Fenimore Dividend Focus Equity SMA Composite

• Dividend Focus seeks to maximize total return through a combination of capital appreciation and dividend income.
• Unlike most dividend strategies that invest in large capitalization stocks, Dividend Focus primarily invests in quality mid-cap companies that pay growing dividends – not simply high current dividend yields.
• A growing dividend can be a good indicator of the health of a company and its potential for future success.
• Dividend Focus targets a long holding period, typically 5+ years, which allows stocks to compound, resulting in low turnover and a tax efficient strategy.*

* See Investment Management Agreement for additional important information.
Contains the views of Fenimore Asset Management.
Past performance does not indicate future results.

Fenimore Small Cap SMA Composite

• Relentless fundamental research focused on an investable universe of approximately 100 quality companies.
• Concentrated portfolio construction of typically 20 to 30 holdings.
• Extensive engagement of management and industry participants.
• Contrarian; we seek companies under a rock or under a cloud.
• Risk management guidelines: 2% to 4% initial position size and target max sector exposure of 2x benchmark.
• Aim to purchase profitable companies with a margin of safety and seek long-term growth.* 

*See Investment Management Agreement for additional important information.
Contains the views of Fenimore Asset Management.

Fenimore Midcap Equity SMA Composite

• Concentrated Midcap strategy with a focus on business quality first.
• Portfolio construction: 20 to 30 holdings.
• Risk-managed construction: Max sector exposure of 2x benchmark.
• Mid-caps offer a broad range of quality businesses defined by growing cash profits, high returns of capital, strong balance sheets and exceptional management. 
• Good access to and engagement of management teams.
• Objective of purchasing with a Margin of Safety — allowing capital to compound at high rates of return.* 

*See Investment Management Agreement for additional important information.
Contains the views of Fenimore Asset Management.