• OVERVIEW

    • Recognized for its staying power through various market conditions since 1987.
    • Opportunistically focused across the U.S. equity spectrum.
    • Centered on quality companies defined by growing cash profits and return on capital, strong balance sheets, and exceptional management.
    • Purchase at a reasonable price relative to our assessed value with the objective of generating exceptional returns and a margin of safety.
    • Quality stocks can provide downside protection and upside potential.

    See the prospectus for additional important information.

    • Opportunistically focused across the U.S. equity spectrum.
    • Focus on quality companies defined by growing cash profits and return on capital, strong balance sheets, and exceptional management.
    • Purchase at a reasonable price relative to our assessed value with the objective of generating exceptional returns and a margin of safety.
    • Concentrated portfolio construction: 20 to 35 holdings.
    • Fenimore’s flagship strategy with a 30+ year history through many market cycles.

    See the prospectus for additional important information.

  • CHARACTERISTICS

    Portfolio Details as of 9/30/21

    TOP 10 HOLDINGS

    Brown & Brown 6.76%
    CDW Corp. 6.45%
    IDEX Corp. 5.87%
    Brookfield Asset Management 5.62%
    Ross Stores 5.60%
    Markel Corp. 4.62%
    CarMax 4.55%
    Illinois Tool Works 3.80%
    Stryker Corp. 3.48%
    Vulcan Materials 3.20%

    FAM Value Fund Holdings

    Fund Facts

    Inception Date: 01/02/87
    Ticker Symbol: FAMVX
    CUSIP Number: 314465105
    Total Net Assets: $1,573,172,107
    Investor (FAMVX): $1,524,673,234
    Inception Date: 01/02/17
    Ticker Symbol: FAMWX
    CUSIP Number: 314465709
    Total Net Assets: $1,573,172,107
    Institutional (FAMWX): $48,498,873

    TOP 5 SECTORS

    Financials 28.30%
    Industrials 18.37%
    Information Technology 17.33%
    Consumer Discretionary 16.40%
    Materials 8.51%
  • MANAGERS

    Portfolio Managers 
    John D. Fox, CFA | Since 2000
    Drew P. Wilson, CFA | Since 2017
    Marc D. Roberts, CFA | Since 2021
    Thomas O. Putnam | Since 1987

  • 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 Value Fund Disclosure: The Fund’s total annual operating expense ratio as stated in the fee table of the Fund’s most recent prospectus is 1.19% after fee waivers of (0.01)% 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 1.00% after fee waivers of (0.12)% 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 Value Fund’s audited financial statements for the Investor Class is 1.18% after a fee waiver of (0.01%) and the Institutional Class is 0.99% after a fee waiver of (0.12%) as of December 31, 2020. The Advisor has contractually agreed, May 1, 2022, 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 maintain Net Fund Operating Expenses for Investor Shares at 1.18% and Institutional Shares at 0.99%.

    Institutional Class shares became available for sale on January 1, 2017. 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, 2017, 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 may be lower than the returns of the Institutional Shares.

  • FUND MATERIALS

  • FUND REPORTS

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.

Thomas O. Putnam founded Fenimore in 1974 with two passions: conduct in-depth, firsthand, independent investment research and serve investors with excellence and integrity. Today Fenimore Asset Management, manager of the FAM Funds, is nationally recognized, yet locally rooted and independently owned. Decades have passed, but our approach endures.

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

© Fenimore Asset Management. All Rights Reserved.