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Billy Wise

William Wise Joins Fenimore

Written by Spiral Design on . Posted in All News, Company Hightlights.

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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Christian Snyder

Fenimore Leadership Transition

Written by Spiral Design on . Posted in All News, Company Hightlights, Featured News & Insights.

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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Volunteering at Ellms Farm

Fenimore Day at Ellms Farm

Written by Spiral Design on . Posted in All News, Fenimore in the Community.

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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FAM Letter From Cobleskill Autumn 2022

Letter From Cobleskill: Autumn 2022

Written by Spiral Design on . Posted in Featured News & Insights, Insights, Investment Insights.

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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FAM Funds 36th Annual Meeting

FAM Funds’ 36th Annual Shareholder Meeting

Written by Spiral Design on . Posted in All News.

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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Keith Cataldo

27 Years & Running

Written by Spiral Design on . Posted in All News, Community Spotlight, Fenimore in the Community.

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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    Yolanda Caldwell

    Fenimore Names Yolanda Caldwell to FAM Funds Board of Trustees

    Written by Spiral Design on . Posted in All News, Company Hightlights, Featured News & Insights.

    Fenimore Names Yolanda Caldwell to FAM Funds Board of Trustees

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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, announces that Yolanda P. Caldwell, Chief Diversity Officer at The College of Saint Rose and a business consultant, has joined FAM Funds’ Board of Independent Trustees.

      In her role at Saint Rose, Ms. Caldwell oversees the development of goals, strategies, and performance measures for inclusion and culture change. She also serves as director of The Women’s Leadership Institute and BOLD Women’s Leadership Network at the college.

      Additionally, Ms. Caldwell is owner and senior strategist at Titus Enterprises, LLC, an Albany-based business consulting and event management firm she founded in 2002.

    • Yolanda Caldwell

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    Prior to Saint Rose, Ms. Caldwell served as associate director of The Research Foundation for the State University of New York and in a number of leadership roles with Prudential Insurance Company of America and at Seton Hall University.

    “Yolanda is a results-oriented executive with extensive experience serving on and working with corporate and not-for-profit boards, and providing consulting services to small businesses and community organizations,” said Tom Putnam, Founder and Executive Chairman of Fenimore Asset Management. “Her business acumen and skills should benefit our FAM Funds shareholders over the long term.”

    Founded in 1974, Fenimore Asset Management is an independent, nationally recognized investment manager with more than $4.03 billion in assets under management (as of July 31, 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 investing in carefully selected quality businesses and providing its investors with highly personalized investment services.

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    Investor Update — June 2022

    Written by Spiral Design on . Posted in Featured News & Insights, Investment Insights.

    INVESTOR UPDATE — JUNE 2022

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      On Friday, June 10, the latest Consumer Price Index (CPI) showed inflation accelerated to a 40-year high in May, with the CPI increasing 8.6% year-over-year.1 This was an increase from April and halted any hope that the U.S. economy had reached “peak” inflation.

      Impact of Oil Prices

      One of the biggest contributors to surging inflation is the price of oil. At approximately $115, the price of a barrel of WTI oil is up 60% year-over-year and more than 20% since the start of the Russia-Ukraine War in late February.2 (WTI stands for West Texas Intermediate, which is a pricing benchmark commonly used for the oil industry.)

      The impact of rising oil prices is most evident to consumers at the gas pump. In the May CPI report, gas prices were up 49% year-over-year, representing roughly one-quarter of the total increase in the CPI!3 Of course, higher gas prices also drive up shipping costs and airfare.

    • William Preston, Portfolio Manager - FAM Dividend Focus Fund

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      William Preston, CFA
      Portfolio Manager,
      FAM Dividend Focus Fund

    But transportation isn’t the only way higher oil prices reverberate throughout the economy. Oil has derivatives that are inputs for thousands of products ranging from plastic and packaging to clothing and medicine. This can lead to broad-based increased costs for consumers.

    Impact of Inflation

    Higher-than-expected and persistent inflation has forced the Federal Reserve (“the Fed”) to step-up how aggressively it fights inflation. The Fed combats inflation by raising interest rates in hopes of slowing consumer demand.

    Last Wednesday (June 15), we saw this aggressiveness in action when the Fed announced its largest rate hike since 1994 (0.75 percentage points). While good for fighting long-term inflation expectations, in the short term, higher interest rates have led to lower stock valuation multiples and increased the probability of an economic recession and the potential for a reset in corporate earnings. This has pushed the market returns into bear market territory with the S&P 500 declining -24% since its all-time high on January 3, 2022.4

    No one knows how much longer the bear market will last or if/when the U.S. economy will enter into a recession as a result of inflation and higher interest rates. What we do know is that recessions and bear markets do not go on forever and they have often presented us with opportunities to invest with better long-term return prospects.

    Firsthand Research Gives Us Confidence

    At Fenimore, we never try to avoid an economic slowdown. Instead, our research team spends its energy on finding and owning what we believe are quality companies that can weather economic turbulence and emerge from volatile periods even stronger. This includes businesses with strong, sustainable cash generation, sound balance sheets with little financial leverage, and capable management teams.

    Over recent weeks, our research team has been busy on the road meeting with management teams face to face. It’s these in-person meetings — a longtime tenet of Fenimore’s research process — that help us gain a better understanding of the current macro challenges facing companies while reinforcing our confidence in our holdings’ abilities to persevere and potentially thrive during a variety of economic environments.

    Looking Ahead

    During these uncertain times, we’d like to reiterate what we stated in our May Investor Update. Our team tells you with certainty that we remain committed to Fenimore’s investment philosophy and principles that have successfully guided us through difficult times since 1974. We believe that our holdings will partake in future growth because their management teams are focused on shareholder interests and they possess strong financial footings to help them endure the current decline and prosper when the markets recover.

    Stay Connected

    If you have any questions about your investments, please connect with us at 800-721-5391, through our website’s contact us section, or via info@fenimoreasset.com. Our team also welcomes you to meet with us in either our Albany or Cobleskill location or virtually.

    Thank you for your ongoing trust and we hope you have a safe and enjoyable summer.

    ——

    1 bls.gov

    2 FactSet, as of 6/16/2022

    3 bls.gov, as of 6/10/2022

    4 FactSet, as of 6/16/2022

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    Celebrating Shannon Almy

    Written by Spiral Design on . Posted in All News, Company Hightlights, Featured News & Insights.

    Celebrating Shannon Almy

    We applaud Shannon for receiving the “Georgia Van Dyke Award” from the Schoharie County Chamber of Commerce! She was recognized for generously dedicating her time and talent to the chamber and community over many years. It is no surprise to her Fenimore teammates that Shannon’s strong personal character was also a factor that the judges considered.

    Congratulations Shannon!

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