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Stock Update: DSW

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.  DSW is a shoe retailer with 501 stores. They sell brand-name shoes to women, men, and kids.  Customers are able to buy the same shoes they see at department stores at discounted prices.  The stock declined for the year because earnings growth did not materialize despite posting higher constant currency sales.  Management lowered their earnings outlook slightly for the year based solely on currency fluctuation.  DSW is going through a leadership transition.  A new CEO took over in the early part of 2016 and he appears to be moving things in the right direction.  There is also a new CFO and a person responsible for some of the merchandising missteps in the past has left the company.  In a recent meeting with the management team, there is clearly a new level of energy.  The CEO has taken concrete steps to improve results which have already started to show progress.  

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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