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FullerThaler Behavioral Small-Mid Core Equity Fund

Overview

U.S. small-mid core mutual fund seeks long-term capital appreciation with similar risk levels and characteristics to its benchmark, the Russell 2500® Index.

  • Seeks to capitalize on behavioral biases that may cause the market to over-react to old, negative information or under-react to new, positive information. 

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  •  Looks for companies with:

    • significant insider buying or stock repurchases (over-reaction)

    • large earnings surprises (under-reaction)​

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  • Looks Invests in domestic stocks with market capitalization similar to those included in the Russell 2500® Index

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Link to Morningstar Ratings

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The Behavioral Edge

Copyright 2024 FullerThaler. All rights reserved.

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- and mid-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.

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**By clicking the link above, you will be redirected to a website maintained by a third party.

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FullerThaler is a brand name of Fuller & Thaler Asset Management, Inc.

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The Fund’s investment adviser, Fuller & Thaler Asset Management, Inc. (“FullerThaler” or the “Adviser”) has contractually agreed to waive its management fee and/or reimburse Fund expenses so that total annual operating expenses for the FullerThaler Funds are as stated below through January 31, 2025:

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FullerThaler Behavioral Small-Cap Growth Fund does not exceed 1.30%, 1.80%, 1.25%, 0.96% and 0.86% for A Shares, C Shares, Investor Shares, Institutional Shares and R6 Shares, respectively.


FullerThaler Behavioral Mid-Cap Value Fund does not exceed 1.20%, 1.70%, 1.15%, 0.79% and 0.69% for A Shares, C Shares, Investor Shares, Institutional Shares and R6 Shares, respectively.


FullerThaler Behavioral Unconstrained Equity Fund does not exceed 1.30%, 1.80%, 0.97% and 0.87% for A Shares, C Shares, Institutional Shares and R6 Shares, respectively.


FullerThaler Behavioral Small-Mid Core Equity Fund does not exceed 1.26%, 1.76%, 0.87% and 0.77% for A Shares, C Shares, Institutional Shares and R6 Shares, respectively.


FullerThaler Behavioral Micro-Cap Equity Fund does not exceed 1.29% for Institutional Shares.


FullerThaler Behavioral Mid-Cap Equity Fund does not exceed 0.79% for Institutional Shares.


FullerThaler Behavioral Small-Cap Equity Fund does not exceed 1.04%,1.64%,1.05%.0.75%.0.64% for A Shares, C Shares, 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 (other than custodial overdraft fees and expenses associated with the Fund’s participation in an alternative liquidity program), (ii) taxes, (iii) brokerage fees and commissions, (iv) other extraordinary expenses not incurred in the ordinary course of the Fund’s business, (v) dividend expense on short sales, and (vi) indirect expenses such as acquired fund fees and expenses incurred by the Fund in any fiscal year.

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Gross Expense Ratios

FullerThaler Behavioral Small-Cap Growth Fund does not exceed 1.39%, 2.00%, 1.42%, 1.12% and 0.98% for A Shares, C Shares, Investor Shares, Institutional Shares and R6 Shares, respectively.

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FullerThaler Behavioral Mid-Cap Value Fund does not exceed 1.20%, 1.82%, 1.24%, 0.96% and 0.82% for A Shares, C Shares, Investor Shares, Institutional Shares and R6 Shares, respectively.

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FullerThaler Behavioral Unconstrained Equity Fund does not exceed 1.73%, 2.32%, 1.42% and 1.23% for A Shares, C Shares, Institutional Shares and R6 Shares, respectively​.

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FullerThaler Behavioral Small-Mid Core Equity Fund does not exceed 1.56%, 2.23%, 1.29% and 1.23% for A Shares, C Shares, Institutional Shares and R6 Shares, respectively​.

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FullerThaler Behavioral Micro-Cap Equity Fund does not exceed 2.13% for Institutional Shares.

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FullerThaler Behavioral Mid-Cap Equity Fund does not exceed 5.23% for Institutional Shares.

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FullerThaler Behavioral Small-Cap Equity Fund does not exceed 1.04%,1.64%,1.05%.0.75%.0.64% for A Shares, C Shares, Investor Shares, Institutional Shares, and R6 Shares, respectively.

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

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The Russell 2000® Index, Russell 2000® Growth, Russell MidCap® Value, Russell 3000®, Russell Micro-cap®, Russell 2500™, Russell MidCap®, 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.   The Russell 2000® Growth Index measures the performance of those Russell 2000 companies with higher price/book ratios and higher forecasted growth values.  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 . The Russell Microcap® Index measures the performance of the microcap segment of the U.S. equity market. It makes up less than 3% of the U.S. equity market. It includes 1,000 of the smallest securities in the Russell 2000 Index based on a combination of their market cap and current index membership and it also includes up to the next 1,000 stocks.  The Russell 3000 Index is a market-capitalization-weighted equity index maintained by the FTSE Russell that provides exposure to the entire U.S. stock market. The index tracks the performance of the 3,000 largest U.S.-traded stocks which represent about 98% of all U.S incorporated equity securities.  The Russell 2500™ Index is a broad index, featuring 2,500 stocks that cover the small- and mid-cap market capitalizations. The Russell 2500™ is a market cap-weighted index that includes the smallest 2,500 companies covered in the Russell 3000® universe of United States-based listed equities. The Russell Midcap® Index measures the performance of the mid-cap segment of the US equity universe. The Russell Midcap® Index is a subset of the Russell 1000® Index. It includes approximately 800 of the smallest securities based on a combination of their market cap and current index membership. The Russell Midcap® Index represents approximately 31% of the total market capitalization of the Russell 1000® companies. The Russell Midcap® Index is constructed to provide a comprehensive and unbiased barometer for the mid-cap segment. The Russell Index related marks are owned by FTSE Russell. The Russell Midcap® Index measures the performance of the mid-cap segment of the US equity universe. The Russell Midcap® Index is a subset of the Russell 1000® Index. It includes approximately 800 of the smallest securities based on a combination of their market cap and current index membership. The Russell Midcap® Index represents approximately 31% of the total market capitalization of the Russell 1000® companies. The Russell Midcap® Index is constructed to provide a comprehensive and unbiased barometer for the mid-cap segment. 

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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. It is not possible to invest directly in the index.

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 Morningstar Rating does not include any adjustment for sales loads. 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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*FullerThaler is the advisor to the following Funds: FullerThaler Behavioral Small-Cap Equity Fund, Fuller Thaler Behavioral Small-Cap Growth Fund, FullerThaler Behavioral Mid-Cap Value Fund, FullerThaler Behavioral Unconstrained Equity Fund, FullerThaler Behavioral Small-Mid Core Equity Fund, FullerThaler Behavioral Micro-Cap Equity Fund, and FullerThaler Behavioral Mid-Cap Equity Fund which are distributed by Ultimus Fund Distributors, LLC. However, FullerThaler is not affiliated with Ultimus Fund Distributors, LLC

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

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FINRA (Financial Industry Regulatory Authority): www.finra.org

SIPC (Securities Investor Protection Corporation): www.sipc.org

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