FAM Small Cap Fund: WSJ Category King – Once Again

FAM Small Cap Fund: WSJ Category King – Once Again

The FAM Small Cap Fund was recognized as a “Category King” in The Wall Street Journal* for the second consecutive month.

“It’s an honor to be recognized again; however, the credit is owed to our team and Fenimore’s market-tested investment approach that has been refined over the past 48 years,” said Kevin Gioia, Portfolio Manager of the FAM Small Cap Fund. “We look forward to continuing to serve our shareholders as we seek to invest in what we believe are quality businesses that can produce strong returns over time.”

FAM SMALL CAP FUND DETAILS

THE QUEST FOR QUALITY SMALL CAP STOCKS

Kevin Gioia

*The FAM Small Cap Fund (Investor Class Shares) was listed in the “Small-Cap Growth” category. “Category Kings in 16 Realms” selection criteria: “Top-performing funds in each category, ranked by year-to-date total returns (changes in net asset values with reinvested distributions) as of Oct. 31; assets are as of Sept. 30. All data are final.” Oct., year-to-date, 1-year, and 5-year performance are shown in the listing. The FAM Small Cap Fund is listed as number three in this year-to-date ranking out of 740 funds.  

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


Past performance is not indicative of future results. All investing involves risk including the possible loss of principal. Before investing, carefully read the fund’s investment objectives, risks, charges and expenses. FAM Funds’ prospectus or summary prospectus contains this and other important information about FAM Funds and should be read carefully before you invest or send money.

To obtain a prospectus or summary prospectus and performance data that is current to the most recent month-end for each fund as well as other information, please go to fenimoreasset.com or call (800) 932-3271.

The principal risks of investing in the fund are: stock market risk (stocks fluctuate in response to the activities of individual companies and to general stock market and economic conditions), stock selection risk (Fenimore utilizes a value approach to stock selection and there is risk that the stocks selected may not realize their intrinsic value, or their price may go down over time), and small-cap risk (prices of small-cap companies can fluctuate more than the stocks of larger companies and may not correspond to changes in the stock market in general).

Neither this presentation nor any of its contents may be distributed or used for any other purpose without the prior written consent of Fenimore. The description of certain aspects of the market herein is a condensed summary only. This summary does not purport to be complete and no obligation to update or otherwise revise such information is being assumed. These materials are provided for informational purposes only and are not otherwise intended as an offer to sell, or the solicitation of an offer to purchase, any security or other financial instrument. This summary is not advice, a recommendation or an offer to enter into any transaction with Fenimore or any of their affiliated funds. 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 the cover page and may change at any time without notice.

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

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William Wise Joins Fenimore

William Wise Joins Fenimore

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    Fenimore Asset Management, an independent, Capital Region-based investment advisory firm and manager of the FAM Funds family of mutual funds, has hired William “Billy” Wise as Director, a role in which he will educate and inform financial professionals regarding Fenimore’s investment products.

    “With 16 years of experience working closely with financial advisors across the country, Billy will be a key contributor to Fenimore’s third-party distribution and service team,” said Fenimore Senior Vice President Anne Putnam. “Billy excels at helping advisors identify pathways to their clients’ financial goals. His commitment to building long-term, trusting relationships exemplifies the Fenimore approach to service excellence.”

  • Billy Wise

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Prior to joining Fenimore, Mr. Wise held national leadership positions with Tandem Wealth Advisors of Phoenix, AZ, and Beaumont Capital Management of Needham, MA. He also served as a retirement income specialist with John Hancock Investments. He is a Chartered Retirement Planning Counselor (CRPC®), an Accredited Investment Fiduciary (AIF®), and a Certified 401(k) Plan Administrator. Mr. Wise holds a bachelor’s degree in political science from Trinity College in Hartford, CT.

Founded in 1974, Fenimore Asset Management is an independent, nationally recognized investment manager with more than $3.6 billion in assets under management (as of 9/30/2022) through its Cobleskill and Albany offices. Fenimore offers both individually managed portfolios and a family of mutual funds (FAM Funds) that can be used for retirement and other long-term investment planning. The firm’s team focuses on in-depth research, investing in carefully selected quality businesses, and providing its investors with highly personalized investment services.

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Fenimore Leadership Transition

Fenimore Leadership Transition

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    Fenimore Asset Management Names Christian Snyder as President, Succeeding Retiring Debra Pollard.

    Fenimore Asset Management, an independent, Capital Region-based investment advisory firm and manager of the FAM Funds family of mutual funds, announces the appointment of Christian Snyder, J.D., CFA®, as President. He succeeds Debra Pollard who is retiring from Fenimore at the end of 2022 after a tenure of more than 30 years, the last six as President.

    Ms. Pollard will leave after incomparable service to our investors, associates, and community. Mr. Snyder will work closely with Fenimore Founder and Executive Chairman Tom Putnam, Chief Executive Officer John Fox, and the management team to guide the 48-year-old firm into the future.

  • Christian Snyder

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“Fenimore prides itself on attracting and retaining associates who share our strong values, distinctive investment philosophy, and dedication to service excellence. Deb and Christian exemplify these traits,” said CEO John Fox.

“Deb’s contributions to our firm are great and enduring. She is a dear friend and we wish her all the best as she moves into a new phase of life!”

“Christian has nearly two decades of experience in the financial services industry along with a solid track record of leadership and integrity. We are excited to have him on the team and look forward to working together to further our mission of preserving and growing our investors’ capital over the long term.”

Mr. Snyder, a Chartered Financial Analyst (CFA®), joins Fenimore after five years as Chief Operating Officer of the Wealth Strategies Group at Goldman Sachs Ayco Personal Financial Management. Prior to that, he served three years as Associate Counsel and then Deputy General Counsel for the company. Mr. Snyder holds a Juris Doctor from Suffolk University Law School and bachelor’s degree in mathematical economics from Colgate University. He and his family reside in Saratoga Springs, NY.

Founded in 1974, Fenimore Asset Management is an independent, nationally recognized investment manager with more than $3.6 billion in assets under management (as of 9/30/2022) through its Cobleskill and Albany offices. Fenimore offers both individually managed portfolios and a family of mutual funds (FAM Funds) that can be used for retirement and other long-term investment planning. The firm’s team focuses on in-depth research, investing in carefully selected quality businesses, and providing its investors with highly personalized investment services.

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Fenimore Day at Ellms Farm

Fenimore Day at Ellms Farm

Every fall since 2005, Ellms Family Farm opens its gates to welcome people from all over the Capital Region to their farm in Ballston Spa, NY. For many families, the combination of activities, pumpkins, and cider donuts make it a ‘must-do’ event.

Fenimore had the opportunity to partner with Ellms for the 2022 fall season to sponsor the music stage and host a Fenimore Day. During the Fenimore Day, members of the Fenimore team and their families spent a Saturday at Ellms passing out donuts and hosting guessing games for attendees.

‘Supporting our community for generations’ continues to be part of Fenimore’s legacy and the team was thrilled to enjoy a day with their families and support a 3rd generation family business, Ellms Family Farm.

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  • Ellms Farm - Guess the Goodies

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WSJ Category King – FAM Small Cap Fund

WSJ Category King – FAM Small Cap Fund

The FAM Small Cap Fund was just recognized as a “Category King” in The Wall Street Journal.*

“We are proud to receive this recognition,” said Andrew Boord, Portfolio Manager of the FAM Small Cap Fund. “At the same time, we don’t focus on categories or consider the portfolio to be a growth fund. Our focus is on researching and owning what we believe are quality companies that can grow and produce attractive returns over the long term.”

Learn more about the FAM Small Cap Fund

FAM SMALL CAP FUND DETAILS

THE QUEST FOR QUALITY SMALL CAP STOCKS

Andrew Boord

*The FAM Small Cap Fund (Investor Class Shares) was listed in the “Small-Cap Growth” category. “Category Kings in 9 Realms” selection criteria: “Top-performing funds in each category, ranked by one-year total returns (changes in net asset values with reinvested distributions) as of Sept. 30; assets are as of Aug. 31. All data are final.” Year-to-date, 1-year, 5-year, and 10-year performance are also shown in the listing. The FAM Small Cap Fund is listed as number five on this one-year ranking out of 729 funds.  


Past performance is not indicative of future results. All investing involves risk including the possible loss of principal. Before investing, carefully read the fund’s investment objectives, risks, charges and expenses. FAM Funds’ prospectus or summary prospectus contains this and other important information about FAM Funds and should be read carefully before you invest or send money.

To obtain a prospectus or summary prospectus and performance data that is current to the most recent month-end for each fund as well as other information, please go to fenimoreasset.com or call (800) 932-3271.

The principal risks of investing in the fund are: stock market risk (stocks fluctuate in response to the activities of individual companies and to general stock market and economic conditions), stock selection risk (Fenimore utilizes a value approach to stock selection and there is risk that the stocks selected may not realize their intrinsic value, or their price may go down over time), and small-cap risk (prices of small-cap companies can fluctuate more than the stocks of larger companies and may not correspond to changes in the stock market in general).

Neither this presentation nor any of its contents may be distributed or used for any other purpose without the prior written consent of Fenimore. The description of certain aspects of the market herein is a condensed summary only. This summary does not purport to be complete and no obligation to update or otherwise revise such information is being assumed. These materials are provided for informational purposes only and are not otherwise intended as an offer to sell, or the solicitation of an offer to purchase, any security or other financial instrument. This summary is not advice, a recommendation or an offer to enter into any transaction with Fenimore or any of their affiliated funds. 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 the cover page and may change at any time without notice.

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

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Letter From Cobleskill: Autumn 2022

Letter From Cobleskill: Autumn 2022

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    Dear Fellow Shareholder,

    As the leaves begin to change color in Upstate New York and the nights become chilly, my fall routine kicks into gear. The first thing I do is call my perennial firewood supplier to negotiate the price and place an order. After much friendly banter during our recent call, this hard-working entrepreneur said that there will be a large price increase in 2022. Higher labor, gasoline, truck and equipment maintenance, and overall operational costs give him no choice but to raise the price. This pattern is being repeated throughout our economy.

    So, it’s not surprising that shareholders are primarily asking us the following questions:

    1. Are we in, or headed for, a recession?
    2. What does this mean to me and my investments?
  • FAM Letter From Cobleskill Autumn 2022

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1. RECESSION OR NOT?

There is a current debate about the official definition of a recession. Whether we are technically in a recession or not, there’s no doubt that most consumers are feeling the pain of higher interest rates and high inflation.

The National Bureau of Economic Research (NBER) defines a recession’s start and end dates. It relies on government information that takes time to compile, so it cannot officially designate a recession until after it starts. At the same time, the NBER’s research shows that, from February 1945 to June 2009, recessions averaged 10.8 months in duration and the expansionary periods that followed averaged 60.2 months.

Since no one knows how much longer this difficult environment will last, it can understandably create apprehension. After many conversations about this first question, however, we’ve come to understand that shareholders are ultimately seeking an answer to the second question.

2. WHAT ABOUT MY FAM FUNDS INVESTMENTS?

If you’re wondering if your FAM Funds investments are strong enough to weather the downturn, we believe the answer is “yes.” Our goal is to invest in quality businesses that have a strong balance sheet and manageable debt; cash profits to invest in growth or pay dividends; a distinct competitive differentiator; and a talented and ethical management team.

We want these companies to be positioned to not only perform well in good times, but to endure the most challenging economic conditions — and even increase market share — while emerging on the other side poised for future growth.

ON THE ROAD AGAIN

Fenimore’s research analysts continue to visit businesses, tour facilities, and have face-to-face meetings with management teams of existing holdings and prospective investments. During the month of September alone, we had 32 meetings throughout the U.S. and 8 phone calls.

This firsthand, in-depth, company-level research provides invaluable insights that help us gain a better understanding of the current challenges facing businesses while reinforcing our confidence in our holdings’ abilities to persevere and potentially thrive during a variety of environments. We believe we have a collection of quality companies that can build wealth over the long term.

HELLO AND GOOD-BYE

Fenimore is pleased to welcome Christian Snyder as our new president. He succeeds Debra Pollard, who announced her retirement after 30 years of service to our investors, associates, and community. A Cobleskill native, Deb returned to her hometown after college. During her tenure, Deb earned a steady series of promotions culminating in her appointment as president in 2016. She will remain here to help with the transition over the next few months. Deb is a dear friend and we wish her all the best as she moves into a new phase of life!

Christian joins us after working in the financial services industry for nearly two decades, most recently serving as Chief Operating Officer of the Wealth Strategies Group at Goldman Sachs Ayco Personal Financial Management. He will work closely with our management team to help guide the firm. Christian earned his bachelor’s degree in mathematical economics from Colgate University, law degree from Suffolk University Law School, and Chartered Financial Analyst (CFA) designation. He and his family live in Saratoga Springs, NY.

STAY IN TOUCH

Whenever you have questions about your investments, please contact us. Everyone has unique needs, plans, and life circumstances. For example, you may be relying on your investments to pay bills or preserve your principal, or you may be in a position to purchase more mutual fund shares while stocks are on sale.

Through one-on-one conversations, we can get to the heart of your financial objectives, explain your options, and give you the information and confidence you need to make an educated decision. Our associates are invested alongside you, so we are sensitive to your concerns and goals.

Please remember that our team is here for you at our Cobleskill and Albany offices, by phone at 800-932-3271, or via email at info@fenimoreasset.com.

Thank you for your trust and friendship.

Sincerely,
John D. Fox, CFA
CHIEF EXECUTIVE OFFICER

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The Joshua Project Summer Lunch Program

The Joshua Project Summer Lunch Program

The Joshua Project does wonderful things feeding our neighbors throughout Schoharie County and Fenimore was thrilled to work in partnership with them to provide lunches and healthy snacks to individuals and families during this past summer.

Throughout the month of August, every Friday a team of associates would cook and serve pizza, prepare salads, fruits and snacks to attendees. Across the four Fridays, Fenimore assisted in preparing and serving over 175 lunches at the Cobleskill United Methodist Church.


“Partnering with the Joshua Project to help serve lunches this summer has been an honor. Knowing that we contributed in a small way to being part of a community that helps and serves others is inspiring.”

— Shannon Almy, Relationship Manager

Shannon Almy, Relationship Manager

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  • The Joshua Project Volunteers

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  • The Joshua Project Summer Lunches

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  • Shannon Almy

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  • Joe LeRoy

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  • The Joshua Program Summer Lunches


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FAM Funds’ 36th Annual Shareholder Meeting

FAM Funds’ 36th Annual Shareholder Meeting

FIRSTHAND RESEARCH
GIVES US CONFIDENCE

Please join us! Our investment research team will share insights from their company visits and meetings with management.

New Location. New Format.
Same Investment Philosophy.

Tuesday, October 11, 2022
4:00–5:00 p.m.
SUNY Cobleskill – Bouck Hall
Refreshments | Complimentary Gift

Please provide your name and email address when you RSVP

  • A SUNY Cobleskill map will be emailed to all attendees

RSVP

or call 518-234-7462
  • In-Depth Research: Learn how Fenimore’s fieldwork reinforces our confidence in our holdings’ abilities to persevere and potentially thrive during turbulent times.
  • Personalized Service: Hear about various shareholder service initiatives and what they mean to you.
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FAM Funds 36th Annual Meeting


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27 Years & Running

27 Years & Running

An Interview with FAM 5k Team Captain, Keith Cataldo

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    Since 1994, Fenimore Asset Management has held its annual FAM 5K “Fund” Run/Walk each September (except during COVID-19). Preparations for this year’s race on September 24th are already in full swing and we caught up with Keith Cataldo, Director of Trading and Operations at Fenimore and the FAM 5k Team Captain to learn more about why he became the organizer of this race what that means to him.

    1. HOW DID YOU BECOME THE FAM 5K TEAM CAPTAIN?

      I was just lucky, I guess! 

      I am the 3rd member of the Fenimore Family to take over the reigns as Race Director.   I had some big sneakers to fill following our previous two directors (George Chelius & Peter Sweetser).

      Six years ago, I started to assist Peter with some of the race coordination.  Once you understand the impact the race has had and will continue to have on the charities and our community, who wouldn’t want to be part of that? 

      It’s a lot of work but an honor to be associated with the race.

  • Keith Cataldo

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  1. AFTER A 2-YEAR HIATUS, THE FAM 5K IS BACK WITH YOU LEADING THE WAY. WHAT IS ONE WORD YOU WOULD USE TO DESCRIBE BEING ABLE TO CONDUCT THIS RACE AGAIN IN OUR COMMUNITY?

    Opportunity!

    During the pandemic when we were unable to host the FAM5k, Fenimore continued to support these organizations behind the scenes.   However, the race is what provides the “Opportunity” to bring attention to five outstanding organizations.  Organizations that make the lives of people better; that make our community better.  


  1. BY DAY, YOU ARE FENIMORE’S DIRECTOR OF TRADING.  EVERY YEAR AROUND THIS TIME YOU TRANSFORM INTO OUR FAM 5K TEAM CAPTAIN – 2 VERY DIFFERENT ROLES. ARE THERE ANY SIMILARITIES?

    I think that both roles require someone that can be comfortable with making decisions.

    As the Director of Trading my job is to try get all our clients the best possible entry or exit price on an investment.  I must decide when to buy or sell a security to ensure that I put our client’s best interest first.   I may not always be right, but I will have a reason for making that decision at that time.

    It’s the same with my role as race director.  I look at all the information and make a decision that I believe is in the best interest of the race that year.  It’s impossible to always be right, but you need to be comfortable with your decision and able to learn from any mistakes.


  1. WHAT IS ONE BEHIND THE SCENES DETAIL OF ORGANIZING A COMMUNITY 5K THAT PEOPLE WOULD BE SURPRISED TO KNOW?

    People are usually surprised when I tell them that I begin my preparation for the September FAM5K at the end of January.   I have built a spreadsheet to help keep me and the race timeline on track.  The first order of business is always to sign a contract securing the Cobleskill Fairgrounds (where the race is hosted), followed by contacting the board for that year’s charity race recipient. 

    I have over 80 separate checkbox items on my sheet that range from ordering T-Shirts to testing walkie-talkies.

    There are two certainties as race director:

    • You can never be too prepared.
    • You will always forget something.

  1. WHAT’S EASIER TO YOU – RUNNING A 5K OR ORGANIZING A 5K?

    I don’t by any measure consider myself to be a runner.   But running a 5K would be much easier than organizing one.  The FAM5K is also considered a “Run/Walk”.  I wouldn’t be setting any new course records (Male: 14:26 & Female: 16:06), but I know I would have a lot of fun competing with family and friends.    


  1. WHAT IS YOUR FAVORITE PART OF RACE DAY?

    Is it bad to say when it’s over?  In the immortal words of John “Hannibal” Smith from my favorite 80’s Television show The A-Team:

    “I love it when a plan comes together”


    Join Keith and Fenimore on September 24th to walk/run and support our mission of endorsing and promoting the qualities of family, health, and service to our community.

    Learn more and register here: http://www.fam5k.com/

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    Thomas O. Putnam founded Fenimore in 1974 with two passions: conduct in-depth, firsthand, independent investment research and serve investors with excellence and integrity. Today Fenimore Asset Management, manager of the FAM Funds, is nationally recognized, yet locally rooted and independently owned. Decades have passed, but our approach endures.

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

    © Fenimore Asset Management. All Rights Reserved.