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 12.31.16 = annual performance)

Brown & Brown

Ticker: BRO
Funds: FAMVX
Sector: Financials

Brown & Brown was the best performing stock for 2016, on a dollar-weighted basis, with a gain of $16.60 million. Brown & Brown is a long-term holding in the Fund with an original purchase date in the 1990s.
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Illinois Tool Works

Ticker: ITW
Funds: FAMVX
Sector: Industrials

The second-best performer was Illinois Tool Works with a gain of more than $10.90 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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EOG Resources

Ticker: EOG
Funds: FAMVX
Sector: Energy

The third-best performing stock was EOG Resources with a gain of $10.73 million for the year. EOG is an energy firm with headquarters in Houston, TX.
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MEDNAX

Ticker: MD
Funds: FAMVX
Sector: Healthcare

The worst performing stock for the year, on a dollar-weighted basis, was MEDNAX with a loss of -$2.26 million. MEDNAX is a national medical group that comprises the nation's leading providers of neonatal, anesthesia, maternal-fetal, and pediatric medical...
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Patterson Companies

Ticker: PDCO
Funds: FAMVX
Sector: Healthcare

Patterson was the second-worst performer with a loss of -$1.44 million. In November, Patterson reported poor results for its second fiscal quarter ending October 2016.
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Fossil Group

Ticker: FOSL
Funds: FAMVX
Sector: Consumer Discretionary

Fossil was the third-worst performer with a loss of -$277,406. Fossil was a small position which we sold after they continued to report results far below what we expected.
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Stryker Corp.

Ticker: SYK
Funds: FAMEX
Sector: Healthcare

Stryker was the best performing company, on a dollar-weighted basis, in the Fund for 2016 with a gain of $2.58 million. Stryker is a leader in orthopedic implants, such as hips and knees, as well as medical and surgical...
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Stock Yards Bancorp

Ticker: SYBT
Funds: FAMEX
Sector: Financials

Stock Yards was the second-best performer with an increase of $2.57 million. The bank was a new addition to the Fund in January when we were able to purchase shares at what we felt was a good price.
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EOG Resources

Ticker: EOG
Funds: FAMEX
Sector: Energy

EOG was the third-best performing company in the Fund with a gain of $2.36 million. EOG is an energy exploration, development, and production firm (an oil company).
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Patterson Companies

Ticker: PDCO
Funds: FAMEX
Sector: Healthcare

Patterson was the worst performer, on a dollar-weighted basis, in the portfolio for the year with a loss of -$442,038. This underperformance was driven by earnings that were below expectations for the fiscal second quarter and...
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Tupperware Brands Corp.

Ticker: TUP
Funds: FAMEX
Sector: Consumer Discretionary

Tupperware was the second-worst performing company with a loss of -$199,980. Tupperware struggled to grow sales around the world, particularly in emerging markets which comprise two-thirds of their sales.
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DSW

Ticker: DSW
Funds: FAMEX
Sector: Consumer Discretionary

The third-worst performer for the year was DSW with a decline of -$180,036. This is the second year in a row that DSW made our worst performing list. Despite this, we are down only slightly on our cost basis due to adding to our position at below-average prices.
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Evolution Petroleum Corp.

Ticker: EPM
Funds: FAMDX,FAMFX
Sector: Energy

Evolution was the largest contributor to the Fund’s performance in 2016, on a dollar-weighted basis, with a gain of $2.71 million. Like most energy exploration and production companies, Evolution’s stock price correlates highly with the price of oil.
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National Commerce Corp.

Ticker: NCOM
Funds: FAMDX,FAMFX
Sector: Financials

Our second-best performer was National Commerce Corp., a regional bank based out of Birmingham, Alabama, which added $2.69 million to returns. We followed management when they ran another bank and admired them for many years, so we were pleased...
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Fabrinet

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

The third-largest contributor to results was Fabrinet, a third-party manufacturer of optoelectronic components, which added $2.37 million to results. We first purchased Fabrinet in 2014 when they were still rebounding from a horrible October 2011...
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First NBC Bank Holding Company

Ticker: FNBC
Funds: FAMDX,FAMFX
Sector: Financials

Our worst performer in 2016, on a dollar-weighted basis, was First NBC Bank Holding Company with a loss of -$3.47 million.
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Landauer

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

Landauer was the second-worst performer with a loss of -$209,542. During the market decline at the beginning of 2016, we sold our position in order to upgrade the Fund and enhance its long-term position.
Read More

Patriot Transportation

Ticker: PATI
Funds: FAMDX,FAMFX
Sector: Services

Patriot was the third-worst performer with a loss of just -$35,701. We sold our position in Patriot essentially because we concluded it was a fine company, run by decent people, that should likely do well over time — but they just were not up to our standards.
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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.