Fuller & Thaler Behavioral Small-Cap Equity Fund
FTHSX
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- Fuller & Thaler Behavioral Small-Cap Equity Fund (FTHSX) is an open-end mutual fund that seeks long-term capital appreciation by investing at least 80% of its net assets in common stocks of small-capitalization U.S. companies, generally those within the market capitalization range of the Russell 2000 Index; it employs a proprietary behavioral finance approach to capitalize on market inefficiencies, targeting stocks exhibiting behavioral biases such as significant insider buying, stock repurchases indicating over-reaction to negative information, or large earnings surprises reflecting under-reaction to positive developments. The fund offers multiple share classes including Institutional Shares (FTHSX, 0.76% net expense ratio, $100,000 minimum), R6 Shares (FTHFX, 0.63% net expense ratio, $1,000,000 minimum), Investor Shares (FTHNX, 1.05% net expense ratio, $1,000 minimum), A Shares (FTHAX, 1.04% net expense ratio with 5.75% front-end load, $1,000 minimum), and C Shares (FTYCX, 1.63% net expense ratio with 1% deferred load, $1,000 minimum); it maintains a portfolio of approximately 126 holdings with 92% active share relative to its benchmark, focusing on domestic equities across sectors like industrials (23%), consumer cyclical (19%), and financial services (15%). Managed within the U.S. Fund Small Blend category by portfolio manager Raife Giovinazzo, CFA, PhD, since February 2013, alongside Frederick Stanske, CFA (since October 2015) and Jasmine Zhang (since January 2025), the fund benchmarks against the Russell 2000 Total Return USD Index and is domiciled in the United States as part of Capitol Series Trust, advised by Fuller & Thaler Asset Management, Inc., a 100% employee-owned firm founded in 1993 and headquartered at 411 Borel Avenue, Suite 300, San Mateo, California. In recent developments, the fund has sustained its Morningstar 5-star rating across 1-, 3-, 5-, and 10-year periods as of June 30, 2025, ranking in the top decile of its Small Blend peer group (e.g., 7th of 537 funds over 3 years); total net assets reached approximately $11.25 billion fund-wide with $7.89 billion in Institutional Shares as of recent reporting, reflecting steady inflows amid a portfolio turnover of 41%. Fuller & Thaler Asset Management continues contractual fee waivers through January 31, 2026, to cap expenses, supporting strong risk-adjusted performance that outperformed the Russell 2000 by 0.87% over 1 year, 6.28% over 3 years, and 6.63% over 5 years as of June 30, 2025; the firm reported $25.7 billion in 13F-managed assets as of March 31, 2025, with notable portfolio adjustments including new purchases in 49 stocks, additions to 265 positions (e.g., increased stakes in KeyCorp, Citizens Financial Group, Old National Bancorp), and sales from 62 holdings. These updates underscore ongoing strategic refinements in behavioral small-cap equity management without major acquisitions, partnerships, or structural changes reported in the last 1-2 years.