Fund Evaluator:
Emerald Bkg & Finac Evolution - Inv (FFBFX)
Follow This Fund
Best Performing in Financial Over the Last Year
| 35.6% | Hennessy Small Cap Financial Investor (HSFNX) |
| 31.2% | Fidelity Select Banking (FSRBX) |
| 28.0% | Rydex Banking Inv (RYKIX) |
| 25.5% | Gabelli Global Financial Services AAA (GAFSX) |
| 15.2% | Emerald Bkg & Finac Evolution - Inv (FFBFX) |
Fund Details
Emerald Bkg & Finac Evolution - Inv Overview
Emerald Bkg & Finac Evolution - Inv (FFBFX) is an actively managed Sector Equity Financial fund. Emerald launched the fund in 2010.
The investment seeks long-term growth through capital appreciation; income is a secondary objective. The fund has adopted an investment policy that it will, under normal conditions, invest at least 80% of the value of its assets (net assets plus the amount of any borrowings for investment purposes) in stocks (both common and preferred) of companies principally engaged in banking or financial services, and collective investment vehicles such as mutual funds and exchange-traded funds that invest in companies that are principally engaged in banking and financial services.
About Emerald Bkg & Finac Evolution - Inv (FFBFX)
There are 2 members of the management team with an average tenure of 21.84 years: Kenneth Mertz (1997), Steven Russell (2012). 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%. Emerald Bkg & Finac Evolution - Inv has 62 securities in its portfolio. The top 10 holdings constitute 43.4% 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.
Emerald Bkg & Finac Evolution - Inv is part of the Equity global asset class and is within the Sector Equity fund group. Emerald Bkg & Finac Evolution - Inv has 1.1% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 97.2%. There is 1.1% 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). Emerald Bkg & Finac Evolution - Inv has 1.7% of the portfolio in cash.
Assets Under Management
The fund has $5 million in total assets, which is below the $188 million average for the Financial 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.
FFBFX 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 Emerald Bkg & Finac Evolution - Inv expense ratio is high compared to funds in the Financial category. Emerald Bkg & Finac Evolution - Inv has an expense ratio of 1.89%, which is 42% higher than its category average, making the fund expense ratio grade a F. 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. Emerald Bkg & Finac Evolution - Inv has a portfolio turnover rate of 32%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 78% for the Financial category.
Recently, in the month of June 2026, Emerald Bkg & Finac Evolution - Inv returned 10.5%, which earned it a grade of A, as the Financial 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.
Emerald Bkg & Finac Evolution - Inv has a trailing yield of 0.00%, which is below the 1.05% category average. The fund normally distributes its income annually 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.
Emerald Bkg & Finac Evolution - Inv Grades
Year to date, the fund has returned 7.8%, 3.1 percentage points better than the category, which translates into a grade of B. The fund has returned 15.2% over the past year (grade of B), 21.4% over the past three years (grade of C) and -4.8% per year over the past five years (grade of F) and 5.2% per year over the past 10 years (grade of F).
For more mutual fund grades, analysis and screening tools to help your investment discovery, join AAII for a $2, full-access trial. Learn more here: https://invest.aaii.com/membership.
Otherwise, for more information about Emerald Bkg & Finac Evolution - Inv, including its riskiness, submit your email to unlock the rest of the article.
Gain access to exclusive AAII member-only content.
FFBFX 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 |
|
| FFBFX Return (NAV) | 10.5% | 20.4% | 15.2% | 21.4% | -4.8% | 5.2% |
| FFBFX Grade | A | A | B | C | F | F |
| +/- Category | 4.6% | 8.3% | 1.4% | -0.0% | -13.1% | -6.1% |
| Financial Avg | 5.9% | 12.1% | 13.8% | 21.4% | 8.3% | 11.3% |
| FFBFX Tax Cost Ratio | na | na | 0.0% | 0.4% | 1.1% | 1.1% |
FFBFX Annual NAV Total ReturnsData as of 6/30/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| FFBFX Return (NAV) | 7.8% | 12.0% | 16.3% | 15.6% | -55.9% | 39.0% | 11.9% | 20.5% | -19.5% | 12.6% | 28.1% |
| FFBFX Grade | B | C | F | B | F | B | A | F | F | D | B |
| +/- Category | 3.1% | -3.2% | -9.3% | 3.8% | -39.1% | 5.4% | 11.4% | -7.8% | -4.2% | -3.5% | 7.2% |
| Financial Avg | 4.7% | 15.3% | 25.6% | 11.8% | -16.8% | 33.6% | 0.5% | 28.3% | -15.3% | 16.1% | 20.9% |
| Risk Measures | |
| Standard Deviation: | 25.9% |
| Total Risk Index: | 2.13 - High |
| Category Risk Index: | 1.37 - High |
| Category Risk Grade: | F (102% Rank) |
| Beta: | 1.12 |
| R-Squared: | 30% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Small-Cap Blend |
| Bond Investment Style: | na |
| Yield: | 0.0% |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | Annually |
| Total Assets: | $48 Mil |
| Fund Total Assets: | $ 6 Mil |
| Share Class Type: | Inv |
| Portfolio Turnover: | 32% |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 29.4 years | |||
| Average Tenure: 21.8 years | |||
| Managers (Year): Mertz Kenneth (1997), Russell Steven (2012) | |||
Portfolio Composition (as of 4/30/26)
| # of Holdings: | 62 |
| % in Top 10 Holdings: | 43.4% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 1.1% |
Portfolio Allocation |
|
| Domestic Stock: | 97.2% |
| Foreign Stock: | 1.1% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 1.7% |
Purchase Information
| Fund Family: | Emerald |
| Phone Number: | 855-828-9909 |
| Website: | www.emeraldmutualfunds.com |
| Status: | Open |
| Inception Date: | March 16, 2010 |
| Min. Initial Purchase: | $2,000 |
| 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: | 0.25% |
Expenses and Fees | |
| Expense Ratio (%): | 1.89% ( Rating : High ) |
| Category Average Expense Ratio (%): | 1.33% |
| Share Class: | Emerald Bkg & Finac Evolution - A |
| Min. Subsequent Purchase: | $ 100 |
| Min. Subsequent IRA Purchase: | $ 0 |
