At Fenimore, quality investing is more than a philosophy—it’s the foundation of everything we do. For over 50 years, we’ve believed that the best way to protect and grow capital is by truly knowing the companies we own. That means spending time with management teams, understanding industry dynamics, and investing only when we have conviction in a business’s long‑term durability.

This research often reveals strengths that aren’t always obvious at first glance. Recently, one of our holdings, HEICO Corporation, announced that three of its subsidiaries supplied components to NASA’s Artemis II mission. It’s a powerful reminder that high‑quality companies often play essential roles in some of the world’s most ambitious endeavors.

Another example includes Amphenol Corporation that provides critical infrastructure for data center buildouts supporting the rapid expansion of AI. As artificial intelligence accelerates, demand for reliable power systems, cooling technologies, and connectivity continues to surge. Because we’ve followed this company closely for years—through cycles, leadership changes, and industry shifts—we understand how its competitive advantages position it to benefit from this long‑term trend.

This year marks the 30th anniversary of the FAM Dividend Focus Fund, a milestone that reflects our commitment to consistency and long‑term thinking. For three decades, the Fund has focused on financially strong, dividend‑paying companies—businesses with the resilience to navigate uncertainty and the discipline to reward investors over time.

As we celebrate this anniversary, our approach remains unchanged: Invest in quality. Stay patient. Know what you own. It’s a steady, time‑tested path and one we believe continues to serve our investors well.