Fuller & Thaler Continues to Expand with Launch of New Behavioral Mid-Cap Equity Fund

Established client of Ultimus, Fuller & Thaler, launches new Behavioral Mid-Cap Equity Mutual fund

Nov 28, 2023

CINCINNATI, OHIO – November 28, 2023 Ultimus Fund Solutions® (Ultimus®), a leading independent provider of full-service, technology-enhanced fund administration, accounting, and investor solutions, is pleased to announce its contribution to the launch of the new Fuller & Thaler Behavioral Mid-Cap Equity (FTHMX) mutual fund with longtime partner, Fuller & Thaler Asset Management. This will be Fuller & Thaler’s seventh mutual fund administered by Ultimus during their ten-year partnership.

Over the years, Fuller & Thaler has accomplished admirable achievements. Notably, one of the founders of Fuller & Thaler, Dr. Richard Thaler received the Nobel Prize for his contributions to behavioral economics. The firm’s unique perspective on behavioral decision making has allowed it to outperform the benchmark of many of their respective funds since inception; indeed the first fund launched with Ultimus, the Fuller & Thaler Behavioral Small-Cap Equity Fund (FTHSX) is currently rated 5 stars. (Overall Morningstar rating as of 9/30/2023 in the Small Blend category out of 595 funds based on risk-adjusted returns.) Throughout their partnership and growth, Ultimus continues to remain aligned with Fuller & Thaler, providing consultation and support with a full suite of mutual fund services, including fund accounting, fund administration, transfer agency, distribution services, as well as utilizing the series trust model.

Ed Stubbins, Fuller & Thaler Partner, is excited to expand the firm’s product line up with a complimentary mutual fund. “We pride ourselves on providing an innovative approach to behavioral economics and helping others take advantage of our expertise in that field. We’re ecstatic to introduce an additional mid-cap blend strategy into the market, which will allow an additional opportunity for investors to diversify their portfolios. Following the limited offering of the Fuller & Thaler Behavioral Small-Cap Equity fund last year, we believe the market has shown significant demand for an extension of that fund into the Mid-cap blend space. Dr. Raife Giovinazzo, CFA serves as the Lead Portfolio Manager on both of these funds. In addition, Ultimus has been our constant, reliable partner as we create these new investment options.”

David James, EVP, Chief Legal and Risk Officer at Ultimus, is delighted about Fuller & Thaler’s success. “It’s been an honor to partner with them for such a long time, and their nontraditional equity management techniques have allowed them to maintain a fresh and diverse perspective for their investment portfolio. We appreciate the longevity of this partnership and look forward to supporting the firm through their continuing product growth.”

Matt Miller, VP, Relationship Management and President, Capitol Series Trust, emphasizes the series trust model’s importance, enabling fund managers to streamline fund operations, enhance efficiency, and provide their clientele with a broader range of investment opportunities. “We are thrilled to see Fuller & Thaler, a highly prominent firm, continuing to utilize the series trust space, which has proven to be a valuable tool in fund management for a diverse clientele book. By working within the series trust structure, fund advisers can leverage economies of scale, benefit from operational synergies, and deliver a comprehensive suite of investment solutions to meet the diverse needs of their investors.”

As the series trust model gains traction again in the investment industry, Ultimus is committed to supporting its clients in leveraging this framework to help maximize their growth potential and achieve their strategic objectives. Miller further adds, “We are excited to see the series trust model empowering advisers and enabling them to offer a broad spectrum of investment choices, ultimately leading to potentially better outcomes for their investors.”


About Ultimus

Ultimus Fund Solutions (Ultimus) is a leading provider of full-service tech-enhanced fund administration, accounting, middle office, and investor solutions to support the launching and servicing of registered funds, private funds, and public plans. The company also offers customized structures designed for the unique needs of pensions, endowments, foundations, and other large institutions. Ultimus’ deep commitment to excellence is achieved through investments in best-in-class technology, compliance programs, organization-wide cyber security efforts, and hiring seasoned professionals.

Headquartered in Cincinnati, Ohio with offices in other major cities such as New York, Denver, and Philadelphia, Ultimus employs more than 975 seasoned accountants, attorneys, paralegals, application developers, fund administrators, compliance specialists, and many others with years of experience in the financial services industry. Servicing over 1,800 total traditional and alternative funds, Ultimus helps investment managers and fund families flourish in today’s increasingly sophisticated and dynamic investment landscape. For more information, visit www.ultimusfundsolutions.com.

About Fuller & Thaler

Founded in 1993, Fuller & Thaler Asset Management has pioneered the application of behavioral finance in investment management.

Primarily focused on U.S. small-cap equities, our strategies have historically delivered exceptional results. More importantly, our process differs significantly from traditional equity managers.

We believe our distinctive perspective and unconventional approach can provide meaningful diversification to our mutual fund and separate account clients.

Investing involves risk, including loss of principal. Investors should carefully consider the investment objectives, risks, and charges and expenses of the Fund before investing. The prospectus contains this and other information about the Fund, and it should be read carefully before investing. Investors may obtain a copy of the prospectus by calling 888-912-4562. Funds are distributed by Ultimus Fund Distributors, LLC.

Morningstar Rating as of 9/30/23 in the Small Blend category: Overall: 5 stars; Three-year rating: 5 stars, 595 funds; Five-year rating: 5 stars, 556 funds; Ten-year rating: 5 Stars, 386 funds based on risk-adjusted returns. Past performance is no guarantee of future results.

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.

17606509-UFD-11152023

Sign up for Blogs

Interested in receiving the latest blogs information?

Want to Know More?

Interested in learning more about our solutions? We want to hear from you.

Institutional Strength | Boutique Service

The Ultimus Group, LLC is an Equal Opportunity Employer. All rights reserved.

DISCLOSURE: Information contained on this website is based on public data, historical agreements and dialogue with intermediaries. Such information represents our current understanding of the described platforms and the costs associated with them. In many cases, such costs may be negotiable. All pricing and fee information is subject to change without notice.

Ultimus Fund Solution

8778 UFS 2/18/2022

Ultimus Fund Solution