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FAM SMALL CAP FUND OVERVIEW

The FAM Small Cap Fund is designed for investors seeking long-term growth opportunities in the small-cap market. The FAM Small Cap Fund seeks to invest in quality, solidly profitable, and sustainable small-cap companies with growth potential.

Why Invest in FAM Small Cap Fund?

  • Small-Cap Expertise: Our relentless fundamental research focuses on an investable universe of approximately 100 to 200 quality small-cap companies, designed to ensure thorough analysis and investigation to manage risk effectively. We seek companies under a rock or under a cloud.
  • Quality, Concentrated Portfolio: With typically 20 to 30 carefully selected holdings, each stock has undergone a rigorous research process focused on financially durable, and well-run quality businesses with growth potential at an attractive price. Each holding has the potential to make a positive, meaningful impact on returns.
  • Tenured Portfolio Management Team: Our FAM Small Cap Fund, backed by a research team with 231+ years of collective investment management experience, has navigated multiple equity market cycles and historically created wealth over the long term.

Invest with Confidence

  • Know What You Own: Our company-level research enables us to intimately know the businesses behind our FAM Small Cap portfolio and it gives us the confidence to maintain, and even increase, our shares when the market drops. We invest in companies, not stocks.
  • Long-Term Perspective: Our commitment to long-term value fund management is designed to ensure stability and growth for your investments. Time in the market — staying invested over the long term — has historically been a more reliable strategy for wealth accumulation than trying to time the market.

Ready to take the next step towards financial success? Open an account today.

Or contact us to learn more about how the FAM Small Cap Fund can support your financial goals. Our team is accessible and honored to be ‘Your Trusted Investment Partner’.

Past performance is not indicative of future results.

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

Clients or prospective clients should consider the investment objectives, risks, and charges and expenses carefully before investing. FAM Funds’ mutual funds are offered through Fenimore Securities Inc., member FINRA/SIPC. You may obtain a copy of the most recent mutual fund prospectus by calling 800-932-3271 and/or visiting www.fenimoreasset.com.

CHARACTERISTICS

Portfolio Details as of

Fund Facts


Inception Date: 
03/01/12
Ticker Symbol: 
FAMFX
CUSIP Number: 
314465501
Total Net Assets:
Investor (FAMFX):
Inception Date: 
01/01/16
Ticker Symbol: 
FAMDX
CUSIP Number: 
314465600
Total Net Assets:
Institutional (FAMDX):

TOP 10 HOLDINGS

TOP 5 SECTORS

MANAGERS


Portfolio Managers
Andrew Boord | Since 2016
Kevin Gioia, CFA | Since 2019

PERFORMANCE

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Performance Disclosures: Performance data quoted above is historical. Past performance is not indicative of future results, current perfor-mance 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.

FAM Small Cap Fund Disclosure: The Fund’s total annual operating expense ratio as stated in the fee table of the Fund’s most recent prospectus is 1.26% for the Investor Class. The Fund’s total annual operating expense ratio as stated in the fee table of the Fund’s most recent prospectus is 1.16% for the Institutional Class. When excluding Acquired Funds Fees and Expenses, which are not direct costs paid by the Fund’s shareholders and fee waivers, the total annual operating expense as reported in the FAM Small Cap Fund’s audited financial statements for the Investor Class is 1.25% and the Institutional Class is 1.15% as of December 31, 2022. The Advisor has contractually agreed, until May 1, 2024, to waive fees and/or reimburse the Fund certain expenses (excluding interest, taxes, brokerage costs, Acquired Fund Fees and Expenses, dividend expense and extraordinary expenses) to the extent necessary to cap Net Fund Operating Expenses for Investor Shares at 1.42% and Institutional Shares at 1.20%.

Institutional Class shares became available for sale on January 1, 2016. For performance prior to that date, this table includes the actual performance of the Fund’s Investor Class (and uses the Fund’s Investor Class’ actual expenses), without adjustment. The performance results shown on this and the next page for the periods prior to January 1, 2016, the date of commencement of operations for Institutional Shares, are for the Investor Shares, which are subject to higher fees due to differences in the shareholder administrative services fees and certain other fees paid by each class. Institutional Shares and Investor Shares would have substantially similar performance results because the shares of each class are invested in the same portfolio securities of the Fund. Because of the difference in the level of fees paid by Investor Shares, the returns for the Investor Shares will be lower than the returns of the Institutional Shares.

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

This presentation was prepared by Fenimore Asset Management, Inc. (“Fenimore”). 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.

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 profit-able 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.