FMCX

FMC Excelsior Focus Equity ETF

PURCHASE

FMCX is an actively managed ETF that seeks to invest in the highest-conviction ideas of First Manhattan Co.'s research team.

First Manhattan, an independently owned and operated investment advisory firm, is the investment advisor to FMCX. First Manhattan has more than six decades of fundamental, research-based investing experience.

Why Invest in FMCX?

  • Research-intensive, bottom-up fundamental stock selection in high-quality businesses
  • Guided by First Manhattan Co.’s fundamental investment principles honed over six decades
  • Long-term investment horizon with low expected turnover
  • Focused portfolio with a target of 25-30 U.S. publicly traded equities
  • A business owner’s mindset and engagement with portfolio companies
This ETF is different from traditional ETFs. Traditional ETFs tell the public what assets they hold each day. This ETF will not. This may create additional risks for your investment.

For example:
  • You may have to pay more money to trade the ETF’s shares. This ETF will provide less information to traders, who tend to charge more for trades when they have less information.
  • The price you pay to buy ETF shares on an exchange may not match the value of the ETF’s portfolio. The same is true when you sell shares. These price differences may be greater for this ETF compared to other ETFs because it provides less information to traders.
  • These additional risks may be even greater in bad or uncertain market conditions.


The differences between this ETF and other ETFs may also have advantages. By keeping certain information about the ETF secret, this ETF may face less risk that other traders can predict or copy its investment strategy. This may improve the ETF’s performance. If other traders are able to copy or predict the ETF’s investment strategy, however, this may hurt the ETF’s performance.

For additional information regarding the distinctive attributes and risks of the ETF, see Risk and Additional Disclosures.

Overview

As of 03/31/2022

Objective

FMCX favors long-term holdings in companies believed to:

  • Possess durable competitive advantages
  • Earn higher-than-average returns on capital
  • Treat shareholders like partners
  • Have opportunities to reinvest excess cash profits at attractive rates of return

Read Risks & Additional Disclosures

Performance

Inception Date: 04/22/2022

Performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Investors may obtain performance data current to the most recent month-end by calling 888.530.2448.

Cumulative return is the aggregate amount that an investment has gained or lost over time. Annualized return is the average return gained or lost by an investment each year over a given time period.

NAV Return represents the closing price of underlying securities.

Market Return is calculated using the price which investors buy and sell ETF shares in the market.

Composition

As of 8/31/2022

wdt_ID Security Security Identifier Shares Held Market Price Market Value Market Value %
1 Keysight Technologies, Inc. 20,030 19,043 44 843,224 4.4%
2 UnitedHealth Group, Inc. 530,307,107 8,512 122 1,038,549 5.6%
3 Yum China Holdings, Inc. 530,307,305 19,922 125 2,493,637 0.5%
4 Baxter International, Inc. 2,079 289 2,281 659,145 0.5%
5 Danaher Corporation 2,079 949 2,275 2,159,203 0.5%
6 Amgen, Inc. 44,891 36,296 85 3,096,049 1.0%
7 Colgate-Palmolive Company 57,667 31,517 79 2,482,909 0.7%
8 Graco, Inc. 531,229,409 24,754 41 1,022,588 3.1%
9 Kirby Corporation 531,229,607 53,888 41 2,214,797 0.3%
10 Liberty Broadband Corporation 654,106,103 11,167 119 1,327,198 3.4%

As a percent of total assets. The top ten holdings, industry sectors, and asset allocation are presented to illustrate examples of the securities that the Fund has bought and the diversity of areas in which the Fund may invest and may not be representative of the Fund’s current or future investments. The top ten holdings do not include money market instruments. Portfolio holdings are subject to change and should not be considered investment advice.

Sector Allocation

wdt_ID Empty Column Information Data
2 Sector 1 X.XX%
3 Sector 2 X.XX%
4 Sector 3 X.XX%
5 Sector 4 X.XX%
6 Sector 5 X.XX%
7 Sector 6 X.XX%
8 Sector 7 X.XX%
9 Sector 8 X.XX%

Literature

Insights

How to Buy

FMCX trades intraday on an exchange and is available through various channels, including broker-dealers, investment advisers, and other financial services firms.

Neither First Manhattan Co. nor Northern Lights Distributor, LLC is affiliated with the firms listed. Their listing should not be viewed as a recommendation or endorsement.