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Name

As of 10/28/2022

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

FRC Founders Index Fund

FNDRX | Fund

$12.75

$30.1 M

0.14%

$0.02

0.73%

Vitals

YTD Return

-32.8%

1 yr return

-30.0%

3 Yr Avg Return

N/A

5 Yr Avg Return

N/A

Net Assets

$30.1 M

Holdings in Top 10

4.3%

52 WEEK LOW AND HIGH

$12.7
$11.83
$23.69

Expenses

OPERATING FEES

Expense Ratio 0.73%

SALES FEES

Front Load 1.00%

Deferred Load N/A

TRADING FEES

Turnover 75.00%

Redemption Fee 1.00%

Min Investment

Standard (Taxable)

$5,000

IRA

N/A

Fund Classification

Fund Type

Open End Mutual Fund

Name

As of 10/28/2022

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

FRC Founders Index Fund

FNDRX | Fund

$12.75

$30.1 M

0.14%

$0.02

0.73%

FNDRX - Profile

Distributions

  • YTD Total Return -32.8%
  • 3 Yr Annualized Total Return N/A
  • 5 Yr Annualized Total Return N/A
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio 0.12%
DIVIDENDS
  • Dividend Yield 0.1%
  • Dividend Distribution Frequency Annually

Fund Details

  • Legal Name
    FRC Founders Index Fund
  • Fund Family Name
    First Republic
  • Inception Date
    Jul 28, 2020
  • Shares Outstanding
    2235128
  • Share Class
    Other
  • Currency
    USD
  • Domiciled Country
    United States
  • Manager
    Christopher Wolfe

Fund Description

The Fund uses a “passive management” (or indexing) approach to track the performance, before fees and expenses, of the Index. As described in more detail below, the Index seeks to track companies that will potentially benefit from the continued influence of one or more original founders in the ongoing leadership of the business. First Republic Investment Management, Inc. (“FRIM” or the “Adviser”) is the Fund's investment adviser.
The Index is a rules based benchmark of equity securities issued by publicly traded companies in which the founder or founders are actively involved and remain a key influence in the companies' strategy. The Index is equal-weighted at the time of rebalancing. The Index defines a founder-influenced company as one in which the
founder or founders serve in a key executive role and/or on its board of directors. The Index is intended to track founder-influenced companies that, because of the founder's continuing presence, are expected to display certain consistent characteristics including the ability to move quickly and innovate, commitment to client satisfaction, focus on culture, and long-term view of the business. The Index is designed to capture the key benefit often observed in founder-led companies - the presence of a high degree of entrepreneurialism in the organizational culture. The Index was created by the Adviser and is maintained by IHS Markit.
The strategy consists of a proprietary quantitative screening methodology to select the companies included in the Index. The companies are selected from the largest 3,000 U.S. companies and foreign issuers that trade in the U.S. (determined by inclusion in the Russell 3000 Index) based on founder-influenced criteria, market capitalization criteria, minimum liquidity criteria, and minimum stock price criteria. The following factors are used to determine a company's inclusion in the Index and all must be satisfied: (1) a company must have one or more founders currently involved in the business, (2) the company must be a member of the Russell 3000 Index, (3) the company must meet a minimum market capitalization of $1 billion, (4) the company must have $1 million of average daily liquidity, and (5) the company must not be a penny stock. There is no weighting of the Index based on these factors and a company is removed from the Index if any of the above-mentioned criteria are no longer met.
The inclusion of numerous founder-influenced companies in the Index permits exposure to a wide range of market capitalizations, industries and stages of development. The Index will be rebalanced quarterly and reconstituted annually, at which times the companies included in the Index will be equal-weighted. As of December 31, 2021, the Index included 536 companies. Due to their inclusion in the Russell 3000 Index, the Fund may invest in securities of foreign issuers that are registered to trade in the U.S.
The Fund normally invests at least 85% of its net assets plus borrowings for investment purposes in the securities of the Index using a replication approach, which means that it normally will invest in all of the securities comprising the Index in proportion to the weightings in the Index. The Fund will be concentrated in a single industry or group of industries to the extent the Index is concentrated; the Fund is considered concentrated if more than 25% of the Fund's total assets are invested in an industry or group of industries.
The Fund may invest up to 5% of its net assets in exchange-traded funds (“ETFs”) registered in the U.S. Any investment in ETFs is intended to be short-term to assist in cash management and contribute to reduced tracking error.
The Fund may invest in real estate investment trusts (“REITs”), which are pooled investment vehicles that invest primarily in income producing real estate or real estate related loans or interests.
Read More

FNDRX - Performance

Return Ranking - Trailing

Period FNDRX Return Category Return Low Category Return High Rank in Category (%)
YTD -32.8% -85.3% 1656.3% 80.13%
1 Yr -30.0% -60.3% 32.3% 90.41%
3 Yr N/A* -0.6% 37.3% N/A
5 Yr N/A* 3.3% 26.0% N/A
10 Yr N/A* 6.9% 18.3% N/A

* Annualized

Return Ranking - Calendar

Period FNDRX Return Category Return Low Category Return High Rank in Category (%)
2023 -3.6% -80.9% 21888.9% 57.04%
2022 N/A -69.7% 2474.5% N/A
2021 N/A -100.0% 44.0% N/A
2020 N/A -100.0% 9.2% N/A
2019 N/A -33.3% 84.9% N/A

Total Return Ranking - Trailing

Period FNDRX Return Category Return Low Category Return High Rank in Category (%)
YTD -32.8% -85.3% 1656.3% 78.80%
1 Yr -30.7% -61.9% 73.8% 90.48%
3 Yr N/A* -1.7% 37.3% N/A
5 Yr N/A* 3.3% 26.0% N/A
10 Yr N/A* 6.9% 18.3% N/A

* Annualized

Total Return Ranking - Calendar

Period FNDRX Return Category Return Low Category Return High Rank in Category (%)
2023 -3.6% -80.9% 21888.9% 57.04%
2022 N/A -69.7% 2474.5% N/A
2021 N/A -100.0% 44.0% N/A
2020 N/A -100.0% 19.9% N/A
2019 N/A -33.3% 84.9% N/A

NAV & Total Return History

FNDRX - Holdings

Concentration Analysis

FNDRX Category Low Category High FNDRX % Rank
Net Assets 30.1 M 710 K 85.5 B 91.35%
Number of Holdings 533 20 3702 3.29%
Net Assets in Top 10 2.12 M 2.5 K 10.9 B 97.53%
Weighting of Top 10 4.31% 5.5% 92.1% 100.00%

Top 10 Holdings

  1. First American Government Obligs X 0.85%
  2. Rubius Therapeutics Inc 0.64%
  3. Upstart Holdings Inc Ordinary Shares 0.52%
  4. Morphic Holding Inc 0.48%
  5. 3D Systems Corp 0.44%
  6. Quotient Technology Inc 0.38%
  7. TripAdvisor Inc 0.37%
  8. Reata Pharmaceuticals Inc A 0.36%
  9. New Fortress Energy Inc Class A 0.36%
  10. Macrogenics Inc 0.35%

Asset Allocation

Weighting Return Low Return High FNDRX % Rank
Stocks 		99.96% 23.99% 100.52% 10.71%
Cash 		0.85% -0.52% 26.94% 70.68%
Preferred Stocks 		0.00% 0.00% 2.30% 98.52%
Convertible Bonds 		0.00% 0.00% 0.40% 98.52%
Bonds 		0.00% 0.00% 44.75% 98.52%
Other 		-0.80% -2.66% 23.05% 99.01%

Stock Sector Breakdown

Weighting Return Low Return High FNDRX % Rank
Healthcare 		29.24% 0.00% 43.77% 3.79%
Technology 		26.17% 0.04% 62.17% 70.18%
Financial Services 		10.38% 0.00% 43.01% 28.01%
Real Estate 		8.70% 0.00% 19.28% 8.73%
Consumer Cyclical 		7.80% 0.00% 57.41% 90.77%
Communication Services 		5.87% 0.00% 18.33% 14.17%
Industrials 		4.09% 0.00% 38.23% 92.26%
Consumer Defense 		3.66% 0.00% 16.40% 23.89%
Energy 		2.62% 0.00% 62.10% 34.76%
Basic Materials 		1.04% 0.00% 17.25% 68.20%
Utilities 		0.44% 0.00% 12.94% 20.76%

Stock Geographic Breakdown

Weighting Return Low Return High FNDRX % Rank
US 		99.19% 23.38% 100.52% 6.75%
Non US 		0.77% 0.00% 35.22% 84.68%

FNDRX - Expenses

Operational Fees

FNDRX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.73% 0.02% 2.69% 81.17%
Management Fee 0.25% 0.00% 1.50% 5.33%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.00% 0.40% N/A

Sales Fees

FNDRX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load 1.00% 0.00% 5.75% 92.11%
Deferred Load N/A 1.00% 5.50% N/A

Trading Fees

FNDRX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee 1.00% 1.00% 2.00% 100.00%

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.

FNDRX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 75.00% 0.00% 417.06% 77.27%

FNDRX - Distributions

Dividend Yield Analysis

FNDRX Category Low Category High FNDRX % Rank
Dividend Yield 0.14% 0.00% 47.76% 97.03%

Dividend Distribution Analysis

FNDRX Category Low Category High Category Mod
Dividend Distribution Frequency Annually Annually Quarterly Annually

Net Income Ratio Analysis

FNDRX Category Low Category High FNDRX % Rank
Net Income Ratio 0.12% -2.24% 2.75% 12.33%

Capital Gain Distribution Analysis

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

Distributions History

View More +

FNDRX - Fund Manager Analysis

Managers

Christopher Wolfe

Start Date

Tenure

Tenure Rank

Jul 28, 2020

1.84

1.8%

Wolfe currently manages two research analysts for Dover Financial Management. Prior to joining Dover in 2004, he was head of Global Equities for JPMorgan's Private Bank where he supervised all equity strategies and products design for the global private bank sales force from 1997 to 2004. Prior to that, he was director of research and portfolio manager for Lincoln Capital Corporation, a private money management firm based in Rhode Island.

Hany Boutros

Start Date

Tenure

Tenure Rank

Jul 28, 2020

1.84

1.8%

Hany M. Boutros is Head of Risk and Asset Allocation at First Republic Investment Management. Mr. Boutros joined First Republic in 2017. Mr. Boutros is also the Founder and Managing Director of Quantkit Consulting LLC (2015 to present) and was the Founder and Managing Director of Quantkit Investments LLC (2012-2017). Previously he was a Vice President at Merrill Lynch in the Chief Investment Office (2012 - 2015) where he focused on tactical asset allocation and risk management. Prior to joining Merrill Lynch, Mr. Boutros held multiple roles at Rockefeller Financials (2005 to 2012). Mr. Boutros earned his Bachelor’s in Finance from Wayne State University and earned his MBA with a Finance concentration from Montclair State University.

Doug Reid

Start Date

Tenure

Tenure Rank

Jul 28, 2020

1.84

1.8%

Mr. Reid is a Portfolio Manager and member of the Investment Policy Committee at Atalanta Sosnoff. He joined the firm in 2011 as a Research Analyst. He has over 20 years of experience in investments covering multiple sectors, including prior roles as a Research Analyst at Stifel Nicholas, Thomas Weisel Partners and ING Barings and as an investment banker in the M&A Group at Bear Stearns. Mr. Reid earned a B.Com from the University of Ottawa and an M.B.A. from the University of Rochester’s Simon School of Business. Mr. Reid is a Chartered Financial Analyst charterholder.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.04 36.3 9.18 2.25

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