Fuller & Thaler Asset Management

What Fuller & Thaler Asset Management does

Fuller & Thaler Asset Management, Inc. (commercially branded as FullerThaler) is a 100% employee-owned U.S. boutique asset manager founded in 1993 and headquartered in San Mateo, California, with approximately 30 employees and approximately $38 billion in assets under management and advisement. The firm applies a proprietary behavioral finance methodology called The Behavioral Edge®, which combines cognitive psychological theory with conventional finance to identify and exploit predictable investor misbehavior — specifically over-reaction (panic selling) and under-reaction (inattention). It offers long-only U.S. equity strategies spanning small-cap, small-cap growth, small-cap value, small-mid core, mid-cap, mid-cap value, micro-cap, and unconstrained mandates via multiple vehicles.

The product surface is delivered through directly branded mutual funds (e.g., FTHSX, FTXSX, FTVSX, FTZIX, FTMSX, FTSIX, FTHMX), sub-advisory arrangements (notably the JPMorgan-distributed Undiscovered Managers Behavioral Value Fund), Capitol Series Trust mutual funds and ETFs distributed by Ultimus Fund Distributors, separately managed accounts (SMAs) for institutional and high-net-worth investors, and a Comerica Bank-sponsored collective investment trust (CIT). Distribution spans direct to retail (fullerthalerfunds.com), intermediary/advisor channels, and institutional field sales targeting ERISA plan sponsors. Pricing is asset-based management fees that are not publicly disclosed and are documented in fund prospectuses and SMA agreements.

Revenue derives from recurring management fees on the $38B AUM, with the firm ranking #4 in market share in fully active U.S. small-cap funds and #1 in market-share gains over the past five years per Barron's. Its brand and intellectual property are anchored by Nobel-Prize-winning principal Richard Thaler (2017) and former board member Daniel Kahneman (2002), with multiple Portfolio Manager/Partner tenures exceeding 15 years. The firm has been recognized by Morningstar with 5-star ratings across 3-, 5-, and 10-year windows and by Barron's among the 10 fastest-growing U.S. asset managers of 2024. The investment process is research-intensive and human-judgment-led rather than AI/ML-driven.

Name

Fuller & Thaler Asset Management

Legal name

Fuller & Thaler Asset Management, Inc.

Website

https://fullerthaler.com

Company type

Private

Founded year

1993

Operating status

Operating

Headcount range

11–50 employees

Short description

Fuller & Thaler Asset Management is a 100% employee-owned, San Mateo-based boutique asset manager applying proprietary behavioral finance (The Behavioral Edge®) to U.S. small-cap, mid-cap, micro-cap, and unconstrained equity strategies for institutional, intermediary, and retail investors.

Ownership category

akta.pro rank

Product category

Active Equity Asset Management

NAICS

Portfolio Management and Investment Advice (523940), Open-End Investment Funds (525910)

SIC

Investment Advice (6282)

akta.pro primary industry

Managed Accounts & Unified Managed Accounts (UMAs) — Multi-Asset (FSAAAJAE)

Keywords

• Behavioral finance investing
• Active equity management
• Mutual fund management
• Separately managed accounts
• Institutional asset management

Headquarters

HQ city

San Mateo

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Investment Advisory Fees: Management fees charged on assets under management across mutual funds, ETFs, and separately managed accounts. The firm manages approximately $38 billion in assets under management and advisement across multiple equity strategies.

Pricing tiers

Go-to-market motion3 records

Distribution channels5 records

Marketing channels3 records

Core offering

FullerThaler is a boutique asset manager that applies its proprietary Behavioral Edge® methodology to actively manage U.S. equity strategies across small-cap, mid-cap, micro-cap, and all-cap market capitalizations. The firm distributes these strategies through mutual funds, ETFs, separately managed accounts (SMAs), and collective investment trusts (CITs) to institutional investors, financial intermediaries, and individual investors, managing approximately $38 billion in assets under management and advisement.

Differentiator

Problem solved

Functional benefit

Products and services

• FullerThaler Behavioral Small-Cap Equity Fund (FTHSX) Mutual fund applying the Behavioral Edge® methodology to U.S. small-cap equities, launched in 2011. Distributed via Capitol Series Trust with Ultimus Fund Distributors, and directly via fullerthalerfunds.com; rated 5-stars by Morningstar overall and for 3-, 5-, and 10-year periods.
• FullerThaler Behavioral Small-Cap Growth Fund (FTXSX) Mutual fund applying behavioral finance principles to U.S. small-cap growth equities, launched in 2017. Distributed via Capitol Series Trust and directly to investors.
• FullerThaler Behavioral Mid-Cap Value Fund (FTVSX) Mutual fund applying behavioral finance principles to U.S. mid-cap value equities, launched in 2017. Distributed via Capitol Series Trust and directly to investors.
• FullerThaler Behavioral Unconstrained Equity Fund (FTZIX) Mutual fund applying behavioral finance to a concentrated U.S. equity portfolio without capitalization constraints, launched in 2018. Highlighted by Barron's as one of 'Warren Buffett's Fund Heirs'.
• FullerThaler Behavioral Small-Mid Core Equity Fund (FTSIX) Mutual fund applying behavioral finance principles to U.S. small-mid core equities, launched in 2018. Distributed via Capitol Series Trust and directly to investors.
• FullerThaler Behavioral Micro-Cap Equity Fund (FTMSX) Mutual fund applying behavioral finance principles to U.S. micro-cap equities, launched in 2018. Distributed via Capitol Series Trust and directly to investors.
• FullerThaler Behavioral Mid-Cap Equity Fund (FTHMX) Mutual fund applying behavioral finance principles to U.S. mid-cap equities, launched in 2023 alongside the firm's rebrand to FullerThaler. Distributed via Capitol Series Trust and directly to investors.
• Undiscovered Managers Behavioral Value Fund (UBVLX) Mutual fund sub-advised by FullerThaler since 1998, applying behavioral value investing principles. Offered by JPMorgan Distribution Services, Inc. following JP Morgan Asset Management's 2003 acquisition of Undiscovered Managers.
• FullerThaler Behavioral Small Cap Core Equity Fund (CIT) Collective Investment Trust (CIT) sponsored by Comerica Bank & Trust, N.A. and sub-advised by Fuller & Thaler Asset Management, launched in 2017 for institutional retirement plan use.
• FullerThaler Separately Managed Accounts (SMAs) Custom institutional and high-net-worth separately managed accounts applying Behavioral Edge® methodologies across strategies including Behavioral Small Cap Growth, Small-Cap Value, Mid-Cap Value, Small-Cap Core, Small-Mid Core, Mid-Cap Equity, Unconstrained Equity, and Micro-Cap.

Quantifiable outcome

• Morningstar 5-star rating (Overall, 3-year, 5-year, and 10-year) as of 12/31/2025 for FullerThaler Behavioral Small-Cap Equity Fund (FTHSX) in US Fund Small Blend category
• +1 more outcomes

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

Five partnerships are on record, tiered core and minor.

• Capitol Series TrustcoreChannel Partner/ Reseller/ DistributorFullerThaler advises mutual funds and ETFs that are series of the Capitol Series Trust. This is the primary fund complex for FullerThaler's mutual fund products.
• JPMorgan Chase & Co. (JPMorgan Distribution Services, Inc.)coreChannel Partner/ Reseller/ DistributorFullerThaler serves as sub-advisor for the Undiscovered Managers Behavioral Value Fund (UBVLX), which is offered by JPMorgan Distribution Services, Inc. JP Morgan Asset Management acquired the mutual fund company Undiscovered Managers in 2003 but FullerThaler continues as sub-advisor.
• Ultimus Fund Distributors, LLCcoreChannel Partner/ Reseller/ DistributorUltimus Fund Distributors, LLC is the distributor for FullerThaler mutual funds including the Behavioral Small-Cap Equity Fund, Behavioral Small-Cap Growth Fund, Behavioral Mid-Cap Value Fund, Behavioral Unconstrained Equity Fund, Behavioral Small-Mid Core Equity Fund, Behavioral Micro-Cap Equity Fund, and Behavioral Mid-Cap Equity Fund.
• Comerica Bank & Trust, N.A.minorChannel Partner/ Reseller/ DistributorComerica Bank & Trust, N.A. sponsors the FullerThaler Behavioral Small Cap Core Equity Fund, a collective investment trust (CIT) sub-advised by Fuller & Thaler Asset Management, Inc.
• University of Chicago Booth School of BusinessminorStrategic or Co-development PartnerAcademic partnership through Richard Thaler's role as Charles R Walgreen Distinguished Service Professor and connections through multiple team members who earned degrees from Booth including Raife Giovinazzo, Raymond Lin, David Potter, and others.

Scale indicators4 records

Recent moves11 records

Expansion highlights5 records

Direct peers

• LSV Asset Management: Quantitative value-oriented US equity boutique with comparable AUM scale and an academic foundation; competes for the same small/mid-cap institutional and intermediary mandates that FullerThaler targets.
• AQR Capital Management: Quant and behavioral-finance-rooted equity manager with a mix of long-only and alternative strategies; comparable academic pedigree and a focus on harvesting behavioral inefficiencies in equity markets.
• Acadian Asset Management: Boutique quantitative equity manager running systematic long-only strategies across global small/mid-cap segments; similar boutique scale and a comparable institutional distribution model.
• Ariel Investments: US small/mid-cap value boutique selling mutual funds and SMAs through advisor and institutional channels; directly comparable client base, product mix, and boutique positioning to FullerThaler.
• The London Company: Boutique US mid/small-cap manager focused on high-quality value equities; competes head-to-head for institutional small-mid mandates and intermediary model-portfolio inclusion.
• Jensen Investment Management: Boutique US large- and mid-cap quality manager distributing through institutional and advisor channels; comparable boutique size, fundamentals-driven approach, and intermediary GTM.
• Heartland Advisors: US small/mid-cap value boutique with mutual funds and SMAs sold through advisor and institutional channels; directly comparable boutique scale and product-set.

Broad incumbents

• Dimensional Fund Advisors: Academic-research-driven global equity manager with deep Booth/Fama-French roots; competes for evidence-based US small-cap mandates but operates at substantially larger scale and broader product set.
• WisdomTree Investments: Asset manager built around factor and smart-beta ETFs, including US small-cap strategies; a broader incumbent but uses behavioral/factor insights in product design comparable to FullerThaler's underlying thesis.
• T. Rowe Price: Large diversified active asset manager with flagship US small-cap and mid-cap strategies; an incumbent reference for the same consultant and intermediary RFP pool FullerThaler competes in.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles20 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Fuller & Thaler Asset Management