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Letter From Cobleskill: Spring 2026

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

Letter From Cobleskill

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    Dear Fellow Investor,

    Lately, two topics seem to drive every conversation about the stock market and broader economy: the Middle East war and artificial intelligence (“AI”). How long will the war last? How high can the price of oil go and what will its impact be on inflation and economic growth? Will the massive AI investment produce appropriate returns? What businesses might be disrupted?

    Both topics raise important questions that no one can answer with precision. Some investors make economic, financial market, and geopolitical forecasts, and may even get them right for a time, but consistent long-term success is rare.

    As prominent investor Howard Marks said, “You can’t predict. You can prepare.”

  • Letter from Cobleskill Spring 2021

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At Fenimore, our preparation is rooted in our fundamental research, where we spend time with our companies making careful observations and continually assessing their prospects. Rather than predicting or fixating on the what-ifs, we are focused on what is happening — particularly inside the businesses we own — and invest accordingly.

As we write this letter, the cautious tone of the headlines does not fully align with what we see at the company level. Many of our holdings continue to generate solid earnings growth even as stock prices have, in some cases, lagged that reality.

THE WAR & RECENT HISTORY

Our thoughts are with our U.S. service members and their families. We hope and pray for a swift and peaceful resolution to the war.

It is natural to be concerned about how the conflict may affect your investments. For perspective, over the past six years we have experienced a global pandemic, an economic shutdown, severe supply chain disruptions, the Russia–Ukraine war (with oil touching $127 per barrel), 9% inflation, and rising interest rates.[1]

Each of these events may have seemed like a compelling reason to exit the stock market. Yet investors who stayed the course generally fared well, as markets delivered double-digit returns during that time.

AI’S FUTURE

Before the war, the main question on investors’ minds was whether the rapid gains in AI-related tech stocks were sustainable or a speculative bubble waiting to burst. Can an industry that is spending trillions of dollars in just a few years generate adequate returns? And what about industries that AI threatens to disrupt by automating, enhancing, and commoditizing their primary services?

We believe the outcome will be uneven: some AI-native firms will be winners and others will struggle to differentiate as capabilities become more prevalent. Likewise, some companies will face meaningful pressure on their business models, while others will utilize the technology to achieve higher levels of productivity and growth.

This is why AI is part of every discussion Fenimore analysts have with our holdings. So far, despite what some stock price reactions might suggest, we are not seeing widespread disruption. Instead, we hear many examples of how companies are thoughtfully deploying AI.

In many ways, this is not new. Businesses have long adapted to evolving technologies and AI is simply the latest iteration. We will continue to assess how our companies are incorporating AI and mitigating the risk of disruption.

PREPARATION: COMPANY OBSERVATIONS

While monitoring the macroeconomic environment is important, what matters most to us are firsthand observations and business fundamentals. Since early January, our investment research analysts have met, in person or virtually, with more than 50 companies we own or are evaluating.

During these meetings, we ask challenging questions to ensure that each business continues to meet our core investment criteria and to validate our thesis that these are high-quality operations capable of delivering attractive returns over time.

Overall, what we hear is encouraging. Demand is holding up, reinvestment opportunities are intact, and competitive positions are being maintained or strengthened. These businesses are far more resilient than the headlines suggest and seem well prepared for the year ahead and long term.

STAYING THE COURSE

Quarter-to-quarter market swings matter far less than long-term compounding in our opinion. We remain focused on durable businesses with leaders who can perform across economic cycles because, in our experience, stock prices eventually follow earnings. In uncertain environments, remaining disciplined and invested in what we believe are high-quality companies has been our mainstay for 52 years.

Our associates are happy to speak with you. Please do not hesitate to connect with us 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,

Fenimore Investment Research Team

Andrew F. Boord
Bryan L. Engler, CFA®
Kevin D. Gioia, CFA®
Antonio C. Goodwyn, CFA®
Paul C. Hogan, CFA®
Robert L. Peters
William W. Preston, CFA®
Marc D. Roberts, CFA®
Drew P. Wilson, CFA®

[1] FactSet as of 3/31/2026.

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 performance is 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 the cover 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.

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FAM DIVIDEND FOCUS FUND MARKS 30 YEARS

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

FAM DIVIDEND FOCUS FUND MARKS 30 YEARS

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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, is proud to celebrate the 30th Anniversary of the FAM Dividend Focus Fund (FAMEX).

    When Fenimore Founder Tom Putnam and Portfolio Manager Paul Hogan established the firm’s second mutual fund on April 1, 1996, they set out with a clear and disciplined objective: invest in quality mid‑cap companies with the potential to grow their dividends over time. The goal was straightforward—build a portfolio designed to provide resilience during periods of uncertainty while pursuing long‑term capital appreciation across full market cycles. Thirty years later, that philosophy remains firmly in place.

  • Andrew Boord, Portfolio Manager - Fenimore Small Cap Strategy

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A Disciplined Approach Through Uncertainty
Over the past three decades, the FAM Dividend Focus Fund has navigated a wide range of market environments—including the dot‑com bubble, the Global Financial Crisis, the COVID‑era market disruption, and more recent periods marked by elevated speculation and heightened geopolitical risk.

Through it all, Fenimore has maintained a repeatable, research‑driven process, emphasizing companies with durable cash flows, strong balance sheets, and management teams positioned to navigate uncertainty and support growing dividends over time.

Continuity of Leadership
April 1 marks 30 years of Paul Hogan’s leadership of the FAM Dividend Focus Fund and 35 years with Fenimore—an uncommon level of continuity in an industry where the average manager tenure is approximately seven years.[1] In May 2020, he was joined by Portfolio Manager William Preston, who celebrates his 10th anniversary with the firm this year.

Looking Ahead
As the FAM Dividend Focus Fund enters its fourth decade, Fenimore remains committed to the principles that have guided the strategy since 1996: quality businesses, dividend growth, and disciplined long‑term stewardship.

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    “The FAM Dividend Focus Fund reflects Fenimore’s enduring commitment to investing in high‑quality businesses that can compound value over time,” said Mr. Hogan. “While markets and benchmarks evolve, our focus remains on owning companies we understand, with the financial strength to navigate uncertainty and reward long‑term investors.”

    “Periods of market speculation can be challenging for disciplined strategies,” added Mr. Preston. “But we believe consistency of process, quality of holdings, and a long‑term perspective remain essential to building durable investment outcomes over time.”

  • Andrew Boord, Portfolio Manager - Fenimore Small Cap Strategy

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Founded in Cobleskill in 1974, Fenimore Asset Management is an independent, nationally recognized investment advisor with more than $5.06 billion in assets under management (as of 12/31/2025) through its Albany and Cobleskill offices. Fenimore offers both separately managed accounts and a family of mutual funds that can be used for retirement and other long-term investment planning. The firm’s team of professionals prides itself on investing in carefully selected quality businesses and providing its investors with highly personalized investment services.

Learn More

Dividends are not guaranteed and a company’s future ability to pay dividends may be limited. See the prospectus for additional important information.

All investing involves risk including the possible loss of principal. Before investing, carefully read the fund prospectus which includes investment objectives, risks, charges, expenses and other information about the fund. Please call us at 800-932-3271 and/or visiting www.fenimoreasset.com for a prospectus or summary prospectus. Securities offered through Fenimore Securities, Inc. Member FINRA, and advisory services offered through Fenimore Asset Management, Inc.

[1] “How Does Manager Tenure Impact Fund Performance?” YCharts May 2023, (https://get.ycharts.com/resources/blog/how-does-manager-tenure-impact-fund-performance/)

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Celebrating 100 Years of Proctors!

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

Celebrating 100 Years of Proctors!

It was a memorable evening at Proctors as the theatre officially launched its 100th Anniversary Season—and announced Fenimore as the official anniversary season sponsor—during the 2026–27 Season Announcement Bash.

Fenimore CEO Anne Putnam joined Proctors leadership for a ceremonial ribbon cutting to mark the occasion, celebrating a century of Proctors and the shared values that connect both organizations. In her remarks, Anne reflected on themes of longevity, legacy, and stewardship, noting the parallel missions of Fenimore and Proctors to invest in their communities so they can thrive for generations to come.

The celebration continued with the highly anticipated unveiling of Proctors’ 2026–27 Broadway series, an exceptional lineup that will bring this milestone season to life and honor Proctors’ enduring role in the Capital Region’s arts and culture scene.

Fenimore is proud to support Proctors at this historic moment—and to stand alongside an institution that has enriched our region for 100 years through creativity, connection, and community.

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“Longevity and legacy—two pillars that embody Proctors and Fenimore. For a century, Proctors has enriched downtown Schenectady with the arts and vitality, and for 52 years, Fenimore has stayed true to our mission of long‑term investing and service excellence. As someone who sat in Proctors’ audience as a child, it’s an honor to partner with a visionary institution whose values mirror our own. Here’s to the next century of community, culture, and partnership.”

– Anne Putnam, CEO

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Carina Trudell and Jim Haley Join Fenimore

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

CARINA TRUDELL AND JIM HALEY JOIN FENIMORE

Fenimore Asset Management, an independent, Capital Region-based investment advisory firm and manager of the FAM Funds family of mutual funds, welcomes Carina Trudell and Jim Haley to its growing team.

Ms. Carina Trudell has been appointed Senior Operations Associate. She is a Voorheesville resident and offers 25 years of investment industry experience. As a strategic leader and accomplished project manager, Ms. Trudell helps drive the firm’s operational and service excellence.

“We are very pleased to have Carina on the team,” said Liza Baran, Director of Shareholder Services & Operations. “As Fenimore continues to grow and evolve operationally, Carina will be integral to our strategic vision and adoption of new technologies to better serve investors.”

Prior to joining Fenimore, Ms. Trudell was the Vice President, Head of Corporate Onboarding and Experience at Goldman Sachs Ayco and held other leadership roles during her 25-year tenure. She earned a bachelor’s degree in business administration from Sage College of Albany.

As Senior Director, Mr. Jim Haley, CFP®, has nearly 30 years of investment industry experience. Based in South Carolina, Mr. Haley partners with individuals, families, nonprofits, and institutions to impart Fenimore’s distinctive investment approach and solutions.

“Jim’s vast experience in building long-term, trust-based relationships and delivering research-driven guidance fits our culture perfectly,” stated Fenimore CEO Anne Putnam. “As a valuable member of our relationship team, Jim will expand our market in the South by helping investors with our thoughtful, long-term approach to achieve their financial goals.”

Mr. Haley served in management at Dividend Assets Capital (DAC) before Fenimore. He is a graduate of Campbell University (Master of Trust and Investment Management), Southeastern Trust School, and Siena University (BS in Finance). Mr. Haley also earned the designation of Certified Financial Planner (CFP®) and a certificate in the principles of Servant Leadership through The Greenleaf Center at Seton Hall University.

Founded in 1974, Fenimore Asset Management is an independent, nationally recognized investment manager with $5.06 billion in assets under management (as of December 31, 2025) through its Cobleskill and Albany offices. 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.

  • Carina Trudell

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    Carina Trudell, Senior Operations Associate

  • Andrew Boord, Portfolio Manager - Fenimore Small Cap Strategy

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    Jim Haley, Senior Director

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IRA and Retirement Plan Limits for 2026

Written by Wright Design on . Posted in Featured News & Insights, Investor Education, Planning Tips, Resources, Retirement Resource.

IRA and Retirement Plan Limits for 2026

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    Many IRA and retirement plan limits are indexed for inflation each year. While some of the limits remain unchanged for 2026, other key numbers have increased.

    IRA contribution limits

    The maximum amount you can contribute to a traditional IRA or a Roth IRA in 2026 is $7,500 (or 100% of your earned income, if less). The maximum catch-up contribution for those age 50 or older is $1,100. You can contribute to both a traditional IRA and a Roth IRA in 2026, but your total contributions cannot exceed these annual limits.

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Income limits for deducting traditional IRA contributions

If you (or if you’re married, both you and your spouse) are not covered by an employer retirement plan, your contributions to a traditional IRA are generally fully tax deductible. If you’re married, filing jointly, and you’re not covered by an employer plan but your spouse is, your deduction is limited if your modified adjusted gross income (MAGI) is between $242,000 and $252,000, and eliminated if your MAGI is $252,000 or more.

If your 2026 federal income tax filing status is: Your IRA deduction is
limited if your MAGI is
between:		 Your deduction is eliminated
if your MAGI is:
Single or head of household $81,000 and $91,000 $91,000 or more
Married filing jointly or qualifying
widow(er)		 $129,000 and $149,000
(combined)		 $149,000 or more (combined)
Married filing separately $0 and $10,000 $10,000 or more

If your filing status is single or head of household, you can fully deduct your IRA contribution up to $7,500 ($8,600 if you are age 50 or older) in 2026 if your MAGI is $81,000 or less. If you’re married and filing a joint return, you can fully deduct up to $7,500 ($8,600 if you are age 50 or older) if your MAGI is $129,000 or less.

Income limits for contributing to a Roth IRA

The income limits for determining how much you can contribute to a Roth IRA have also increased from 2025.

If your 2026 federal income tax
filing status is:

 Your Roth IRA contribution is
limited if your MAGI is:		 You cannot contribute to a Roth
IRA if your MAGI is:
Single or head of household More than $153,000 but less than
$168,000		 $168,000 or more
Married filing jointly or qualifying
widow(er)		 More than $242,000 but less than
$252,000 (combined)		 $252,000 or more (combined)
Married filing separately More than $0 but less than
$10,000		 $10,000 or more

If your filing status is single or head of household, you can contribute the full $7,500 ($8,600 if you are age 50 or older) to a Roth IRA if your MAGI is $153,000 or less. And if you’re married and filing a joint return, you can make a full contribution if your MAGI is $242,000 or less. Again, contributions can’t exceed 100% of your earned income.

Employer retirement plan limits

The maximum amount you can contribute (your “elective deferrals”) to a 401(k) plan is $24,500 in 2026, increased from $23,500 in 2025. This limit also applies to 403(b) and 457(b) plans, as well as the Federal Thrift Plan. If you’re age 50 or older, you can also make catch-up contributions of up to $8,000 to these plans in 2026. [Special catch-up limits apply to certain participants in 403(b) and 457(b) plans.] The amount you can contribute to a SIMPLE IRA or SIMPLE 401(k) is $17,000 in 2026, and the catch-up limit for those age 50 or older is $4,000.

Plan type: Annual dollar limit: Catch-up limit:
401(k), 403(b), governmental 457(b),
Federal Thrift Plan		 $24,500 $8,000
SIMPLE plans $17,000 $4,000

Note: Contributions can’t exceed 100% of your income.

IMPORTANT FENIMORE ASSET MANAGEMENT DISCLOSURES

Broadridge Investor Communication Solutions, Inc. does not provide investment, tax, legal, or retirement advice or recommendations. The information presented here is not specific to any individual’s personal circumstances. To the extent that this material concerns tax matters, it is not intended or written to be used, and cannot be used, by a taxpayer for the purpose of avoiding penalties that may be imposed by law. Each taxpayer should seek independent advice from a tax
professional based on his or her individual circumstances. These materials are provided for general information and educational purposes based upon publicly available information from sources believed to be reliable — we cannot assure the accuracy or completeness of these materials. The information in these materials may change at any time and without notice.

The views and opinions expressed in this article are those of Broadridge Investor Communication Solutions, Inc. and do not necessarily reflect the views of Fenimore Asset Management or its officers. Fenimore Asset Management or its officers have no editorial control over the content of the article or subject matter, and is independent of Broadridge Investor Communication Solutions, Inc.

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.

In part, the purpose of this presentation may be 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.

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.

Clients or prospective clients should consider the investment objectives, risks, and charges and expenses carefully before investing. You may obtain a copy of the most recent mutual fund prospectus by calling 800-932-3271 and/or visiting www.fenimoreasset.com.

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.

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.

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Five Lessons on Long-Term Investing

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

FIVE LESSONS ON LONG-TERM INVESTING

In this video from a recent speaking engagement, retired Fenimore CIO, John Fox, CFA®, shares these five Fenimore lessons on long-term investing.

  1. Inflation. To preserve wealth, you must grow your capital greater than the rate of inflation.
  2. How do you do that? You own stocks. If the businesses you own grow faster than the rate of inflation, your money grows.
  3. Why does this work? The U.S. economy historically grows faster than inflation and corporate profits grow faster than the economy, fueling stock returns.
  4. Even though it works, sometimes it can try our patience. Despite market downturns, history shows markets recover and go on to reach new highs.
  5. Stay the course. There will be times we’re going to be out of sync with the market. We’re going to stick to our criteria – only investing in companies that meet our rigorous quality standards.
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Research Team Succession

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

Research Team Succession

CEO Anne Putnam and Founder & Executive Chairman Tom Putnam explore Fenimore’s enduring commitment to investment excellence through:

  • A team of diverse, collaborative research analysts who bring unique perspectives.
  • A unified, team-based approach in pursuit of investment performance excellence.
  • A steadfast dedication to perpetuating Fenimore’s market-tested research process and cultivating its next generation of talent.
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