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Stock Update: Hostess Brands

Hostess Brands was the second-worst detractor losing -$883,523 for the Fund. Under new ownership and management, Hostess invested in three highly automated plants in recent years. They also shifted to third-party trucking rather than a collection of thousands of local delivery trucks. Today, while the company is smaller than it was, it is highly profitable. The brand is one of the largest U.S. packaged food businesses that focuses on creating, manufacturing, promoting, and distributing freshly baked sweet goods. There was a slowdown in the category, but Hostess increased their market share through this time period. This strengthening reinforces our investment thesis and we believe the firm still has a favorable long-term outlook.
 

The portfolio is actively managed. For the FAM Small Cap Fund's current Top 10 Holdings to the most recent quarter-end, view its Portfolio Details.

To obtain the FAM Small Cap Fund's performance data that is current to the most recent month-end, click here.

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