FullerThaler

Founded in Behavioral Finance

Our Team

Russell Fuller, CFA, PhD

Founder, Emeritus
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Russell Fuller, CFA, PhD

Founder, Emeritus

Dr. Fuller is a pioneer in the application of behavioral finance and Founder of FullerThaler. His five decades long experience spans academic research to investment management. Prior to establishing FullerThaler, he worked at two investment management firms and began his investment career as a security analyst with a brokerage firm that later merged with Paine Webber. In the academic field, his last position was Chairman of the Finance Department at Washington State University. He has also held positions at the University of British Columbia, Canada, and the University of Auckland, New Zealand. Dr. Fuller has published an investment textbook and numerous journal articles. He has served on the editorial board for the Financial Analysts Journal and is currently on the advisory board for the Journal of Portfolio Management. Dr. Fuller received the Graham & Dodd award from the Association for Investment Management and Research for his paper entitled “Predictability Bias.” He has served on the Board of Directors of the CFA Society of San Francisco and in 2006 was presented with their Distinguished Member Award in appreciation of his leadership and dedication to the financial community. Dr. Fuller received a BA, MBA and PhD (in finance) from the University of Nebraska, and he holds the Chartered Financial Analyst designation.

Richard Thaler, PhD

Principal, 2017 Nobel Prize® Winner for Economics
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Richard Thaler, PhD

Principal, 2017 Nobel Prize® Winner for Economics

Dr. Thaler was awarded the 2017 Nobel Prize for Economic Sciences and is a Founder and Principal at FullerThaler Asset Management. He is involved in setting strategic direction and enhancing the research and investment processes at Fuller & Thaler.  He has been with the firm since 1998.

Dr. Thaler is the Charles R Walgreen Distinguished Service Professor of Behavioral Science, Economics and Finance at the Booth School of Business of the University of Chicago.  He has also taught at Cornell and MIT and is considered one of the founders of the fields of behavioral economics and finance. Dr. Thaler’s published books include The Winner’s Curse: Paradoxes and Anomalies of Economic Life, Quasi-Rational Economics, Nudge: Improving Decisions About Health, Wealth, and Happiness, and Misbehaving: The Making of Behavioral Economics.  He also edited Advances in Behavioral Finance Vol 1 and 2. He served as President of the American Economics Association in 2015. He is also a Fellow of the American Finance Association, Fellow of the Econometric Society and Member of the American Academy of Arts and Sciences and the National Academy of Sciences. His awards also include the Nicholas Moldovsky Award from the CFA Institute. 

Dr. Thaler received his BA from Case Western University, and his MA and PhD degrees in Economics from the University of Rochester.  He is an owner of the firm and a member of the Board of Directors.

 

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Daniel Kahneman, PhD

Former Board Member, 2002 Nobel Prize® Winner for Economics
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Daniel Kahneman, PhD

Former Board Member, 2002 Nobel Prize® Winner for Economics

Professor Kahneman was the Eugene Higgins Professor of Psychology, and a former Professor Emeritus of Psychology and Public Affairs at the Woodrow Wilson School, Princeton University. He also taught at the University of California, Berkeley, the University of British Columbia, and the Hebrew University.

His awards include the Distinguished Scientific Contribution Award and the Outstanding Lifetime Contribution Award of the American Psychological Association, the Warren Medal of the Society of Experimental Psychologists, the Hilgard Award for Career Contributions to General Psychology, the Presidential Medal of Freedom, and the 2002 Nobel Prize in Economic Sciences. Professor Kahneman received his BA in psychology and mathematics from the Hebrew University, Jerusalem, and his PhD in psychology from the University of California, Berkeley.

 

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Raife Giovinazzo, CFA, PhD

Managing Partner, Portfolio Manager
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Raife Giovinazzo, CFA, PhD

Managing Partner, Portfolio Manager

Dr. Giovinazzo is the Lead Portfolio Manager of the Behavioral Small-Cap Equity and Mid-Cap Equity strategies and has ultimate decision-making authority for all investment aspects of both strategies. He is also responsible for research using market insights and behavioral finance to enhance the investment process. Dr. Giovinazzo has been in the financial industry since 1995. Prior to joining FullerThaler, Dr. Giovinazzo was a researcher and co-portfolio manager with Blackrock's Scientific Active Equity group (formerly Barclays Global Investors). His previous experience also includes investment and consulting work with Wellington Management, Marsh & McLennan, and Mercer Management Consulting (now Oliver Wyman).

Dr. Giovinazzo received his BA in sociology from Princeton, and his MBA in analytic finance, economics, and statistics, as well as a PhD in finance from the Booth School of Business at the University of Chicago. He wrote his undergraduate thesis for Dr. Kahneman (winner of the 2002 Nobel Prize in Economics) while at Princeton, and Dr. Thaler (winner of the 2017 Nobel Prize in Economics) was his dissertation co-chair at the University of Chicago. Dr. Giovinazzo’s research and insights have been profiled by Barron’s, Bloomberg, CNBC, Forbes, Citywire and other media. Dr. Giovinazzo holds the Chartered Financial Analyst designation and is a member of the CFA Society of San Francisco. He is an owner of the firm and a member of the Board of Directors.

Raymond Lin, CFA

Partner, Portfolio Manager
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Raymond Lin, CFA

Partner, Portfolio Manager

Mr. Lin is responsible for managing FullerThaler's domestic equity strategies.   He has been with the firm since 2006 and has been in the industry since 1988.  Prior to joining the firm, he was a portfolio manager for a long-short equity fund at Tricera Capital.   He previously was a currency options trader at JP Morgan.


While at Fuller & Thaler, Mr. Lin has been instrumental in developing and implementing additional risk management methodologies to improve the portfolio construction and monitoring process.  He holds the Chartered Financial Analyst designation and is a member of the CFA Society of San Francisco.  He received his BS in Computer Science from the University of Michigan and his MBA and MA from the University of California, Berkeley.  Mr. Lin is an owner of the firm and a member of the Board of Directors.

David Potter, CFA

Partner, Portfolio Manager
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David Potter, CFA

Partner, Portfolio Manager

Mr. Potter is the Portfolio Manager responsible for Fuller Thaler's Behavioral Small-Cap Value and Mid-Cap Value strategies. He has been with the firm since 2005 and has been in the industry since 1994.  Prior to joining Fuller & Thaler, he was a Vice President at Goldman Sachs. Previously, he was an Associate Director at Scotia Capital Markets.

Mr. Potter received his BA (honors) in Economics and Finance from McGill University in Montreal and his MBA (honors) in Finance from the University of Chicago.  He holds the Chartered Financial Analyst designation and is a member of the CFA Society of San Francisco.  Mr. Potter is an owner of the firm and a member of the Board of Directors.

Frederick Stanske, CFA

Partner, Portfolio Manager
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Frederick Stanske, CFA

Partner, Portfolio Manager

Mr. Stanske is responsible for managing the Behavioral Small-Cap Growth and Micro-Cap disciplines at FullerThaler.  He has been with the firm since 1996 and has been in the industry since 1987.  Prior to joining the firm, he spent over ten years as an analyst and portfolio manager at Farmers Insurance Group and then at Fisher Investments.  Earlier in his career, Mr. Stanske worked in the corporate sector as an analyst.  He received his BS from the University of Denver and his MBA from the University of Chicago.

Mr. Stanske is a member of the CFA Institute and the CFA Society of San Francisco.  He holds the Chartered Financial Analyst designation.  Mr. Stanske is an owner of the firm and a member of the Board of Directors.

Yining Tung, CFA, FRM

Partner, Head of Risk Management & Investment Process Analyst
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Yining Tung, CFA, FRM

Partner, Head of Risk Management & Investment Process Analyst

Ms. Tung is responsible for firmwide risk management and equity process research at FullerThaler.  She has been with the firm since 2004 and has been in the industry since 1997.  Prior to joining the firm, she served as an analyst at the Asset Management System Group of RCM Capital Management as well as an analyst within the research department of BARRA Inc.

She received a BA in Economics from National Taiwan University, an MBA in Finance from the University of California at Irvine, and an MA in Economics from New York University.  Ms. Tung holds the Chartered Financial Analyst designation and is certified as a Financial Risk Manager.  She is an owner of the firm and a member of the Board of Directors.

Hanna Zanoni, CFA, JD, CPA (IL)

Partner, Chief Financial, Legal, and Compliance Officer
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Hanna Zanoni, CFA, JD, CPA (IL)

Partner, Chief Financial, Legal, and Compliance Officer

Ms. Zanoni is responsible for overseeing all compliance, legal, corporate finance, and HR activities at FullerThaler.  She has been with the firm since 2006 and has been in the industry since 1999.  Prior to joining the firm, she served in various roles including Chief Compliance Officer and Associate General Counsel for HFR Asset Management, LLC, a hedge fund headquartered in Chicago.  Prior to that, she was a Trust Officer with ABN Amro/LaSalle Bank in Chicago.

Ms. Zanoni earned a BA in Public Accounting from Illinois Wesleyan University and a JD from DePaul University College of Law.  She is a registered CPA in Illinois.  She is licensed to practice law in Illinois and registered with the State Bar of California as in-house counsel.  Ms. Zanoni holds the Chartered Financial Analyst designation and is a member of the CFA Institute and the CFA Society of San Francisco. She is an owner of the firm and Secretary of the Board of Directors.

Ed Stubbins, CFA

Partner
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Ed Stubbins, CFA

Partner

Mr. Stubbins is a partner and behavioral finance product specialist at FullerThaler.  He is responsible for the firm's behaviorally driven equity portfolios.  Mr. Stubbins was previously Director of Alternative Strategies for Symphony Asset Management, LLC in San Francisco, CA where he was responsible for the firm's hedge fund strategies.  Prior to that, he was Vice President at Pacific Investment Management Company (PIMCO) in Newport Beach, CA.  Mr. Stubbins was also a Director at Prudential Capital Group where he was responsible for managing a credit portfolio.  He has also held positions with Merrill Lynch and Honeywell, Inc. 

Mr. Stubbins has been in the industry since 1993 and is a CFA Charterholder.  He holds a bachelor's degree in Chemical Engineering from North Carolina State University and an MBA in Analytical Finance and Accounting from the Kellogg School of Management at Northwestern University.  He is also a member of the CFA Society of San Francisco.  Mr. Stubbins is an owner of the firm and a member of the board of directors.

Tom Fuller

Partner
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Tom Fuller

Partner

Mr. Fuller is responsible for client service, consultant relations and new business development at FullerThaler.  He has been with the firm since 2005 and has been in the industry since 2000.  Prior to joining the firm, he was Director of Research at Undiscovered Managers, a mutual-fund company that served financial advisors.  While at Undiscovered, Mr. Fuller was a frequent speaker at industry events and helped lead client-consulting engagements.  He also previously worked as a reporter for the Seattle Times. 

He received an MBA from the University of Chicago and a BA from the University of Washington.  Mr. Fuller is an owner of the firm and a member of the Board of Directors.

Fernando Villegas

Partner, Head of Trading Operations
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Fernando Villegas

Partner, Head of Trading Operations

Mr. Villegas is responsible for all trading operations at FullerThaler. He has been with the firm since 1999 and has been in the industry since 1991.  Prior to joining the firm, he was responsible for trading and operations, and later served as Director of Quantitative Research at Fisher Investments.

More recently, Mr. Villegas worked as an analyst at Progress Investment Management.  He holds an MBA from Santa Clara University and a BS in Business Administration from the Notre Dame de Namur University.  Mr. Villegas is an owner of the firm and a member of the Board of Directors.

Ryam Lee, CFA

Associate Portfolio Manager
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Ryam Lee, CFA

Associate Portfolio Manager

Mr. Lee is an analyst and associate portfolio manager on the Behavioral Mid-Cap Value and Small-Cap Value strategies. He has been with the firm since 2017 and has been in the financial industry since 2008. Prior to joining Fuller & Thaler, he was an analyst at McCarthy Capital. Previously, he worked in corporate development at a commodity management firm and business valuation at an independent valuation firm. Mr. Lee received both his BA (honors) in Economics & Finance and MS in Finance from Creighton University, and an MBA in Accounting, Economics, and Finance from the University of Chicago Booth School of Business. He holds the Chartered Financial Analyst designation and is a member of the CFA Society of San Francisco. Mr. Lee is an owner of the firm.

Jasmine Zhang, CFA

Analyst
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Jasmine Zhang, CFA

Analyst

Ms. Zhang, Analyst, supports the firm’s behavioral equity strategies. She has been in the financial industry since 2016. Prior to joining FullerThaler, she was an analyst at Point72 Asset Management. Previously, she worked as an equity research analyst at Bank of America Merrill Lynch’s global research department, as well as working at American Century Investments. Ms. Zhang received a BA in Economics and a BA in Statistics from the University of Chicago, and her MBA in Quantitative Finance from the Wharton School of the University of Pennsylvania. She holds the Chartered Financial Analyst designation and is a member of the CFA Society of San Francisco.

Lauren Lee, CFA, CAIA

Director of Strategic Accounts
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Lauren Lee, CFA, CAIA

Director of Strategic Accounts

Ms. Lauren Lee is Director of Strategic Accounts at FullerThaler. She is responsible for managing strategic account relationships across distribution channels. Prior to joining FullerThaler, Lauren worked at Matthews Asia, where she was responsible for managing large strategic relationships. Prior to that, she managed institutional relationships at BCA Research. She started her career in banking and private wealth management at Bank of America and J.P. Morgan Chase. Lauren received her B.A. in Political Science from University of California, Berkeley and holds the Chartered Financial Analyst and Chartered Alternative Investment Analyst designations. She is a member of the San Francisco CFA Society.

Benjamin Johnson, CFA

Director
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Benjamin Johnson, CFA

Director

Benjamin Johnson is a Director and behavioral finance product specialist at FullerThaler. Mr. Johnson joined the firm in 2016 and is responsible for the firm’s clients across the country. Before joining FullerThaler, Mr. Johnson was a Financial Advisor in the San Francisco Bay Area where he worked with high-net-worth individuals and families to develop customized investment strategies. Prior to that, Mr. Johnson was a research analyst for a boutique investment advisor in San Luis Obispo, CA. He earned his Bachelor of Science in Finance from CSU Chico, earned a certificate in Applied Behavioral Finance from the Investment & Wealth Institute, holds the Chartered Financial Analyst designation and is a member of the CFA Society of San Francisco. Mr. Johnson is an owner of the firm.

Cameron Cooperider

Associate Director
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Cameron Cooperider

Associate Director

Mr. Cooperider is an Associate Director at FullerThaler. He works with the firm’s clients across the country. Before joining FullerThaler, Mr. Cooperider was an Investment Associate at an asset management firm in the San Francisco Bay Area where he worked on asset allocation for institutional clients. He holds a Bachelor of Science in Economics from San Jose State University.

Evan Spatafore

Associate Director
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Evan Spatafore

Associate Director

Mr. Spatafore is an Associate Director at FullerThaler who works with the firm’s clients across the country. Before joining FullerThaler, Mr. Spatafore was a Sales Associate for a San Francisco based financial services company working with executives at early-stage venture backed companies. He holds a Bachelor of Science in Business Administration with a concentration in finance from Saint Mary’s College of California.

Raj Mody

Associate Director
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Raj Mody

Associate Director

Mr. Mody is an Associate Director at FullerThaler who works with the firm’s clients across the country. Before joining FullerThaler, Mr. Mody was an Associate for a private wealth management team located in the San Francisco Bay Area. He holds a Bachelor of Science in Business Administration with a concentration in finance from California Polytechnic State University of San Luis Obispo.

Truman Edwards

Associate Director
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Truman Edwards

Associate Director

Mr. Edwards is a Product Specialist at FullerThaler, where he supports the firm’s clients nationwide. He joined FullerThaler in January 2025. Previously, he was a Research Associate at a financial services firm in San Francisco, where he assisted private equity clients with due diligence on large-cap mergers, acquisitions, and leveraged buyouts. Mr. Edwards holds a Bachelor of Science in Finance from the Kelley School of Business at Indiana University.

Eric So, PhD

Academic Advisor
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Eric So, PhD

Academic Advisor

Eric So is a financial economist and chaired Full Professor in the Global Economics and Management group and MIT Sloan School of Management, where he holds the title of Sloan Distinguished Professor of Financial Economics. His research portfolio spans a variety of topics including asset pricing and trading, behavioral economics, risk analysis, and market microstructure with a focus on the forces and mechanisms that shape the information content of market prices. He also serves as the Faculty Chair of MIT Sloan's PhD program, is an award-winning teacher and mentor, and has several years of experience advising actively managed funds.

He holds a PhD from Stanford University's Graduate School of Business and a Masters in economics from Cornell University.

Our History

Founded in 1993, FullerThaler is based in the San Francisco Bay Area. It is 100% controlled by key employees. 
1993
FullerThaler founded in San Mateo, CA and begins managing the Behavioral Small-Cap Growth strategy.
1998
FullerThaler gains mutual fund experience as the sub-advisor for the Undiscovered Managers Behavioral Value Fund (UBVLX).
2003
JP Morgan Asset Management acquires the mutual fund company, Undiscovered Managers. FullerThaler continues as sub-advisor for the Undiscovered Managers Behavioral Value Fund.
2011
FullerThaler Behavioral Small-Cap Equity Fund (FTHSX)* is launched.
2017
FullerThaler launches FullerThaler Behavioral Small-Cap Growth Fund (FTXSX), FullerThaler Behavioral Mid-Cap Value Fund (FTVSX), and FullerThaler Behavioral Small-Core Equity CIT.
2018
FullerThaler launches FullerThaler Behavioral Unconstrained Equity Fund (FTZIX), FullerThaler Behavioral Small-Mid Core Equity Fund (FTSIX) and FullerThaler Behavioral Micro-Cap Equity Fund (FTMSX).
2023
Fuller & Thaler Asset Management, Inc. rebranded as FullerThaler
2023
FullerThaler launches FullerThaler Behavioral Mid-Cap Equity Fund (FTHMX).

The Behavioral Edge

®

Learn about our approach to finance.

This slide includes the mutual fund clients of FullerThaler in the following behavioral strategies: Small-Cap Value, Small-Cap Equity, Mid-Cap Value, Unconstrained Equity, Small-Cap Growth, Small-Mid Core, Micro-Cap Equity, and Mid-Cap Equity strategies. FullerThaler did not use performance-based criteria to determine which clients to include on this slide. It is not known whether these clients approve or disapprove of FullerThaler, or the advisory services provided. FullerThaler Funds are distributed by Ultimus Fund Distributors, LLC. The Undiscovered Managers Behavioral Value Fund is distributed by JP Morgan Distribution Services, Inc. *FullerThaler was initially the sub-advisor for a predecessor fund.

FullerThaler is a brand name of Fuller & Thaler Asset Management, Inc.

FullerThaler is a brand name of Fuller & Thaler Asset Management, Inc. This website is directed only to US institutional investors. FullerThaler may only transact its investment advisory business in states where it is notice-filed as an investment adviser or otherwise exempt from state requirements. The information on this website is neither an offer to sell nor a solicitation of an offer to buy any product or service in any jurisdiction where such offer, solicitation, purchase or sale would be unlawful. Nobel Prize® is a trademark of the Nobel Foundation.

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