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Tax-Managed US Small Cap Portfolio

Ticker DFTSX
Inception Date 12/15/98
Fund Net Assets $3 B (As Of 04/30/18)

The investment objective of the Tax-Managed U.S. Small Cap Portfolio is to achieve long-term capital appreciation while minimizing federal income taxes on returns.

Returns (As of 04/30/18)(As of 03/31/18)

Annualized Returns

portfolio benchmark
YTD -0.74% 0.78%
1 Year 9.33% 11.54%
3 Year 9.41% 9.64%
5 Year 12.18% 11.74%
10 Year 9.34% 9.49%
Since Inception 9.70% 8.80%

Annualized Returns

portfolio benchmark
YTD -1.38% -0.08%
1 Year 9.67% 11.79%
3 Year 8.37% 8.39%
5 Year 11.86% 11.47%
10 Year 9.61% 9.84%
Since Inception 9.70% 8.79%

Calendar Year Returns

portfolio benchmark
2017 11.87% 14.65%
2016 23.99% 21.31%
2015 -3.43% -4.41%
2014 3.88% 4.89%
2013 43.37% 38.82%
2012 18.55% 16.35%
2011 -3.04% -4.18%
2010 28.60% 26.85%
2009 26.26% 27.17%
2008 -38.43% -33.79%

AFTER TAX RETURNS  (As of 03/31/2018)
After Taxes on Distributions: 1 Year = 8.71%   5 Year = 11.04%   10 Year= 9.13%
After Taxes on Distributions and Sale of Fund Shares: 1 Year = 6.37%   5 Year = 9.35%   10 Year = 7.85%
After-tax returns are calculated using the highest individual federal income tax rate in effect and they do not reflect state and local taxes. After-tax returns depend on an investor's particular tax situation and may differ from those shown here.

Performance is reported net of all advisory fees and includes reinvestment of dividends and other earnings. Performance data shown represents past performance and is no guarantee of future results. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost.  

Performance less than one year is not annualized.

Indices are not available for direct investment; therefore, their performance does not reflect the expenses associated with the management of an actual portfolio.

Frank Russell Company is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes.

Dimensional funds are distributed by DFA Securities LLC.

Fees & Expenses

Management Fee 0.50%
Total Operating Expense Ratio 0.52%
Net Expense Ratio (to investor) 0.52%

Certain Portfolios have entered into fee waiver and/or expense assumption arrangements with the Advisor. In these cases, the Advisor has contractually agreed, under certain circumstances, to waive certain fees and/or assume certain expenses of the Portfolio. Unless otherwise stated in the prospectus, the Advisor may amend or discontinue these arrangements at any time, one year from the date of the prospectus. The net expense ratio reflects the total annual fund operating expenses of the Portfolio after taking into account any such fee waiver and/or expense assumption arrangements. Please read the Portfolio's prospectus for details and more information.

Characteristics (As Of 04/30/18)


Price-to-Book 2.01
% in Top 10 Holdings 3.08%
Wtd. Avg. Mkt. Cap. (Millions) $2437
Number of Holdings 1764
Annual Turnover as of 10/31/17 11%

GICS Sector Allocation1

Financials 22.16%
Industrials 19.59%
Consumer Discretionary 15.45%
Information Technology 13.91%
Health Care 9.06%
Energy 5.79%
Materials 5.65%
Consumer Staples 3.92%
Utilities 3.41%
Telecommunication Services 0.97%
REITs 0.09%

Top Holdings

Sterling Bancorp/DE 0.36%
United States Steel Corp 0.35%
MKS Instruments Inc 0.32%
Cantel Medical Corp 0.31%
HEICO Corp 0.30%
Cathay General Bancorp 0.30%
TCF Financial Corp 0.29%
PBF Energy Inc 0.28%
Interactive Brokers Group Inc 0.28%
KLX Inc 0.28%

1 Sectors defined by MSCI.

Please note that a Portfolio that invests in other Portfolios typically does not hold securities directly. As such, "Top Holdings" information for such a Portfolio represents "Top Holdings" information of underlying Portfolios.

Please click here to access Top Holdings as of the most recent month end available.

Holdings are subject to change.

Numbers may not total 100% due to rounding.

Portfolio Risks

Equity Market Risk: Even a long-term investment approach cannot guarantee a profit. Economic, market, political, and issuer-specific conditions and events will cause the value of equity securities, and the Tax-Managed U.S. Small Cap Portfolio that owns them, to rise or fall. Stock markets tend to move in cycles, with periods of rising prices and periods of falling prices.

Small Company Risk: Securities of small companies are often less liquid than those of large companies and this could make it difficult to sell a small company security at a desired time or price. As a result, small company stocks may fluctuate relatively more in price. In general, smaller capitalization companies are also more vulnerable than larger companies to adverse business or economic developments and they may have more limited resources.

Tax-Management Strategy Risk: The tax-management strategies may alter investment decisions and affect portfolio holdings, when compared to those of non-tax managed mutual funds. The Advisor anticipates that performance of the Tax-Managed U.S. Small Cap Portfolio may deviate from that of non-tax managed mutual funds.

Derivatives Risk: Derivatives are instruments, such as futures contracts, whose value is derived from that of other assets, rates or indices. The use of derivatives for non-hedging purposes may be considered to carry more risk than other types of investments. When the Tax-Managed U.S. Small Cap Portfolio uses derivatives, the Portfolio will be directly exposed to the risks of those derivatives. Derivative instruments are subject to a number of risks including counterparty, liquidity, interest rate, market, credit and management risks, and the risk of improper valuation. Changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index, and the Portfolio could lose more than the principal amount invested.

Securities Lending Risk: Securities lending involves the risk that the borrower may fail to return the securities in a timely manner or at all. As a result, the Tax-Managed U.S. Small Cap Portfolio may lose money and there may be a delay in recovering the loaned securities. The Portfolio could also lose money if it does not recover the securities and/or the value of the collateral falls, including the value of investments made with cash collateral. Securities lending also may have certain adverse tax consequences.

Cyber Security Risk: The Tax-Managed U.S. Small Cap Portfolio’s and its service providers’ use of internet, technology and information systems may expose the Portfolio to potential risks linked to cyber security breaches of those technological or information systems. Cyber security breaches, amongst other things, could allow an unauthorized party to gain access to proprietary information, customer data, or fund assets, or cause the Portfolio and/or its service providers to suffer data corruption or lose operational functionality.


Calendar Year

Record Date Ex-Date Payable Date Type Rate per Share
03/06/15 03/09/15 03/10/15 Dividend $0.05987
06/05/15 06/08/15 06/09/15 Dividend $0.08293
09/08/15 09/09/15 09/10/15 Dividend $0.08541
12/15/15 12/16/15 12/17/15 Dividend $0.11967
12/15/15 12/16/15 12/17/15 Long-Term Capital Gain $1.57848
Record Date Ex-Date Payable Date Type Rate per Share
03/29/16 03/30/16 03/31/16 Dividend $0.07600
06/28/16 06/29/16 06/30/16 Dividend $0.10012
09/28/16 09/29/16 09/30/16 Dividend $0.07078
12/14/16 12/15/16 12/16/16 Dividend $0.11015
12/14/16 12/15/16 12/16/16 Long-Term Capital Gain $0.85367
Record Date Ex-Date Payable Date Type Rate per Share
03/29/17 03/30/17 03/31/17 Dividend $0.07905
06/28/17 06/29/17 06/30/17 Dividend $0.08573
09/27/17 09/28/17 09/29/17 Dividend $0.08062
12/14/17 12/15/17 12/18/17 Long-Term Capital Gain $1.23903
12/14/17 12/15/17 12/18/17 Dividend $0.15102
Record Date Ex-Date Payable Date Type Rate per Share
03/27/18 03/28/18 03/29/18 Dividend $0.05296
06/27/18 06/28/18 06/29/18
09/26/18 09/27/18 09/28/18
12/17/18 12/18/18 12/19/18

Dimensional Fund Advisors LP is an investment advisor registered with the Securities and Exchange Commission. Consider the investment objectives, risks, and charges and expenses of the Dimensional funds carefully before investing. For this and other information about the Dimensional funds, please read the prospectus carefully before investing. Prospectuses are available by calling Dimensional Fund Advisors collect at (512) 306-7400 or at

Dimensional funds are distributed by DFA Securities LLC.