FullerThaler Behavioral Mid-Cap Value Fund
Name
As of 04/26/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
Vitals
YTD Return
2.1%
1 yr return
17.5%
3 Yr Avg Return
5.4%
5 Yr Avg Return
10.4%
Net Assets
$368 M
Holdings in Top 10
32.9%
52 WEEK LOW AND HIGH
Expenses
OPERATING FEES
Expense Ratio 0.96%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover 14.00%
Redemption Fee N/A
Min Investment
Standard (Taxable)
$100,000
IRA
N/A
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 04/26/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
FTVSX - Profile
Distributions
- YTD Total Return 2.1%
- 3 Yr Annualized Total Return 5.4%
- 5 Yr Annualized Total Return 10.4%
- Capital Gain Distribution Frequency Annually
- Net Income Ratio 0.76%
- Dividend Yield 1.6%
- Dividend Distribution Frequency None
Fund Details
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Legal NameFullerThaler Behavioral Mid-Cap Value Fund
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Fund Family NameFuller & Thaler
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Inception DateDec 21, 2017
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Shares OutstandingN/A
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Share ClassInstl
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CurrencyUSD
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Domiciled CountryUS
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ManagerDavid Potter
Fund Description
The Fund seeks to achieve its objective by investing at least 80% of its net assets (plus borrowings for investment purposes) in common stocks of medium capitalization (“mid-cap”) companies based in the U.S. (“80% Policy”). The Fund must provide shareholders with 60 days’ prior written notice if it changes its 80% Policy. The Fund considers a company to be based in the U.S. if it is publicly traded in the U.S. and it satisfies one or more of the following additional criteria: it is incorporated in the U.S., it is headquartered in the U.S., its reported assets are primarily located in the U.S., or it derives the majority of its revenue from the U.S.
The Fund defines mid-cap companies as companies whose market capitalizations are generally in the middle of an upper and lower bound. For the upper bound, we use companies whose market capitalizations are generally equal to or below 40% of total US market capitalization, or companies whose market capitalizations are smaller than or equal to the largest company in the Russell MidCap® index, whichever results in the higher market capitalization break. For the lower bound, we use companies whose market capitalizations are generally above 3% of total US market capitalization, or companies whose market capitalizations are larger than the smallest company in the Russell MidCap® index, whichever results in the lower market capitalization break. Based on market capitalization data as of September 30, 2023, the market capitalization of a mid-cap company would be between $0.45 billion and $75.00 billion. This dollar amount will change due to market conditions. The size of the companies included in the Russell MidCap® Index will change as a result of market conditions and reconstitution of the Index.
The Fund seeks to achieve its investment objective by building a diversified portfolio of U.S. stocks in a disciplined process that applies the proprietary research of FullerThaler, the Fund’s investment adviser, on the behavioral biases of other investors. FullerThaler’s investment process is based on decades of research into behavioral finance. Behavioral finance is the study of how investors actually behave, as opposed to how they should behave, when making investment decisions. Professional investors are human, and like all humans, they make mistakes. Investors make mistakes because they have emotions, use imperfect rules of thumb, and have priorities beyond risk and return. FullerThaler’s process identifies and exploits those mistakes. The Adviser’s analysis includes making educated predictions of when other investors – the “market” – have likely made a behavioral mistake, and in turn, have created a buying opportunity. There are two kinds of mistakes that produce buying opportunities: over-reaction and under-reaction. Investors may over-react to bad news and losses (e.g., panic) that may present opportunities in typically value-oriented stocks, or they may under-react to good news (e.g., not pay attention) that may present opportunities in typically growth-oriented stocks. At the individual stock level, FullerThaler searches for events related to insider buying and other news that suggest investor over-reaction and draws from its more than 30 years of experience in analyzing events that suggest investor misbehavior. If these behaviors are present, FullerThaler then proceeds to its fundamental analysis of the company. The portfolio managers generally sell when they believe investor misbehavior has reversed or the firm’s fundamentals deteriorate. There is no set length of time that the Fund expects to hold a particular security. The Fund seeks to deliver similar risk characteristics to the Russell MidCap® Value Index.
The Fund may also invest a portion of its assets in real estate investment trusts (“REITs”), Business Development Companies (“BDCs”), and Exchange Traded Funds (“ETFs”) whose investment characteristics are consistent with the Fund’s principal investment strategy REITs are pooled investment vehicles that generally invest in income-producing real estate or real estate-related loans or interests. The Fund will generally invest in liquid REITs that are included in the Russell MidCap® Index, the Fund’s benchmark index. A BDC is a form of unregistered closed-end investment company that typically invests in small and mid-sized businesses to help such companies grow in the initial stages of their development. An ETF is a marketable security that typically tracks a stock index or other basket of assets. Although similar in many ways, ETFs differ from mutual funds because ETF shares trade like common stock on an exchange, with a fluctuating price throughout the day as shares are bought and sold.
The Fund may also lend portfolio securities to brokers, dealers and other financial organizations that meet capital and other credit requirements or other criteria established by the Fund’s Board. Loans of portfolio securities will be collateralized by liquid securities and cash. The Fund may invest cash collateral received in securities consistent with its principal investment strategy.
The Fund may invest in multiple sectors, and may concentrate its investments in a particular sector by investing greater than 25% of the Fund’s total assets in such sector when its Behavioral Strategy indicates that such concentration would be appropriate from an investment perspective. The Fund will not invest more than 25% of its net assets in any particular “industry” as that term is used in the Investment Company Act of 1940, as amended. The Fund typically expects to hold from 25 to 75 positions, with individual position sizes typically ranging up to 7% of the Fund’s net assets. Before trading, the portfolio managers review the portfolio’s characteristics relative to its benchmark, and may adjust position sizes to control exposures to sectors, volatility in relation to the market, and other characteristics.
FTVSX - Performance
Return Ranking - Trailing
Period | FTVSX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 2.1% | -4.0% | 11.5% | 71.58% |
1 Yr | 17.5% | -5.5% | 37.5% | 48.26% |
3 Yr | 5.4%* | -5.1% | 14.4% | 33.97% |
5 Yr | 10.4%* | -0.6% | 16.2% | 20.79% |
10 Yr | N/A* | 0.2% | 12.1% | N/A |
* Annualized
Return Ranking - Calendar
Period | FTVSX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 10.5% | -11.3% | 33.3% | 34.14% |
2022 | -9.4% | -41.6% | 2.3% | 14.95% |
2021 | 31.2% | -41.5% | 44.9% | 10.90% |
2020 | 6.2% | -29.0% | 22.1% | 11.08% |
2019 | 26.5% | -8.1% | 31.2% | 29.14% |
Total Return Ranking - Trailing
Period | FTVSX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 2.1% | -4.0% | 11.5% | 71.58% |
1 Yr | 17.5% | -5.5% | 37.5% | 48.26% |
3 Yr | 5.4%* | -5.1% | 14.4% | 33.97% |
5 Yr | 10.4%* | -0.6% | 16.2% | 20.79% |
10 Yr | N/A* | 0.2% | 12.1% | N/A |
* Annualized
Total Return Ranking - Calendar
Period | FTVSX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 12.4% | -3.7% | 36.5% | 50.81% |
2022 | -7.3% | -35.0% | 2.4% | 42.12% |
2021 | 33.3% | 6.2% | 48.3% | 15.26% |
2020 | 6.6% | -22.9% | 23.2% | 21.05% |
2019 | 28.0% | -3.0% | 35.7% | 40.29% |
NAV & Total Return History
FTVSX - Holdings
Concentration Analysis
FTVSX | Category Low | Category High | FTVSX % Rank | |
---|---|---|---|---|
Net Assets | 368 M | 991 K | 28 B | 68.18% |
Number of Holdings | 63 | 8 | 2449 | 70.32% |
Net Assets in Top 10 | 121 M | 250 K | 4.28 B | 60.70% |
Weighting of Top 10 | 32.88% | 5.0% | 104.2% | 16.31% |
Top 10 Holdings
- Reich Tang Deposit Account 5.85%
- Fidelity National Information Services, Inc. 4.05%
- U-Haul Holdings Co. 3.49%
- Global Payments, Inc. 3.13%
- KeyCorp 3.11%
- Dollar General Corp. 3.01%
- First Citizens BancShares, Inc. 2.85%
- Berry Plastics Group, Inc. 2.51%
- Synchrony Financial 2.49%
- Citizens Financial Group, Inc. 2.38%
Asset Allocation
Weighting | Return Low | Return High | FTVSX % Rank | |
---|---|---|---|---|
Stocks | 93.34% | 56.38% | 102.65% | 96.26% |
Cash | 6.66% | 0.00% | 43.98% | 4.55% |
Preferred Stocks | 0.00% | 0.00% | 5.43% | 64.71% |
Other | 0.00% | -1.97% | 8.33% | 72.19% |
Convertible Bonds | 0.00% | 0.00% | 0.02% | 62.37% |
Bonds | 0.00% | 0.00% | 27.39% | 62.83% |
Stock Sector Breakdown
Weighting | Return Low | Return High | FTVSX % Rank | |
---|---|---|---|---|
Industrials | 19.48% | 0.00% | 29.02% | 19.89% |
Consumer Cyclical | 18.87% | 0.00% | 29.62% | 5.11% |
Financial Services | 18.05% | 0.00% | 60.11% | 53.49% |
Real Estate | 7.65% | 0.00% | 40.74% | 59.41% |
Utilities | 7.13% | 0.00% | 24.69% | 38.71% |
Consumer Defense | 6.52% | 0.00% | 33.79% | 33.60% |
Basic Materials | 5.79% | 0.00% | 23.88% | 49.46% |
Energy | 5.78% | 0.00% | 29.17% | 76.88% |
Healthcare | 5.21% | 0.00% | 32.47% | 86.56% |
Technology | 4.66% | 0.00% | 30.07% | 92.74% |
Communication Services | 0.86% | 0.00% | 19.80% | 84.14% |
Stock Geographic Breakdown
Weighting | Return Low | Return High | FTVSX % Rank | |
---|---|---|---|---|
US | 93.34% | 56.38% | 102.65% | 81.28% |
Non US | 0.00% | 0.00% | 34.45% | 68.45% |
FTVSX - Expenses
Operational Fees
FTVSX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Expense Ratio | 0.96% | 0.01% | 16.92% | 56.15% |
Management Fee | 0.74% | 0.00% | 1.20% | 62.83% |
12b-1 Fee | N/A | 0.00% | 1.00% | N/A |
Administrative Fee | N/A | 0.01% | 0.40% | 81.82% |
Sales Fees
FTVSX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Front Load | N/A | 3.50% | 5.75% | N/A |
Deferred Load | N/A | 1.00% | 4.00% | N/A |
Trading Fees
FTVSX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Max Redemption Fee | N/A | 1.00% | 2.00% | N/A |
Related Fees
Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.
FTVSX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Turnover | 14.00% | 0.00% | 227.00% | 5.59% |
FTVSX - Distributions
Dividend Yield Analysis
FTVSX | Category Low | Category High | FTVSX % Rank | |
---|---|---|---|---|
Dividend Yield | 1.64% | 0.00% | 23.23% | 49.06% |
Dividend Distribution Analysis
FTVSX | Category Low | Category High | Category Mod | |
---|---|---|---|---|
Dividend Distribution Frequency | None | Annual | Quarterly | Annual |
Net Income Ratio Analysis
FTVSX | Category Low | Category High | FTVSX % Rank | |
---|---|---|---|---|
Net Income Ratio | 0.76% | -1.84% | 4.73% | 50.40% |
Capital Gain Distribution Analysis
FTVSX | Category Low | Category High | Capital Mode | |
---|---|---|---|---|
Capital Gain Distribution Frequency | Annually | Annually | Semi-Annually | Annually |
Distributions History
Date | Amount | Type |
---|---|---|
Dec 21, 2023 | $0.523 | OrdinaryDividend |
Dec 22, 2022 | $0.211 | OrdinaryDividend |
Dec 06, 2022 | $0.450 | OrdinaryDividend |
Dec 23, 2021 | $0.156 | OrdinaryDividend |
Dec 23, 2020 | $0.100 | OrdinaryDividend |
Dec 13, 2019 | $0.273 | OrdinaryDividend |
FTVSX - Fund Manager Analysis
Managers
David Potter
Start Date
Tenure
Tenure Rank
Dec 21, 2017
4.44
4.4%
Mr. Potter is the Portfolio Manager responsible for the Small Cap Value and Mid-Cap Value strategies at Fuller & Thaler and has ultimate decision-making authority for all investment aspects of his strategies. He has been with the firm since 2005 and has been in the financial industry since 1994. Prior to joining Fuller & Thaler, he was a Vice President at Goldman Sachs. Previously, he was an Associate Director at Scotia Capital Markets. Mr. Potter received his BA (honors) in Economics and Finance from McGill University in Montreal and MBA (honors) in Finance from the University of Chicago. He holds the Chartered Financial Analyst designation and is a member of the CFA Society of San Francisco. Mr. Potter is an owner of the firm and a member of the Board of Directors.
Ryam Lee
Start Date
Tenure
Tenure Rank
Dec 21, 2017
4.44
4.4%
Ryam Lee, CFA, Analyst, has over seven years of financial industry experience. Prior to joining Fuller & Thaler, he was a private equity analyst at McCarthy Capital. Previously, he worked in corporate development at a commodity management firm and business valuation at an independent valuation firm. Mr. Lee received his BA (honors) in Economics and Finance from Creighton University and an MBA in Accounting, Economics, and Finance from the University of Chicago Booth School of Business. He holds the Chartered Financial Analyst designation and is a member of the CFA Society of San Francisco.
Tenure Analysis
Category Low | Category High | Category Average | Category Mode |
---|---|---|---|
0.08 | 35.59 | 8.28 | 10.92 |