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.

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. The FTHSX was ranked in the Morningstar US Equity Small Cap Blend Category as of 6/30/21: one-year: 459 out of 647 funds, three-year: 117 out of 628 funds, five-year: 31 out of 590 funds and since inception: 3 out of 486 funds. Rating as of 6/30/21: Overall: 5 stars, 512 funds; Three-year rating: 4 stars, 603 funds; Five-year rating: 5 stars, 512 funds based on risk-adjusted returns. 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

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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Gary Chea

Associate Trader

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Ryam Lee, CFA


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Yining Tung, CFA, FRM

Partner, Head of Risk Management 

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Fernando Villegas

Partner, Director of Trading

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Ed Stubbins, CFA


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Hanna Zanoni, CFA, JD, CPA

Partner, CFO and CCO

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Benjamin Johnson

Associate Director

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Tom Fuller


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Cameron Cooperider

Sales Associate




Russell Fuller, PhD, CFA

Founder, President


Daniel Kahneman, PhD

2002 Nobel Prize Winner


Richard Thaler, PhD

2017 Nobel Prize Winner, Principal