FM Focus Equity ETF
FMCX
New York Stock Exchange Arca- -
USD
- -
- -
Capital Structure
FRC
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in mil. unless spec.Working Capital
FRC
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in mil. unless spec.Growth Rates
FRC
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in mil. unless spec.Quarterly Revenue
FRC
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in mil. unless spec.Quarterly Earnings Per Share
FRC
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in mil. unless spec.Quarterly Dividends Per Share
FRC
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in mil. unless spec.- Sector
- Financial Services
- Industry
- Asset Management
- Address
- 3597 E. Monarch Sky Lane, Suite 330 Meridian ID United States of America 83646
- IPO Date
- Apr 25, 2022
- CIK
- 0001644419
- Website
- inspireetf.com
- Similar Companies
- Business
- FM Focus Equity ETF (FMCX) is an actively managed, non-transparent exchange-traded fund that seeks long-term capital appreciation by investing in a focused portfolio of 25-35 U.S. publicly traded large- and mid-cap equities selected through a research-intensive, bottom-up fundamental approach. The fund targets high-quality companies believed to possess durable competitive advantages, earn higher-than-average returns on capital, demonstrate strong governance practices, treat shareholders as partners, and offer attractive opportunities to reinvest cash profits; it imposes a 10% cap on individual holdings at acquisition, provides a verified intraday indicative value rather than daily portfolio disclosure, and maintains low turnover with an expense ratio of 0.70-0.71%. Top holdings as of recent data include KKR & Co Inc (7.34%), Microsoft Corp (6.21%), Aspen Technology Inc (6.06%), Berkshire Hathaway Inc Class A (5.86%), and NICE Ltd ADR (4.94%), with primary sector exposure to financial services, technology, consumer cyclical, and communication services. Launched on April 22-25, 2022 by First Manhattan Co. LLC, an independently owned New York City-based investment advisory firm founded in 1964 with approximately $32 billion in assets under management, FMCX operates as part of Northern Lights Fund Trust IV and is distributed by Northern Lights Distributors LLC. The fund utilizes the Precidian ActiveShares model, licensed following First Manhattan's September 2021 agreement with Precidian Investments LLC, enabling active management without daily holdings transparency. Portfolio management is led by Himayani Puri, Partner and Head of Research at First Manhattan, supported by a 10-person team conducting over 115 annual management meetings and 100 industry expert sessions. In a significant recent development, the fund underwent a name change from FMC Excelsior Focus Equity ETF to FM Focus Equity ETF effective before June 28, 2024. First Manhattan expanded its ETF offerings with the November 2024 launch of a sister fund, FM Compounders Equity ETF (FMCE), under the same Excelsior ETFs banner, further leveraging its research platform. The firm has pursued strategic growth through acquisitions, including MRJ Capital in 2022 and $500 million AUM RIA Grand-Jean Capital Management in early 2025, alongside plans for an affiliated trust company in Q1 2026. FMCX maintains assets under management of approximately $109-112 million, trades on NYSE Arca, and primarily serves institutional and retail investors seeking U.S. equity exposure with a long-term compounding focus.