CEO Anne Putnam and Founder & Executive Chairman Tom Putnam explore Fenimore’s enduring commitment to investment excellence through:
CEO Anne Putnam and President Christian Snyder discuss Fenimore’s:
This past weekend, our team, Frank Adams Jewelers and the community came together in a powerful way to support the City Mission of Schenectady and neighbors in need through the “Fill the Truck” event. Thanks to your generosity, we collected hundreds of new and gently used clothing items for men, women, and children — all sizes, all styles, all donated with love.
We’re especially grateful to our investors and every individual who stopped by, donated, and helped spread the word.
Our team was thrilled and deeply moved by the outpouring of kindness. This event was more than a clothing drive, it was a reminder that investing in our community means showing up, giving back, and lifting each other up.
Thank you to everyone for helping us make this event a true success.
This fall, our team came together to support two incredible organizations that each play vital roles in our community, Double H Ranch and Habitat for Humanity of Schenectady County.
At Double H Ranch known for creating experiences that capture the magic of the Adirondacks for families and children, we spent the day cleaning cabins and preparing the space for future visitors. It was a small gesture to help a place that brings so much joy to others.
We also volunteered with Habitat for Humanity, lending a hand at the ReStore through painting, learning, and meaningful teamwork. It was an opportunity to connect with their mission and contribute in a hands-on way.
These projects reflect our ongoing commitment to investing in the communities where we live and work. We’re proud to support organizations that give so much and honored to support their missions.
Dear Fellow Investor,
The late author and naturalist Hal Borland wrote, “Year’s end is neither an end nor a beginning but a going on, with all the wisdom that experience can instill in us.”
As the Fenimore team enters 2025’s final quarter, we are taking the wisdom we have accumulated over the first nine months of this year ― and across the last five-plus decades ― and putting it to work every day on our investors’ behalf. We continue with our mission of seeking to protect and grow your capital over the long term, and we are pleased and humbled to have you with us on the journey.
Maybe not gangbusters like we hoped, but through three quarters the stock market and economy have both performed well, overall, in a challenging environment.
Stocks and bonds are up. The current annual return on cash equivalents, like money market accounts and treasury bills, is healthy. Furthermore, publicly traded real estate investment trusts have sound performance in general.
Adding to our encouragement, as Fenimore’s research team travels the country, we are routinely hearing our holdings’ management teams talk positively about earnings growth and the reinvestments they are making ― both in their own company and through acquisitions. These businesses are the compass we primarily focus on as we navigate the always unpredictable, occasionally turbulent world of investments and they have helped guide us successfully for more than a half-century.
At Fenimore, we ask ourselves big-picture questions every day as we strive to make the most informed investment decisions:
However, the most important question is at the company level:
What are the companies in which we invest doing to stay strong and keep growing
no matter the answers to those macro questions?
Investing in what we believe are quality businesses with strong financials ― including significant free cash flow generation, high profitability, and manageable debt ― has been the foundation of Fenimore’s investment philosophy since day one. And a key factor in these businesses’ success is always an astute leadership team that anticipates and prepares for almost every possibility.
Fenimore’s research analysts are in touch with our companies, and others we are considering, on a regular basis to verify our quality assessments. Sometimes it is a phone check-in. Other times it is a lengthy visit with the C-suite or on the factory floor. In each instance, our message is the same: show us what you are doing to grow earnings, outsmart the competition, minimize debt, and create value for shareholders ― even in times of uncertainty.
We are pleased to say that we like what we are hearing and this gives us a positive long-term outlook.
Please do not hesitate to connect with us about your investments and financial goals in our Cobleskill or Albany office, or from the comfort of your own home. Call 800-932-3271 or email us at info@fenimoreasset.com.
Thank you for your confidence in us.
Sincerely,
John D. Fox, CFA®
CHIEF INVESTMENT OFFICER
John Fox, Chief Investment Officer (CIO), is retiring in December after a successful career at Fenimore of nearly 30 years. His professional and personal contributions have made a positive impact on our investors, firm, and community. We hope that John enjoys his well-deserved retirement and express our heartfelt gratitude for his dedicated service!
FOCUSED ON YOU
Fenimore Founder and Executive Chairman Tom Putnam built the framework for a long-term succession plan years ago to ensure the continuity of our investment philosophy and investor experience for decades to come. Fenimore’s succession planning is thoughtful, enduring, and seamless ― always keeping our investors’ best interests in mind.
When associates retire, our highly collaborative process keeps operations running smoothly. Each of the three investment strategy teams (Value, Dividend Focus, and Small Cap) works together as a cohesive unit. They implement our market-tested approach in pursuit of performance excellence, just as they did during John’s time as CIO. What this means is that the teams who pick our stocks remain the same.
Fenimore’s research analysts include three astute industry veterans of more than 30 years as well as generations of talented professionals. We look forward to sustaining our collegial environment as we diligently seek to grow your assets over the long term.
This letter is intended for FAM Shareholders and is authorized for distribution only when preceded or accompanied by a prospectus or summary prospectus for the FAM Value Fund, FAM Dividend Focus Fund and FAM Small Cap Fund. Past performanceis not indicative of future results. Investment returns may fluctuate: the value of your investment upon redemption may be more or less than the initial amount invested. Please read the prospectus or summary prospectus for more complete details, including investment objectives, risk considerations and expenses, before you invest. FAM Funds are distributed by Fenimore Securities, Inc., Cobleskill, NY 12043, 800.932.3271. Current performance numbers are available at fenimoreasset.com.
This presentation may contain statements based on the current beliefs and expectations of Fenimore’s management and are subject to significant risks and uncertainties. Actual results may differ from those set forth in the forward-looking statements. Any references herein to any of Fenimore’s past or present investments, portfolio characteristics, or performance, have been provided for illustrative purposes only. It should not be assumed that these investments were or will be profitable or that any future investments will be profitable or will equal the performance of these investments. There can be no guarantee that the investment objectives of Fenimore will be achieved. Any investment entails a risk of loss. Unless otherwise noted, information included herein is presented as of the date indicated on thecover page and may change at any time without notice. Fenimore Asset Management Inc. is an SEC registered investment adviser; however, such registration does not imply a certain level of skill or training and no inference to the contrary should be made.
For the third consecutive year, Fenimore proudly partnered with Siena College Men’s and Women’s Basketball to host an annual celebration of community, collaboration, and positive impact at the Court Rehab Dedication & Ice Cream Social.
This year, the community voted to support Girls Inc. of the Greater Capital Region in Schenectady as the recipient of a fully renovated basketball court. The winning location was chosen by fans during Siena men’s and women’s basketball games last season.
Together with Girls Inc., Siena teams, and local families celebrated making our community better and the lasting impact it will have on kids and their families.
The newly refurbished court is more than a place to play, our hope is that it will be a space to empower and inspire generations of young girls to dream big, stay active, and support one another.
We’re honored to support Girls Inc. and their mission to inspire all girls to be strong, smart, and bold.
“We like to craft very concentrated portfolios, anywhere from 25 to 30 companies, we like to look for businesses with very defensible competitive advantages, strong growing cash flow run by what we deem is a great management team, and we try to buy those at a discount – what we think their fair value is. We are truly long-term focused.”
Hunter Frayne, CFA®, Investment Research Analyst, recently joined Julie Cooling, Founder and CEO of RIA Channel, to discuss Fenimore’s investment philosophy.
The Fenimore team recently spent time at the SEAT Center (Social Enterprise and Training Center) learning about their mission, meeting some of their incredible students, and continuing our tradition of giving back with some painting, cleaning, gardening, and assisting with resumes.
Fenimore’s vision is to transform lives and transform communities for generations and our team was grateful to spend time supporting SEAT’s mission of providing transformative educational and workforce experiences that create a sense of purpose and hope in our communities and connect business to real time solutions.
We were honored to roll up our sleeves alongside local nonprofits, volunteers, and businesses for the United Way of the Greater Capital Region’s “518 Day”, giving back to the place we all call home!
Our team worked alongside the Veterans Miracle Center to help launch a store remodeling project by painting, organizing and installing key features to create a more functional, welcoming space. This newly refreshed space will support veterans and their families by providing easier access to essential items, resources and support services.
Grateful to be part of a project that uplifts those who have served our country. Thank you to our neighbors, partners, and team for showing up and showing heart!
