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Nobel Prize winner Thaler helps run a fund that’s nearly doubled the S&P since the bull market b

  • CNBC
  • Oct 9, 2017
  • 1 min read

Richard Thaler, winner of the 2017 Nobel Prize in economics for his work in behavioral economics, is also principal at Fuller & Thaler Asset Management, which runs funds that have outperformed the broader market.


 
 
 

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The Behavioral Edge

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Copyright 2018 Fuller & Thaler. All rights reserved.

Source: Morningstar Direct. Copyright 2019 Morningstar, Inc. All Rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

 

The FTHSX was ranked in the Morningstar US Equity Small Cap Blend category as of 12/31/18 for the following time periods: one-year: 451 out of 786 funds, three-year: 26 out of 738 funds, five-year: 4 out of 671 funds, and since inception: 7 out of 595 funds. Rating as of 12/31/18: Overall: 5 stars; Three-year rating: 5 stars, 644 funds; Five-year rating: 5 stars, 541 funds based on risk-adjusted returns. The rating is for the Institutional Share Class (FTHSX), Investor Share Class (FTHNX) and R6 Share Class (FTHFX) only.

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Mutual fund investing involves risk, including loss of principal.  There is no guarantee that this, or any, investment strategy will succeed; the strategy is not an indicator of future performance, and investment results may vary.  Diversification does not ensure a profit or guarantee against loss.  Small cap investing involves risks not associated with investing in more established companies, such as greater price volatility, business risk, less liquidity and increased competitive threat. Fund returns include the reinvestment of all dividend and interest income. In comparing a Fund’s performance to any market index, prospective investors should note the following differences: indices are generally more diversified and represent only unmanaged results of long investment; a strategy may not be as diversified, more volatile, is actively managed and may short securities.

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"The Morningstar Rating for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history.  Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes.  It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance.  The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star.  The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics.  The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns.  While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods."

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The Fund’s investment adviser, Fuller & Thaler Asset Management, Inc. (“Fuller & Thaler” or the “Adviser”) has contractually agreed to waive its management fee and/or reimburse Fund expenses so that total annual operating expenses for the Fuller & Thaler Funds as stated below through January 31, 2020:

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Fuller & Thaler Behavioral Small-Cap Equity Fund do not exceed 1.30%, 1.80%, 1.25%, 0.99% and 0.80% for A Shares, C Shares, Investor Shares, Institutional Shares and R6 Shares, respectively.

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Fuller & Thaler Behavioral Small-Cap Growth Fund do not exceed 1.30%, 1.80%, 1.25%, 0.99% and 0.90% for A Shares, C Shares, Investor Shares, Institutional Shares and R6 Shares, respectively.

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Fuller & Thaler Behavioral Mid-Cap Value Fund do not exceed 1.15%, 0.90% and 0.80% for Investor Shares, Institutional Shares and R6 Shares, respectively.

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**No minimum initial investment for certain investors including group retirement plans. The expense limitation does not apply to (i) interest; (ii) taxes; (iii) brokerage fees and commissions; (iv) other extraordinary expenses not incurred in the ordinary course of the Fund's business; and (v) indirect expenses such as acquired fund fees and expenses.

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Investors should consider the investment objectives, risks, and charges and expenses of the fund carefully before investing.  The prospectus contains this and other information about the fund and may be obtained on this website or by calling 888-912-4562.  The prospectus should be read carefully before investing.

 

The Russell 2000 Index and the S&P 500 Index are widely recognized unmanaged indices of equity securities and are representative of a broader domestic equity market and range of securities than is found in the Fund's portfolio.  The Russell 2000 measures the performance of the small cap segment of the US equity universe.  The Russell 2000 is a subset of the Russell 3000 Index and represents approximately 10% of total market capitalization of that index.  Individuals cannot invest directly in an index. The Russell 2000® Growth Index measures the performance of those Russell 2000 companies with higher price/book ratios and higher forecasted growth values. Unless otherwise noted, index returns reflect the reinvestment of income dividends and capital gains, if any, but do not reflect fees, brokerage commissions or other expenses of investing. Individuals cannot invest directly in an index. The Russell MidCap® Value Index measures the performance of those Russell Midcap companies with lower price/book ratios and lower forecasted growth values. The stocks are also members of the Russell 1000® Value Index. Unless otherwise noted, index returns reflect the reinvestment of income dividends and capital gains, if any, but do not reflect fees, brokerage commissions or other expenses of investing. Individuals cannot invest directly in an index.

Fuller and Thaler Asset Management is the adviser to the Fuller & Thaler Funds. The Fuller & Thaler Funds are distributed by Unified Financial Securities, LLC. (Member FINRA).

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The Behavioral Edge® is a registered trademark of Fuller & Thaler Asset Management, Inc.

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