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Stock Update: MEDNAX

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 and surgical subspecialty services. During the year, the company experienced greater than expected demand for its radiology services. As a result, it had to recruit and train many more doctors than expected. This increased hiring and training elevated expenses while reducing profit margins for the year. We expect this margin pressure to be a short-term issue that should be resolved in 2017. When resolved, we expect that margins and operating profit margin should begin to increase.

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

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

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