FMUEX Performance — Free Market U.S. Equity Fund, Institutional Class
Data updated: 2026-07-28
FMUEX returned +16.27% year to date and +36.10% over one year to May 2026. Annualised returns are +20.46% over 3 years and +10.25% over 5 years. The fund beat its US Large Blend category average: $100 invested three years ago grew to $175, against $165 for the category, and to $136 over one year, against $122. Volatility over the past three years was 15.86% a year. In the 12 months to May 2026 the fund took in a net $278.2M, and assets reached $5.73B.
FMUEX Growth of $100
What $100 invested in Free Market U.S. Equity Fund grew to, compounded from monthly returns reported on SEC Form N-PORT, against the US Large Blend category average over the same months.
| Period | FMUEX | Category average |
|---|---|---|
| 1 year (Jun 2025 – May 2026) | $136 | $122 |
| 3 years (Jun 2023 – May 2026) | $175 | $165 |
| 5 years (Jun 2021 – May 2026) | $163 | $164 |
| Since data start (Sep 2019 – May 2026) | $243 | $229 |
FMUEX Trailing Returns
Total returns to May 2026, from SEC N-PORT.
| Period | Total return |
|---|---|
| YTD | +16.27% |
| 1 year | +36.10% |
| 3 years (annualised) | +20.46% |
| 5 years (annualised) | +10.25% |
FMUEX Annual Returns
Calendar-year total returns of Free Market U.S. Equity Fund, compounded from monthly SEC N-PORT returns. Partial years show the months covered.
| Year | Total return |
|---|---|
| 2026 (Jan–May) | +16.27% |
| 2025 | +12.80% |
| 2024 | +12.20% |
| 2023 | +17.07% |
| 2022 | −10.33% |
| 2021 | +31.75% |
| 2020 | +5.67% |
| 2019 (Sep–Dec) | +13.19% |
FMUEX 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 | +5.2% | +2.3% | −4.1% | +8.9% | +3.4% | — | — | — | — | — | — | — |
| 2025 | +3.3% | −3.0% | −4.9% | −3.7% | +5.1% | +4.7% | +1.2% | +5.7% | +1.0% | −0.1% | +2.6% | +1.0% |
| 2024 | −1.5% | +3.7% | +4.7% | −5.4% | +4.5% | −0.9% | +7.0% | −0.4% | +0.8% | −1.3% | +8.7% | −7.0% |
| 2023 | +7.6% | −1.9% | −3.2% | −0.9% | −2.7% | +8.2% | +5.0% | −3.0% | −4.2% | −4.3% | +8.2% | +8.7% |
| 2022 | −4.1% | +0.2% | +1.2% | −6.8% | +2.7% | −9.6% | +8.6% | −3.0% | −9.2% | +12.4% | +5.0% | −5.5% |
| 2021 | +2.8% | +8.6% | +5.7% | +3.0% | +2.9% | −1.1% | −0.9% | +2.2% | −2.5% | +4.4% | −2.0% | +5.5% |
| 2020 | −4.4% | −10.2% | −21.3% | +14.1% | +4.1% | +1.4% | +3.7% | +5.0% | −3.9% | +1.2% | +15.6% | +6.1% |
| 2019 | — | — | — | — | — | — | — | — | +4.0% | +2.0% | +3.4% | +3.2% |
FMUEX Risk
Risk measures from monthly returns over Jun 2023 – May 2026.
- 3-year volatility (annualised): 15.86%
- 3-year Sharpe ratio: 1.01 (vs 4.5% risk-free rate)
- Best month: +8.88% (Apr 2026)
- Worst month: −6.96% (Dec 2024)
FMUEX Fund Flows
Monthly money in and out of Free Market U.S. Equity Fund, from SEC Form N-PORT.
- 12-month net flow: $278.2M
- 12-month gross sales (incl. reinvestments): $810.3M
- Sales ÷ redemptions: 1.52×
| Month | Sales | Redemptions | Net flow |
|---|---|---|---|
| May 2026 | $48.7M | $51.1M | −$2.4M |
| Apr 2026 | $73.8M | $51.4M | $22.3M |
| Mar 2026 | $72.5M | $41.2M | $31.3M |
| Feb 2026 | $58.2M | $45.8M | $12.4M |
| Jan 2026 | $52.8M | $56.8M | −$4.0M |
| Dec 2025 | $137.9M | $49.9M | $88.0M |
| Nov 2025 | $40.8M | $33.2M | $7.6M |
| Oct 2025 | $100.3M | $45.8M | $54.4M |
| Sep 2025 | $52.8M | $41.5M | $11.3M |
| Aug 2025 | $46.4M | $38.1M | $8.2M |
| Jul 2025 | $71.0M | $43.1M | $27.9M |
| Jun 2025 | $55.2M | $34.0M | $21.2M |
FMUEX Assets Under Management
Net assets of Free Market U.S. Equity Fund by report date, from SEC N-PORT filings.
| Report date | Net assets |
|---|---|
| 2026-05-31 | $5.73B |
| 2026-02-28 | $5.26B |
| 2025-11-30 | $4.83B |
| 2025-08-31 | $4.59B |
| 2025-05-31 | $4.05B |
| 2025-02-28 | $4.11B |
| 2024-11-30 | $4.54B |
| 2024-08-31 | $4.30B |
| 2024-05-31 | $4.08B |
| 2024-02-29 | $3.98B |
| 2023-11-30 | $3.62B |
| 2023-08-31 | $3.68B |
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.