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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

$46.71

$59.5 M

0.26%

$0.12

1.23%

Vitals

YTD Return

14.3%

1 yr return

37.1%

3 Yr Avg Return

9.3%

5 Yr Avg Return

14.4%

Net Assets

$59.5 M

Holdings in Top 10

51.9%

52 WEEK LOW AND HIGH

$46.0
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 1.23%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover N/A

Redemption Fee N/A


Min Investment

Standard (Taxable)

$1,000,000

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

$46.71

$59.5 M

0.26%

$0.12

1.23%

FTZFX - Profile

Distributions

  • YTD Total Return 14.3%
  • 3 Yr Annualized Total Return 9.3%
  • 5 Yr Annualized Total Return 14.4%
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio -0.07%
DIVIDENDS
  • Dividend Yield 0.3%
  • Dividend Distribution Frequency Annual

Fund Details

  • Legal Name
    FullerThaler Behavioral Unconstrained Equity Fund
  • Fund Family Name
    Fuller & Thaler
  • Inception Date
    Dec 26, 2018
  • Shares Outstanding
    N/A
  • Share Class
    R6
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Raife Giovinazzo

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 companies of all market capitalizations 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 seeks to achieve its investment objective by building a non-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. For example, investor over-reaction may occur when investors become extremely pessimistic about a particular company’s stock due to negative information about that company, e.g. a falling share price, unfavorable news reports, analyst downgrades, etc. FullerThaler regards this negative investor sentiment as excessive and an over-reaction when it persists despite significant bullish signals coming from a company’s management. Similarly, investor under-reaction occurs when investors’ anchoring and over-confidence biases cause them to under-react to new information--especially new information that is inconsistent with their previous analysis of a stock. For example, one type of situation that FullerThaler looks for is significant positive earnings surprises versus consensus earnings forecasts, where sustainable, company-specific improvements have driven better-than-expected earnings. Because of its long-term investment orientation, the Fund further narrows its universe by only investing in a small subset of these under-reaction stocks: those where under-reaction has historically occurred with unusual consistency and frequency.

At the individual stock level, FullerThaler employs proprietary screening tools to help identify stocks where such behavioral biases are occurring. This is not a quantitative strategy, and no quantitative factor model is used in the investment process. Through its screening tools, 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, which includes a credit-style/downside analysis of the company to determine whether it is suitable for a long-term, multi-year holding period. The portfolio manager performs this stock-specific research and makes all buy and sell decisions for the strategy. 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 may 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 3000®, 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 is non-diversified and therefore may invest a greater percentage of its net assets in the securities of fewer issuers than a diversified Fund. The Fund reserves the right to concentrate in a particular industry or group of industries by investing, consistent with the Fund’s investment policies and objectives, up to 35% of its assets in the equity securities of issuers in such industry or group of industries, if, at the time of investment, that industry or group of industries represents 10% or more of the Russell 3000®, the Fund’s benchmark index. While it is not possible to forecast exactly when and how this concentration will occur, it would most likely occur in industries where the strategy has historically had the highest weights: Semiconductors & Semiconductor Equipment; Technology Hardware, Storage & Peripherals; Internet & Direct Marketing Retail; Software; Electrical Equipment; Machinery; Biotechnology; and Specialty Retail.

The Fund also reserves the right to concentrate in particular sectors, and will 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 typically expects to hold from 20 to 30 positions, with individual position sizes typically ranging up to 12% of the Fund’s net assets. The Unconstrained Equity Fund’s portfolio turnover rate is normally expected to be below 50%.

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FTZFX - Performance

Return Ranking - Trailing

Period FTZFX Return Category Return Low Category Return High Rank in Category (%)
YTD 14.3% -8.3% 24.0% 3.56%
1 Yr 37.1% -2.6% 55.1% 2.19%
3 Yr 9.3%* -20.2% 17.4% 13.88%
5 Yr 14.4%* -0.1% 21.0% 2.80%
10 Yr N/A* 2.2% 13.4% N/A

* Annualized

Return Ranking - Calendar

Period FTZFX Return Category Return Low Category Return High Rank in Category (%)
2023 26.9% -12.9% 28.8% 1.38%
2022 -21.2% -52.6% 20.1% 66.11%
2021 25.3% -43.8% 32.4% 7.37%
2020 19.3% -10.6% 82.1% 9.73%
2019 32.8% -8.5% 37.5% 0.94%

Total Return Ranking - Trailing

Period FTZFX Return Category Return Low Category Return High Rank in Category (%)
YTD 14.3% -8.3% 24.0% 3.56%
1 Yr 37.1% -2.6% 55.1% 2.19%
3 Yr 9.3%* -20.2% 17.4% 13.88%
5 Yr 14.4%* -0.1% 21.0% 2.80%
10 Yr N/A* 2.2% 13.4% N/A

* Annualized

Total Return Ranking - Calendar

Period FTZFX Return Category Return Low Category Return High Rank in Category (%)
2023 27.2% 1.2% 31.3% 2.48%
2022 -21.2% -45.7% 21.1% 87.22%
2021 25.3% -30.2% 52.8% 38.81%
2020 19.7% -8.4% 84.3% 14.45%
2019 33.9% 1.0% 43.4% 7.81%

NAV & Total Return History


FTZFX - Holdings

Concentration Analysis

FTZFX Category Low Category High FTZFX % Rank
Net Assets 59.5 M 728 K 139 B 85.68%
Number of Holdings 25 1 2609 96.22%
Net Assets in Top 10 30.9 M 155 K 11.7 B 69.73%
Weighting of Top 10 51.88% 0.5% 126.5% 7.32%

Top 10 Holdings

  1. Cintas Corp. 5.97%
  2. Parker-Hannifin Corp. 5.85%
  3. Ross Stores, Inc. 5.80%
  4. eBay, Inc. 5.56%
  5. Zebra Technologies Corp. 5.20%
  6. Lam Research Corp. 4.89%
  7. Capital One Financial Corp. 4.79%
  8. Teradyne, Inc. 4.65%
  9. Ecolab, Inc. 4.63%
  10. Synchrony Financial 4.55%

Asset Allocation

Weighting Return Low Return High FTZFX % Rank
Stocks
97.16% 0.00% 104.46% 73.24%
Cash
2.84% 0.00% 99.15% 36.22%
Preferred Stocks
0.00% 0.00% 14.30% 49.19%
Other
0.00% -1.04% 25.16% 57.03%
Convertible Bonds
0.00% 0.00% 1.78% 48.92%
Bonds
0.00% 0.00% 98.67% 52.43%

Stock Sector Breakdown

Weighting Return Low Return High FTZFX % Rank
Consumer Cyclical
27.22% 2.49% 46.48% 2.44%
Industrials
18.66% 0.00% 45.89% 24.39%
Technology
18.13% 0.00% 40.65% 25.75%
Healthcare
11.76% 0.00% 24.06% 31.44%
Financial Services
10.03% 0.00% 46.10% 89.16%
Consumer Defense
6.25% 0.00% 32.18% 17.62%
Basic Materials
4.05% 0.00% 16.35% 75.88%
Communication Services
3.90% 0.00% 30.98% 17.62%
Utilities
0.00% 0.00% 18.97% 89.97%
Real Estate
0.00% 0.00% 25.82% 93.50%
Energy
0.00% 0.00% 58.13% 91.87%

Stock Geographic Breakdown

Weighting Return Low Return High FTZFX % Rank
US
97.16% 0.00% 104.46% 65.68%
Non US
0.00% 0.00% 19.95% 57.03%

FTZFX - Expenses

Operational Fees

FTZFX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.23% 0.03% 35.91% 34.06%
Management Fee 0.85% 0.00% 1.50% 86.68%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.01% 0.30% N/A

Sales Fees

FTZFX 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

FTZFX 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.

FTZFX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover N/A 0.00% 304.00% 5.68%

FTZFX - Distributions

Dividend Yield Analysis

FTZFX Category Low Category High FTZFX % Rank
Dividend Yield 0.26% 0.00% 29.52% 77.57%

Dividend Distribution Analysis

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

Net Income Ratio Analysis

FTZFX Category Low Category High FTZFX % Rank
Net Income Ratio -0.07% -2.06% 3.38% 73.64%

Capital Gain Distribution Analysis

FTZFX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually

Distributions History

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FTZFX - Fund Manager Analysis

Managers

Raife Giovinazzo


Start Date

Tenure

Tenure Rank

Dec 19, 2018

3.45

3.5%

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.

Raymond Lin


Start Date

Tenure

Tenure Rank

Dec 19, 2018

3.45

3.5%

Mr. Lin is responsible for managing domestic equity strategies at Fuller & Thaler and has ultimate decision-making authority for all investment aspects of his strategies. He has been with the firm since 2006 and has been in the financial industry since 1988. Prior to joining the firm, he was a portfolio manager for a long-short equity fund at Tricera Capital. He previously was a currency options trader at JP Morgan. While at Fuller & Thaler, Mr. Lin has been instrumental in developing and implementing additional risk management methodologies to improve the portfolio construction and monitoring process. He holds the Chartered Financial Analyst designation and is a member of the CFA Society of San Francisco. He received his BS in Computer Science from the University of Michigan and his MBA and MA from the University of California, Berkeley. Mr. Lin is an owner of the firm and a member of the Board of Directors.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.25 38.44 7.25 5.78