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Stock Update: Evolution Petroleum Corp.

Evolution was the largest contributor to the Fund’s performance in 2016, on a dollar-weighted basis, with a gain of $2.71 million. Like most energy exploration and production companies, Evolution’s stock price correlates highly with the price of oil. Oil began declining in the fall of 2014 and bottomed in February 2016, before rebounding nicely by year-end 2016. Evolution is relatively unique among small-cap energy stocks on several metrics, but we are particularly attracted to their debt-free balance sheet and ability to stay profitable at low oil prices. Management teams with this 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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