FSMBX Performance — Tributary Small/mid Cap Fund, Institutional Plus
Data updated: 2026-08-14
FSMBX returned +12.88% year to date and +13.76% over one year to Jun 2026. Annualised returns are +8.08% over 3 years and +5.67% over 5 years. The fund trailed its US Mid-Cap Blend category average: $100 invested three years ago grew to $126, against $150 for the category, and to $114 over one year, against $122. Volatility over the past three years was 16.20% a year. In the 12 months to Jun 2026 the fund lost a net $13.1M, and assets reached $30.48M.
FSMBX Growth of $100
What $100 invested in Tributary Small/mid Cap Fund grew to, compounded from monthly returns reported on SEC Form N-PORT, against the US Mid-Cap Blend category average over the same months.
| Period | FSMBX | Category average |
|---|---|---|
| 1 year (Jul 2025 – Jun 2026) | $114 | $122 |
| 3 years (Jul 2023 – Jun 2026) | $126 | $150 |
| 5 years (Jul 2021 – Jun 2026) | $132 | $147 |
| Since data start (Sep 2019 – Jun 2026) | $192 | $211 |
FSMBX Trailing Returns
Total returns to Jun 2026, from SEC N-PORT.
| Period | Total return |
|---|---|
| YTD | +12.88% |
| 1 year | +13.76% |
| 3 years (annualised) | +8.08% |
| 5 years (annualised) | +5.67% |
FSMBX Annual Returns
Calendar-year total returns of Tributary Small/mid Cap Fund, compounded from monthly SEC N-PORT returns. Partial years show the months covered.
| Year | Total return |
|---|---|
| 2026 (Jan–Jun) | +12.88% |
| 2025 | −5.44% |
| 2024 | +9.81% |
| 2023 | +15.37% |
| 2022 | −13.77% |
| 2021 | +33.45% |
| 2020 | +12.72% |
| 2019 (Sep–Dec) | +9.26% |
FSMBX 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 | +6.0% | −0.5% | −5.9% | +7.4% | +0.9% | +4.9% | — | — | — | — | — | — |
| 2025 | +3.0% | −6.1% | −4.4% | −4.7% | +2.2% | +4.2% | +1.7% | +4.2% | −2.6% | −3.9% | +1.8% | −0.2% |
| 2024 | −1.9% | +4.3% | +3.8% | −5.7% | +5.3% | −1.3% | +7.1% | −0.1% | +0.8% | −1.6% | +6.8% | −6.9% |
| 2023 | +7.2% | −2.7% | −2.4% | −1.0% | −2.1% | +8.6% | +4.7% | −2.5% | −5.8% | −4.9% | +8.3% | +8.8% |
| 2022 | −7.3% | 0.0% | +1.2% | −6.7% | +1.6% | −5.3% | +8.4% | −4.2% | −9.0% | +10.1% | +4.9% | −6.3% |
| 2021 | +0.6% | +5.4% | +5.7% | +4.6% | +1.7% | −0.9% | +1.9% | +1.1% | −1.9% | +5.4% | +0.1% | +6.0% |
| 2020 | −2.2% | −9.5% | −17.7% | +10.5% | +5.9% | −0.2% | +5.4% | +3.0% | −2.6% | +3.6% | +12.7% | +7.2% |
| 2019 | — | — | — | — | — | — | — | — | +2.8% | −0.2% | +2.9% | +3.5% |
FSMBX Risk
Risk measures from monthly returns over Jul 2023 – Jun 2026.
- 3-year volatility (annualised): 16.20%
- 3-year Sharpe ratio: 0.22 (vs 4.5% risk-free rate)
- Best month: +8.76% (Dec 2023)
- Worst month: −6.92% (Dec 2024)
FSMBX Fund Flows
Monthly money in and out of Tributary Small/mid Cap Fund, from SEC Form N-PORT.
- 12-month net flow: −$13.1M
- 12-month gross sales (incl. reinvestments): $5.3M
- Sales ÷ redemptions: 0.29×
| Month | Sales | Redemptions | Net flow |
|---|---|---|---|
| Jun 2026 | $397K | $1.3M | −$878K |
| May 2026 | $130K | $502K | −$372K |
| Apr 2026 | $149K | $843K | −$694K |
| Mar 2026 | $307K | $597K | −$290K |
| Feb 2026 | $405K | $148K | $257K |
| Jan 2026 | $668K | $238K | $430K |
| Dec 2025 | $693K | $319K | $374K |
| Nov 2025 | $713K | $1.8M | −$1.1M |
| Oct 2025 | $653K | $703K | −$50K |
| Sep 2025 | $476K | $780K | −$304K |
| Aug 2025 | $282K | $507K | −$224K |
| Jul 2025 | $435K | $10.7M | −$10.3M |
FSMBX Assets Under Management
Net assets of Tributary Small/mid Cap Fund by report date, from SEC N-PORT filings.
| Report date | Net assets |
|---|---|
| 2026-06-30 | $30.48M |
| 2026-03-31 | $28.58M |
| 2025-12-31 | $28.43M |
| 2025-09-30 | $30.10M |
| 2025-06-30 | $39.59M |
| 2025-03-31 | $37.87M |
| 2024-12-31 | $38.58M |
| 2024-09-30 | $14.49M |
| 2024-06-30 | $13.11M |
| 2024-03-31 | $13.88M |
| 2023-12-31 | $13.12M |
| 2023-09-30 | $11.64M |
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.