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Stock Update: Evolution Petroleum Corp.

Our worst performer during the first quarter, on a dollar-weighted basis, was Evolution Petroleum with a loss of -$998,389. Share prices fell as oil prices declined slightly and energy was the worst performing sector during the quarter. The stock had also reached a high valuation at year-end. The well-managed, independent producer of oil and gas maintains an attractive dividend and a debt-free balance sheet. Management teams with their approach to capital allocation and risk aversion are all too rare in the energy industry.
 

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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