FMNEX Performance — Free Market International Equity Fund, Institutional Class
Data updated: 2026-07-28
FMNEX returned +12.81% year to date and +36.15% over one year to May 2026. Annualised returns are +24.28% over 3 years and +11.86% over 5 years. The fund beat its International Multi-Cap Blend category average: $100 invested three years ago grew to $192, against $170 for the category, and to $136 over one year, against $126. Volatility over the past three years was 12.82% a year. In the 12 months to May 2026 the fund lost a net $170.2M, and assets reached $4.44B.
FMNEX Growth of $100
What $100 invested in Free Market International Equity Fund grew to, compounded from monthly returns reported on SEC Form N-PORT, against the International Multi-Cap Blend category average over the same months.
| Period | FMNEX | Category average |
|---|---|---|
| 1 year (Jun 2025 – May 2026) | $136 | $126 |
| 3 years (Jun 2023 – May 2026) | $192 | $170 |
| 5 years (Jun 2021 – May 2026) | $175 | $153 |
| Since data start (Sep 2019 – May 2026) | $238 | $206 |
FMNEX Trailing Returns
Total returns to May 2026, from SEC N-PORT.
| Period | Total return |
|---|---|
| YTD | +12.81% |
| 1 year | +36.15% |
| 3 years (annualised) | +24.28% |
| 5 years (annualised) | +11.86% |
FMNEX Annual Returns
Calendar-year total returns of Free Market International Equity Fund, compounded from monthly SEC N-PORT returns. Partial years show the months covered.
| Year | Total return |
|---|---|
| 2026 (Jan–May) | +12.81% |
| 2025 | +42.83% |
| 2024 | +5.90% |
| 2023 | +16.15% |
| 2022 | −10.51% |
| 2021 | +14.54% |
| 2020 | +2.72% |
| 2019 (Sep–Dec) | +13.96% |
FMNEX Monthly Returns
Monthly total returns as reported on SEC Form N-PORT.
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | +6.4% | +6.2% | −8.4% | +6.0% | +2.8% | — | — | — | — | — | — | — |
| 2025 | +3.4% | +2.6% | +2.2% | +3.2% | +5.7% | +4.2% | −0.1% | +5.6% | +3.2% | +0.3% | +2.6% | +3.4% |
| 2024 | −1.9% | +2.2% | +4.6% | −1.3% | +5.0% | −2.8% | +4.0% | +1.5% | +1.9% | −4.7% | +0.1% | −2.2% |
| 2023 | +8.2% | −2.4% | +0.3% | +2.4% | −4.8% | +4.8% | +5.0% | −3.3% | −2.3% | −3.9% | +7.1% | +5.1% |
| 2022 | −0.4% | −1.5% | −0.2% | −5.5% | +2.4% | −10.1% | +3.6% | −3.8% | −10.0% | +5.1% | +12.3% | −0.6% |
| 2021 | −0.8% | +5.6% | +3.5% | +2.8% | +4.0% | −2.1% | −0.2% | +1.6% | −2.2% | +2.6% | −5.8% | +5.2% |
| 2020 | −5.3% | −8.4% | −21.1% | +9.7% | +4.6% | +3.4% | +2.4% | +5.8% | −2.6% | −2.8% | +15.7% | +6.5% |
| 2019 | — | — | — | — | — | — | — | — | +3.7% | +3.8% | +1.0% | +4.7% |
FMNEX Risk
Risk measures from monthly returns over Jun 2023 – May 2026.
- 3-year volatility (annualised): 12.82%
- 3-year Sharpe ratio: 1.54 (vs 4.5% risk-free rate)
- Best month: +7.09% (Nov 2023)
- Worst month: −8.42% (Mar 2026)
FMNEX Fund Flows
Monthly money in and out of Free Market International Equity Fund, from SEC Form N-PORT.
- 12-month net flow: −$170.2M
- 12-month gross sales (incl. reinvestments): $641.3M
- Sales ÷ redemptions: 0.79×
| Month | Sales | Redemptions | Net flow |
|---|---|---|---|
| May 2026 | $41.7M | $34.6M | $7.1M |
| Apr 2026 | $50.3M | $88.6M | −$38.3M |
| Mar 2026 | $55.7M | $42.2M | $13.5M |
| Feb 2026 | $41.5M | $58.5M | −$17.0M |
| Jan 2026 | $33.6M | $110.8M | −$77.2M |
| Dec 2025 | $217.7M | $54.1M | $163.7M |
| Nov 2025 | $29.7M | $34.4M | −$4.8M |
| Oct 2025 | $37.1M | $153.5M | −$116.4M |
| Sep 2025 | $39.5M | $40.5M | −$996K |
| Aug 2025 | $31.5M | $40.4M | −$8.9M |
| Jul 2025 | $29.4M | $106.9M | −$77.6M |
| Jun 2025 | $33.7M | $46.9M | −$13.3M |
FMNEX Assets Under Management
Net assets of Free Market International Equity Fund by report date, from SEC N-PORT filings.
| Report date | Net assets |
|---|---|
| 2026-05-31 | $4.44B |
| 2026-02-28 | $4.47B |
| 2025-11-30 | $3.92B |
| 2025-08-31 | $3.82B |
| 2025-05-31 | $3.57B |
| 2025-02-28 | $3.27B |
| 2024-11-30 | $3.17B |
| 2024-08-31 | $3.28B |
| 2024-05-31 | $3.19B |
| 2024-02-29 | $2.96B |
| 2023-11-30 | $2.79B |
| 2023-08-31 | $2.83B |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.