Skip to main content

FAM 5K “FUND” Run/Walk: Transforming Lives, Transforming Communities

Written by Rachel Crisafulli on . Posted in Community Spotlight, Featured News & Insights, Fenimore in the Community.

FAM 5K “FUND” Run/Walk: Transforming Lives, Transforming Communities

This year’s FAM 5K “FUND” run/walk was more than just a race—it was a celebration of the power of community, health, and service. On race day, participants came together, united by a shared goal: to support the qualities that define our community—family, health, and a commitment to service.

Results from the race can be found here: https://www.fam5k.com/results

A Heartfelt Thank You

We extend our deepest gratitude to everyone who showed up to run, walk, or cheer on participants. Your energy and dedication made this event unforgettable, and together we demonstrated how powerful it is when a community rallies around a common cause.

A special thank you goes out to our incredible partners:

  • Catholic Charities of Delaware, Otsego, and Schoharie Counties
  • Cobleskill Regional Hospital
  • Helios Care
  • Schoharie County Community Action Program
  • And this year’s main beneficiary: The Arc Lexington NY

Your support has not only strengthened our community today but will also impact generations to come.

Transforming Lives, Transforming Communities

At the heart of the FAM 5K is a simple yet profound idea: that by coming together, we can transform lives—and through those lives, transform our communities. Each step taken during the race was a step toward building a healthier, more connected future for all. Together, we’re shaping a brighter tomorrow!

 

SHARE ON

Back

Continue reading

Letter From Cobleskill: Autumn 2024

Written by Makayla Tebano on . Posted in All News, Featured News & Insights, Investment Insights.

Letter From Cobleskill: Autumn 2024

  • Insert Text here

    Dear Fellow Investor,

    As I pen this letter, we are pleased with the overall performance of our mutual funds so far this year and, more importantly, over the long term. Despite our positive view, your FAM Funds team understands that you may be apprehensive with the November election looming. The interest rate environment, fears of a recession, and artificial intelligence (AI) may also be on your mind.

    Even though there seems to be a constant drumbeat of negative and confusing news, Fenimore’s investment research analysts see order in the disorder and this keeps us grounded. What we are observing is that, in general, corporate earnings are still growing, and we believe we are invested in a collection of high-quality businesses that are positioned well for the long term.

  • Andrew Boord, Portfolio Manager - Fenimore Small Cap Strategy

    Insert Image here

PRESIDENTIAL ELECTION
Regardless of your politics, this year’s presidential election is creating some concern. However, when we look at past election years, the stock market has performed relatively well no matter which party controls the White House or Congress. It is also reassuring that the stock market rose in 20 of the last 24 election years.1 The Wall Street Journal published an article in early September about this topic with essentially the same takeaway. While our analysts are keenly aware of current issues, they continually look ahead seeking to own high-quality companies because, in our experience, this is the key to building wealth over time.

INTEREST RATES
Interest rates have slowly inched downward over the past two years in anticipation of Federal Reserve rate cuts. These rate cuts were confirmed at an August 2024 meeting where the Federal Reserve Chairman, Jerome Powell, stated, “The time has come for policy to adjust.” Lower rates should help increase home and automobile purchases, create an uptick in commercial construction projects, position businesses in certain sectors to thrive, and improve consumer confidence.

FEARS OF A RECESSION
Profits are still growing, overall, but results are mixed across sectors and industries. For instance, insurance, aggregates, and some high-tech pockets are performing well while industrials and banking are flat.

Our research team continues to visit our holdings’ headquarters and monitor them, attend conferences to discover new opportunities, and engage with customers and suppliers at industry trade shows. We still see encouraging signs at the company level, including dividend growth, stock buybacks, and mergers and acquisitions. Because of this shareholder value creation, coupled with increasing profits, we remain bullish on stocks since stock prices tend to follow earnings over time.

AI
Increasing enthusiasm surrounding AI and considerable capital investments in its infrastructure have helped propel the positive stock market returns this year. At the same time, we are still in the very early stages of this technology and no one knows what the future holds. In fact, there are many similarities to the excitement of the dot-com era.

As businesses strive to constantly improve, AI should help them to mine, process, and analyze data faster than ever before. While it remains to be seen how AI will take shape, we expect that many of our holdings should benefit from increased AI investment due to the services and technologies they provide.

LOOKING AHEAD
To reiterate, rising corporate profits typically lead to rising stock prices. These earnings are the result of hard work, ingenuity, and the compounding of knowledge and capital—not politics. Throughout Fenimore’s half-century in business, it has paid to believe in corporate America.

We will continue to follow our market-tested investment approach, identifying what we deem to be high-quality companies, purchasing shares in them if they are available at appealing prices, and, ideally, holding them for many years as they grow profits. When we execute our plan effectively, we expect healthy returns over time, regardless of the temporary challenges experienced along the way.

STAY CONNECTED
Please do not hesitate to connect with us about your investments and financial goals at our Cobleskill or Albany office. You can also contact us from the comfort of your home by calling 800.932.3271 or emailing us at info@fenimoreasset.com.

Thank you for your confidence in us.

Sincerely,
John D. Fox, CFA®
CHIEF INVESTMENT OFFICER

  

1 FactSet as of 8/31/2024

SHARE ON

Back

Continue reading

Fenimore in the Community: Supporting Double H Ranch’s Life-Changing Mission

Written by Rachel Crisafulli on . Posted in Community Spotlight, Featured News & Insights, Fenimore in the Community.

Fenimore in the Community: Supporting Double H Ranch’s Life-Changing Mission

At Fenimore, our commitment to community extends beyond the office. This summer, our associates proudly lent a helping hand at Double H Ranch – A SeriousFun Camp, a place that offers free, life-changing programs for children and families facing life-threatening illnesses.

Our team spent two days preparing the camp for its next session, contributing to a mission that means so much to so many. We are honored to support an organization that brings hope and joy to these families.

But our partnership didn’t stop there. Double H Ranch also visited our Albany and Cobleskill offices, sharing their inspiring story, history, and how volunteering and charitable donations fuel the incredible work they do for children and families.

At Fenimore, we’re dedicated to making a positive impact. Together, we can continue transforming lives in our community.

Associates spending the day at Double H Ranch helping to prep the camp for their next session while learning about all that the camp offers to make a difference.

“Fenimore is blessed to give time and financial contributions to worthy organizations in our community.  I’m touched by our Fenimore associates who always share their hearts when we volunteer.  Personally, I am proud to carry out the Double H mission as a board member – to assist the families who need it most.”

– Anne Putnam, Chief Executive Officer

Anne Putnam, Chief Executive Officer
SHARE ON

Back

Anne Putnam, Fenimore CEO and a member of the Double H Board of Directors, and Maura Mack Hisgen, VP of Development, Marketing and Communications at Double H Ranch.

Continue reading

Investing In Community: A Celebration of Renewal and Teamwork

Written by Rachel Crisafulli on . Posted in Community Spotlight, Featured News & Insights, Fenimore in the Community.

Investing In Community: A Celebration of Renewal and Teamwork

For the second year in a row, Fenimore proudly partnered with Siena College Men’s and Women’s Basketball teams to host the Court Rehab Dedication and Ice Cream Social. This year’s event took place at the newly renovated George Street basketball court in Green Island, New York—a space that now stands as a testament to the power of community and the impact of teamwork.

The George Court, nestled under a highway bridge, had seen better days. Over time, it had been neglected due to necessary work on the bridge above, leaving the court in disrepair. But Green Island’s spirit never waned, and when the community voted for this court’s renovation during last season’s Siena basketball games, they chose to invest in a better future for their children and neighbors.

On July 29, the teams, local fans, and community gathered to celebrate the transformation of this vital community space. “Think about how many different kids this court can impact,” said Gerry McNamara, Head Coach of Siena Men’s Basketball. “They get a chance to come here on this incredibly refurbished court to have a safe place in a community environment.”

The dedication event wasn’t just about the court; it was about coming together to create something that will have a lasting, positive impact. We believe Fenimore’s commitment to community and teamwork was evident throughout the day, reflecting our core belief that by working together, we can build spaces where everyone can thrive.

The revitalized George Court is now more than just a place to play—it’s a symbol of what can be achieved when we all invest in our community.

SHARE ON

Back

Continue reading

FENIMORE NAMES JUSTINE PHOENIX TO THE FAM FUNDS BOARD OF TRUSTEES

Written by Makayla Tebano on . Posted in All News, Company Hightlights, Featured News & Insights.

FENIMORE NAMES JUSTINE PHOENIX TO THE FAM FUNDS BOARD OF TRUSTEES

  • Insert Text here

    Fenimore Asset Management, an independent, Capital Region-based investment advisory firm and manager of the FAM Funds family of mutual funds, announces that Justine Phoenix — Vice President, Distribution & Broker Dealer Engagement & Head of Diversity Project North America at Nicsa — has joined the FAM Funds Board of Independent Trustees. She has more than 30 years of experience in asset management and intermediary distribution, including client relationship management, business development, and operations.

    In her role at Nicsa, Ms. Phoenix is responsible for developing and amplifying programs for distribution and broker dealer executives. She also oversees their Diversity Project North America and works with the CEO Advisory Council and Executive Committee to guide and direct its activities.

  • Andrew Boord, Portfolio Manager - Fenimore Small Cap Strategy

    Insert Image here

Prior to Nicsa, Ms. Phoenix was Vice President, Senior Relationship Manager at Fidelity Investments where she led relationship management for the Fidelity FundsNetwork®. Before Fidelity, she was Director of Operations for the Investment Company Institute (ICI) and responsible for all mutual fund operations and distribution activities. Additionally, Ms. Phoenix held leadership positions at Massachusetts Financial Services and Boston Financial Data Services.  

“Justine has extensive experience in the mutual fund industry and is very talented,” said Tom Putnam, Founder and Executive Chairman of Fenimore Asset Management. “Her knowledge, insights, and guidance should benefit our investors for many years to come.”

Founded in 1974, Fenimore Asset Management is an independent, nationally recognized investment manager with more than $5.02 billion in assets under management (as of March 31, 2024) through its Cobleskill headquarters and Albany office. The firm’s team focuses on in-depth research, investing in the stocks of carefully selected quality businesses, and providing its investors with highly personalized investment services. 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.

SHARE ON

Back

Continue reading

Richard Heim and Jonathan Moran Join Fenimore

Written by Makayla Tebano on . Posted in Company Hightlights, Featured News & Insights.

RICHARD HEIM AND JONATHAN MORAN JOIN FENIMORE

Fenimore Asset Management, an independent, Capital Region-based investment advisory firm and manager of the FAM Funds family of mutual funds, welcomes Richard Heim and Jonathan Moran to the firm’s growing team.

Mr. Richard “Rick” Heim has been appointed Senior Relationship Manager. He is a Malta resident and offers more than 25 years of investment industry experience. Mr. Heim customizes and curates portfolios for individual and institutional investors to help them achieve their financial goals.

“We are very pleased to have Rick join Fenimore,” shared Kevin Smith, Director of Private Client Services. “His experience, knowledge, and commitment to serving investors with excellence underscores our mission. He is a valued addition to the team.”

Prior to joining Fenimore, Mr. Heim was a Vice President and Financial Consultant with Charles Schwab for more than 15 years and a Financial Consultant with AXA Advisors. He earned a bachelor’s degree in business management from Green Mountain College.

As Director, Mr. Jonathan Moran informs and educates financial professionals about Fenimore’s investment solutions.

“Jonathan’s experience working with financial advisors will allow him to be a vital contributor to our third-party distribution and service team,” said CEO Anne Putnam. “His dedication to developing long-term relationships to assist advisor allocations reinforces Fenimore’s approach.”

Mr. Moran held various positions with Lazard Asset Management and The Ayco Company before joining Fenimore. He is an Accredited Investment Fiduciary (AIF®). A Niskayuna native, Mr. Moran is involved in the community and holds a bachelor’s degree in finance from Siena College.

Founded in 1974, Fenimore Asset Management is an independent, nationally recognized investment manager with more than $5.02 billion in assets under management (as of March 31, 2024) through its Cobleskill headquarters and Albany office. The firm’s team focuses on in-depth research, investing in the stocks of carefully selected quality businesses, and providing its investors with highly personalized investment services. 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.

  • Andrew Boord, Portfolio Manager - Fenimore Small Cap Strategy

    Senior Relationship Manager

    Rick Heim, Senior Relationship Manager

  • Andrew Boord, Portfolio Manager - Fenimore Small Cap Strategy

    Insert Image here

    Jonathan Moran, Director

SHARE ON

Back

Continue reading

FENIMORE CELEBRATES NEW ALBANY OFFICE ON WOLF ROAD AND 50TH ANNIVERSARY

Written by Makayla Tebano on . Posted in Company Hightlights, Featured News & Insights.

FENIMORE CELEBRATES NEW ALBANY OFFICE ON WOLF ROAD AND 50TH ANNIVERSARY

  • Insert Text here

    Fenimore Asset Management, an independent, Capital Region-based investment advisory firm and manager of the FAM Funds family of mutual funds, held a ribbon cutting today to celebrate the company’s opening of its new Albany office at 142 Wolf Road. This is one of several celebrations as the firm marks 50 years of business this year.

    Conveniently located next to Frank Adams Jewelers and across from Shoppers Park, the new location is more than double the size of Fenimore’s previous Albany office. The larger space accommodates multiple operating groups to better serve investors. It also supports the firm’s growing team, including several long-tenured and new associates who live regionally.

    Fenimore’s Albany office is open Monday through Friday from 8:30 a.m. to 5 p.m. Stop by or call 518.234.4393 to schedule an appointment.

  • Andrew Boord, Portfolio Manager - Fenimore Small Cap Strategy

    Insert Image here

“We wanted to make sure that the investor experience and work environment are the same as our Cobleskill headquarters while increasing our Capital Region visibility and access,” shared Fenimore President Christian Snyder. “People can meet with us and benefit from Fenimore’s half-century of experience in successfully navigating complex economic and financial market cycles.”

“In honor of our 50th anniversary, we’d also like to announce that we will be making five major charitable gifts in the region as part of our overall culture of philanthropic support,” said Fenimore CEO Anne Putnam. “The donations will be in the areas of The Arts, Education, Health Care, Human Services, and Youth Development.”

Founded in 1974, Fenimore Asset Management is an independent, nationally recognized investment manager with more than $5.02 billion in assets under management (as of March 31, 2024) through its Cobleskill headquarters and Albany office. The firm’s team focuses on in-depth research, investing in the stocks of carefully selected quality businesses, and providing its investors with highly personalized investment services. 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.

Contact us today.
SHARE ON

Back

Continue reading

Serving With Love

Written by Makayla Tebano on . Posted in Community Spotlight, Featured News & Insights, Fenimore in the Community.

SERVING WITH LOVE

Ronald McDonald House Charities of the Capital Region stands by families in their toughest moments and, at Fenimore, we’re proud to stand by them.

For seven nights, Fenimore Associates came together to support The Albany Ronald McDonald House ‘Love is Served’ meal program. We cooked up love in the form of comforting meals like Mac-N-Cheese, Sliders, Tacos, Pasta, Meatloaf, and Chicken Parm.

Ronald McDonald House Charities of the Capital Region promotes the health, development and well-being of children and their families through the Ronald McDonald House, a home away from home for families of seriously ill children, and by creating and supporting programs that directly improve the lives of children and their families.

SHARE ON

Back

Continue reading

Letter From Cobleskill: Spring 2024

Written by Makayla Tebano on . Posted in All News, Featured News & Insights, Investment Insights.

LETTER FROM COBLESKILL: Spring 2024

  • Insert Text here

    Dear Fellow Investor,

    A sense of stability has returned to the investment world as it appears that inflation is abating and the economy is growing slowly. Our team views stability with optimism and the stock market, which is forward-looking, has responded accordingly. The S&P 500 Index hit a new high in January after more than two years since its previous high.1

    How did we get to where we are today? Late in 2021, inflation began to accelerate. When it became clear that high inflation was not temporary, the Federal Reserve (“Fed”) intervened. The Fed increased short-term interest rates significantly — at a record pace of just 18 months. Interest rates are a key factor in valuing assets, so this sudden change caused the prices of stocks, bonds, and real estate to decline.

  • Andrew Boord, Portfolio Manager - Fenimore Small Cap Strategy

    Insert Image here

Given this backdrop, why are stocks currently performing well overall? It seems that the market is now expecting the Fed to cut short-term interest rates due to inflation stabilizing. No one knows what the Fed will do, but we believe that steady interest rates (no more increases) are a positive for asset prices across the spectrum. Additionally, corporate earnings are projected to achieve mid- to high-single-digit growth this year. This adds to the optimism because stock prices tend to follow earnings growth over time.

Even with the volatility and uncertainty over the past two years, you may be pleasantly surprised to know that the stock market has generated good returns over one, three, five, and 10 years as of year-end 2023.2 Likewise, we hope you are pleased when you review your FAM Funds quarterly statement.

50 YEARS OF UNCHANGING INVESTMENT PRINCIPLES
Just as Fenimore Asset Management’s stock selection process has been steadfast over the last half-century despite an ever-changing investment landscape, so has our mantra — focus on the long term. As we celebrate our golden anniversary, our research analysts remain dedicated to identifying select, quality businesses that we believe can grow and produce attractive returns over time.

We evaluate these companies carefully through personal meetings with leadership, facility tours, and extensive research. Our approval criteria are unyielding: small to midsize firms with business models we understand and clear competitive advantages; strong balance sheets, free cash flow generation, and increasing cash profits; experienced and ethical management; and the potential to deliver long-term, sustainable growth for our investors.

Developing an in-depth understanding of companies, including their economic worth, allows us to welcome market volatility rather than fear it. Sometimes, that means moving on to what we think are better opportunities. Other times, it means buying more shares in the face of market panic. Fenimore prepares for markets and does not predict them. We believe that having a long-term perspective, knowing what you own, and investing in quality, well-run businesses is the best way to outpace inflation and grow wealth over the long haul.

LOOKING AHEAD
While matters seem to have stabilized and our team is positive about the future, many outcomes are still possible. As a result, we will continue to stick to our market-tested approach and identify what we deem to be the best companies, buy shares in them if they are available at reasonable prices, and hold them for many years as they increase earnings. If we execute our process well, then we expect healthy returns over time — regardless of the temporary macro conditions experienced along the way.

NEW ALBANY OFFICE NOW OPEN
On March 6, Fenimore moved into our new Albany branch office with the goal of ensuring that the investor experience and work environment are the same as our Cobleskill headquarters. Located at 142 Wolf Road, the new location is more than double the size of our previous Albany office. This larger space accommodates multiple operating groups to better serve you. We welcome you to visit us or schedule an appointment.

LET’S TALK
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

  

  

1 FactSet as of 1/19/2024
2 FactSet as of 12/31/2023

SHARE ON

Back

Continue reading

Investing at Market Highs

Written by Makayla Tebano on . Posted in Featured News & Insights, Investment Insights, Uncategorized.

Investing at Market Highs

  • Insert Text here

    Fenimore Portfolio Manager, Will Preston, CFA®, shares his thoughts on investing at market highs.

    The stock market has hit 14 “all-time” highs in the first two months of 2024. While this is great for portfolios, we understand it can also raise concerns about investing at market highs, particularly given the 9-month, -25% bear market that followed the last peak in early 2022. I’d like to reassure you that a long-term view is what matters most.

    Compared to the last peak in January 2022, today’s investing backdrop is very different. In January 2022, inflation was +7.6% and rising, along with growing expectations that the Federal Reserve would have to raise interest rates to combat the persistent inflation. This of course turned out to be true with interest rates increasing 11 times in 16 months.

    In February 2024, inflation, as measured by the Consumer Price Index, increased 3.2% year-over-year and has been trending down, supporting investor expectations that the Fed will not need to hike rates again this cycle. While some focus will remain on when the Fed will begin cutting interest rates, long-term company value creation continues to come from businesses growing earnings and cash flow.

  • Andrew Boord, Portfolio Manager - Fenimore Small Cap Strategy

    Insert Image here

Another contrast to the previous market peak was the speculative investments that drove a lot of the returns. The IPO market set a record in 2021 and we saw wild returns in meme stocks, SPACs (special purpose acquisition companies), and crypto. We do not see this speculative behavior today. 

Comparing trailing multi-year returns for these market indices as of the end of February 2024 against the same trailing multi-year periods at the end of 2021 illustrates the exuberance that existed in 2021.

2/29/2024 3-YR TR
S&P 500 11.91%
Russell Mid Cap 5.51%
Russell 2000 -0.94%
NASDAQ Composite 7.69%
12/31/2021 3-YR TR
S&P 500 26.07%
Russell Mid Cap 23.29%
Russell 2000 20.02%
NASDAQ Composite 34.26%

Performance data quoted above is historical. Past performance is not indicative of future results, current performance may be higher or lower than the performance data quoted. Investment returns may fluctuate; the value of your investment upon redemption may be more or less than the initial amount invested.

As you can see, trailing returns are closer to long-term US equity return averages compared to 2021, which should bode well for future return prospects. 

In summary, the current market environment has notable distinctions from that of 2021 and early 2022. Despite potential reservations about investing at market peaks, it’s important to remember that the stock market regularly achieves all-time highs, and today’s “peak” will inevitably be surpassed by a new market high in the future.

  • S&P 500 New all-time highs by year

    Insert Image here

  • Insert Text here

    Ultimately, when your objective, like ours, is to preserve and compound capital over the long term, it necessitates investors to stay invested irrespective of market conditions. This has been our philosophy for the last 50 years and will continue for the next 50.

    Thank you for allowing us to be your trusted investment partner.

    Will Preston, CFA®
    Portfolio Manager, FAM Dividend Focus Fund

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

Important Disclosures
Performance data quoted above is historical. Past performance is not indicative of future results, current performance may be higher or lower than the performance data quoted. Investment returns may fluctuate; the value of your investment upon redemption may be more or less than the initial amount invested. All returns are net of expenses. To obtain performance data that is current to the most recent month-end for each fund as well as other information on the FAM Funds, please go to fenimoreasset.com or call (800) 932-3271.

Please consider a fund’s investment objectives, risks, charges, and expenses carefully before investing. The FAM Funds prospectus or summary prospectus contains this and other important information about each Fund and should be read carefully before you invest or send money. To obtain a prospectus or summary prospectus for each fund as well as other information on the FAM Funds, please go to fenimoreasset.com or call (800) 932-3271.

This presentation was prepared exclusively for the benefit and use of Fenimore Asset Management, Inc. (“Fenimore”) and FAM Funds clients to whom it is directly addressed and delivered and does not carry any right of publication or disclosure, in whole or in part, to any other party. Neither this presentation nor any of its contents may be distributed or used for any other purpose without the prior written consent of Fenimore.

In part, the purpose of this presentation is to provide investors with an update on financial market conditions. 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.

These materials contain the views and opinions of Fenimore. Additionally, the information herein is subject to change and is not intended to be complete or to constitute all of the information necessary to evaluate adequately the consequences of investing in any securities or other financial instruments or strategies described herein. These materials also include information obtained from other sources believed to be reliable, but Fenimore does not warrant its completeness or accuracy. In no event shall Fenimore be liable for any use by any party of, for any decision made or action taken by any party in reliance upon, or for any inaccuracies or errors in, or omissions from, the information contained herein and such information may not be relied upon by you in evaluating the merits of participating in any transaction.

We undertake no duty or obligation to publicly update or revise the information contained in this presentation. In addition, information related to past performance, while helpful as an evaluative tool, is not necessarily indicative of future results, the achievement of which cannot be assured. You should not view the past performance of Fenimore funds, or information about the market, as indicative of future results.

All projections, forecasts and estimates of returns and other “forward-looking” information not purely historical in nature are based on assumptions, which are unlikely to be consistent with, and may differ materially from, actual events or conditions. Such forward-looking information only illustrates hypothetical results under certain assumptions and does not reflect actual investment results and is not a guarantee of future results. Actual results will vary with each use and over time, and the variations may be material. Nothing herein should be construed as an investment recommendation or as legal, tax, investment, or accounting advice.

There is no guarantee that any of the estimates, targets or projections illustrated in this summary will be achieved. 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. An investor could lose all or substantially all of his or her investment. 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.

SHARE ON

Back

Continue reading