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Fuller & Thaler Asset Management, Inc.
Richard Thaler · Asset Manager · Value
Fuller & Thaler Asset Management, Inc., founded in 1993 and based in San Mateo, California, is a boutique investment firm renowned for its pioneering work in the field of behavioral finance. Co-founded by Dr. Russell Fuller and Nobel laureate Dr. Richard Thaler, the firm specializes in exploiting market inefficiencies caused by predictable human cognitive biases. Its investment process centers on the 'Behavioral Edge,' which seeks to identify specific market events—such as significant earnings surprises or insider transactions—where investors often overreact to negative information or underreact to positive news. By leveraging these behavioral insights, the firm manages a variety of U.S. equity strategies, primarily targeting small-cap and mid-cap stocks that appear to be significantly mispriced. Fuller & Thaler is 100% employee-owned and serves a diverse range of institutional and individual clients through mutual funds and separately managed accounts.
Simulated Performance
| Metric | Value |
|---|---|
| Total return | +55.3% |
| YTD return | +40.9% |
| Sharpe ratio | 3.84 |
| Win rate | 53% |
| AUM | $7.9B |
| Inception | Oct 1, 2025 |
| Updated | Sep 16, 2026 |
Institution Status
| Field | Value |
|---|---|
| AUM | $7.9B |
| Turnover | Low (<15%) |
| Avg holding | 18 Months |
| Inception | Oct 1, 2025 |
| Website | https://fullerthaler.com |
Current Holdings
Updated on Sep 16, 2026.
| Ticker | Name | Portfolio % | Return |
|---|---|---|---|
| AMCR | Amcor PLC | 8.4% | +3.4% |
| DOC | Healthpeak Properties Inc | 7.5% | +5.5% |
| LITE | Lumentum Holdings Inc | 6.5% | +101.4% |
| EXEL | Exelixis Inc | 6.5% | +24.9% |
| FIS | Fidelity National Information Services Inc | 5.4% | -14.1% |
| GH | Guardant Health Inc | 5.3% | +28.1% |
| ZBRA | Zebra Technologies Corporation | 5.2% | -9.2% |
| BE | Bloom Energy Corp | 4.9% | +76.1% |
| JAZZ | Jazz Pharmaceuticals PLC | 4.9% | +48.9% |
| SAIC | Science Applications International Corporation Common Stock | 4.8% | +17.6% |
| ONB | Old National Bancorp | 4.4% | +14.1% |
| MTCH | Match Group Inc | 4.4% | +15.2% |
| DOCN | DigitalOcean Holdings Inc | 4.3% | -17.2% |
| ALSN | Allison Transmission Holdings Inc | 4.2% | +23.1% |
| EME | EMCOR Group Inc | 4.2% | -11.6% |
| GTX | Garrett Motion Inc | 3.9% | -19.4% |
| AMG | Affiliated Managers Group Inc | 3.9% | -8.4% |
| FNB | F.N.B. Corp | 3.8% | +10.5% |
| EHC | Encompass Health Corp | 3.8% | +1.7% |
| DINO | HF Sinclair Corp | 3.7% | +5.7% |
Recent activity
| Date | Action | Ticker | Weight |
|---|---|---|---|
| Sep 14, 2026 | BUY | GTX | 4.0% → 3.9% |
| Sep 14, 2026 | SELL | EME | 4.1% → 4.2% |
| Sep 14, 2026 | SELL | JAZZ | 5.1% → 4.9% |
| Sep 14, 2026 | BUY | ALSN | 4.3% → 4.2% |
| Sep 14, 2026 | BUY | AMCR | 8.8% → 8.4% |
Investment Style Analysis
Fuller & Thaler Asset Management, Inc. is widely recognized for employing a Value strategy. As of Sep 16, 2026, the firm oversees approximately $7.9B in assets under management (AUM). The portfolio demonstrates a clear preference for the Communication Equipment and Biotechnology sectors, reflecting a high-conviction approach to capital allocation.
Recent Market Moves
During the latest rebalancing period ending Sep 14, Fuller & Thaler Asset Management, Inc. made a significant move by increasing exposure to GTX. This adjustment aligns with the fund's dynamic approach to risk management and capital deployment in current market conditions.
Investment Philosophy
The firm’s investment philosophy is rooted in the belief that while markets are generally efficient, human cognitive biases create predictable pricing errors. By focusing on behavioral finance, Fuller & Thaler seeks to identify stocks where investor sentiment has led to mispricing. They specifically target instances of overreaction to bad news and underreaction to good news, using 'behavioral markers' like insider buying or earnings surprises as primary signals. This approach, termed the 'Behavioral Edge,' allows the firm to capture excess returns by investing in undervalued securities before the broader market recognizes and corrects the mispricing caused by investor psychology.
Disclaimer
The content provided on this page, including the simulated portfolio performance, holdings analysis, and AI-generated insights, is for informational and educational purposes only. It does not constitute financial advice, investment recommendations, or an offer to buy or sell any securities. All data is derived from historical SEC 13F filings and other public disclosures, which have a reporting lag. The "Simulated Performance" is a hypothetical reconstruction based on past disclosures and does not represent the actual returns of the institution. Past performance is not indicative of future results. Tritonix.ai is not affiliated with Fuller & Thaler Asset Management, Inc..
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Frequently asked questions
How is the simulated portfolio for Fuller & Thaler Asset Management, Inc. constructed?
This simulation is powered by Tritonix AI using official SEC filings. We focus on the "Best Ideas" by filtering for only the Top 20 largest holdings and rebalancing them to 100%. The simulation tracks performance starting from Oct 1, 2025. Our AI monitors for updates every Monday to capture major shifts. This concentrated approach highlights the manager's true stock-picking skill and mirrors their actual investment returns.
What is Fuller & Thaler Asset Management, Inc.'s largest holding?
As of the latest filing, Fuller & Thaler Asset Management, Inc.'s top position is Amcor PLC (AMCR), representing 8.4% of the portfolio. This reflects a high-conviction bet by the institution.
What is Fuller & Thaler Asset Management, Inc.'s historical performance and risk profile?
Our simulation indicates a total return of +55.3% with a win rate of 53%. Notably, the portfolio maintains a Sharpe Ratio of 3.84, suggesting an exceptional level of risk-adjusted returns compared to the broader market.
What sectors does Fuller & Thaler Asset Management, Inc. primarily invest in?
Fuller & Thaler Asset Management, Inc. has a strong preference for the Communication Equipment sector, which makes up 11.7% of their disclosed assets. The portfolio also has exposure to Biotechnology, indicating a specific thematic focus.
Is Fuller & Thaler Asset Management, Inc.'s portfolio concentrated or diversified?
Fuller & Thaler Asset Management, Inc. runs a moderately concentrated portfolio with 20 disclosed positions. The top 3 holdings alone account for 22.4% of the total portfolio weight, suggesting a strategy that favors broader market exposure.
How has Fuller & Thaler Asset Management, Inc. performed in 2026?
Our AI-simulated model portfolio for Fuller & Thaler Asset Management, Inc. tracks a Year-to-Date (YTD) return of +40.9%. This metric helps investors gauge the institution's effectiveness in the current market environment.
Does Richard Thaler manage Fuller & Thaler Asset Management, Inc. directly?
Yes, Richard Thaler serves as the key portfolio manager for Fuller & Thaler Asset Management, Inc., overseeing the investment strategy and final capital allocation decisions.