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

The crazy thing is thinking humans act logically all the time.

- Dr. Richard Thaler, Principal, Fuller & Thaler Asset Management
The Big Short (2015)**

Behavioral Finance

/bəˈhāvyərəl fīnans/

1. The combination of cognitive psychological theory and conventional finance to provide explanations for why people make irrational investment decisions. 

Investors Make Mistakes.

We Look For Them.

At the individual stock level, we search for events that suggest investor misbehavior.

There is no certainty any strategy will be successful. 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 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.  Morningstar Rating as of 6/30/22: Overall: 5 stars; Three-year rating: 5 stars, 591 funds; Five-year rating: 5 stars, 572 funds based on risk-adjusted returns. The rating is for the Institutional Share Class (FTHSX) only. Different share classes may have different rankings.

Raife Maybe Best minus 15 brightness squ

Raife Giovinazzo, PhD, CFA

Managing Partner, Portfolio Manager

Ray good 2 square.jpg

Raymond Lin, CFA

Partner, Portfolio Manager

Dave good2 square.jpg

David Potter, CFA

Partner, Portfolio Manager

Fred square.jpg

Frederick Stanske, CFA

Partner, Portfolio Manager

Gary good square.jpg

Gary Chea

Associate Trader

Ryam maybe square.jpg

Ryam Lee, CFA


Yining maybe square.jpg

Yining Tung, CFA, FRM

Partner, Head of Risk Management 

Fernando maybe square.jpg

Fernando Villegas

Partner, Director of Trading

Ed square.jpg

Ed Stubbins, CFA


Hanna good square.jpg

Hanna Zanoni, CFA, JD, CPA

Partner, CFO and CCO

Ben maybe 3 square.jpg

Benjamin Johnson

Associate Director


Tom Fuller


Cam square.jpg

Cameron Cooperider

Sales Associate


Rob Howle

Sales Associate




Russell Fuller, PhD, CFA

Founder, Chairman


Daniel Kahneman, PhD

2002 Nobel Prize Winner


Richard Thaler, PhD

2017 Nobel Prize Winner, Principal