FM Focus Equity ETF (FMCX)
ARCA ARCA Primary Summary
FMCX Chart
New First Manhattan ETF Offers Long-Term Equity Strategy
On Monday, First Manhattan started off the week with the launch of the FM Compounders Equity ETF (FMCE). FMCE is an actively managed fund with a net expense ratio of 0.70%.
FMCX: At 25.85x Forward Earnings, First Manhattan's Debut Active ETF Is Too Expensive
FMCX is a large-cap blend fund with a 0.70% expense ratio and $97 million in assets. Selecting only 25-30 U.S. stocks, FMCX is a portfolio of First Manhattan's highest-conviction ideas. The fund's portfolio manager is an industry veteran with over 27 years of experience as a value-oriented investor. However, FMCX's 25.85x forward P/E suggests otherwise. I found other inconsistencies when evaluating FMCX's trailing price-cash flow and trailing price-sales ratios, which wrapped into a value score that ranks just #205/251 in its category.
FM Focus Equity ETF Investors
| Name | Quantity | Cost | Value | Profit ($) | Gain (%) |
|---|---|---|---|---|---|
| MA Marie-Andree Alain Federation des caisses Desjardins du Quebec | 25 | $717 | $903.5 | $186.5 | 26.01% |
FM Focus Equity ETF (FMCX) FAQ
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FM Focus Equity ETF Profile
| ARCA Exchange | US Country |
Overview
This ETF represents an actively managed investment fund that primarily focuses on investing in a select portfolio of 25-35 common stocks of companies listed on U.S. national securities exchanges. The fund’s approach is to invest in stocks that it can trade contemporaneously with its own shares, ensuring alignment with current market conditions. While it generally maintains a portfolio within the stated range of stocks, it does have the flexibility to exceed this range under certain circumstances. As a non-diversified fund, it may concentrate its investments more than a diversified fund, potentially leading to higher volatility.
Products and Services
The fund offers specific investment opportunities centered around U.S. exchange-traded common stocks. Here's an outline of its key products and services:
- Actively Managed ETF
The centerpiece of the fund's offering is its status as an actively managed exchange-traded fund (ETF). Unlike passive ETFs that aim to replicate the performance of a specific index, this fund employs a hands-on approach, selecting stocks based on active market analysis with the goal of outperforming the general market. The focus is on investing in 25-35 U.S. exchange-traded common stocks, with the flexibility to adjust the portfolio in response to changing market conditions.
- Non-Diversified Fund Structure
In contrast to diversified funds, this fund operates as a non-diverse entity. This strategy allows for a concentrated investment in fewer stocks, which can lead to both greater risk and the possibility of higher returns. The non-diversified status signifies that the fund may invest more heavily in individual stocks, making it an attractive option for investors looking for potentially higher growth investments that come with an increased risk profile.
