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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

$23.55

$3.98 B

1.09%

$0.25

0.78%

Vitals

YTD Return

6.4%

1 yr return

25.2%

3 Yr Avg Return

7.4%

5 Yr Avg Return

11.4%

Net Assets

$3.98 B

Holdings in Top 10

104.2%

52 WEEK LOW AND HIGH

$23.1
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 0.78%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 5.00%

Redemption Fee N/A


Min Investment

Standard (Taxable)

$0

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

$23.55

$3.98 B

1.09%

$0.25

0.78%

FMUEX - Profile

Distributions

  • YTD Total Return 6.4%
  • 3 Yr Annualized Total Return 7.4%
  • 5 Yr Annualized Total Return 11.4%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 1.05%
DIVIDENDS
  • Dividend Yield 1.1%
  • Dividend Distribution Frequency Annual

Fund Details

  • Legal Name
    Free Market U.S. Equity Fund
  • Fund Family Name
    RBB Funds
  • Inception Date
    Dec 31, 2007
  • Shares Outstanding
    154174190
  • Share Class
    Instl
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Mark Matson

Fund Description

The Fund pursues its investment objective by investing under normal circumstances at least 80% of its net assets, including any borrowings for investment purposes, in shares of registered, open-end investment companies and exchange-traded funds (“ETFs”) (collectively, “investment companies”) that have either adopted policies to invest at least 80% of their assets in equity securities, such as common stocks, preferred stocks or securities convertible into

stocks, of U.S. companies, or invest substantially all of their assets in such equity securities. The Fund will diversify its investments by investing primarily in investment companies focusing on different segments of the equity markets, including large (“large-cap”), small (“small-cap”) and micro-capitalization (“micro-cap”) equity securities that the Fund’s Adviser believes offer the prospect of long-term capital appreciation. The purchase of shares of investment companies may result in duplication of expenses, including advisory fees, in addition to the Fund’s own expenses.

Under normal market conditions, the Adviser expects substantially all of the Fund’s net assets to be invested in the securities of investment companies that invest in the types of securities described in each asset class below, with less than 2% of the net assets invested in cash or money market instruments.

U.S. Large Cap Value Asset Class: The underlying investment companies generally will purchase common stocks and other equity securities of large cap companies that the underlying investment adviser(s) determine to be value stocks at the time of purchase. An issuer’s securities are considered value stocks primarily because they have a low price in relation to their book value. In assessing value, the underlying investment adviser(s) may consider additional factors such as price to cash flow or price to earnings ratios. The criteria used for assessing value are subject to change from time to time. Large cap companies are generally considered companies whose market capitalizations are generally in the highest 90% of total market capitalization or companies whose market capitalizations are larger than or equal to the 1,000th largest U.S. company, whichever results in the higher market capitalization break. Total market capitalization is based on the market capitalization of U.S. operating companies listed on a securities exchange in the United States that is deemed appropriate by the underlying investment adviser(s). The dollar amount will change from time to time due to market conditions.

U.S. Small Cap Value Asset Class: The underlying investment companies generally will purchase common stocks and other equity securities of small cap companies that the underlying investment adviser(s) determine to be value stocks at the time of purchase. An issuer’s securities are considered value stocks primarily because they have a low price in relation to their book value. In assessing value, the underlying investment adviser(s) may consider additional factors such as price to cash flow or price to earnings ratios. The criteria used for assessing value are subject to change from time to time. Small cap companies are generally considered companies whose market capitalizations are generally in the lowest 10% of total market capitalization or companies whose market capitalizations are smaller than the 1,000th largest U.S. company, whichever results in the higher market capitalization break. Total market capitalization is based on the market capitalization of U.S. operating companies listed on a securities exchange in the United States that is deemed appropriate by the underlying investment adviser(s). The dollar amount will change from time to time due to market conditions.

U.S. Large Company Asset Class: The underlying investment companies generally will purchase all of the stocks that comprise the S&P 500® Index in approximately the proportions they are represented in the S&P 500® Index. Generally, these are the U.S. stocks with the largest market capitalizations and, as a group, they represent approximately 80% of the total market capitalization of all publicly traded U.S. stocks.

U.S. Small Cap Asset Class: The underlying investment companies generally will purchase common stocks and other equity securities of small cap companies primarily based on market capitalization. Small cap companies are generally considered companies whose market capitalizations are generally in the lowest 10% of total market capitalization or companies whose market capitalizations are smaller than the 1,000th largest U.S. company, whichever results in the higher market capitalization break. Total market capitalization is based on the market capitalization of U.S. operating companies listed on a securities exchange in the United States that is deemed appropriate by the underlying investment adviser(s). The dollar amount will change from time to time due to market conditions. There may be some overlap in the companies in which the U.S. small cap asset class and the U.S. micro cap asset class invest.

U.S. Micro Cap Asset Class: The underlying investment companies generally will purchase common stocks and other equity securities of micro cap companies. Micro cap companies are generally considered companies whose market capitalizations are generally in the lowest 5% of total market capitalization or companies whose market capitalizations are smaller than the 1,500th largest U.S. company, whichever results in the higher market capitalization break. Total market capitalization is based on the market capitalization of U.S. operating companies listed on a securities

exchange in the United States that is deemed appropriate by the underlying investment adviser(s). The dollar amount will change from time to time due to market conditions. There may be some overlap in the companies in which the U.S. micro cap asset class and the U.S. small cap asset class invest.

The underlying investment companies may use derivatives, such as futures contracts and options on futures contracts for U.S. equity securities and indices, to adjust market exposure based on actual or expected cash inflows to or outflows from the underlying investment company. Underlying index-based ETFs may use derivatives, including futures contracts, options on futures contracts, options and swaps to help the ETF track its underlying index.

The Fund reserves the right to hold up to 100% of its assets as a temporary defensive measure in cash and money market instruments such as U.S. government securities, bank obligations and commercial paper. To the extent the Fund employs a temporary defensive measure, the Fund may not achieve its investment objective. Periodically the Adviser will review the allocations for the Fund in each underlying investment company and may add or remove underlying investment companies and/or change the investment allocation percentages of the Fund in the underlying investment companies without notice to shareholders.

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FMUEX - Performance

Return Ranking - Trailing

Period FMUEX Return Category Return Low Category Return High Rank in Category (%)
YTD 6.4% -1.9% 15.0% 70.86%
1 Yr 25.2% -0.3% 42.9% 47.59%
3 Yr 7.4%* -2.7% 16.7% 52.30%
5 Yr 11.4%* 0.2% 17.7% 33.33%
10 Yr 8.9%* 0.5% 12.4% 27.52%

* Annualized

Return Ranking - Calendar

Period FMUEX Return Category Return Low Category Return High Rank in Category (%)
2023 12.5% -11.3% 33.3% 24.13%
2022 -17.3% -41.6% 2.3% 72.90%
2021 26.2% -41.5% 44.9% 24.46%
2020 4.0% -29.0% 22.1% 24.86%
2019 16.0% -8.1% 31.2% 80.63%

Total Return Ranking - Trailing

Period FMUEX Return Category Return Low Category Return High Rank in Category (%)
YTD 6.4% -1.9% 15.0% 70.86%
1 Yr 25.2% -0.3% 42.9% 47.59%
3 Yr 7.4%* -2.7% 16.7% 52.30%
5 Yr 11.4%* 0.2% 17.7% 33.33%
10 Yr 8.9%* 0.5% 12.4% 27.52%

* Annualized

Total Return Ranking - Calendar

Period FMUEX Return Category Return Low Category Return High Rank in Category (%)
2023 17.1% -3.7% 36.5% 17.43%
2022 -10.4% -35.0% 2.4% 74.53%
2021 31.8% 6.2% 48.3% 25.00%
2020 5.7% -22.9% 23.2% 28.18%
2019 22.5% -3.0% 35.7% 87.46%

NAV & Total Return History


FMUEX - Holdings

Concentration Analysis

FMUEX Category Low Category High FMUEX % Rank
Net Assets 3.98 B 991 K 26.1 B 18.93%
Number of Holdings 10 8 2481 99.73%
Net Assets in Top 10 3.77 B 219 K 4.14 B 2.40%
Weighting of Top 10 104.23% 5.0% 104.2% 0.27%

Top 10 Holdings

  1. DFA US Small Cap Value Portfolio 25.21%
  2. Dimensional US Large Cap Value Portfolio III 15.12%
  3. DFA US Micro Cap Portfolio 14.59%
  4. DFA US Small Cap Portfolio 14.54%
  5. iShares MSCI USA Value Factor ETF 9.47%
  6. DFA US Large Company Portfolio 7.89%
  7. iShares Core SP 500 ETF 7.63%
  8. U.S. LARGE CAP VALUE SERIES 5.47%
  9. Mount Vernon Liquid Assets Portfolio, LLC 4.18%
  10. Invesco Government Agency Portfolio 0.14%

Asset Allocation

Weighting Return Low Return High FMUEX % Rank
Stocks
99.91% 56.38% 104.81% 4.27%
Cash
4.32% 0.00% 43.98% 15.20%
Preferred Stocks
0.00% 0.00% 5.43% 22.93%
Other
0.00% -1.97% 8.33% 42.13%
Convertible Bonds
0.00% 0.00% 0.02% 18.23%
Bonds
0.00% 0.00% 27.69% 21.60%

Stock Sector Breakdown

Weighting Return Low Return High FMUEX % Rank
Financial Services
20.84% 0.00% 60.11% 23.06%
Industrials
15.30% 0.00% 29.02% 54.69%
Technology
14.39% 0.00% 30.07% 8.04%
Healthcare
11.20% 0.00% 32.47% 29.49%
Consumer Cyclical
10.63% 0.00% 29.62% 55.23%
Energy
7.70% 0.00% 29.17% 41.82%
Basic Materials
5.90% 0.00% 23.88% 46.11%
Communication Services
5.61% 0.00% 19.80% 20.38%
Consumer Defense
5.53% 0.00% 33.79% 49.06%
Utilities
1.65% 0.00% 24.69% 86.86%
Real Estate
1.25% 0.00% 40.74% 88.47%

Stock Geographic Breakdown

Weighting Return Low Return High FMUEX % Rank
US
99.91% 56.38% 104.81% 2.67%
Non US
0.00% 0.00% 33.98% 39.47%

FMUEX - Expenses

Operational Fees

FMUEX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.78% 0.01% 16.92% 76.27%
Management Fee 0.49% 0.00% 1.20% 14.40%
12b-1 Fee N/A 0.00% 1.00% 2.05%
Administrative Fee N/A 0.01% 0.40% 15.92%

Sales Fees

FMUEX 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

FMUEX 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.

FMUEX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 5.00% 0.00% 227.00% 0.59%

FMUEX - Distributions

Dividend Yield Analysis

FMUEX Category Low Category High FMUEX % Rank
Dividend Yield 1.09% 0.00% 22.83% 27.81%

Dividend Distribution Analysis

FMUEX Category Low Category High Category Mod
Dividend Distribution Frequency Annual Annual Monthly SemiAnnual

Net Income Ratio Analysis

FMUEX Category Low Category High FMUEX % Rank
Net Income Ratio 1.05% -1.84% 4.73% 30.38%

Capital Gain Distribution Analysis

FMUEX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Semi-Annually Annually

Distributions History

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FMUEX - Fund Manager Analysis

Managers

Mark Matson


Start Date

Tenure

Tenure Rank

Dec 31, 2007

14.42

14.4%

Mark E. Matson, Chief Executive Officer and Director of Matson Money, Inc., founded Matson Money, Inc. in 1991 and serves as head portfolio manager at Matson Money, Inc..

Daniel List


Start Date

Tenure

Tenure Rank

Aug 19, 2019

2.78

2.8%

Daniel J. List, Chief Compliance Officer and Vice President Of Portfolio Management of Matson Money, Inc. He is responsible for portfolio designs, compliance, trading and system designs.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.08 35.59 8.28 10.92