Fees on the firm's open-end and exchange-traded funds are a weakness, contributing negatively to the rating and creating a larger performance hurdle on funds. On average, Firsthand charges fees on its funds that are in the highest quintile of similarly distributed funds. With the current market environment of fee compression, this is cause for concern, as investors may flock over time to alternate asset managers to get a better deal. Experienced longest-tenured management is a core advantage that Firsthand has over peer firms. With 20 years of average tenure across the group, it is clear that they've been put through their paces. Firsthand has presented a reliable and stable portfolio management culture over the past five years, as evidenced by lower-than-average turnover, strengthening the assessment of the firm's stewardship.
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