Fund Evaluator:
FullerThaler Behvrl S-M Cor Eq A (FTSAX)
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Best Performing in Small Blend Over the Last Year
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Fund Details
FullerThaler Behvrl S-M Cor Eq A Overview
FullerThaler Behvrl S-M Cor Eq A (FTSAX) is an actively managed U.S. Equity Small Blend fund. FullerThaler launched the fund in 2022.
The investment seeks long-term capital appreciation. Under normal circumstances, the fund seeks to achieve its objective by investing at least 80% of its net assets (plus borrowings for investment purposes) in common stocks of small to medium capitalization companies based in the U.S. ("80% Policy"). It may invest a portion of its assets in real estate investment trusts ("REITs"), Business Development Companies (BDCs), and Exchange Traded Funds (ETFs) whose investment characteristics are consistent with the fund's principal investment strategy.
About FullerThaler Behvrl S-M Cor Eq A (FTSAX)
There are 2 members of the management team with an average tenure of 7.62 years: Raymond Lin (2018), Raife Giovinazzo (2018). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: Russell 1000 Equal Weight TR USD index with a weighting of 100% and Russell 2500 TR USD index with a weighting of 100%. FullerThaler Behvrl S-M Cor Eq A has 55 securities in its portfolio. The top 10 holdings constitute 27.1% 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.
FullerThaler Behvrl S-M Cor Eq A is part of the Equity global asset class and is within the U.S. Equity fund group. FullerThaler Behvrl S-M Cor Eq A has 0.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 97.3%. There is 0.0% 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). FullerThaler Behvrl S-M Cor Eq A has 2.7% of the portfolio in cash.
Assets Under Management
The fund has $2 million in total assets, which is below the $685 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.
FTSAX 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 FullerThaler Behvrl S-M Cor Eq A expense ratio is high compared to funds in the Small Blend category. FullerThaler Behvrl S-M Cor Eq A has an expense ratio of 1.32%, which is 26% higher than its category average, making the fund expense ratio grade a D. 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. FullerThaler Behvrl S-M Cor Eq A has a portfolio turnover rate of 25%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 66% for the Small Blend category.
Recently, in the month of July 2026, FullerThaler Behvrl S-M Cor Eq A returned -1.1%, which earned it a grade of A, as the Small Blend category had an average return of -2.8%. 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.
FullerThaler Behvrl S-M Cor Eq A has a trailing yield of 0.30%, which is below the 0.42% 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.
FullerThaler Behvrl S-M Cor Eq A Grades
Year to date, the fund has returned 18.6%, 0.5 percentage points better than the category, which translates into a grade of C. The fund has returned 27.3% over the past year (grade of C), 12.5% over the past three years (grade of D) and 6.9% per year over the past five years (grade of D).
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FTSAX Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| FTSAX Return (NAV) | -1.1% | 4.8% | 27.3% | 12.5% | 6.9% | na |
| FTSAX Grade | A | C | C | D | D | na |
| +/- Category | 1.7% | -0.3% | -1.0% | -1.0% | -0.7% | na |
| Small Blend Avg | -2.8% | 5.2% | 28.3% | 13.5% | 7.6% | 10.3% |
| FTSAX Tax Cost Ratio | na | na | 0.1% | 0.2% | na | na |
FTSAX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| FTSAX Return (NAV) | 18.6% | 5.6% | 11.4% | 18.1% | -17.9% | 24.9% | 18.9% | 26.4% | na | na | na |
| FTSAX Grade | C | D | C | B | D | C | B | B | na | na | na |
| +/- Category | 0.5% | -2.3% | -0.1% | 1.6% | -1.4% | 1.6% | 4.5% | 0.9% | na | na | na |
| Small Blend Avg | 18.2% | 7.9% | 11.6% | 16.5% | -16.5% | 23.2% | 14.4% | 25.5% | -11.8% | 14.1% | 20.2% |
| Risk Measures | |
| Standard Deviation: | 15.1% |
| Total Risk Index: | 1.23 - Above Average |
| Category Risk Index: | 0.82 - Low |
| Category Risk Grade: | A (1% Rank) |
| Beta: | 0.82 |
| R-Squared: | 50% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Small-Cap Blend |
| Bond Investment Style: | na |
| Yield: | 0.3% |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | Annually |
| Total Assets: | $530 Mil |
| Fund Total Assets: | $ 2 Mil |
| Share Class Type: | A |
| Portfolio Turnover: | 25% |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 7.6 years | |||
| Average Tenure: 7.6 years | |||
| Managers (Year): Lin Raymond (2018), Giovinazzo Raife (2018) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 55 |
| % in Top 10 Holdings: | 27.1% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 0.0% |
Portfolio Allocation |
|
| Domestic Stock: | 97.3% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 2.7% |
Purchase Information
| Fund Family: | FullerThaler |
| Phone Number: | 888-912-4562 |
| Website: |
| Status: | Open |
| Inception Date: | March 10, 2022 |
| Min. Initial Purchase: | $1,000 |
| Min. Initial IRA Purchase: | $1,000 |
| True No-Load: | No |
| Front Load Maximum: | 5.75% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | 0.25% |
Expenses and Fees | |
| Expense Ratio (%): | 1.32% ( Rating : High ) |
| Category Average Expense Ratio (%): | 1.05% |
| Share Class: | FullerThaler Behvrl S-M Cor Eq Instl |
| Min. Subsequent Purchase: | $ 50 |
| Min. Subsequent IRA Purchase: | $ 50 |
