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Fenimore Private Client Group
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Stock Update: First NBC Bank Holding Company

Our worst performer in 2016, on a dollar-weighted basis, was First NBC Bank Holding Company with a loss of -$3.47 million. We pride ourselves on being good bank investors; however, this investment was unsuccessful. We learned that First NBC lacked strong accounting controls, had a large loan that suffered from both lower oil prices and a pipeline rupture, and had made a large, ill-advised factoring loan to a U.S. ethanol subsidiary of a Spanish green energy conglomerate that went bankrupt. We sold half of our shares in August and the rest in November when it appeared that the banking regulators were going out of their way to make it particularly hard for the bank to rebuild capital.  

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

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

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