FAM Funds
Fenimore Private Client Group
Investment Advisors
About Fenimore

Investment Advisors

 

Investment Research

Overview

“Thought leader,” a term coined in the early ‘90s, is considered vital in business to create progress. Since our inception, thought leadership has been the cornerstone of our firm. Our team of seasoned professionals conducts in-depth, independent research and analyzes the companies behind the investments to gain unique insights. We use this firsthand knowledge and a time-tested process to help achieve our investors’ long-term financial goals.


The way we hope to influence progress is to demonstrate how FAM Funds' investment approach works, over the long term, despite what’s happening around the globe economically, politically, and socially.

Staying the course in an ever-changing investment world.

Investment Research Team

Thomas O. Putnam

Thomas O. Putnam

Founder & Chairman

Mr. Putnam is Founder and Chairman of Fenimore Asset Management and FAM Funds. Tom reinforces the firm’s vision and provides research, insight, and guidance for its separately managed portfolio business and mutual funds. Mr. Putnam earned his BA from the University of Rochester and MBA from Tulane University before establishing the firm in 1974. Not only is Tom dedicated to Fenimore’s investors, he is passionate about investing in the community. Tom is a former member of the Investment Company Institute (ICI) Board of Governors, Cobleskill Regional Hospital Board, and Reformed Church of America Investment Committee. Tom currently serves on the New York State Historical Association (Fenimore Art Museum) Board, Catskill Area Hospice and Palliative Care Foundation Board, Guideposts Board, and Guideposts Foundation Board. 

John D. Fox, CFA

John D. Fox, CFA

Chief Investment Officer

As Chief Investment Officer, Mr. Fox is responsible for overseeing the development, implementation, and monitoring of Fenimore’s investment strategies and portfolios by coordinating the Investment Research Team's efforts. John also serves as the primary communicator and educator of the firm’s long-term investment philosophy and process. Additionally, John is Co-Manager of the FAM Value Fund, a firm Principal, and active in the community. Prior to joining us in 1996, Mr. Fox spent 10 years in the financial services industry as a financial analyst and life insurance executive. He holds a BS from Fairfield University, MBA from the University of Connecticut, Chartered Financial Consultant (ChFC) designation from the American College in Bryn Mawr, PA, and Chartered Financial Analyst (CFA) designation. 

Paul C. Hogan, CFA

Paul C. Hogan, CFA

Investment Research Analyst

Paul earned a BA from St. Bonaventure University, MBA from the State University of New York at Binghamton, and Chartered Financial Analyst (CFA) designation. Prior to joining Fenimore in 1991, he was an officer in the United States Army National Guard. Paul is a firm Principal and Co-Manager of the FAM Equity-Income Fund.

Andrew F. Boord

Andrew F. Boord

Investment Research Analyst

Andrew received a BS from the University of Tennessee and MS from American University, both in Accounting. He also earned his CPA in 1994 (currently inactive). Prior to joining Fenimore in 2005, Andrew spent 10 years in the investment management industry including a position as Vice President and Portfolio Manager with A.G. Edwards Asset Management. Andrew is a firm Principal and Co-Manager of the FAM Small Cap Fund.

Drew P. Wilson, CFA

Drew P. Wilson, CFA

Investment Research Analyst

Drew earned a BA from Loyola University of Chicago, MBA from Northwestern University Kellogg School of Business, and Chartered Financial Analyst (CFA) designation. He was a Partner, Equity Analyst, and Portfolio Manager at Martin Capital Management in Elkhart, Indiana for 15 years before joining Fenimore in 2011. Prior to that, he was with Watson Wyatt Worldwide. Drew is a firm Principal and Co-Manager of the FAM Value Fund. 

Kevin D. Gioia, CFA

Kevin D. Gioia, CFA

Investment Research Analyst

Kevin received a Bachelor of Science degree in Finance from Siena College and graduated with honors in 2010 before joining Fenimore’s Investment Research Team. Kevin also earned the Chartered Financial Analyst (CFA) designation.

William W. Preston, CFA

William W. Preston, CFA

Investment Research Analyst

Will received a BS in Business Administration with a concentration in Finance/IT Management and a minor in Economics from the University at Albany. He also earned his Chartered Financial Analyst (CFA) designation. Before joining Fenimore in 2016, Will worked at Renaissance Capital in Greenwich, Connecticut as a Senior Research Analyst for four years. Prior to that, he was a Fenimore Investment Research Intern. 

Trish Bergan

Trish Bergan

Assistant to Tom Putnam & the Research Team

pbergan@famfunds.com
518.234.4393 x 246

White Papers

Our white papers and position papers are an extension of our research process − insights for our investors and people interested in logical, long-term, value investing. They help illustrate our steadfast, time-tested, distinct views in an ever-changing investment landscape.

Fenimore Asset Management is the investment advisor to FAM Funds. Read more of our Investment Research Team's white papers including topics such as Quality Matters, Owner Earnings, and Real Returns.

Here is an addendum to the Quality Matters white paper including statistics that illustrate how FAM Funds compare to the data presented in our white paper on quality investments.  You may also access Quality Matters here.

Dividend Growth For The Long Term

Author: Paul C. Hogan, CFA, Investment Research Analyst

Date: September 2016

Download PDF

The Value of Patience

Authors: Thomas O. Putnam, Founder & Chairman
                   Drew P. Wilson, CFA, Investment Research Analyst

Date: July 2015

Download PDF

Small-Cap Stocks

Author: Investment Research Team

Date: May 2015

Download PDF

Stock Updates (as of 6/30/17 = semiannual performance)

IDEX Corp.

Ticker: IEX
Funds: FAMVX,FAMWX
Sector: Industrials

The best performer for the first six months of the year, on a dollar-weighted basis, was IDEX Corp. with a gain of $13.64 million. IDEX is an industrial company with headquarters near Chicago and it is a leader in products that move fluids (such as pumps) and fire and safety equipment.
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CDW Corp.

Ticker: CDW
Funds: FAMVX,FAMWX
Sector: Information Technology

The second-best performing stock was CDW Corp. with a gain of $9.23 million. We have owned CDW’s stock twice in the last decade. We originally purchased shares in 2004 and held a position until a private equity firm acquired it in 2007.
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Illinois Tool Works

Ticker: ITW
Funds: FAMVX,FAMWX
Sector: Industrials

The third-best performer was Illinois Tool Works with a gain of $7.50 million. Illinois Tool is a diversified industrial company serving a number of end markets including automobile manufacturers, food equipment, and welding equipment.
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AutoZone

Ticker: AZO
Funds: FAMVX,FAMWX
Sector: Consumer Discretionary

The worst performer year-to-date, on a dollar-weighted basis, was AutoZone with a loss of -$10.04 million. AZO reported weak earnings and same-store sales for the fiscal third quarter ending May 6.
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Ross Stores

Ticker: ROST
Funds: FAMVX,FAMWX
Sector: Consumer Discretionary

The second-worst performer was Ross Stores with a loss of -$6.12 million. Ross is making a rare appearance on the worst performers’ list as it has been one of the best stocks we have owned during the last 15 years.
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EOG Resources

Ticker: EOG
Funds: FAMVX,FAMWX
Sector: Energy

The third-worst performer was EOG Resources with a loss of -$3.53 million. EOG is an energy producer that has been impacted by the decline in the price of oil and natural gas year-to-date.
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CDW Corp.

Ticker: CDW
Funds: FAMEX
Sector: Information Technology

CDW Corp. was the best performer, on a dollar weighted basis, for the first six months of the year adding $2.33 million to the value of the portfolio. CDW is a provider of IT solutions for small- and medium-sized businesses as well as local, state, and federal government entities.
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Microchip Technology

Ticker: MCHP
Funds: FAMEX
Sector: Information Technology

Microchip Technology was the second-best performer in the portfolio adding $1.74 million to the Fund’s value. This provider of semiconductors used in everything from touch panels to automotive infotainment systems...
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Stryker Corp.

Ticker: SYK
Funds: FAMEX
Sector: Healthcare

Stryker Corp. was the portfolio’s third-best performer with a gain of $1.69 million. This diversified healthcare corporation is mainly known for their orthopedic implants such as knees and hips.
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Foot Locker

Ticker: FL
Funds: FAMEX
Sector: Consumer Discretionary

Foot Locker was the worst performer in the portfolio, on a dollar weighted basis, and subtracted -$1.62 million from the Fund’s value. This retailer of athletic footwear is a new holding and we took an initial position in the business at what we thought was a reasonable valuation.
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Flowers Foods

Ticker: FLO
Funds: FAMEX
Sector: Consumer Discretionary

Flowers Foods was the second-worst performer in the portfolio reducing the value of the Fund by -$1.18 million. Flowers has posted flat earnings for two years and provided guidance for the current year that is essentially flat with last year.
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Ross Stores

Ticker: ROST
Funds: FAMEX
Sector: Consumer Discretionary

Ross Stores was the third-worst performer in the portfolio with a loss of -$979,129. Ross posted strong results in the most recent quarter with same-store sales increasing +3% and earnings growing +13%.
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FRP Holdings

Ticker: FRPH
Funds: FAMDX,FAMFX
Sector: Financials

FRP Holdings was the best performer in the first half of 2017, on a dollar-weighted basis, contributing profits of $1.08 million. FRP owns a collection of real estate including warehouses around Baltimore, rock quarries in Florida, and interests in multi-purpose developments in southeast Washington, D.C.
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Lindsay Corp.

Ticker: LNN
Funds: FAMDX,FAMFX
Sector: Industrials

Lindsay Corp. was the second-best performer adding $1.06 million to returns. Lindsay is the #2 maker of agricultural irrigation systems through its Zimmatic product line. The ability of farmers to purchase additional systems is directly tied to their profitability...
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ExlService Holdings

Ticker: EXLS
Funds: FAMDX,FAMFX
Sector: Information Technology

ExlService Holdings was the third-largest contributor with a gain of $860,461. ExlService provides both business process outsourcing and analytics — primarily to large insurers, banks, healthcare providers, and transportation companies.
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Echo Global Logistics

Ticker: ECHO
Funds: FAMDX,FAMFX
Sector: Industrials

Echo Global Logistics was the worst performer, on a dollar-weighted basis, losing -$1.23 million. Echo has two lines of commerce, the larger being transportation brokerage. Brokers match a shipper with freight to move to a truck needing freight to haul. While some brokerage volume is fairly stable, a portion is more cyclical “spot” market business.
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Evolution Petroleum

Ticker: EPM
Funds: FAMDX,FAMFX
Sector: Energy

Evolution Petroleum was our second-worst performer with a loss of -$910,448. While Evolution is a high-quality oil producer with a clean balance sheet...
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Penske Automotive Group

Ticker: PAG
Funds: FAMDX,FAMFX
Sector: Consumer Discretionary

Penske Automotive Group was the third-worst detractor losing -$728,901 for the Fund. Most new car dealer stocks declined in the first half as investors worried new car sales might decline from the strong 2016 numbers.
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FAM Funds: Investment Research - Investment Advisors
Our team of seasoned professionals conducts in-depth, independent research and analyzes the companies behind the investments to gain unique insights.