FULLERTHALER BEHAVIORAL SMALL CAP EQUITY
Actively managed U.S. stock fund
The FullerThaler Behavioral Small-Cap Equity Fund (the ?Small-Cap Equity Fund? or the ?Fund?) seeks long-term capital appreciation.
The fund invests in small-cap U.S. stocks selected through a behavioral finance framework that identifies investor mistakes—overreactions to bad news or underreactions to good news—and then applies fundamental analysis to confirm solid company fundamentals before buying. The fund may concentrate more than 25% of assets in a single sector when its behavioral strategy indicates this is appropriate, though it will not exceed 25% in any single industry. Because the fund's security selection depends on identifying and exploiting specific behavioral patterns and events, its holdings and performance may diverge materially from the Russell 2000 Index.
What you own
| Company | Weight | Value | Shares | Reported price |
|---|---|---|---|---|
EXELEXELIXIS INC | 3.03% | $383.13M | 7.0M | $54.41 |
2.97% | $376.29M | 1.6M | $240.97 | |
2.70% | $341.46M | 411.5K | $829.88 | |
MTCHMATCH GROUP INC | 2.42% | $306.23M | 8.0M | $38.05 |
2.28% | $288.59M | 853.5K | $338.15 | |
2.18% | $276.06M | 815.8K | $338.40 | |
AYIACUITY INC | 2.05% | $259.49M | 688.9K | $376.66 |
2.00% | $253.41M | 7.0M | $36.23 | |
1.87% | $237.29M | 2.3M | $101.08 | |
1.84% | $232.66M | 3.5M | $66.40 |
Reported price is the fund's own reported value divided by its own reported shares at 2026-06-30 — not a live quote, and not what the fund paid.
All 121 holdings, with the share counts as filed, open with a free account.
What the fund is made of
Percentages are of fund net assets. Rounding, liabilities and short positions can make totals differ from 100%.
| Stocks | 98.87% |
| Cash & short-term | 0.60% |
By sector
- Industrials
- 27.4%
- Financials
- 18.7%
- Consumer Discretionary
- 16.5%
- Health Care
- 13.8%
- 8 other sectors
- 23.6%
- Industrials
- 27.4%
- Financials
- 18.7%
- Consumer Discretionary
- 16.5%
- Health Care
- 13.8%
- Information Technology
- 12.1%
- Materials
- 3.7%
- Energy
- 3.0%
- Communication Services
- 2.9%
- Real Estate
- 0.9%
- Cash
- 0.6%
- Consumer Staples
- 0.2%
- International
- 0.2%
How it has done
FTHNX share class · total returns with dividends reinvested
Volatility over the last 12 months: 12.70%. Past returns are a record, not a forecast.
May 2026 and Jun 2026 have been filed since the trailing figures were struck, so they are not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
The 5 share classes hold the same portfolio
| Share class | Expense ratio | 1 year | 3 years | 5 years | Worst fall |
|---|---|---|---|---|---|
| 1.05% | +32.61% | +70.81% | +70.43% | -15.53% | |
| 0.64% | +33.16% | +72.95% | +73.93% | -15.40% | |
| 0.76% | +32.98% | +72.29% | +72.91% | -15.44% | |
| 1.64% | +17.24% | +18.14% | -8.06% | -19.79% | |
| 1.07% | -34.90% | -79.74% | -95.12% | -80.28% |
These classes hold the same portfolio, so the 169.04pp spread over 5 years is the cost difference between them — roughly 33.81pp a year — not a difference in what they own.
Fees & fund details
FULLERTHALER BEHAVIORAL SMALL CAP EQUITY is an actively managed U.S. equity fund. 6% of FTHNX’s stock holdings are in companies whose revenue grew in the top quartile of U.S. companies over the last five fiscal years (covering 99% of the fund’s equity).
- Asset class
- Equity
- Region
- United States
- Management
- Actively managed
- Fund type
- Open-end fund
- Expense ratio, by class
- 0.64% – 1.64%· FTHNX 1.05%
- Portfolio turnover
- 28.00% a year · as of 2026 Q1
Turnover is how much of the portfolio was replaced in a year.
Classified from what the fund holds, not from its name · 2026 Q2. The summary is a paraphrase of the prospectus; the objective is verbatim.
What changed this quarter
Positions that entered or left the fund since its previous filing. Positions that were only resized are not listed.
9 new· the largest 8
6 exited
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