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. 

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 3.31.17 = quarterly performance)

CDW Corp.

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

CDW was the best performing stock for the first quarter, on a dollar-weighted basis, with a gain of $4.96 million. The company again posted quarterly results that were above expectations and gave solid guidance for the current year.
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Brookfield Asset Management

Ticker: BAM
Funds: FAMVX,FAMWX
Sector: Real Estate

The second-best performer was BAM with a gain of $3.96 million. The firm is a global asset manager that operates in three main business segments: commercial real estate, infrastructure, and renewable energy.
Read More

Markel Corp.

Ticker: MKL
Funds: FAMVX,FAMWX
Sector: Financials

The third-best performing stock was Markel with a gain of $3.84 million. Markel is an insurance company selling almost $5 billion a year of insurance premiums globally.
Read More

Brown & Brown

Ticker: BRO
Funds: FAMVX,FAMWX
Sector: Financials

Brown & Brown was the worst performing stock for the first quarter, on a dollar-weighted basis, with a loss of -$3.47 million. Brown & Brown is a long-term holding in the Fund with an original purchase date in the 1990s.
Read More

CarMax

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

CarMax was the second-worst performer with a loss of -$3.18 million. Shares of this used car retailer fell in the period on concerns over the quality of their loan portfolio.
Read More

AutoZone

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

AutoZone was the third-worst performer with a loss of -$2.78 million. Despite continued solid earnings reports and continued expansion with new stores, this auto parts retailer saw share prices weaken...
Read More

Microchip Technology

Ticker: MCHP
Funds: FAMEX
Sector: Information Technology

Microchip was the best performing company during the first quarter, on a dollar-weighted basis, with a gain of $1.31 million. This developer and manufacturer of specialized semiconductor products announced earnings well in excess...
Read More

CDW Corp.

Ticker: CDW
Funds: FAMEX
Sector: Information Technology

CDW was the second-best performer with an increase of $1.25 million. The company again posted quarterly results that were above expectations and gave solid guidance for the current year.
Read More

Stryker Corp.

Ticker: SYK
Funds: FAMEX
Sector: Healthcare

Stryker was the third-best performing company in the Fund with a gain of $1.05 million. Stryker is a leader in orthopedic implants, such as hips and knees, as well as medical and surgical products like hospital beds and surgical instruments.
Read More

DSW

Ticker: DSW
Funds: FAMEX
Sector: Consumer Discretionary

The worst performer for the first quarter was DSW with a decline of -$721,688. Management is making progress on improving same-store sales and growing their omni‐channel presence; however, the organization...
Read More

Stock Yards Bancorp

Ticker: SYBT
Funds: FAMEX
Sector: Financials

Stock Yards was the second-worst performer with a loss of -$445,183. The bank provides commercial lending, investment management, and trust services. Banks were one of the industries that trailed...
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Air Products & Chemicals

Ticker: APD
Funds: FAMEX
Sector: Materials

APD was the third-worst performer with a loss of -$428,964. APD is one of the world’s largest manufacturers of industrial gases such as oxygen, nitrogen, argon, helium, and hydrogen with customers ranging from oil refineries to hospitals.
Read More

Lindsay

Ticker: LNN
Funds: FAMDX,FAMFX
Sector: Industrials

Lindsay was the largest contributor to the Fund’s performance during the first quarter, on a dollar-weighted basis, with a gain of $973,383. LNN manufactures farm irrigation equipment, especially...
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Stonegate Bank

Ticker: SGBK
Funds: FAMDX,FAMFX
Sector: Financials

Our second-best performer during the first quarter was Stonegate adding $859,520 to returns. This Florida-based bank saw its share price rise in the period as the organization reported earnings well in excess of analyst estimates.
Read More

Choice Hotels International

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

The third-largest contributor was Choice Hotels adding $637,191 to results. Choice owns 11 hotel brands like Comfort Inns, Quality Inns, EconoLodge, and Rodeway.
Read More

Evolution Petroleum Corp.

Ticker: EPM
Funds: FAMDX,FAMFX
Sector: Energy

Our worst performer during the first quarter, on a dollar-weighted basis, was Evolution Petroleum with a loss of -$998,389. Share prices fell as oil prices declined slightly and energy was the worst performing sector during the quarter.
Read More

Echo Global Logistics

Ticker: ECHO
Funds: FAMDX,FAMFX
Sector: Industrials

Echo was the second-worst performer with a loss of -$873,753. Echo is a provider of technology-enabled transportation and supply chain management services to enterprises in a broad range of industries.
Read More

MISTRAS Group

Ticker: MG
Funds: FAMDX,FAMFX
Sector: Industrials

MISTRAS was the third-worst performer with a loss of -$828,180. MG is a provider of sophisticated, non-destructive, testing and monitoring products and services. The stock price declined in the quarter as earnings fell short of expectations.
Read More

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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.