Fund Evaluator:
FullerThaler Behavrl Uncnstd Eq (FTZIX)
Follow This Fund
Best Performing in Mid-Cap Blend Over the Last Year
| 67.2% | Paradigm Select (PFSLX) |
| 39.8% | ICON Equity Investor (ISTAX) |
| 32.4% | Fidelity Advisor Mid Cap II Z (FZAMX) |
| 31.5% | Vanguard Strategic Equity Inv (VSEQX) |
| 29.8% | CRM All Cap Value Inv (CRMEX) |
Fund Details
FullerThaler Behavrl Uncnstd Eq Overview
FullerThaler Behavrl Uncnstd Eq (FTZIX) is an actively managed U.S. Equity Mid-Cap Blend fund. FullerThaler launched the fund in 2018.
The investment seeks long-term capital appreciation. 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 companies of all market capitalizations 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. The fund is non-diversified.
About FullerThaler Behavrl Uncnstd Eq (FTZIX)
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 3000 TR USD index with a weighting of 100% and Russell Mid Cap TR USD index with a weighting of 100%. FullerThaler Behavrl Uncnstd Eq has 24 securities in its portfolio. The top 10 holdings constitute 44.8% of the fund’s assets. The fund meets the SEC requirement of being classified as a nondiversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
FullerThaler Behavrl Uncnstd Eq is part of the Equity global asset class and is within the U.S. Equity fund group. FullerThaler Behavrl Uncnstd Eq has 0.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 98.9%. 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 Behavrl Uncnstd Eq has 1.2% of the portfolio in cash.
Assets Under Management
The fund has $877 million in total assets, which is below the $1 billion average for the Mid-Cap 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.
FTZIX 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 Behavrl Uncnstd Eq expense ratio is high compared to funds in the Mid-Cap Blend category. FullerThaler Behavrl Uncnstd Eq has an expense ratio of 0.99%, which is 1% higher than its category average, making the fund expense ratio grade a C. 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 Behavrl Uncnstd Eq has a portfolio turnover rate of 20%, indicating that holds its assets around 0.1 years. By way of comparison, the average portfolio turnover is 51% for the Mid-Cap Blend category.
Recently, in the month of July 2026, FullerThaler Behavrl Uncnstd Eq returned -1.6%, which earned it a grade of C, as the Mid-Cap Blend category had an average return of -1.8%. 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 Behavrl Uncnstd Eq has a trailing yield of 0.04%, which is below the 0.48% 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.
FullerThaler Behavrl Uncnstd Eq Grades
Year to date, the fund has returned 23.9%, 10.9 percentage points better than the category, which translates into a grade of A. The fund has returned 41.9% over the past year (grade of A), 25.8% over the past three years (grade of A) and 14.4% per year over the past five years (grade of A).
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 FullerThaler Behavrl Uncnstd Eq, including its riskiness, submit your email to unlock the rest of the article.
Gain access to exclusive AAII member-only content.
FTZIX 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 |
|
| FTZIX Return (NAV) | -1.6% | 9.9% | 41.9% | 25.8% | 14.4% | na |
| FTZIX Grade | C | A | A | A | A | na |
| +/- Category | 0.2% | 6.1% | 24.1% | 13.1% | 6.7% | na |
| Mid-Cap Blend Avg | -1.8% | 3.9% | 17.8% | 12.7% | 7.6% | 10.3% |
| FTZIX Tax Cost Ratio | na | na | 0.0% | 0.1% | 0.0% | na |
FTZIX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| FTZIX Return (NAV) | 23.9% | 22.6% | 25.3% | 27.2% | -21.3% | 25.3% | 19.6% | 33.7% | na | na | na |
| FTZIX Grade | A | A | A | A | F | C | A | A | na | na | na |
| +/- Category | 10.9% | 14.7% | 11.8% | 10.8% | -6.2% | 1.0% | 6.3% | 5.2% | na | na | na |
| Mid-Cap Blend Avg | 13.0% | 7.9% | 13.5% | 16.4% | -15.1% | 24.3% | 13.3% | 28.5% | -10.3% | 16.1% | 14.6% |
| Risk Measures | |
| Standard Deviation: | 16.4% |
| Total Risk Index: | 1.33 - Above Average |
| Category Risk Index: | 1.04 - Above Average |
| Category Risk Grade: | D (75% Rank) |
| Beta: | 0.96 |
| R-Squared: | 58% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Mid-Cap Blend |
| Bond Investment Style: | na |
| Yield: | 0.0% |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | |
| Total Assets: | $1052 Mil |
| Fund Total Assets: | $ 878 Mil |
| Share Class Type: | Inst |
| Portfolio Turnover: | 20% |
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: | 24 |
| % in Top 10 Holdings: | 44.8% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 0.0% |
Portfolio Allocation |
|
| Domestic Stock: | 98.9% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 1.2% |
Purchase Information
| Fund Family: | FullerThaler |
| Phone Number: | 888-912-4562 |
| Website: |
| Status: | Open |
| Inception Date: | December 26, 2018 |
| Min. Initial Purchase: | $100,000 |
| Min. Initial IRA Purchase: | $100,000 |
| 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 (%): | 0.99% ( Rating : High ) |
| Category Average Expense Ratio (%): | 0.98% |
| Share Class: | FullerThaler Behvrll Uncnstd Eq R6 |
| Min. Subsequent Purchase: | $ 50 |
| Min. Subsequent IRA Purchase: | $ 50 |
