Fund Evaluator:

First American Multi-ManagerDomstEqInstl Overview

First American Multi-ManagerDomstEqInstl (FAEQX) is an actively managed U.S. Equity Large Blend fund. First American launched the fund in 2017.

The investment seeks to provide long-term capital appreciation. In seeking long-term capital appreciation, the fund will invest at least 80% of its net assets plus borrowings for investment purposes in equity securities of U.S. based companies, and in derivatives and other instruments that have economic characteristics similar to such securities, and ETFs and other registered investment companies investing in equity securities of U.S. based companies. Its investments in equity securities of U.S. based companies typically consist primarily of common stocks, including initial public offerings (“IPOs”), but may also include preferred stocks of such companies.

About First American Multi-ManagerDomstEqInstl (FAEQX)

There are 16 members of the management team with an average tenure of 1.94 years: Alex Lai (2026), Kurt Livermore (2026), Peter Kashanek (2026), Walter Scully (2025), Brendan O'Neill (2021), Ciprian Marin (2026), Thomas Hynes (2021), Surya Pisapati (2017), Arthur Yeager (2024), Matt Unger (2025), Bryan Wong (2025), Owen Fitzpatrick (2021), Patrick Mahoney (2023), Jim Callinan (2025), James Palmer (2025), Paul Moghtader (2026). Management tenure is more important for actively managed funds than passive index funds.

The fund has 1 primary benchmark: Russell 3000 TR USD index with a weighting of 100%. First American Multi-ManagerDomstEqInstl has 562 securities in its portfolio. The top 10 holdings constitute 60.1% 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.

First American Multi-ManagerDomstEqInstl is part of the Equity global asset class and is within the U.S. Equity fund group. First American Multi-ManagerDomstEqInstl has 0.9% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 97.9%. There is 0.9% 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). First American Multi-ManagerDomstEqInstl has 1.2% of the portfolio in cash.

Assets Under Management

The fund has $1 billion in total assets, which is below the $6 billion average for the Large 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.

FAEQX 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 First American Multi-ManagerDomstEqInstl expense ratio is below average compared to funds in the Large Blend category. First American Multi-ManagerDomstEqInstl has an expense ratio of 0.39%, which is 52% 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. First American Multi-ManagerDomstEqInstl has a portfolio turnover rate of 40%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 48% for the Large Blend category.

Recently, in the month of July 2026, First American Multi-ManagerDomstEqInstl returned 0.3%, which earned it a grade of C, as the Large Blend category had an average return of 0.4%. 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.

First American Multi-ManagerDomstEqInstl has a trailing yield of 0.69%, which is above the 0.56% category average. The fund normally distributes its income 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.

First American Multi-ManagerDomstEqInstl Grades

Year to date, the fund has returned 10.7%, 1.4 percentage points better than the category, which translates into a grade of B. The fund has returned 19.9% over the past year (grade of B), 17.8% over the past three years (grade of C) and 10.8% per year over the past five years (grade of D).

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