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Stock Update: Air Products & Chemicals

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. Shares in this industrial gas company sold off when management brought down guidance for 2017, driven primarily by currency translation and slower-than-expected volume growth. This is impacting the entire industry. We added to our position because we think this well-managed operation should be able to deploy its large cash balance at attractive rates of return. 

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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