- ISIN
- US89609H8117
- Issuer
- Tributary Funds
- Inception Date
- Aug 1, 2019
- Category
- Mid Cap Blend Equities
- Min. Investment
- $5,000,000
- Distribution Policy
- Distributing
- Asset Class
- Equity
- Asset Class Size
- Mid-Cap
- Asset Class Style
- Blend
Share Price Chart
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Performance
FSMBX Performance Chart
Tributary Small/Mid Cap Fund (FSMBX) is up 12.9% since the beginning of the year. FSMBX is currently trading at $18 per share. Investors who bought $1,000 worth of FSMBX shares 5 years ago would now be looking at an investment worth $1,292.
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Returns By Period
Tributary Small/Mid Cap Fund (FSMBX) has returned 12.87% so far this year and 13.27% over the past 12 months.
Tributary Small/Mid Cap Fund
- 1D
- 0.28%
- 1M
- 0.73%
- 6M
- 6.49%
- YTD
- 12.87%
- 1Y
- 13.27%
- 3Y*
- 6.44%
- 5Y*
- 5.25%
- 10Y*
- —
- ALL TIME*
- 9.87%
Benchmark (S&P 500 Index)
- 1D
- 0.70%
- 1M
- 0.09%
- 6M
- 7.94%
- YTD
- 9.41%
- 1Y
- 20.07%
- 3Y*
- 17.84%
- 5Y*
- 11.25%
- 10Y*
- 13.26%
- ALL TIME*
- 8.09%
FSMBX Monthly Returns History
Based on dividend-adjusted daily data since Aug 1, 2019, FSMBX's average daily return is +0.05%, while the average monthly return is +0.93%. At this rate, an investment would double in approximately 6.2 years.
Historically, 57% of months were positive and 43% were negative. The best month was Nov 2020 with a return of +12.7%, while the worst month was Mar 2020 at -17.7%. The longest winning streak lasted 8 consecutive months, and the longest losing streak was 4 months.
On a daily basis, FSMBX closed higher 51% of trading days. The best single day was Apr 9, 2025 with a return of +8.8%, while the worst single day was Mar 16, 2020 at -9.9%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 6.00% | -0.53% | -5.93% | 7.44% | 0.94% | 4.94% | 0.00% | 12.87% | |||||
| 2025 | 3.00% | -6.10% | -4.43% | -4.70% | 2.20% | 4.24% | 1.69% | 4.19% | -2.60% | -3.88% | 1.83% | -0.21% | -5.43% |
| 2024 | -1.87% | 4.33% | 3.84% | -5.70% | 5.27% | -1.28% | 7.05% | -0.06% | 0.75% | -1.61% | 6.76% | -6.93% | 9.81% |
| 2023 | 7.19% | -2.70% | -2.42% | -1.02% | -2.13% | 8.65% | 4.71% | -2.51% | -5.83% | -4.90% | 8.33% | 8.76% | 15.38% |
| 2022 | -7.28% | 0.00% | 1.22% | -6.69% | 1.58% | -5.29% | 8.42% | -4.19% | -8.97% | 10.09% | 4.94% | -6.34% | -13.81% |
| 2021 | 0.57% | 5.39% | 5.72% | 4.62% | 1.66% | -0.88% | 1.92% | 1.14% | -1.93% | 5.42% | 0.06% | 5.91% | 33.39% |
Benchmark Metrics
Tributary Small/Mid Cap Fund has an annualized alpha of -2.71%, beta of 0.96, and R2 of 0.79 versus S&P 500 Index. Calculated based on daily prices since August 01, 2019.
- This fund participated in 99.79% of S&P 500 Index downside but only 85.03% of its upside - more exposed to losses than it benefited from rallies.
- This fund had an annualized alpha of -2.71% versus S&P 500 Index - delivering less than market exposure alone would predict.
- With beta of 0.96 and R2 of 0.79, this fund moves broadly in line with S&P 500 Index - much of its variation is explained by market exposure rather than independent behavior.
- Alpha
- -2.71%
- Beta
- 0.96
- R²
- 0.79
- Upside Capture
- 85.03%
- Downside Capture
- 99.79%
Expense Ratio
FSMBX has an expense ratio of 0.90%, placing it in the medium range.
Return for Risk
Risk / Return Rank
FSMBX ranks 17 for risk / return — above 17% of mutual funds peers on PortfoliosLab. Its historical combined result is below most peers; review the five component ranks for context.
Risk / Return Metrics
The table below present risk-adjusted performance metrics for Tributary Small/Mid Cap Fund (FSMBX) and compare them to S&P 500 Index.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| FSMBX | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.73 | ||
| Sortino ratioReturn per unit of downside risk | -0.86 | ||
| Omega ratioGain probability vs. loss probability | 1.13 | 1.25 | -0.13 |
| Calmar ratioReturn relative to maximum drawdown | 0.97 | 2.00 | -1.04 |
| Martin ratioReturn relative to average drawdown | 2.52 | 8.49 | -5.97 |
Dividends
Dividend History
Tributary Small/Mid Cap Fund provided a 0.54% dividend yield over the last twelve months, with an annual payout of $0.10 per share.
| Period | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Dividend | $0.10 | $0.10 | $0.02 | $0.04 | $0.25 | $0.55 | $0.03 | $0.02 |
Dividend yield | 0.54% | 0.61% | 0.14% | 0.28% | 1.83% | 3.47% | 0.23% | 0.21% |
Monthly Dividends
The table displays the monthly dividend distributions for Tributary Small/Mid Cap Fund. The dividends shown in the table have been adjusted to account for any splits that may have occurred.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |||||
| 2025 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.10 | $0.10 |
| 2024 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.02 | $0.02 |
| 2023 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.04 | $0.04 |
| 2022 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.25 | $0.25 |
| 2021 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.55 | $0.55 |
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the Tributary Small/Mid Cap Fund. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the Tributary Small/Mid Cap Fund was 37.37%, occurring on Mar 23, 2020. Recovery took 162 trading sessions.
The current Tributary Small/Mid Cap Fund drawdown is 1.40%.
Drawdown | Fall | Recovery | Underwater | Related event |
|---|---|---|---|---|
-37.37%Mar 2020 | 2mo 6d | 7mo 22d | 9mo 28dJan 2020 - Nov 2020 | COVID crash2020 |
-25.22%Apr 2025 | 4mo 13d | — | 1y 8moNov 2024 - now | 2025 selloff2025 |
-20.61%Sep 2022 | 8mo 25d | 1y 3mo | 1y 11moJan 2022 - Dec 2023 | Bear market2022 |
-7.57%Aug 2024 | 6d | 1mo 13d | 1mo 19dAug 2024 - Sep 2024 | — |
-7.33%Apr 2024 | 17d | 2mo 24d | 3mo 11dApr 2024 - Jul 2024 | — |
Drawdown Indicators
| FSMBX | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -37.37% | -56.78% | +19.41% |
Max Drawdown (1Y)Largest decline over 1 year | -10.79% | -9.10% | -1.69% |
Max Drawdown (3Y)Largest decline over 3 years | -25.22% | -18.90% | -6.32% |
Max Drawdown (5Y)Largest decline over 5 years | -25.22% | -25.43% | +0.21% |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.92% | — |
Current DrawdownCurrent decline from peak | -1.40% | -1.58% | +0.18% |
Average DrawdownAverage peak-to-trough decline | -7.60% | -10.70% | +3.10% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.13% | 2.14% | +1.99% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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