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Critical Facts You Need to Know About Preferred Stocks
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Name
As of 12/09/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
YTD Return
23.7%
1 yr return
31.0%
3 Yr Avg Return
12.8%
5 Yr Avg Return
15.5%
Net Assets
$8.93 B
Holdings in Top 10
24.8%
Expense Ratio 1.05%
Front Load N/A
Deferred Load N/A
Turnover 31.00%
Redemption Fee N/A
Standard (Taxable)
$1,000
IRA
N/A
Fund Type
Open End Mutual Fund
Name
As of 12/09/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
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 capitalization (“small-cap”) companies based in the U.S. (“80% Policy”). The Fund must provide shareholders with 60 days’ prior written notice if it changes its 80% Policy. The Fund considers 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. The Fund defines small-cap companies as companies whose market capitalizations are generally in the lowest 10% of total market capitalization or companies whose market capitalizations are smaller than or equal to the largest company in the Russell 2000® Index, whichever results in the higher market capitalization break. Total market capitalization is based on the market capitalization of U.S. operating companies listed on the New York Stock Exchange (“NYSE”), NYSE American LLC, Nasdaq Global Market®, Nasdaq Capital Market®, or such other securities exchanges deemed appropriate by the Adviser. Under the Adviser’s market capitalization guidelines described above, based on market capitalization data as of September 30, 2023, the market capitalization of a small cap company would be $14.51 billion or below. This dollar amount will change due to market conditions. The size of the companies included in the Russell 2000® Index will change as a result of market conditions and reconstitution of the Index.
The Fund seeks to achieve its investment objective by building a diversified portfolio of U.S. stocks in a disciplined process that applies the proprietary research of FullerThaler, the Fund’s investment adviser, on the behavioral biases of other investors. FullerThaler’s investment process is based on decades of research into behavioral finance. Behavioral finance is the study of how investors actually behave, as opposed to how they should behave, when making investment decisions. Professional investors are human, and like all humans, they make mistakes. Investors make mistakes because they have emotions, use imperfect rules of thumb, and have priorities beyond risk and return. FullerThaler’s process identifies and exploits those mistakes. The Adviser’s analysis includes making educated predictions of when other investors – the “market” – have likely made a behavioral mistake, and in turn, have created a buying opportunity. There are two kinds of mistakes that produce buying opportunities: over-reaction and under-reaction. Investors may over-react to bad news and losses (e.g., panic) that may present opportunities in typically value-oriented stocks, or they may under-react to good news (e.g., not pay attention) that may present opportunities in typically growth-oriented stocks. At the individual stock level, FullerThaler searches for events related to insider buying, earnings announcements, and other news that suggest these types of investor misbehavior (over-reaction or under-reaction) and draws from its more than 30 years of experience in analyzing events that suggest investor misbehavior. If these behaviors are present, FullerThaler then proceeds to its fundamental analysis of the company. In summary, if an investor mistake is likely and the company has solid fundamentals, the portfolio managers buy the stock. The portfolio managers generally sell when they believe investor misbehavior has reversed or the firm’s fundamentals deteriorate. There is no set length of time that the Fund expects to hold a particular security. The Fund seeks to deliver similar risk characteristics to the Russell 2000® Index.
The Fund may also invest a portion of its assets in real estate investment trusts (“REITs”) whose investment characteristics are consistent with the Fund’s principal investment strategy. REITs are pooled investment vehicles that generally invest in income-producing real estate or real estate-related loans or interests. The Fund will generally invest in liquid REITs that are included in the Russell 2000® Index, the Fund’s benchmark index.
The Fund may also lend portfolio securities to brokers, dealers and other financial organizations that meet capital and other credit requirements or other criteria established by the Fund’s Board. Loans of portfolio securities will be collateralized by liquid securities and cash. The Fund may invest cash collateral received in securities consistent with its principal investment strategy.
The Fund may invest in multiple sectors, and may concentrate its investments in a particular sector by investing greater than 25% of the Fund’s total assets in such sector when its Behavioral Strategy indicates that such concentration would be appropriate from an investment perspective. The Fund does not have a pre-conceived intention to invest in any particular sector. The Fund will not invest more than 25% of its net assets in any particular “industry” as that term is used in the Investment Company Act of 1940, as amended. The Fund typically expects to hold from 70 to 140 positions, with individual position sizes typically ranging up to 5% of the Fund’s net assets. Before trading, the portfolio managers review the portfolio’s characteristics relative to its benchmark, and may adjust position sizes to control exposures to sectors, volatility in relation to the market, and other characteristics.
Period | FTHNX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 23.7% | -1.0% | 29.9% | 9.90% |
1 Yr | 31.0% | 0.0% | 40.0% | 12.76% |
3 Yr | 12.8%* | -11.1% | 45.3% | 3.66% |
5 Yr | 15.5%* | -12.4% | 34.8% | 2.21% |
10 Yr | N/A* | -2.9% | 18.5% | 2.66% |
* Annualized
Period | FTHNX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 20.2% | -19.9% | 29.0% | 5.74% |
2022 | -8.6% | -59.3% | 118.2% | 2.12% |
2021 | 25.8% | -31.6% | 39.3% | 6.84% |
2020 | 9.9% | -51.0% | 39.5% | 54.31% |
2019 | 27.6% | -5.6% | 37.8% | 5.44% |
Period | FTHNX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 23.7% | -1.0% | 29.9% | 9.90% |
1 Yr | 31.0% | 0.0% | 40.0% | 12.76% |
3 Yr | 12.8%* | -11.1% | 45.3% | 3.66% |
5 Yr | 15.5%* | -12.4% | 34.8% | 2.21% |
10 Yr | N/A* | -2.9% | 18.5% | 2.26% |
* Annualized
Period | FTHNX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 22.2% | -11.7% | 31.8% | 5.35% |
2022 | -7.7% | -45.2% | 123.7% | 5.19% |
2021 | 30.4% | 0.0% | 45.6% | 11.72% |
2020 | 10.1% | -50.5% | 46.9% | 66.73% |
2019 | 27.7% | 2.2% | 40.9% | 19.04% |
FTHNX | Category Low | Category High | FTHNX % Rank | |
---|---|---|---|---|
Net Assets | 8.93 B | 555 K | 145 B | 3.99% |
Number of Holdings | 127 | 2 | 2445 | 57.22% |
Net Assets in Top 10 | 2.58 B | 124 K | 10.3 B | 2.09% |
Weighting of Top 10 | 24.84% | 3.1% | 100.1% | 27.48% |
Weighting | Return Low | Return High | FTHNX % Rank | |
---|---|---|---|---|
Stocks | 95.18% | 4.44% | 107.74% | 90.68% |
Cash | 8.17% | 0.00% | 27.02% | 7.98% |
Preferred Stocks | 0.00% | 0.00% | 5.13% | 13.31% |
Other | 0.00% | -0.07% | 49.08% | 51.33% |
Convertible Bonds | 0.00% | 0.00% | 3.17% | 12.76% |
Bonds | 0.00% | 0.00% | 102.81% | 19.58% |
Weighting | Return Low | Return High | FTHNX % Rank | |
---|---|---|---|---|
Industrials | 23.09% | 2.46% | 37.42% | 14.81% |
Technology | 18.17% | 0.00% | 43.95% | 12.50% |
Financial Services | 15.21% | 0.00% | 35.52% | 56.92% |
Consumer Cyclical | 14.22% | 0.99% | 47.79% | 10.58% |
Healthcare | 12.36% | 0.00% | 26.53% | 55.00% |
Communication Services | 4.54% | 0.00% | 14.85% | 9.81% |
Energy | 3.37% | 0.00% | 37.72% | 80.58% |
Real Estate | 3.15% | 0.00% | 29.43% | 88.27% |
Basic Materials | 2.47% | 0.00% | 18.66% | 92.50% |
Consumer Defense | 2.12% | 0.00% | 18.87% | 85.77% |
Utilities | 1.29% | 0.00% | 18.58% | 78.27% |
Weighting | Return Low | Return High | FTHNX % Rank | |
---|---|---|---|---|
US | 95.18% | 2.58% | 107.74% | 86.31% |
Non US | 0.00% | 0.00% | 97.07% | 25.10% |
FTHNX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Expense Ratio | 1.05% | 0.01% | 38.30% | 50.76% |
Management Fee | 0.60% | 0.00% | 1.50% | 27.86% |
12b-1 Fee | 0.25% | 0.00% | 1.00% | 29.17% |
Administrative Fee | 0.20% | 0.01% | 0.45% | 74.39% |
FTHNX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Front Load | N/A | 3.50% | 5.75% | 51.02% |
Deferred Load | N/A | 1.00% | 5.00% | N/A |
FTHNX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Max Redemption Fee | N/A | 1.00% | 2.00% | N/A |
Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.
FTHNX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Turnover | 31.00% | 1.00% | 314.00% | 29.14% |
FTHNX | Category Low | Category High | FTHNX % Rank | |
---|---|---|---|---|
Dividend Yield | 0.65% | 0.00% | 42.47% | 55.51% |
FTHNX | Category Low | Category High | Category Mod | |
---|---|---|---|---|
Dividend Distribution Frequency | Annual | Annual | Quarterly | Annual |
FTHNX | Category Low | Category High | FTHNX % Rank | |
---|---|---|---|---|
Net Income Ratio | 1.01% | -2.40% | 2.49% | 12.50% |
FTHNX | Category Low | Category High | Capital Mode | |
---|---|---|---|---|
Capital Gain Distribution Frequency | Annually | Annually | Semi-Annually | Annually |
Date | Amount | Type |
---|---|---|
Dec 05, 2024 | $0.016 | CapitalGainShortTerm |
Dec 05, 2024 | $3.286 | CapitalGainLongTerm |
Dec 21, 2023 | $0.315 | OrdinaryDividend |
Dec 05, 2023 | $0.346 | CapitalGainLongTerm |
Dec 22, 2022 | $0.155 | OrdinaryDividend |
Dec 06, 2022 | $0.173 | CapitalGainLongTerm |
Dec 22, 2021 | $0.056 | OrdinaryDividend |
Dec 22, 2021 | $0.201 | CapitalGainLongTerm |
Dec 07, 2021 | $1.077 | CapitalGainLongTerm |
Dec 22, 2020 | $0.033 | OrdinaryDividend |
Dec 31, 2019 | $0.001 | Extra |
Dec 13, 2019 | $0.028 | OrdinaryDividend |
Dec 13, 2018 | $0.045 | OrdinaryDividend |
Dec 13, 2017 | $0.023 | OrdinaryDividend |
Dec 20, 2016 | $0.076 | OrdinaryDividend |
Dec 22, 2015 | $0.269 | OrdinaryDividend |
Dec 22, 2015 | $0.033 | CapitalGainShortTerm |
Dec 22, 2015 | $2.222 | CapitalGainLongTerm |
Start Date
Tenure
Tenure Rank
Feb 28, 2013
9.26
9.3%
Dr. Giovinazzo is the lead portfolio manager of the Behavioral Small-Cap Equity strategy and has ultimate decision-making authority for all investment aspects of the strategy. He is also responsible for research using market insights and behavioral finance to enhance the investment process. Dr. Giovinazzo has been in the financial industry since 1995. Prior to joining Fuller & Thaler, Dr. Giovinazzo was a researcher and co-portfolio manager with Blackrock's Scientific Active Equity group (formerly Barclays Global Investors). His previous experience also includes investment and consulting work with Wellington Management, Marsh & McLennan, and Mercer Management Consulting (now Oliver Wyman). Dr. Giovinazzo received his BA in sociology from Princeton, and his MBA in analytic finance, economics, and statistics, as well as a PhD in finance from the Booth School of Business at the University of Chicago. He wrote his undergraduate thesis for Dr. Kahneman (winner of the 2002 Nobel Prize in Economics) while at Princeton, and Dr. Thaler (“Father of Behavioral Finance” and winner of the 2017 Nobel Prize in Economics) was his dissertation co-chair at the University of Chicago. Dr. Giovinazzo holds the Chartered Financial Analyst designation and is a member of the CFA Society of San Francisco. He is an owner of the firm and a member of the Board of Directors.
Start Date
Tenure
Tenure Rank
Oct 31, 2015
6.59
6.6%
Mr. Stanske is responsible for managing the Small-Cap Growth and Micro-Cap disciplines at Fuller & Thaler and has ultimate decision-making authority for all investment aspects of his strategies. He has been with the firm since 1996 and has been in the financial industry since 1987. Prior to joining the firm, he spent over ten years as an analyst and portfolio manager at Farmers Insurance Group and then at Fisher Investments. Earlier in his career, Mr. Stanske worked in the corporate sector as an analyst. He received a BS from the University of Denver and an MBA from the University of Chicago. Mr. Stanske is a member of the CFA Institute and the CFA Society of San Francisco. He holds the Chartered Financial Analyst designation. Mr. Stanske is an owner of the firm and a member of the Board of Directors.
Category Low | Category High | Category Average | Category Mode |
---|---|---|---|
0.08 | 49.61 | 7.17 | 2.58 |
Dividend Investing Ideas Center
Have you ever wished for the safety of bonds, but the return potential...
Dividend Investing Ideas Center
If you are reaching retirement age, there is a good chance that you...
Dividend Investing Ideas Center
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