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Founded in 1993, Fuller & Thaler Asset Management, Inc. (“FullerThaler”) has pioneered the application of behavioral finance in investment management.


Primarily focused on U.S. small-cap equities and mid-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, FullerThaler
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.  Rating as of 12/31/23 for the following time periods:
one-year: 30 out of 623 funds, three-year: 2 out of 602 funds, five-year: 6 out of 584 funds, seven-year 14 out of 561 funds, ten year: 2 out of 505 funds, and since inception: 2 out of 461 funds. The rating is for the Institutional Share Class (FTHSX) only. Different share classes may have different rankings.

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Raife Giovinazzo, PhD, CFA

Managing Partner, Portfolio Manager

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Raymond Lin, CFA

Partner, Portfolio Manager

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David Potter, CFA

Partner, Portfolio Manager

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Frederick Stanske, CFA

Partner, Portfolio Manager

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Ed Stubbins, CFA


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Ryam Lee, CFA

Associate Portfolio Manager

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Yining Tung, CFA, FRM

Partner, Head of Risk Management & Investment Process Analyst  

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Fernando Villegas

Partner, Head of Trading Operations

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Lauren Lee, CFA, CAIA

Director of Strategic Accounts

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Hanna Zanoni, CFA, JD, CPA

Partner, CFO and CCO

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Jasmine Zhang



Tom Fuller


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Cameron Cooperider

Associate Director


Rob Howle

Associate Director

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Evan Spatafore

Associate Director

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Benjamin Johnson





Russell Fuller, PhD, CFA



Richard Thaler, PhD

2017 Nobel Prize Winner, Principal


Daniel Kahneman, PhD

2002 Nobel Prize Winner, Board Member Emeritus

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Eric So, PhD

Academic Advisor

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