Fund Evaluator:
DFA US Micro Cap I (DFSCX)
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Best Performing in Small Blend Over the Last Year
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Fund Details
DFA US Micro Cap I Overview
DFA US Micro Cap I (DFSCX) is an actively managed U.S. Equity Small Blend fund. Dimensional Fund Advisors launched the fund in 1981.
The investment seeks long-term capital appreciation. The fund, using a market capitalization weighted approach, purchases a broad and diverse group of the securities of U.S. micro cap companies. It may purchase or sell futures contracts and options on futures contracts for U.S. equity securities and indices, to increase or decrease equity market exposure based on actual or expected cash inflows to or outflows from the fund.
About DFA US Micro Cap I (DFSCX)
There are 3 members of the management team with an average tenure of 10.55 years: Jed Fogdall (2012), Joel Schneider (2015), Marc Leblond (2020). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: Russell 3000 TR USD index with a weighting of 100% and Russell 2000 TR USD index with a weighting of 100%. DFA US Micro Cap I has 1785 securities in its portfolio. The top 10 holdings constitute 11.5% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
DFA US Micro Cap I is part of the Equity global asset class and is within the U.S. Equity fund group. DFA US Micro Cap I has 2.1% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 89.9%. There is 2.1% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). DFA US Micro Cap I has 8.0% of the portfolio in cash.
Assets Under Management
The fund has $7 billion in total assets, which is above the $694 million average for the Small Blend category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
DFSCX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The DFA US Micro Cap I expense ratio is average compared to funds in the Small Blend category. DFA US Micro Cap I has an expense ratio of 0.41%, which is 61% lower than its category average, making the fund expense ratio grade a A. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. DFA US Micro Cap I has a portfolio turnover rate of 9%, indicating that holds its assets around 0.1 years. By way of comparison, the average portfolio turnover is 65% for the Small Blend category.
Recently, in the month of June 2026, DFA US Micro Cap I returned 7.9%, which earned it a grade of A, as the Small Blend category had an average return of 5.9%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
DFA US Micro Cap I has a trailing yield of 0.84%, which is above the 0.41% category average. The fund normally distributes its income quarterly and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
DFA US Micro Cap I Grades
Year to date, the fund has returned 25.3%, 3.6 percentage points better than the category, which translates into a grade of A. The fund has returned 40.5% over the past year (grade of B), 19.2% over the past three years (grade of B) and 10.7% per year over the past five years (grade of A) and 12.5% per year over the past 10 years (grade of A).
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DFSCX Trailing NAV Total Returns Data as of 6/30/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| DFSCX Return (NAV) | 7.9% | 20.2% | 40.5% | 19.2% | 10.7% | 12.5% |
| DFSCX Grade | A | C | B | B | A | A |
| +/- Category | 2.0% | 0.4% | 6.6% | 2.8% | 2.8% | 1.3% |
| Small Blend Avg | 5.9% | 19.8% | 33.9% | 16.4% | 7.9% | 11.2% |
| DFSCX Tax Cost Ratio | na | na | 0.4% | 0.5% | 1.1% | 1.0% |
DFSCX Annual NAV Total ReturnsData as of 6/30/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| DFSCX Return (NAV) | 25.3% | 9.7% | 11.4% | 17.9% | -12.5% | 33.5% | 6.6% | 20.7% | -11.6% | 11.2% | 25.6% |
| DFSCX Grade | A | B | C | B | A | A | F | F | C | D | A |
| +/- Category | 3.6% | 1.7% | -0.1% | 1.4% | 4.0% | 10.3% | -7.8% | -4.8% | 0.2% | -2.9% | 5.4% |
| Small Blend Avg | 21.7% | 7.9% | 11.6% | 16.5% | -16.5% | 23.2% | 14.4% | 25.5% | -11.8% | 14.1% | 20.2% |
| Risk Measures | |
| Standard Deviation: | 19.0% |
| Total Risk Index: | 1.57 - High |
| Category Risk Index: | 1.03 - Above Average |
| Category Risk Grade: | D (70% Rank) |
| Beta: | 1.04 |
| R-Squared: | 51% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Small-Cap Blend |
| Bond Investment Style: | na |
| Yield: | 0.8% |
| Dividend Distribution: | Quarterly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $8078 Mil |
| Fund Total Assets: | $7,922 Mil |
| Share Class Type: | Inst |
| Portfolio Turnover: | 9% |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 14.4 years | |||
| Average Tenure: 10.5 years | |||
| Managers (Year): Fogdall Jed (2012), Schneider Joel (2015), Leblond Marc (2020) | |||
Portfolio Composition (as of 5/31/26)
| # of Holdings: | 1785 |
| % in Top 10 Holdings: | 11.5% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 2.1% |
Portfolio Allocation |
|
| Domestic Stock: | 89.9% |
| Foreign Stock: | 2.1% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 8.0% |
Purchase Information
| Fund Family: | Dimensional Fund Advisors |
| Phone Number: | 888-576-1167 |
| Website: | www.dimensional.com |
| Status: | Open |
| Inception Date: | December 23, 1981 |
| Min. Initial Purchase: | $ 0 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | na |
Expenses and Fees | |
| Expense Ratio (%): | 0.41% ( Rating : Avg ) |
| Category Average Expense Ratio (%): | 1.05% |
| Share Class: | DFA US Micro Cap I |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
