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FAM Small Cap Fund

FAM Small Cap Fund seeks to maximize long-term return on capital. The Fund is a no-load mutual fund and may be appropriate for a shareholder whose focus is capital appreciation. Distributions are paid annually. We offer both Investor Shares, with low minimums, as well as Institutional Shares that require a much higher minimum and are only available through Investment Advisors and Financial Professionals. Of the three FAM Funds, the FAM Equity-Income Fund is our only fund that does not offer Institutional Shares.

Fund Management Team (Institutional Shares)

Thomas O. Putnam

Thomas O. Putnam

Founder & Chairman, Co-Manager: FAM Small Cap Fund

Mr. Putnam is Founder and Chairman of Fenimore Asset Management and FAM Funds. Tom reinforces the firm’s vision and provides research, insight, and guidance for its separately managed portfolio business and mutual funds. Mr. Putnam earned his BA from the University of Rochester and MBA from Tulane University before establishing the firm in 1974. Not only is Tom dedicated to Fenimore’s investors, he is passionate about investing in the community. Tom is a former member of the Investment Company Institute (ICI) Board of Governors, Cobleskill Regional Hospital Board, and Reformed Church of America Investment Committee. Tom currently serves on the Fenimore Art Museum Board, Catskill Area Hospice and Palliative Care Foundation Board, Koinonia Primary Care Board, Guideposts Board, and Guideposts Foundation Board. 

Andrew F. Boord

Andrew F. Boord

Investment Research Analyst, Co-Manager: FAM Small Cap Fund

Andrew received a BS from the University of Tennessee and MS from American University, both in Accounting. He also earned his CPA in 1994 (currently inactive). Prior to joining Fenimore in 2005, Andrew spent 10 years in the investment management industry including a position as Vice President and Portfolio Manager with A.G. Edwards Asset Management. Andrew is a firm Principal and Co-Manager of the FAM Small Cap Fund.

Portfolio Details (Institutional Shares)

As of 12/31/2018

Fund Facts  

 Inception Date  1/1/16 

 Total Net Assets
 Investor (FAMFX)
 Institutional (FAMDX)

$ 147,820,716
 $ 111,156,348
 $   36,664,368
 Ticker Symbol  FAMDX
 CUSIP Number  314465600

Top 10 Holdings as a Percentage of Total Net Assets

Hostess Brands, Inc. 5.42%
Frontdoor, Inc. 5.00%
National commerce Corp. 4.93%
CBIZ, Inc. 4.86%
Exlservice Holdings, Inc. 4.84%
Choice Hotels International, Inc. 4.70%
Monro, Inc. 4.65%
Natus Medical, Inc. 4.60%
Diamond Hill Investment Group
Pinnacle Financial Partners 4.12%

Portfolio Holdings PDF

Top Five Sectors

Consumer Discretionary 22.43%
Financials 19.22%
Industrials 17.64%
Information Technology 11.78%
Real Estate 8.07%


FAM Small Cap Fund (FAMDX) Performance (Institutional Shares)

Year to date Returns: + 14.63% as of 02/20/2019


Inception Return through 1/31/2019


Russell 2000 Index

1 Year -1.87% -3.52%
3 Year 9.99% 14.71%
Inception 1/1/16 8.66% 10.92%

FAM Small Cap Fund Institutional Shares provide an opportunity to invest through Investment Advisors and Financial Professionals to invest at a lower expense ratio in exchange for a higher minimum investment ($500,000). 

Performance data quoted above is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost.

The Fund’s total annual operating expe%nse ratio as stated in the fee table of the Fund’s most recent prospectus is 1.34% for the Investor Class. The Fund’s total annual operating expense ratio as stated in the fee table of the Fund’s most recent prospectus is 1.21% after fee waivers of (0.02)% for the Institutional Class. When excluding Acquired Funds Fees and Expenses, which are not direct costs paid by the Fund’s shareholders and fee waivers, the total annual operating expense as reported in the FAM Small Cap Fund’s audited financial statements as of 12/31/17 is 1.34% and the Institutional Class is 1.21% as of 12/31/17.

The Advisor has contractually agreed, until May 1, 2018, to waive fees and/or reimburse the Fund certain expenses (excluding interest, taxes, brokerage costs, Acquired Fund Fees and Expenses, dividend expense and extraordinary expenses) to the extent necessary to maintain Net Fund Operating Expenses for Institutional Shares at 1.20%.

You should consider the Fund's investment objectives, risks, and charges and expenses carefully before investing. The Fund's return and principal value will fluctuate with market conditions. Small-cap stocks, with their potential for greater long-term return, are more volatile and less liquid than stocks of larger companies. These risks may increase share price volatility. The Fund's ability to invest in options, futures contracts, and the Fund's ability to engage in short sale transactions involves special risks. These and other risks are described more fully in the Fund's prospectus. 



Fact Sheet & Letters (Institutional Shares)

FAMDX Fact Sheet

Date: December 31, 2018

Download PDF

Annual Chairman's Letter

Date: December 31, 2018

Download PDF


Annual Managers' Letter

Date: December 31, 2018

Download PDF


Distribution Detail (Institutional Shares)

FAM Small Cap Fund (FAMDX)

 Record Date  12/26/18
 Ex-Dividend Date  12/27/18
 Payable Date  12/27/18
 Payout $1.4996
 Reinvestment Price


All investing involves risk including the possible loss of principal. Before investing, carefully read the fund’s prospectus which includes investment objectives, risks, charges, expenses and other information about the fund. Please call us at 800-932-3271 or visit famfunds.com for a prospectus or summary prospectus.

Securities offered through Fenimore Securities, Inc., Member FINRA/SIPC and advisory services offered through Fenimore Asset Management, Inc.

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FAM Funds: FAM Small Cap Fund
FAM Small Cap Fund seeks to maximize long-term return on capital and is a non-diversified fund. This no-load mutual fund may be appropriate for a shareholder whose focus is capital appreciation.