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Fuller & Thaler Asset Management

SEC-registered adviser since 1993San Mateo, CACRD 107033

$30.3B
AUM
6,124
Clients
See fees
Fee
11
Advisory staff

From Form ADV filed 30 March 2026 · data retrieved 15 October 2026SEC record

Fuller & Thaler Asset Management is an investment adviser headquartered in San Mateo, California, and registered with the SEC since 1993. Its clients include investment companies, other individuals and charitable organizations. High-net-worth individuals account for 1% of its regulatory assets under management.

Its services include portfolio management for individuals and small businesses, portfolio management for investment companies, portfolio management for pooled vehicles, and portfolio management for institutions. Fee arrangements include a percentage of assets under management and fixed fees. Fuller & Thaler Asset Management is owned through a trust by Thomas Fuller.

Clients

Fuller & Thaler Asset Management serves 6,124 clients, 5,559 of them other individuals. The average client has about $4.9 million with the firm, and high-net-worth clients hold 1% of its $30.3 billion in assets.

Regulatory assets by client type
  • Individuals5,559 clients7%
  • Investment companies8 clients83%
  • Charitable organizations75 clients2%
  • OtherHigh-net-worth individuals, Banking or thrift institutions, Pooled investment vehicles, Pension and profit-sharing plans, State or municipal government entities, Insurance companies, Corporations and other businesses, Other8%
Show client breakdown
Individuals (other than HNW)
Clients
5,559
Regulatory AUM
$1,998,722,175
Share
6.6%
Avg. per client
$360K
High-net-worth individuals
Clients
197
Regulatory AUM
$392,430,304
Share
1.3%
Avg. per client
$1.99M
Banking or thrift institutions
Clients
Not reported
Regulatory AUM
$460,859
Share
0.0%
Avg. per client
—
Investment companies
Clients
8
Regulatory AUM
$25,021,256,240
Share
82.7%
Avg. per client
$3.13B
Pooled investment vehicles
Clients
1
Regulatory AUM
$153,136,045
Share
0.5%
Avg. per client
$153.1M
Pension and profit-sharing plans
Clients
21
Regulatory AUM
$531,191,029
Share
1.8%
Avg. per client
$25.3M
Charitable organizations
Clients
75
Regulatory AUM
$705,279,609
Share
2.3%
Avg. per client
$9.40M
State or municipal government entities
Clients
9
Regulatory AUM
$519,876,310
Share
1.7%
Avg. per client
$57.8M
Insurance companies
Clients
Not reported
Regulatory AUM
$3,551,390
Share
0.0%
Avg. per client
—
Corporations and other businesses
Clients
235
Regulatory AUM
$453,737,303
Share
1.5%
Avg. per client
$1.93M
Other
Clients
19
Regulatory AUM
$473,803,741
Share
1.6%
Avg. per client
$24.9M

Total

Clients
6,124
Regulatory AUM
$30,253,445,005
Share
100%
Avg. per client
$4.94M

What it does

Fuller & Thaler Asset Management provides portfolio management for individuals and small businesses, portfolio management for investment companies, portfolio management for pooled vehicles and portfolio management for institutions. It is paid through a percentage of assets and fixed fees.

Fuller & Thaler Asset Management provided financial planning to 0 clients last fiscal year and advises no private funds.

100.0% of assets ($30.25B across 6,127 accounts) are managed with discretion. $2.52B sits in a wrap fee program the firm both sponsors and manages. 0% of clients are outside the U.S., and 8 clients received advice without assets under management last fiscal year.

What the accounts hold

Separately managed account assets by class, year end
  • Stocks98%
  • Cash2%

Custodians

Fuller & Thaler Asset Management’s client accounts are held mainly at Morgan Stanley, with 5% of managed assets, and UBS Financial Services, with 3%. Fuller & Thaler Asset Management does not have custody of client assets.

Managed account assets by custodian
  • Morgan StanleyMorgan Stanley & Co. LLC · New York, NY · $1.62B5%
  • Northern TrustNorthern Trust Company · Chicago, IL · $855.3M3%
  • UBS Financial ServicesUBS Financial Services Inc. · Weehawken, NJ · $876.9M3%
  • All other custodians$26.90B89%

Ownership and leadership

Fuller & Thaler Asset Management is owned through a trust by Thomas Fuller.

Who owns the firm
Fuller & Thaler Asset Management Inc· the adviser

  • Frederick Stanske

    since January 1998

    Owns 10% to 25% of Fuller & Thaler Asset Management Inc

  • David Potter

    since November 2009

    Owns 10% to 25% of Fuller & Thaler Asset Management Inc

  • Raife Giovinazzo

    since June 2014

    Owns 10% to 25% of Fuller & Thaler Asset Management Inc

  • Richard Thaler

    since January 1998

    Owns 5% to 10% of Fuller & Thaler Asset Management Inc

  • Hanna Zanoni

    since May 2006

    Owns 5% to 10% of Fuller & Thaler Asset Management Inc

  • Fernando Villegas

    since November 2009

    Owns 5% to 10% of Fuller & Thaler Asset Management Inc

  • Raymond Lin

    since November 2009

    Owns 5% to 10% of Fuller & Thaler Asset Management Inc

  • George Stubbins

    since January 2013

    Owns 5% to 10% of Fuller & Thaler Asset Management Inc

  • Yining Tung

    since July 2016

    Owns 5% to 10% of Fuller & Thaler Asset Management Inc

  • Thomas Gordon Fuller Revocable Trust

    since May 2000

    Owns 5% to 10% of Fuller & Thaler Asset Management Inc

Leadership

  • Hanna Zanoni
    Board Member/Partner/Chief Financial, Chief Legal, and Chief Compliance Officer
  • Thomas Fuller
    Board Member/Partner/Director of Sales, Marketing & Client Service
  • Raife Giovinazzo
    Board Member/Managing Partner/Portfolio Manager
  • Raymond Lin
    Board Member/Partner/Portfolio Manager
  • David Potter
    Board Member/Partner/Portfolio Manager
  • Frederick Stanske
    Board Member/Partner/Portfolio Manager
  • George Stubbins
    Board Member/Partner/Head of Sales, Marketing & Client Service
  • Richard Thaler
    Board Member/Principal
  • Yining Tung
    Board Member/Partner/Head of Risk Management & Investment Process Analyst
  • Fernando Villegas
    Board Member/Partner/Head of Trading Operations

Staff

  • 30 employees
  • 11 in advisory functions
  • 1 state-registered rep

Reported holdings

Fuller & Thaler Asset Management’s reported 13F holdings total $36.70B across 504 positions, and the ten largest make up 13.0% of it.

$36.70B
Reported 13F value
504
Positions
13.0%
In the 10 largest
+23.6%
Value vs. prior quarter
Ten largest positions, share of reported value
  1. Amcor PLC1.8%
  2. Healthpeak Properties Inc.1.7%
  3. Exelixis Inc.1.3%
  4. Lumentum Hldgs Inc.1.3%
  5. Bloom Energy Corp. · Com CL A1.2%
  6. Fidelity Natl Information SV1.2%
  7. Astera Labs Inc.1.1%
  8. Digitalocean Hldgs Inc.1.1%
  9. Garrett Motion Inc.1.1%
  10. Jazz Pharmaceuticals PLC · Shs Usd1.1%

Together, the ten largest are 13.0% of reported value.

The 50 largest positions and quarterly changesQuarter ended 30 June 2026 · filed 12 August 2026

A 13F covers only exchange-traded long positions the firm holds with discretion, so this $36.70B is not its $30.25B in regulatory assets and does not represent any individual client's portfolio.

Fees

Fuller & Thaler Asset Management is paid through a percentage of assets under management and fixed fees (other than subscription fees).

Fuller & Thaler Asset Management’s fee rates are not included in this profile. Find its brochure on the SEC’s site.

Offices and registrations

Besides its headquarters, Fuller & Thaler Asset Management has 1 office, with 2 listed addresses across 2 states.

Listed office addresses by state

California · 1 listed address

  • 411 Borel Avenue, Suite 300, San MateoHQ

Other business names

Fuller & Thaler Asset Management has reported 1 other business name to the SEC.

  • Fullerthaler

Registration details

Legal name
Fuller & Thaler Asset Management Inc
Headquarters
411 Borel Avenue, Suite 300, San Mateo, CA 94402
Phone
650-931-1500
Website
www.fullerthaler.com
SEC file
801-43915
Structure
California corporation
Fiscal year end
December

This directory does not report disciplinary history, for any firm or individual, in either direction. The SEC publishes the complete record, including any disciplinary events, and it is the authoritative place to check one. See this firm's record on adviserinfo.sec.gov

Common questions

How many clients does Fuller & Thaler Asset Management have?

Fuller & Thaler Asset Management has 6,124 clients and manages $30.3 billion for them, as of March 2026. They include 5,559 other individuals, 235 corporations and other businesses and 197 high-net-worth individuals.

Source: Form ADV Part 1A, Items 5.D and 5.F, filed 30 March 2026

What services does Fuller & Thaler Asset Management offer?

Fuller & Thaler Asset Management provides portfolio management for individuals and small businesses, portfolio management for investment companies, portfolio management for pooled vehicles and portfolio management for institutions.

Source: Form ADV Part 1A, Item 5.G, from the SEC's 2 October 2026 data file

Which custodians does Fuller & Thaler Asset Management use?

Fuller & Thaler Asset Management’s separately managed account assets are held at Morgan Stanley & Co. LLC (New York, NY), with $1,616,684,326, UBS Financial Services Inc. (Weehawken, NJ), with $876,863,125 and Northern Trust Company (Chicago, IL), with $855,327,166. Only custodians holding at least a tenth of those assets are named.

Source: Form ADV Part 1A, Schedule D, Section 5.K.(3), filed 30 March 2026

How many financial advisors does Fuller & Thaler Asset Management have?

Fuller & Thaler Asset Management has 1 investment adviser representatives registered with state securities authorities, out of 30 employees, and 11 perform investment advisory functions. None are registered representatives of a broker-dealer or licensed insurance agents.

Source: Form ADV Part 1A, Items 5.A and 5.B, from the SEC's 2 October 2026 data file

What does Fuller & Thaler Asset Management invest in?

At the end of its last fiscal year, Fuller & Thaler Asset Management’s separately managed accounts held 98% exchange-traded equities and 2% cash and equivalents. It advises no private funds of its own.

Source: Form ADV Part 1A, Items 5.K.(1) and 7.B, from the SEC's 2 October 2026 data file

Who owns Fuller & Thaler Asset Management?

Fuller & Thaler Asset Management is owned through a trust by Thomas Fuller. Its direct owners are Richard Thaler, Frederick Stanske, Hanna Zanoni, Fernando Villegas, Raymond Lin, David Potter, George Stubbins, Raife Giovinazzo, Yining Tung and Thomas Gordon Fuller Revocable Trust, each holding 25% or less.

Source: Form ADV Part 1A, Schedules A and B, filed 30 March 2026

How does Fuller & Thaler Asset Management get paid?

Fuller & Thaler Asset Management is paid through a percentage of assets under management and fixed fees. Its Form ADV lists no commissions or performance-based fees among how it is paid.

Source: Form ADV Part 1A, Item 5.E, from the SEC's 2 October 2026 data file

Sources

  1. Form ADV Part 1A, amendment filed 30 March 2026. Items 1, 5, 9, 11 and Schedules A, B and D.
  2. IAPD firm record, CRD 107033.
  3. Form 13F-HR, filed 12 August 2026 for the quarter ended 30 June 2026.

Retrieved 15 October 2026. All are published by the SEC and may have been amended since.

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This profile is compiled from public regulatory filings and is provided for informational purposes only. Niva Wealth is not affiliated with Fuller & Thaler Asset Management Inc and makes no representation about the quality of its services. Figures reflect the filing dates shown and may have changed. Ownership percentages are the bands reported to the SEC, not exact figures.