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Hunter Frayne

Fenimore Asset Management Hires Hunter Frayne

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

Fenimore Asset Management Hires Hunter Frayne

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    Fenimore Asset Management, an independent, Capital Region-based investment management firm and manager of the FAM Funds family of mutual funds, has hired Hunter Frayne as an Investment Research Associate for its expanding team.

    Mr. Frayne conducts firsthand, in-depth, company research adhering to Fenimore’s distinctive, time-tested investment approach. He graduated with honors from the University of Connecticut with a double major in Economics and Philosophy. While attending UConn, Mr. Frayne interned at Pitch Gauge, IBM, Gutenberg Research, and The Hanover Insurance Group.

    “We are very pleased to have Hunter on our team,” said Fenimore CEO John Fox. “His talent, character, and dedication to our investment process should benefit our investors for many years.”

  • Hunter Frayne

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Founded in 1974, Fenimore Asset Management is an independent, nationally recognized investment manager with more than $4.2 billion in assets under management (as of March 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 of professionals prides itself on investing in carefully selected quality businesses and providing its investors with highly personalized investment services.

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Joe LeRoy

Joe LeRoy Joins Fenimore Asset Management

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

Joe LeRoy Joins Fenimore Asset Management

Joe LeRoy, CFP®, has joined Fenimore Asset Management’s growing team as an Investor Relations professional. Fenimore is an independent, Capital Region-based investment management firm and manager of the FAM Funds family of mutual funds.

Mr. LeRoy works alongside investors sharing Fenimore’s distinctive and understandable investment approach and helping them achieve their long-term financial goals. Previously, he was Vice President of Workplace Solutions at Goldman Sachs Ayco Personal Financial Management leading business development for financial wellness services to Fortune 500 clients. Mr. LeRoy has more than 18 years of financial services experience, holds the CFP® (CERTIFIED FINANCIAL PLANNERTM) designation, and earned his bachelor’s degree in Economics and Government from Saint Lawrence University.

“Joe’s knowledge, experience, and commitment to service and building relationships will benefit our investors,” said Liza Baran, Director of Shareholder Services. “He is an excellent and valued addition to our team.”

Founded in 1974, Fenimore Asset Management is an independent, nationally recognized investment manager with more than $4.2 billion in assets under management (as of March 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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Joe LeRoy, CFP®

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Helios Care

Helios Care Community Project

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

HELIOS CARE COMMUNITY PROJECT

At Helios Care, employees and volunteers work towards “Making Life Easier for patients and families facing serious illness or end of life by providing choices, dignity and compassionate care.”

Earlier this month, Fenimore associates worked together in hopes of making life a little easier for the employees and volunteers who travel every day and provide care for Helios Care patients.

Our associates assembled and delivered 150 gift bags filled with portable phone chargers and gifts cards in hopes of making their travels a little easier. Thank you to everyone at Helios Care for your hard work and dedication to Helios Care and our community. We sincerely hope those tokens of appreciation helped to make a small difference in your day.

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Women In Business

Women in Finance – Thank you to the Albany Business Review

Written by Spiral Design on . Posted in All News.

Women in Finance – Thank you to the Albany Business Review

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    WOMEN IN FINANCE: Thank you to the Albany Business Review for highlighting Deb Pollard, Anne Putnam and Liza Baran from our leadership team as they share their lessons in leadership, what drew them to the finance industry and their advice for others who want to set off in a similar direction.

    When asked about the most important leadership lesson she has learned, Fenimore’s President, Deb Pollard, replied:

    “The most important leadership lesson that I have learned is that you can’t run a company on your own. You have to surround yourself with great people, give them room to try new things, and let them know that they are appreciated for not only the big accomplishments, but for the little things too. Always try to hire the absolute best talent you can find. It’s all about the people!”

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    Women in Business

    Photo credit: Paige McCarthy Photography

Anne Putnam, Senior Vice President, reflected on why she works in finance and what drew her to this industry:

“Growing up in this family business set the stage for my career progression. From the dining room table on weekends to family trips, I saw firsthand my parents cultivate the investor when out of the office plus associates within. These experiences enhanced my childhood as they would include me. Once I matriculated to graduate school, the “aha” moment in Finance class set me on the path to eventually come home and assist our firm’s growth and succession.”

Liza Baran, Director, FAM Funds Shareholder Services, shares her advice for others who want to set off in a similar direction:

“It is important to always focus on the quality of your work, maintain a positive attitude, and take initiative. Building relationships and learning from senior members of the team will pay dividends over time. Keep a learning mindset and pursue education in your field whether that’s an advanced degree, an industry license, taking a class, or reading a book. As you advance, be the mentor you wish you had and pay it forward!”

Whether it is surrounding yourself with great people, continual learning, or building relationships along the way, our ‘Women in Finance’ leaders are happy to share their insights to encourage and support the leaders of tomorrow.

Photo credit: Paige McCarthy Photography

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Regional Food Bank

Food For Thought

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

FOOD FOR THOUGHT

The Regional Food Bank of Northeastern New York distributed more than 51 million pounds of food and grocery products in 2021 — the equivalent of 42 million meals — across 23 counties! The need is great … and growing.

The Regional Food Bank is responding to the surge in demand for their services due to rising grocery and fuel costs, while also handling supply chain issues and rising operational costs. Their mission “is to alleviate hunger and prevent food waste.”

In mid-March, our associates helped Regional Food Bank partner agencies load their food orders. It was a very enjoyable and meaningful morning!

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  • Fenimore Team Voluneers

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Research on The Road: Face-to-Face Meetings

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

RESEARCH ON THE ROAD: FACE-TO-FACE MEETINGS

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    By John Fox, CFA®
    CEO

    After two years of limited travel, Fenimore’s investment research analysts are back in full swing meeting with management teams in person at their headquarters, conferences, and industry events. During the last month, we met with a couple dozen companies. While there are certainly challenges, executives are not pessimistic.

    Insights from Our Travels

    • Banks: Banks seem encouraged by the financial strength of their customers and the expected increases in short-term rates by the Federal Reserve. Banks expect they’ll be able to increase net interest margins — the difference between interest paid and received — as a result.
  • Andrew Boord, Portfolio Manager - Fenimore Small Cap Strategy

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  • Insurers: Insurance premium rates continue to increase which is good for the profits of our insurance holdings. With increasing inflation and a war in Europe, it is widely appreciated that it is a risky world which increases demand for insurance.

  • HVAC Companies: The industry is undergoing regulatory changes over the next three years that will lead to significant redesigns of product lines. This will be an enormous engineering challenge, but historically this has led to higher prices on AC units as well as higher profits. We believe this should be a tailwind while customers should receive increased energy savings due to technological advancements.

  • Software Firms: We met with a handful of software companies that sell to financial institutions. The outlook for the year continues to be mid to high single-digit growth in revenue and we are confident in the ability of our holdings’ leaders to navigate current challenges.

  • Earnings Growth: It is clear that the global supply chain problems and elevated transportation prices will be with us the rest of the year. At this point, we continue to expect companies to grow earnings over 2021 levels, but at a slower rate than we anticipated at the beginning of the year. We also expect our holdings to generate cash profits to invest in growth and return to shareholders through stock buybacks and increased dividends. A skilled management team is often crucial to a good investment experience.

Fenimore’s firsthand, in-depth research helps us know our holdings well and this gives us confidence as we seek to protect and grow your capital over the long term. We hope our research insights from these face-to-face meetings give you assurance too.

Please call us at 800-721-5391 if we can assist you. Thank you for your ongoing trust.

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Tax Center

FAM FUNDS 2021 YEAR-END DISTRIBUTIONS

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

FAM FUNDS 2021 YEAR-END DISTRIBUTIONS

2021 Distribution Details

The following table presents the year-to-date capital gains and income for each fund for 2021.

type Long-Term Capital Gains Short-Term Capital Gains Net Income
FAM Value Fund
Investor Share Class		 $4.9129 $0.0363 $0.0215
FAM Value Fund
Institutional Share Class		 $4.9129 $0.0363 $0.1966
FAM Dividend Focus Fund
Investor Share Class		 $0.6951 $0.0035 $0.0000
FAM Small Cap Fund
Investor Share Class		 $1.6346 $0.0000 $0.0000
FAM Small Cap Fund
Institutional Share Class		 $1.6346 $0.0000 $0.0000

This is not tax advice. Please await your year-end tax documents for final amounts. Shareholders should contact their tax advisors to review the tax implications of capital gain and income distributions. 

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Tax Center

IRS Form 8937

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Chart

2022 Stock Market Update

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

2022 STOCK MARKET UPDATE

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    By John Fox, CFA®
    CEO

    After a terrific 2021, the stock market peaked on the first business day of the new year and has been declining ever since. So far, stocks are down 10% to 20% for the year depending on the index you watch.[1] The stocks of smaller companies have fallen the most.

    While the current headlines are on Russia’s invasion of the Ukraine, we believe this is just one of multiple reasons for the drop in stock prices. As long-term stock investors, it’s always helpful to remember that price declines are part of the experience. I mentioned in a recent video we distributed that I have been at Fenimore for 26 years and in every one of those years, but one, the market had a decline of 5% or more during the year. This is a normal part of stock investing.

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Of course, the reasons for the declines are always different. Today, we see three primary reasons:

1) High Valuations: After great market returns in 2021, stock valuations were at a high level. Because of low interest rates and many years of terrific returns, investors were willing to pay more for a dollar of earnings. This left stock prices at an all-time high and susceptible to a decrease as we turned the calendar. It’s impossible to know when a decline might occur, even if you think prices look high.

2) High Inflation: It’s very clear that inflation is not “transitory” using an often-quoted word from the Federal Reserve Chairman. We believe some parts of inflation will recede over time; other factors are here to stay. As a consequence, the Federal Reserve will be raising interest rates this year beginning at their March meeting in a few weeks. Answers to important questions like how high these rate increases will go and how fast they will occur are unknown. Interest rates have already moved up in anticipation of the Fed’s moves. The 30-year mortgage rate has increased from last year’s low of 2.67% to 4% today.[2] We should point out that while the Fed is raising interest rates, they remain low by historical standards.

3) Russia’s Invasion: Russia’s invasion of Ukraine creates a lot of uncertainty around politics and Europe’s state of affairs. From a purely economic point of view, Russia is a major producer of oil and other commodities like wheat. If this conflict continues, it may increase the prices of these commodities which will impact inflation. Higher inflation brings us right back to the previous point about an interest rate increase.

As you can see, there are a number of interrelated issues. However, even if it seems like one storm ends and another surfaces, this is usually the story in economics, politics, and markets. We have been through numerous international events like the Asian financial crisis in 1998 and two wars in Iraq.

Looking Ahead

At this time, we expect companies to grow earnings over 2021 levels and generate cash profits to invest in growth and return to shareholders through stock buybacks and increased dividends. As I stated in our year-end newsletter, “You don’t have to know the future, but you do have to know your companies.”

This gives us the confidence we need to execute our long-term strategy: investing in what we believe are quality businesses that meet our rigorous financial standards with strong leadership teams that can create value for our investors over time.

Please contact us at 800-721-5391 if you have questions or concerns. Thank you for the opportunity to serve you.

[1] FactSet as of 2/24/2022

[2] https://fred.stlouisfed.org/series/MORTGAGE30US

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