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Stock Update: Illinois Tool Works

The third-best performer was Illinois Tool Works with a gain of $7.50 million. Illinois Tool is a diversified industrial company serving a number of end markets including automobile manufacturers, food equipment, and welding equipment. Management has done an excellent job increasing profit margins over the years using their “80/20” operating system. Under this system, management focuses on the 20% of customers that account for 80% of revenues. As a result, operating margins have increased from 15% five years ago to more than 22% in the latest fiscal year.

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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