FM Compounders Equity ETF (FMCE)

FM Compounders Equity ETF (FMCE) is an actively managed equity exchange-traded fund launched in 2024 by First Manhattan, a New York-based investment advisory firm. It seeks long-term capital appreciation.

The fund holds a concentrated portfolio of roughly 25 to 35 U.S. stocks chosen through fundamental research. The managers look for so-called compounders: resilient businesses with durable competitive advantages that they believe can grow their value steadily over long periods.

Positions are selected individually rather than by tracking an index, and the portfolio typically spans a range of sectors. First Manhattan is a long-established investment adviser, and the fund applies its fundamental, long-horizon approach to stock selection. Turnover is generally expected to be low because the strategy emphasizes holding quality businesses over extended periods.