Fund Evaluator:
FullerThaler Behavioral Sm-Cp Eq Inv (FTHNX)
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Fund Details
FullerThaler Behavioral Sm-Cp Eq Inv Overview
FullerThaler Behavioral Sm-Cp Eq Inv (FTHNX) is an actively managed U.S. Equity Small Blend fund. FullerThaler launched the fund in 2011.
The investment seeks long-term capital appreciation. The fund invests at least 80% of its net assets (plus borrowings for investment purposes) in common stocks of small capitalization companies based in the U.S. The fund managers consider a company to be based in the U.S. if it is publicly traded in the U.S. and it satisfies one or more of the following additional criteria: it is incorporated in the U.S., it is headquartered in the U.S., its reported assets are primarily located in the U.S., or it derives the majority of its revenue from the U.S.
About FullerThaler Behavioral Sm-Cp Eq Inv (FTHNX)
There are 3 members of the management team with an average tenure of 8.48 years: Raife Giovinazzo (2013), Jasmine Zhang (2025), Frederick Stanske, CFA (2015). 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 2000 TR USD index with a weighting of 100%. FullerThaler Behavioral Sm-Cp Eq Inv has 116 securities in its portfolio. The top 10 holdings constitute 28.0% 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 Behavioral Sm-Cp Eq Inv is part of the Equity global asset class and is within the U.S. Equity fund group. FullerThaler Behavioral Sm-Cp Eq Inv has 2.3% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 92.2%. There is 2.3% 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 Behavioral Sm-Cp Eq Inv has 5.6% of the portfolio in cash.
Assets Under Management
The fund has $677 million in total assets, which is below 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.
FTHNX 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 Behavioral Sm-Cp Eq Inv expense ratio is high compared to funds in the Small Blend category. FullerThaler Behavioral Sm-Cp Eq Inv has an expense ratio of 1.05%, which is the same as 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 Behavioral Sm-Cp Eq Inv has a portfolio turnover rate of 28%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 65% for the Small Blend category.
Recently, in the month of June 2026, FullerThaler Behavioral Sm-Cp Eq Inv returned 4.7%, which earned it a grade of D, 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.
FullerThaler Behavioral Sm-Cp Eq Inv has a trailing yield of 0.25%, which is below the 0.41% 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 Behavioral Sm-Cp Eq Inv Grades
Year to date, the fund has returned 15.1%, 6.6 percentage points worse than the category, which translates into a grade of F. The fund has returned 29.1% over the past year (grade of D), 19.0% over the past three years (grade of B) and 12.3% per year over the past five years (grade of A) and 14.2% per year over the past 10 years (grade of A).
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FTHNX 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 |
|
| FTHNX Return (NAV) | 4.7% | 14.5% | 29.1% | 19.0% | 12.3% | 14.2% |
| FTHNX Grade | D | F | D | B | A | A |
| +/- Category | -1.2% | -5.3% | -4.8% | 2.7% | 4.4% | 3.0% |
| Small Blend Avg | 5.9% | 19.8% | 33.9% | 16.4% | 7.9% | 11.2% |
| FTHNX Tax Cost Ratio | na | na | 0.1% | 0.8% | 0.7% | 0.4% |
FTHNX Annual NAV Total ReturnsData as of 6/30/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| FTHNX Return (NAV) | 15.1% | 11.7% | 15.9% | 22.2% | -7.7% | 30.4% | 10.1% | 27.7% | -13.4% | 17.3% | 29.6% |
| FTHNX Grade | F | B | A | A | A | A | D | B | D | A | A |
| +/- Category | -6.6% | 3.8% | 4.3% | 5.7% | 8.8% | 7.1% | -4.3% | 2.3% | -1.6% | 3.2% | 9.4% |
| 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: | 16.2% |
| Total Risk Index: | 1.33 - Above Average |
| Category Risk Index: | 0.88 - Low |
| Category Risk Grade: | A (8% Rank) |
| Beta: | 0.95 |
| R-Squared: | 59% |
| 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: | $12148 Mil |
| Fund Total Assets: | $ 678 Mil |
| Share Class Type: | Inv |
| Portfolio Turnover: | 28% |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 13.3 years | |||
| Average Tenure: 8.5 years | |||
| Managers (Year): Giovinazzo Raife (2013), Stanske, CFA Frederick (2015), Zhang Jasmine (2025) | |||
Portfolio Composition (as of 4/30/26)
| # of Holdings: | 116 |
| % in Top 10 Holdings: | 28.0% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 2.3% |
Portfolio Allocation |
|
| Domestic Stock: | 92.2% |
| Foreign Stock: | 2.3% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 5.6% |
Purchase Information
| Fund Family: | FullerThaler |
| Phone Number: | 888-912-4562 |
| Website: |
| Status: | Closed |
| Inception Date: | September 8, 2011 |
| Min. Initial Purchase: | $1,000 |
| Min. Initial IRA Purchase: | $1,000 |
| 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 (%): | 1.05% ( Rating : High ) |
| Category Average Expense Ratio (%): | 1.05% |
| Share Class: | FullerThaler Behavioral Sm-Cp Eq R6 |
| Min. Subsequent Purchase: | $ 50 |
| Min. Subsequent IRA Purchase: | $ 50 |
