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Trending ETFs

Name

As of 03/27/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$45.70

$8.93 B

0.70%

$0.31

1.05%

Vitals

YTD Return

10.6%

1 yr return

33.4%

3 Yr Avg Return

10.5%

5 Yr Avg Return

15.4%

Net Assets

$8.93 B

Holdings in Top 10

22.6%

52 WEEK LOW AND HIGH

$45.1
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 1.05%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 31.00%

Redemption Fee N/A


Min Investment

Standard (Taxable)

$1,000

IRA

N/A


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 03/27/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$45.70

$8.93 B

0.70%

$0.31

1.05%

FTHNX - Profile

Distributions

  • YTD Total Return 10.6%
  • 3 Yr Annualized Total Return 10.5%
  • 5 Yr Annualized Total Return 15.4%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 1.01%
DIVIDENDS
  • Dividend Yield 0.7%
  • Dividend Distribution Frequency Annual

Fund Details

  • Legal Name
    FullerThaler Behavioral Small-Cap Equity Fund
  • Fund Family Name
    Fuller & Thaler
  • Inception Date
    Sep 08, 2011
  • Shares Outstanding
    N/A
  • Share Class
    Investor
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Raife Giovinazzo

Fund Description

Under normal circumstances, 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 small capitalization (“small-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 small-cap companies as companies whose market capitalizations are generally in the lowest 10% of total market capitalization or companies whose market capitalizations are smaller than or equal to the largest company in the Russell 2000® Index, whichever results in the higher market capitalization break. Total market capitalization is based on the market capitalization of U.S. operating companies listed on the New York Stock Exchange (“NYSE”), NYSE American LLC, Nasdaq Global Market®, Nasdaq Capital Market®, or such other securities exchanges deemed appropriate by the Adviser. Under the Adviser’s market capitalization guidelines described above, based on market capitalization data as of September 30, 2023, the market capitalization of a small cap company would be $14.51 billion or below. This dollar amount will change due to market conditions. The size of the companies included in the Russell 2000® 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, earnings announcements, and other news that suggest these types of investor misbehavior (over-reaction or under-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. In summary, if an investor mistake is likely and the company has solid fundamentals, the portfolio managers buy the stock. 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 2000® Index.

The Fund may also invest a portion of its assets in real estate investment trusts (“REITs”) 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 2000® Index, the Fund’s benchmark index.

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 does not have a pre-conceived intention to invest in any particular sector. 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 70 to 140 positions, with individual position sizes typically ranging up to 5% 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.

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FTHNX - Performance

Return Ranking - Trailing

Period FTHNX Return Category Return Low Category Return High Rank in Category (%)
YTD 10.6% -5.1% 23.8% 1.26%
1 Yr 33.4% -12.5% 56.1% 1.80%
3 Yr 10.5%* -8.5% 41.4% 2.21%
5 Yr 15.4%* -13.7% 32.2% 1.38%
10 Yr N/A* -3.0% 17.2% 2.66%

* Annualized

Return Ranking - Calendar

Period FTHNX Return Category Return Low Category Return High Rank in Category (%)
2023 20.2% -49.6% 29.0% 5.92%
2022 -8.6% -59.3% 118.2% 2.88%
2021 25.8% -31.6% 39.3% 6.59%
2020 9.9% -51.0% 39.5% 55.64%
2019 27.6% -16.9% 37.8% 5.10%

Total Return Ranking - Trailing

Period FTHNX Return Category Return Low Category Return High Rank in Category (%)
YTD 10.6% -5.1% 23.8% 1.26%
1 Yr 33.4% -12.5% 56.1% 1.80%
3 Yr 10.5%* -8.5% 41.4% 2.21%
5 Yr 15.4%* -13.7% 32.2% 1.38%
10 Yr N/A* -3.0% 17.2% 2.26%

* Annualized

Total Return Ranking - Calendar

Period FTHNX Return Category Return Low Category Return High Rank in Category (%)
2023 22.2% -21.7% 31.8% 5.39%
2022 -7.7% -45.2% 123.7% 5.77%
2021 30.4% 0.0% 47.7% 11.54%
2020 10.1% -50.5% 46.9% 68.23%
2019 27.7% -12.6% 43.7% 18.82%

NAV & Total Return History


FTHNX - Holdings

Concentration Analysis

FTHNX Category Low Category High FTHNX % Rank
Net Assets 8.93 B 480 K 118 B 3.86%
Number of Holdings 112 2 2519 60.53%
Net Assets in Top 10 1.79 B 104 K 9.83 B 2.11%
Weighting of Top 10 22.58% -2849.0% 100.5% 29.58%

Top 10 Holdings

  1. Bank OZK 2.89%
  2. EMCOR Group, Inc. 2.73%
  3. Comfort Systems USA, Inc. 2.62%
  4. Acuity Brands, Inc. 2.29%
  5. Commercial Metals Co. 2.16%
  6. Chord Energy Corp. 2.06%
  7. Taylor Morrison Home Corp. 2.02%
  8. Alpha Metallurgical Resources, Inc. 1.99%
  9. Cadence Bank 1.99%
  10. Zions Bancorporation 1.84%

Asset Allocation

Weighting Return Low Return High FTHNX % Rank
Stocks
97.38% -565235.00% 107.11% 70.18%
Cash
2.65% 0.00% 565934.00% 36.14%
Preferred Stocks
0.00% 0.00% 7.53% 26.32%
Other
0.00% -598.74% 82.28% 49.65%
Convertible Bonds
0.00% 0.00% 3.17% 24.25%
Bonds
0.00% -2.00% 74.53% 28.95%

Stock Sector Breakdown

Weighting Return Low Return High FTHNX % Rank
Industrials
23.09% 2.46% 37.42% 14.89%
Technology
18.17% 0.00% 54.70% 14.18%
Financial Services
15.21% 0.00% 35.52% 56.21%
Consumer Cyclical
14.22% 0.99% 47.79% 10.46%
Healthcare
12.36% 0.00% 26.53% 55.67%
Communication Services
4.54% 0.00% 14.85% 9.57%
Energy
3.37% 0.00% 37.72% 79.08%
Real Estate
3.15% 0.00% 29.43% 87.94%
Basic Materials
2.47% 0.00% 18.66% 92.91%
Consumer Defense
2.12% 0.00% 18.87% 84.57%
Utilities
1.29% 0.00% 18.58% 78.55%

Stock Geographic Breakdown

Weighting Return Low Return High FTHNX % Rank
US
97.38% -565235.00% 107.11% 62.81%
Non US
0.00% 0.00% 94.14% 36.67%

FTHNX - Expenses

Operational Fees

FTHNX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.05% 0.01% 38.45% 50.62%
Management Fee 0.60% 0.00% 1.50% 27.11%
12b-1 Fee 0.25% 0.00% 1.00% 34.60%
Administrative Fee 0.20% 0.01% 0.45% 77.47%

Sales Fees

FTHNX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 3.50% 5.75% 51.02%
Deferred Load N/A 1.00% 5.00% N/A

Trading Fees

FTHNX 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.

FTHNX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 31.00% 1.00% 314.00% 28.75%

FTHNX - Distributions

Dividend Yield Analysis

FTHNX Category Low Category High FTHNX % Rank
Dividend Yield 0.70% 0.00% 42.10% 53.33%

Dividend Distribution Analysis

FTHNX Category Low Category High Category Mod
Dividend Distribution Frequency Annual Annually Annual Annual

Net Income Ratio Analysis

FTHNX Category Low Category High FTHNX % Rank
Net Income Ratio 1.01% -2.40% 2.49% 11.88%

Capital Gain Distribution Analysis

FTHNX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Quarterly Annually

Distributions History

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FTHNX - Fund Manager Analysis

Managers

Raife Giovinazzo


Start Date

Tenure

Tenure Rank

Feb 28, 2013

9.26

9.3%

Dr. Giovinazzo is the lead portfolio manager of the Behavioral Small-Cap Equity strategy and has ultimate decision-making authority for all investment aspects of the strategy. He is also responsible for research using market insights and behavioral finance to enhance the investment process. Dr. Giovinazzo has been in the financial industry since 1995. Prior to joining Fuller & Thaler, Dr. Giovinazzo was a researcher and co-portfolio manager with Blackrock's Scientific Active Equity group (formerly Barclays Global Investors). His previous experience also includes investment and consulting work with Wellington Management, Marsh & McLennan, and Mercer Management Consulting (now Oliver Wyman). Dr. Giovinazzo received his BA in sociology from Princeton, and his MBA in analytic finance, economics, and statistics, as well as a PhD in finance from the Booth School of Business at the University of Chicago. He wrote his undergraduate thesis for Dr. Kahneman (winner of the 2002 Nobel Prize in Economics) while at Princeton, and Dr. Thaler (“Father of Behavioral Finance” and winner of the 2017 Nobel Prize in Economics) was his dissertation co-chair at the University of Chicago. Dr. Giovinazzo holds the Chartered Financial Analyst designation and is a member of the CFA Society of San Francisco. He is an owner of the firm and a member of the Board of Directors.

Frederick Stanske, CFA


Start Date

Tenure

Tenure Rank

Oct 31, 2015

6.59

6.6%

Mr. Stanske is responsible for managing the Small-Cap Growth and Micro-Cap disciplines at Fuller & Thaler and has ultimate decision-making authority for all investment aspects of his strategies. He has been with the firm since 1996 and has been in the financial industry since 1987. Prior to joining the firm, he spent over ten years as an analyst and portfolio manager at Farmers Insurance Group and then at Fisher Investments. Earlier in his career, Mr. Stanske worked in the corporate sector as an analyst. He received a BS from the University of Denver and an MBA from the University of Chicago. Mr. Stanske is a member of the CFA Institute and the CFA Society of San Francisco. He holds the Chartered Financial Analyst designation. Mr. Stanske is an owner of the firm and a member of the Board of Directors.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.08 49.61 7.05 2.58