FAM Funds
Fenimore Private Client Group
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Stock Update: Brown & Brown

Brown & Brown was the worst performing stock for the first quarter, on a dollar-weighted basis, with a loss of -$3.47 million. Brown & Brown is a long-term holding in the Fund with an original purchase date in the 1990s. It is a national insurance agency with headquarters in Daytona Beach, FL. The valuation of the stock was expensive entering 2017 on excitement about lower corporate tax rates. BRO pays a full 39% tax rate and would benefit significantly from lower rates. In addition, earnings estimates for the first quarter of 2017 have been dropping. 

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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