISINs: IE00B5QLZN93, IE00B5LDGW66, IE00B3WKDY34
The Top Ten Holdings list above is presented to illustrate examples of the securities which were held in the Global Opportunity strategy on the date indicated and may not be representative of the current or future investment of the strategy. It should not be assumed
that investments in the securities not identifi ed on this list were or will be profi table. CRM will furnish, upon request, a list of all securities purchased, sold or held in the strategy during the 12 months preceding the date indicated.
The Top Ten Country Sector % in StrategyKURARAY CO., LTD. Japan Materials 2.0
St. Jude Medical, Inc. United States Health Care 2.0
SeaDrill Limited Norway Energy 1.9
Vallourec SA France Industrials 1.9
Tyco International Ltd. United States Industrials 1.9
Barratt Developments PLC United Kingdom Consumer Discretionary 1.9
Credicorp Ltd. Peru Financials 1.9
NIKON CORPORATION Japan Consumer Discretionary 1.8
Teck Resources Limited Canada Industrials 1.7
JGC CORPORATION Japan Materials 1.7
Total 18.6
18Organization Philosophy & Process Strategy Summary Appendix
CRM Global Opportunity As of March 2011
One-on-One Presentation Not for Distribution
GICS Sectors & Regional ExposuresGlobal Opportunity
Consumer Discretionary
FinancialsEnergyConsumer Staples
Health Care Information Technology
Industrials Materials Telecommunication Services
Utilities
20
15
10
5
Africa/Middle East
CanadaAsia/Pacifi c ex-Japan
Emerging Markets
JapanEurope ex-UK
50
40
30
20
10
The sector breakdown chart above is presented to illustrate examples of sectors which were held in the Global Opportunity strategy as of the date indicated and may not be representative of the portfolio's current or future investments.
Source: FactSet Research Systems Inc.
The regional breakdown chart above is presented to illustrate examples of regions which were held in the Global Opportunity strategy as of the date indicated and may not be representative of the portfolio's current or future investments.
Source: FactSet Research Systems Inc.
CRM Global Opportunity
MSCI World Index
United Kingdom United States
19Organization Philosophy & Process Strategy Summary Appendix
CRM Global Opportunity As of March 2011
One-on-One Presentation Not for Distribution
GICS Sectors & Regional ExposuresGlobal Opportunity
Consumer Discretionary
FinancialsEnergyConsumer Staples
Health Care Information Technology
Industrials Materials Telecommunication Services
Utilities
20
15
10
5
50
40
30
20
10
The sector breakdown chart above is presented to illustrate examples of sectors which were held in the Global Opportunity strategy as of the date indicated and may not be representative of the portfolio's current or future investments.
Source: FactSet Research Systems Inc.
The regional breakdown chart above is presented to illustrate examples of regions which were held in the Global Opportunity strategy as of the date indicated and may not be representative of the portfolio's current or future investments.
Source: FactSet Research Systems Inc.
CRM Global Opportunity
MSCI ACWI Index
Africa/Middle East
CanadaAsia/Pacifi c ex-Japan
Asia Emerging Markets
JapanEurope ex-UK
Latin America United Kingdom United States
20Organization Philosophy & Process Strategy Summary Appendix
CRM Global Opportunity As of March 2011
One-on-One Presentation Not for Distribution
Annualized & Calendar Year PerformanceGlobal Opportunity
The information on the Funds’ performance represent past performance, which does not guarantee future results. If you invest in a Fund, your investment return and principal value will fluctuate, so that your shares,
when redeemed, may be worth more or less than their original cost. The Funds’ current performance may be lower or higher than the performance listed. Performance data current to the most recent month-end may be
obtained at www.crmfunds.com. Performance of this fund reflects fee waivers in effect. The performance information includes a comparison to various benchmarks, which are rebalanced annually.*This is an annualized
performance number.
Investors should carefully consider the investment objectives, risks, charges and expenses of the CRM Funds before investing. To request a prospectus with this and other information about the Funds, please call
800.276.2883 or visit www.crmfunds.com. It should be read carefully before investing.
The Fund is subject to risks, which are described in the prospectus. In particular, when compared to mutual funds that focus on larger capitalization companies, shares of the Fund may be more volatile because of the
exposure to smaller and mid capitalization companies, which may have more limited product lines and fewer capital resources. The Fund’s value investing strategy also involves risks.
The benchmarks referenced are as follows: MSCI World Index is the Fund’s benchmark.
CRM Global Opportunity Fund
Institutional Shares
MSCI World Index
MSCI ACWI Index
MTD QTD YTD 1 Year ICD*
0.79 2.40 2.40 20.22 31.09
-0.99 4.80 4.80 13.45 20.57
-0.10 4.42 4.42 14.08 22.72
21Organization Philosophy & Process Strategy Summary Appendix
CRM Global Opportunity As of March 2011
One-on-One Presentation Not for Distribution
Stock SelectionThe Primary Driver of Performance
Sources of Alpha by Region
Sources of Alpha by Sector
Attribution information is presented for the CRM Global Opportunity Fund Institutional Shares and may not be representative of the strategy’s current or future investments. The source of the information for all attribution is FactSet Research Systems, Russell Sectors and holdings based.
Holdings are subject to change at any time. Please see page 27 for statistic defi nitions.
22Organization Philosophy & Process Strategy Summary Appendix
CRM Global Opportunity As of March 2011
One-on-One Presentation Not for Distribution
Risk and Return StatisticsMarch 31, 2011
Return vs. Risk
Risk/Return vs. MSCI ACWI Index
Rolling 6-month Performance Since Inception
Risk/Return vs. MSCI World Index
Source: FactSet Research Systems
Please see performance disclosure language found on page 23 and page 27 for statistic defi nitions.
'09 '10
-10
0
10
20
30
40
50
Rolling 6 Month Windows
Rolling Multi-Horizon Chart01/2009 to 03/2011
CRM Global Opportunity - Inst MSCI The World Index - Net Return MSCI AC World Index - Net Return
-6 -4 -2 0 2 4 6Tracking Error
10
15
20
25
30
Annu
alize
d Retu
rn
Tracking Error Vs Annualized Return01/2009 to 03/2011
CRM Global Opportunity - Inst MSCI AC World Index - Net Return MSCI The World Index - Net Return
AnlzdReturn
AnlzdStdDev
SharpeRatio
MaxDrawdown
TrackingError
InfoRatio
-20
-10
0
10
20
30
Multi-Statistic Chart01/2009 to 03/2011
CRM Global Opportunity - Inst MSCI The World Index - Net Return
AnlzdReturn
AnlzdStdDev
SharpeRatio
MaxDrawdown
TrackingError
InfoRatio
-20
-10
0
10
20
30
Multi-Statistic Chart01/2009 to 03/2011
CRM Global Opportunity - Inst MSCI AC World Index - Net Return
23Organization Philosophy & Process Strategy Summary Appendix
CRM Global Opportunity As of March 2011
One-on-One Presentation Not for Distribution
March 31, 2011Risk and Return Statistics
April 2010 - March 2011
Annualized
Excess
Returns
Tracking
Error
Sharpe Ratio Beta Annualized
Return
Annualized
Standard
Deviation
Annualized
Alpha
Active Share
(Avg.)
CRM Global Opportunity 6.80 6.37 0.92 1.13 20.25 21.84 4.71 94.00
MSCI World Index - - 0.72 1.00 13.45 18.54 - -
Source: FactSet Research Systems
Please see performance disclosure language found on page 23. Please see page 27 for statistic defi nitions.
April 2010 - March 2011
Annualized
Excess
Returns
Tracking
Error
Sharpe Ratio Beta Annualized
Return
Annualized
Standard
Deviation
Annualized
Alpha
Active Share
(Avg.)
CRM Global Opportunity 6.17 5.79 0.92 1.16 20.25 21.84 3.65 95.00
MSCI ACWI Index - - 0.76 1.00 14.08 18.26 - -
CRM Global Opportunity vs. MSCI World Index
CRM Global Opportunity vs. MSCI ACWI Index
January 2009 - March 2011
CRM Global Opportunity 8.36 5.46 1.47 1.00 31.04 21.06 7.05 94.00
MSCI ACWI Index - - 1.11 1.00 22.68 20.31 - -
January 2009 - March 2011
CRM Global Opportunity 10.50 5.79 1.47 1.01 31.04 21.06 8.90 93.00
MSCI World Index - - 1.01 1.00 20.54 20.12 - -
CRM Global Opportunity As of March 2011
One-on-One Presentation Not for Distribution
Active Share A measure of the percentage of the portfolio that differs from its benchmark.
Allocation Effect Portion of excess return attributable to the PM’s ability to effectively allocate assets relative to the passive index.
Annualized Alpha A measure of the incremental return of a product when the market is stationary.
Annualized Excess Return The calculated returns in excess of a benchmark.
Annualized Return The geometric mean of the product's returns with respect to one year.
Annualized Standard Deviation A measure of the average deviations of a return series from its mean.
Beta The measure of the portfolio's volatility in reference to the benchmark.
Tracking Error A measure of the amount of active risk that is being taken by a manager.
Sharpe Ratio A measurement of effi ciency utilizing the relationship between annualized risk-free return and standard deviation.
Downside Capture % A measure of the product's performance in down markets relative to the market itself.
Upside Capture % A measure of the product's performance in up markets relative to the market itself.
Selection Effect Portion of excess return attributable to the PM’s ability to effectively pick better performing securities relative to the passive index.
Interaction Effect Portion of excess return resulting from the interaction of the asset allocation and security selection decisions.
Total Effect The total effect is the summation of the Allocation Effect, Selection Effect and the Interaction Effect.
The Definitions
25Organization Philosophy & Process Strategy Summary Appendix
CRM Global Opportunity As of March 2011
One-on-One Presentation Not for Distribution
Investing With Clarity for Over Three DecadesHistory of the Firm
Cramer Rosenthal McGlynn, LLC is a leading value manager. We believe our track record, spanning almost 40 years, is testament to our success in serving clients
and providing strong investment performance. Clients benefi t from consistent application of one cohesive philosophy and process, implemented by a team with
diverse experience in appraising the intrinsic value of companies.
CRM’s founding partners, Gerry Cramer, Ed Rosenthal and Ron McGlynn, met in the 1970s. Sharing a fascination for investing in changing companies neglected by
other investors, they founded CRM in 1973 as a value investment specialist. To implement their vision, they created an investment process designed to capitalize
on the returns and minimize the risks inherent in changing companies.
After the painful market decline of 1973-1974, many investors lost interest in stocks, creating a climate of neglect. The challenges of the early 1970s led the
founders of our fi rm to formulate the rationale for investing we follow today. They saw fi rsthand the opportunities inherent in companies experiencing change while
operating in an environment of low investor expectations. While inspired by personal experience, the validity of CRM’s strategy is supported by numerous academic
studies dating from the genesis of the modern stock market to the present.
By the early 1980s, the success of CRM’s investment process led to several positive developments. Our track record attracted institutional clients, helping our
fi rm to grow assets under management and build resources. Jay Abramson joined the fi rm, and over time expanded our team of talented research analysts. The
advent of institutional investors and a new generation of talent in turn brought improvements to the investment process. Specifi cally, we developed more in-depth
approaches to due diligence and formalized valuation techniques.
What began as a collective gleam in three investors’ eyes has turned into an investment company with a 38-year track record based on a proven investment
process. While we have grown as an organization, we nonetheless remain true to our entrepreneurial origins, evident in the shared excitement with which analysts
team up to pursue a new opportunity.
26Organization Philosophy & Process Strategy Summary Appendix
CRM Global Opportunity As of March 2011
One-on-One Presentation Not for Distribution
Capitalizing on Change and NeglectInvestment Philosophy
Our track record, spanning almost 40 years, is testament to our success in serving clients and providing strong investment performance. Clients benefi t from
consistent application of one cohesive philosophy and process, implemented by a team with diverse experience in appraising the intrinsic value of companies. The
intellectual coherence of our investment philosophy is a genuine strength. Companies we buy and hold are typically characterized by three attributes: change,
neglect and valuation.
Change
The global fi nancial markets are rich with change. Every day the markets present investors with mergers, divestitures, restructurings, new management teams or
new products and expanded markets.
Neglect
Especially in its early stages, change tends to be greeted with uncertainty, expressed as investor neglect — manifested through behavioral fi nance, low analytical
coverage, negative to neutral stock ratings and low institutional ownership.
Valuation
When change meets neglect, the intrinsic value of a company may exceed the current stock price. At the intersection of change and neglect with attractive
valuation, CRM fi nds the potential for substantial outperformance.
The conviction to invest before the rewards of change are realized requires an investment process grounded in intensive original research.
27Organization Philosophy & Process Strategy Summary Appendix
CRM Global Opportunity As of March 2011
One-on-One Presentation Not for Distribution
Biographies of Investment ProfessionalsExecutives
Jay B. Abramson – President
Jay has been with CRM since 1985. As Chief Investment Offi cer, he maintains overall responsibility for the fi rm’s investment team. Prior to CRM, Jay earned his CPA. He received a BSE from The Wharton
School of the University of Pennsylvania and a JD from the University of Pennsylvania Law School. Jay is a Trustee and Chairman of the Investment Committee for Montefi ore Medical Center.
Christopher C. Barnett – Executive Vice President
Chris joined CRM in 1997 and as Director of Marketing, he is responsible for marketing and client service, as well as maintaining relationships with the consulting community. Prior to CRM, Chris worked in
the fi xed income department at Ark Asset Management. He received a BA in history from the University of Richmond.
Carlos A. Leal, CPA – Executive Vice President, Chief Financial Offi cer
Carlos joined the fi rm in 1999. Prior to CRM, Carlos was an Audit Senior Manager within the Financial Service Group of Ernst & Young LLP. He received a BBA from Iona College.
Ronald H. McGlynn – Chairman
Ron is one of the cofounders of CRM and his primary role is Chief Executive Offi cer at the fi rm. Before CRM, Ron was a portfolio manager and an investment analyst for Chase Manhattan Bank, Standard &
Poor’s InterCapital and Oppenheimer & Company. He earned a BA from Williams College and an MBA from Columbia University Business School. Ron serves as chairman of the Investment Committee on the
Board of Trustees at Winthrop University Hospital.
Steven A. Yadegari, Esq. – Senior Vice President, General Counsel
Steve joined the fi rm in 2005. Prior to CRM, he worked at the New York offi ces of K&L Gates and Proskauer Rose. Steve also has served as Senior Counsel at the U.S. Securities and Exchange Commission.
Steve sits on the Board of Directors of the Association for Confl ict Resolution of Greater New York, where he is currently serving as President of the organization. Steve is an adjunct professor at the Benjamin
N. Cardoza School of Law and NYU School of Continuing Education and Professional Studies. Steve has received a BA from Brandeis University and earned his JD from the Benjamin N. Cardozo School of Law.
28Organization Philosophy & Process Strategy Summary Appendix
CRM Global Opportunity As of March 2011
One-on-One Presentation Not for Distribution
Biographies of Investment ProfessionalsResearch & Trading
Jay B. Abramson – President
Jay has been with CRM since 1985. As Chief Investment Offi cer, he maintains overall responsibility for the fi rm’s investment team. Prior to CRM, Jay earned his CPA. He received a BSE from The Wharton
School of the University of Pennsylvania and a JD from the University of Pennsylvania Law School. Jay is a Trustee and Chairman of the Investment Committee for Montefi ore Medical Center.
Adriano F. Almeida, CFA
Adriano joined the fi rm in 2010 and his primary role is research analyst in CRM’s investment group. Previously, he was a portfolio manager with Louis Dreyfus Highbridge Energy and Dalton, Greiner,
Hartman, Maher & Co. Adriano has additional experience as a senior managing analyst with The Dreyfus Corporation and as the Head of Research and Applications at Physical Acoustics Corporation. He
received a MS from Embry-Riddle Aeronautical University and an MBA from Columbia Business School.
Andrey A. Belov, Ph.D. - Vice President
Andrey joined CRM in 2009 and his primary role is research analyst in CRM’s investment group focusing on international equities. Previously, he was a senior research analyst responsible for global
technology investments at Bernstein Global Value Equities, a unit of AllianceBernstein. Prior to Bernstein, Andrey was a management consultant at McKinsey & Company, where he led projects in the high
technology, telecommunications and aerospace industries. He earned a MS from Moscow Institute of Physics and Technology and a PhD from Princeton University.
Ian Bitner
Ian joined the fi rm in 2010 and his primary role is research analyst in CRM’s investment group. Previously, he was a senior analyst at BroadArch Capital; and prior to BroadArch, Ian covered fi nancial ser-
vices as an investment banking analyst at Banc of America Securities. He earned a BS from Indiana University's Kelley School of Business.
Michael J. Caputo – Senior Vice President
Mike joined CRM in 2002 and he currently serves as a portfolio manager and senior research analyst in our investment group. Prior to CRM, Mike was a vice president in Corporate Finance at Morgan Stanley.
He earned a BA from the University of Notre Dame and an MBA from The Wharton School of the University of Pennsylvania.
Kevin M. Chin – Senior Vice President
Kevin has been with the fi rm since 1989 and he currently serves as a portfolio manager and senior research analyst in our investment group. Prior to CRM, Kevin was a fi nancial analyst for the Mergers and
Acquisitions Department of Morgan Stanley and a risk arbitrager with Credit Suisse First Boston. He received a BS from Columbia University.
Sackett S. Cook
Sackett joined the fi rm in 2010 and his primary role is research analyst in CRM’s investment group focusing on international equities. Previously, he was a senior analyst and portfolio manager with Dia-
mondback Capital and MENEMSHA Capital Group, respectively. He has additional experience as a global fi nancial analyst with Execution Ltd., UBS Warburg and Fox-Pitt, Kelton. He received a BA from Tulane
University.
Thomas P. Cook – Vice President
Tom joined CRM in 1996 and he is a trader for CRM’s investment team. Previously, he was employed as a trader at Gabelli Asset Management. Tom attended Fordham University where he earned a CBA BS in
accounting. He is a member of St. Francis Prep Alumni Board of Directors.
Thomas DeBourcy
Tom joined the fi rm in 2007 and his primary role is a research analyst in CRM’s investment group. Previously, he was an analyst at Deutsche Bank Securities in the health care group. Tom received a BS from
The Wharton School of the University of Pennsylvania.
29Organization Philosophy & Process Strategy Summary Appendix
CRM Global Opportunity As of March 2011
One-on-One Presentation Not for Distribution
Biographies of Investment ProfessionalsResearch & Trading
Brittain Ezzes
Brittain joined the fi rm in 2010 and her primary role is researched analyst in CRM’s investment group. Previously, she was an analyst and Managing Director with MissionPoint Capital Partners and Iridian
Asset Management, respectively. Brittain has additional experiences as an associate at the merchant banking fund SG Capital Partners, and as a business analyst with Price Waterhouse, LLP. She received a
BA from Brown University.
Ryan D. Fox
Ryan joined the fi rm in 2010 and his primary role is research analyst in CRM’s investment group focusing on international equities. Previously, he was an assistant portfolio manager and equity analyst at
GE Asset Management. He received a BA from Connecticut College and is a Level 2 CFA candidate and a Certifi ed GE Black Belt.
Bernard C. Frojmovich
Bernie joined the fi rm in 2009 and his primary role is research analyst in CRM’s investment group. Previously, he was a vice president and investor on the U.S. Small and Mid-Cap Value Equity Team at
BlackRock Investment Management. Prior to BlackRock, Bernie covered fi nancial services as an investment analyst at Morgan Stanley Investment Management and a credit analyst at JPMorgan Chase. He
earned a BS from CUNY, Brooklyn College and an MBA from New York University's Leonard N. Stern School of Business.
Scott L. Geller – Senior Vice President
Scott joined CRM in 1993 and he is Director of Trading. Before CRM, Scott was an assistant vice president on the trading desk at Rothschild, Inc. Scott earned a BBA from Baruch College of the City
University of New York. Scott is a member of the National Organization of Investment Professionals.
Brian M. Harvey, CFA – Vice President
Brian joined the fi rm in 2005 and he is a senior research analyst in CRM's investment group. Prior to CRM, he was an equity research analyst at Fox-Pitt, Kelton. Brian also spent four years as accountant in
the fi nancial services audit practice at KPMG LLP and earned his CPA designation. He received a BS from Fairfi eld University.
Milu E. Komer – Senior Vice President
Milu joined CRM in 2008 and she serves as a portfolio manager and senior research analyst in the fi rm’s investment group, focusing on the international and global strategies. Prior to joining the fi rm, Milu
was Vice President at Neuberger Berman Management Inc. and Neuberger Berman, LLC where she served as an analyst, associate portfolio manager and portfolio manager since 2001. In addition, she
previously served as an associate in the J.P. Morgan Securities Debt Capital Markets Group and as a Foreign Exchange Trader in the Emerging Markets Group at Citibank. Milu began her career as a Financial
Analyst in the International Equity Research and Asset Management Divisions of Goldman Sachs’ London offi ce. She received a BA from Wellesley College and an MBA from The Wharton School of the Univer-
sity of Pennsylvania.
Robert Maina – Vice President
Rob joined the fi rm in 2005 and his primary role is a senior research analyst in CRM’s investment group. Previously, Rob worked at Copper Beech Capital Management, a long/short fund focusing on the
technology sector, and also CIBC World Markets, Donaldson, Lufkin & Jenrette and Arthur Andersen & Company LLP. He received a BS from Fairfi eld University's School of Business.
Rosanna Mangone – Assistant Vice President
Rosanna joined CRM in 2006 and she is a trader at the fi rm. Most recently, she worked at Moon Capital Management trading orders in the U.S., Europe and emerging markets. Rosanna also worked in
trading at The Dreyfus Corporation, S.A.C. Capital Advisors LLC, Gordon Haskett Capital Corp. and Soros Fund Management. Rosanna received a B.A. in business from St. Johns University.
Ronald H. McGlynn – CEO and Chairman
Ron is one of the cofounders of CRM and his primary role is Chief Executive Offi cer at the fi rm. Before CRM, Ron was a portfolio manager and an investment analyst for Chase Manhattan Bank, Standard &
Poor's InterCapital and Oppenheimer & Company. He earned a BA from Williams College and an MBA from Columbia University Business School. Ron serves as chairman of the Investment Committee on the
Board of Trustees at Winthrop University Hospital.
30Organization Philosophy & Process Strategy Summary Appendix
CRM Global Opportunity As of March 2011
One-on-One Presentation Not for Distribution
Mimi B. Morris
Mimi Morris joined the fi rm in 2010 and her primary role is a research analyst in CRM’s investment group. Prior to CRM, Mimi was a Director at Telsey Advisory Group where she was an equity analyst and
consultant. She has additional fi nancial experience from Merrill Lynch, Columbia House Company and Donaldson, Lufkin, and Jenrette. She received a BA from Williams College and an MBA from Columbia
Business School.
Madison Nazamy
Madison joined the fi rm in 2008 and her primary role is research associate in CRM's investment group focusing on international equities. Prior to CRM, Madison was at Neuberger Berman, LLC; and previous
to Neuberger, she worked as a hedge fund and mutual fund accountant. She received a BBA from Baruch College.
Thaddeus D. Pollock – Vice President
Thad joined the fi rm in 2003 and his primary role is a senior research analyst in CRM’s investment group. Prior to CRM, he spent three years as an analyst in Corporate Finance at Lehman Brothers. Thad
received a BS from Yale University.
Jeffrey B. Reich, MD – Vice President
Jeff joined CRM in 2007 and his primary role is a senior research analyst in CRM’s investment group. Prior to CRM, Jeff was a portfolio manager/senior analyst and principal at Merlin Bio Med Group. He
earned his BA from Binghamton University and his MD from Weill Medical College of Cornell University, where he was also an Assistant Clinical Professor in the Department of Neurology and Neuroscience for
10 years.
Robert ‘Chip’ L. Rewey, III, CFA – Senior Vice President
Chip joined CRM in 2003 and he is a senior portfolio manager and senior research analyst on our investment team. Before joining CRM, he was a portfolio manager/senior analyst at Sloate, Weisman, Murray
& Co., Inc., a boutique money management fi rm. He received a BA from the Carroll School of Management, Boston College and an MBA from Fuqua School of Business at Duke University.
Jonathan Ruch - Vice President
Jon joined the fi rm in 2005 and his primary role is a research analyst in CRM's investment group. Prior to CRM, he spent two years with Morgan Stanley's Venture Capital group and two years as an analyst
in the Corporate Finance division at Morgan Stanley. Jon earned a BA in economics from Cornell University.
Andrew Singer, CFA
Andrew joined the fi rm in 2009 and his primary role is research analyst in CRM’s investment group. Previously, he was an equity analyst at BlackRock; and prior to BlackRock, Andrew was an equity analyst
at Evergreen Investments and a senior associate within equity research at Credit Suisse First Boston. He earned a BA from Tufts University and an MBA from F.W. Olin Graduate School of Business at Babson
College.
Martin Teng, CFA
Martin joined the fi rm in 2006 and his primary role is a research analyst in CRM’s investment group. Prior to CRM, he was a research analyst at SG Cowen and Needham & Company. Martin received a BS
and MS from the University of Illinois and an MBA from MIT’s Sloan School of Management.
Research & TradingBiographies of Investment Professionals
31Organization Philosophy & Process Strategy Summary Appendix
CRM Global Opportunity As of March 2011
One-on-One Presentation Not for Distribution
Christopher C. Barnett – Executive Vice President
Chris joined CRM in 1997 and as Director of Marketing, he is responsible for marketing and client service, as well as maintaining relationships with the consulting community. Prior to CRM, Chris worked in
the fi xed income department at Ark Asset Management. He received a BA in history from the University of Richmond.
James D. Brown – Assistant Vice President
James joined CRM in 2008. His primary role at CRM is in marketing mutual funds and separately managed accounts through Broker-Dealers. For the past thirteen years, Jimmy worked in marketing at
Scotsman Capital Management, Lazard Asset Management and J.M. Hartwell. He received a BA in Human and Organizational Development from Vanderbilt University.
Maura McNulty – Vice President
Maura joined the fi rm in 2001. Her primary responsibility at CRM is providing client service. Prior to joining the fi rm, she was an institutional equity sales associate at AG Edwards & Sons, Inc. She earned a
BA in mathematical economics from Colgate University.
Serra Sonmez, CFA – Vice President
Serra joined CRM in 2005. She is responsible for client service. Previously, Serra was a manager of Client Service at Meridian Capital Partners, Inc. Serra also worked at Advent Capital Management, LLC.
She received a BBA in fi nance from the College of William & Mary.
Harris Swenson, CFA – Vice President
Harris joined the fi rm in 2003 and he is responsible for marketing at CRM. Prior to joining CRM, Harris worked in the commercial real estate group at Cravath, Swain & Moore, LLP. He received a BA from the
University of North Carolina at Chapel Hill.
Addison R. West – Vice President
Addison joined CRM in 2004. His primary role is in mutual fund distribution for the fi rm. Prior to joining CRM, Addison worked for three years in sales and marketing at Pilgrim Baxter & Associates. He
received a BA in political science from Amherst College.
Biographies of Investment ProfessionalsMarketing & Client Service
32Organization Philosophy & Process Strategy Summary Appendix
CRM Global Opportunity As of March 2011
One-on-One Presentation Not for Distribution
GIPS® Compliance Verification StatementBeacon Verification Services
GIPS® Compliance Verifi cation StatementCramer Rosenthal McGlynn, LLCIssued March 17, 2011
The following report issued by Beacon Verifi cation Services, (“Beacon”) is for a fi rm-wide GIPS® Verifi cation of Cramer Rosenthal McGlynn, LLC’s (“CRM”) claim of compliance with the Global Investment
Performance Standards (GIPS®) for the period December 31, 2004 through September 30, 2010.
CRM received a fi rm-wide GIPS® Verifi cation for the period January 1, 1989 to December 31, 2004 from predecessor verifi ers. As dictated by the GIPS®, we are relying on the work of the predecessor verifi ers
in formulating our opinion. The fi rm’s composite presentations include returns prior to December 31, 2004 that were verifi ed by the predecessor verifi ers; however, the scope of our verifi cation is limited to the
period December 31, 2004 through September 30, 2010. We have examined whether CRM (1) complied with all the composite construction requirements of the GIPS® on a fi rm-wide basis and (2) designed
its processes and procedures to calculate and present performance results in compliance with the GIPS® for the period December 31, 2004 through September 30, 2010. CRM’s management is responsible
for compliance with the GIPS® and the design of the processes and procedures that present the fi rm’s performance results in accordance with the GIPS®. Beacon’s responsibility is to express an opinion on
CRM’s compliance based on its verifi cation procedures.
Beacon has completed this fi rm-wide GIPS® Verifi cation in accordance with the verifi cation procedures set forth in the GIPS®. It is Beacon’s opinion that CRM has complied with all the composite
construction requirements of the GIPS® on a fi rm-wide basis. Furthermore, it is Beacon’s opinion that CRM’s processes and procedures were designed to calculate and present performance results in
compliance with the GIPS® for the period December 31, 2004 through September 30, 2010. In performing the fi rm-wide verifi cation addressed above, it is not Beacon’s responsibility to express an opinion
on any particular composite presentation. CRM is responsible for the production and distribution of materials presented in conformity with the GIPS®.
In performing the fi rm-wide verifi cation addressed above, it is not Beacon’s responsibility to express an opinion on any particular composite presentation. CRM is responsible for the production and
distribution of materials presented in conformity with the GIPS®.
Beacon Verifi cation Services
33Organization Philosophy & Process Strategy Summary Appendix
CRM Global Opportunity As of March 2011
One-on-One Presentation Not for Distribution
CRM Global Opportunity StrategyFunds, Terms and Conditions
Separately Managed Accounts
Minimum Size: $25 million
Funds
Name of Fund: CRM Global Opportunities Fund CRM Global Opportunity Fund
Type of Fund: UCITS Open-Ended Mutual Fund
Administrator: Citi Fund Services (Ireland), Ltd. BNY Mellon
Custodian: Citibank International plc Ireland PFPC/BNY Mellon
Auditors: KPMG KPMG
Legal Counsel: Maples and Calder Bingham LLP
Listing: Ireland U.S.
Subscription: Daily Daily
Fiscal Year End: December June
Share Class Currency: USD USD
Share Classes: A B C Individual Institutional
Minimum Investment: $1,000 $100,000 $100,000 $1,000 $1 million
Redemption Fee: 1.00% None None 1.50% 1.50%
ISIN: IE00B5QLZN93 IE00B5LDGW66 IE00B3WKDY34 US12628J6001 US12628J5011
Cramer Rosenthal McGlynn, LLC
520 Madison Avenue
New York, NY 10022
T 212.326.5325
www crmllc.comwww crmfunds.com