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Stock Update: Foot Locker

Foot Locker was the worst performer in the portfolio for the third quarter, on a dollar-weighted basis, and subtracted -$2.05 million from the Fund’s value. This retailer of athletic footwear saw its shares punished as the company posted very poor second quarter 2017 results, with both sales and earnings coming in well under expectations. We had built a position in Foot Locker on the view that the stock had overshot on the downside due to the negativity surrounding the retail space. We exited the position in the quarter given the weakened fundamental outlook for the business.

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

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

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