Tributary Small/Mid Cap Institutional (FSMCX)

Fund Assets	16.03M
Expense Ratio	0.91%
Min. Investment	$1,000
Turnover	35.00%
Dividend (ttm)	n/a
Dividend Yield	n/a
Dividend Growth	n/a
Payout Frequency	n/a
Ex-Dividend Date	n/a

Previous Close	18.71
YTD Return	16.59%
1-Year Return	10.88%
5-Year Return	32.01%
52-Week Low	15.44
52-Week High	19.27
Beta (5Y)	0.90
Holdings	59
Inception Date	Aug 2, 2019

About FSMCX

The Tributary Small/Mid Cap Fund Institutional is an actively managed mutual fund designed to provide investors with long-term, above-average performance while aiming to maintain below-average risk. This fund primarily invests in small- and mid-capitalization companies, focusing on U.S.-listed stocks that fall within the size constraints of the Russell 2500 Index. By employing a fundamental, bottom-up, research-driven approach, the fund seeks out businesses with robust models and attractive valuations, prioritizing ownership of quality firms trading at a discount to their estimated fair value. The investment universe includes companies across diversified sectors, excluding firms with market capitalizations above $30 billion or those with insufficient trading liquidity. Established in 2019, the fund is categorized within the Small Blend Morningstar Category and typically appeals to institutional investors looking to diversify into smaller market segments that may offer inefficiencies for active managers to exploit. The fund’s disciplined strategy and experienced management team underpin its role as a strategic holding for those seeking exposure to the growth potential of the U.S. small and mid-cap universe.

• Fund Family: Tributary Funds
• Category: Small Blend
• Performance Rating: Below Average
• Risk Rating: Low
• Stock Exchange: NASDAQ
• Ticker Symbol: FSMCX
• Share Class: Institutional Class
• Index: Russell 2500 TR

Performance

FSMCX had a total return of 10.88% in the past year, including dividends. Since the fund's inception, the average annual return has been 10.39%.

Other Share Classes

These are alternative share classes of the same fund, from the same provider.

Symbol	Share Class	Expense Ratio
FSMBX	Institutional Plus Class	0.90%

Top 10 Holdings

27.29% of assets

Name	Symbol	Weight
iShares Russell 2000 ETF	IWM	3.69%
Littelfuse, Inc.	LFUS	3.31%
Burlington Stores, Inc.	BURL	3.01%
Stifel Financial Corp.	SF	2.62%
Enpro Inc.	NPO	2.61%
IDACORP, Inc.	IDA	2.57%
SouthState Bank Corporation	SSB	2.52%
Onto Innovation Inc.	ONTO	2.44%
Lamar Advertising Company	LAMR	2.32%
CACI International Inc	CACI	2.19%

Data Sources: Tiingo, Twelve Data, and more

Historical data is provided by Tiingo. Delayed stock pricing data is provided by Twelve Data. Several fund data points are also provided by Finnhub.

Last checked:

Aug 27, 2026

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