| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 10.38% | 9.35% | - |
The FAM Value Fund returned 9.35% in Q2 2026, trailing the Russell Midcap Index's 13.83% return as markets rewarded AI-related investments. Relative underperformance was driven by positions the fund did not own, particularly memory companies and certain industrials exposed to AI infrastructure spending, which contributed approximately 2.5 percentage points to the benchmark. The fund's more defensive consumer discretionary and insurance holdings lagged in the risk-on environment. Top contributors were Amphenol and Analog Devices, both benefiting from strong demand for AI data center components. Detractors included Graco, facing residential construction weakness, and ExlService Holdings, pressured by AI disruption concerns. The manager initiated three new positions: Ryan Specialty Holdings (insurance brokerage facing near-term rate softness but strong long-term prospects), Thermo Fisher Scientific (life sciences tools provider positioned for resumed growth), and Tyler Technologies (government software with mission-critical solutions and high switching costs). The manager trimmed five positions to fund these opportunities, maintaining conviction in high-quality businesses despite near-term market volatility favoring AI-exposed names.
Fenimore focuses on identifying high-quality businesses with durable competitive advantages, strong financial positions, and management teams capable of creating long-term shareholder value through disciplined, bottom-up research.
The manager expects company-level volatility to remain high as quarterly earnings results either validate or challenge high market expectations, especially for AI-related companies. Meaningful dispersion in stock performance is creating opportunities for active investors. Portfolio activity is expected to remain elevated in the second half of 2026. While macroeconomic uncertainty and interest rates will influence short-term sentiment, they do not alter the firm's investment philosophy of focusing on high-quality businesses with durable competitive advantages, strong financial positions, and capable management teams.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Jul 13 2026 | 2026 Q2 | ADI, APH, AZO, BRO, CDW, EXLS, GGG, KEYS, MKL, ROST, RYAN, TMO, TYL | AI, insurance, Life Science Tools, mid cap, Quality, semiconductors, software, value |
RYAN TMO TYL |
FAM Value Fund returned 9.35% in Q2 2026, lagging the Russell Midcap's 13.83% as AI infrastructure investments dominated. Semiconductor holdings Amphenol and Analog Devices led performance. The manager added three new positions—Ryan Specialty, Thermo Fisher, and Tyler Technologies—viewing AI disruption fears as creating opportunities in high-quality businesses. Defensive holdings lagged in the risk-on environment. Portfolio activity expected to remain elevated. |
| Apr 14 2026 | 2026 Q1 | ADI, AJG, BN, BRO, EOG, KEYS, MKL, ROST, RYAN, SPGI | AI, earnings, insurance, mid cap, Quality, value | - | Fenimore's Value Fund underperformed in Q1 due to insurance broker exposure amid rate softening and AI fears. Manager views AI disruption concerns as overblown for complex commercial businesses, adding to insurance brokers and S&P Global on weakness. Strong earnings growth across holdings despite lagging stock prices has compressed valuations to compelling levels for long-term compounding. |
| Jan 13 2026 | 2025 Q4 | ADI, AJG, APH, AZO, BAM, BR, BRK-B, BRO, FAST, HEI, IEX, KEYS, MKL, MLM, PGR, ROST, SYK, TT, VMC, ZBRA | AI, fundamentals, mid cap, Quality, Speculation, value |
MKL APH BRO AZO FAST |
FAM Value Fund declined 1.17% in Q4 as AI speculation continued driving capital away from quality companies. Ross Stores, Markel Group, and Amphenol led performance while Brown & Brown, AutoZone, and Fastenal lagged. Fenimore trimmed winners and raised cash to 3.2%, maintaining disciplined focus on quality fundamentals despite market preference for speculative investments. |
| Oct 9 2025 | 2025 Q3 | APH, BROS, BWIN, CBZ, CHE, CIGI, CTAS, CWST, ENTG, EXPO, FSV, FTDR, GEHC, JKHY, LSTR, NOMD, POOL, ROST, SPSC, VRSK | AI, dividends, Quality, small caps, US, value |
APH US ROST US A US LSTR US |
Fenimore's quality-focused funds underperformed in Q3 as speculative stocks rallied on AI euphoria and Fed rate cuts. Despite near-term headwinds, the firm maintains conviction in high-quality businesses trading at attractive valuations. Portfolio companies are leveraging AI to improve operations while demonstrating strong fundamentals. Management expects volatility ahead but remains disciplined in deploying capital into quality opportunities. |
| Jun 30 2025 | 2025 Q2 | APH, BWIN, CDW, CHE, CTAS, DFH, ENTG, EXLS, FND, FTDR, GEHC, HEI, HGTY, MCHP, MKC, NOMD, ROST, SITE, TRRSF, TT | AI, dividends, insurance, Quality, small cap, tariffs, value | - | Fenimore's quality-focused funds underperformed in Q2 2025's speculative rally driven by AI enthusiasm and tariff volatility, but the firm maintains conviction in high-quality companies with strong financials and proven management. Despite quarterly headwinds, they actively managed portfolios through volatility and remain confident their disciplined approach will deliver superior long-term wealth building through steady capital growth and downside protection. |
| Mar 31 2025 | 2025 Q1 | AJG, APH, AZO, BN, BR, BRK.B, BRO, CDW, FAST, HEI, IEX, KEYS, MKL, PAYX, PGR, ROST, RSG, SYK, TT, ZBRA | financials, insurance, mid cap, Quality, tariffs, Trade Policy, value | - | Fenimore's Value Fund outperformed by 232 basis points in a tariff-driven volatile quarter, benefiting from defensive positioning in quality businesses, particularly insurance. Value outpaced growth as technology struggled. Portfolio companies appear well-prepared for tariff impacts with diversified supply chains. Outlook remains cautious with close economic monitoring, but major portfolio changes unlikely while seeking opportunities amid volatility. |
| Dec 31 2024 | 2024 Q4 | ADI, APH, BKNG, BN, BRK-A, CDW, EXLS, GGG, IEX, KMX, MCHP, MKL, PGR, PNFP, ROST, SSB, SYK, VMC | concentrated, long-term, mid cap, Quality, value | - | Fenimore's value strategy returned 0.04% in Q4, focusing on quality businesses that can navigate cycles. CDW and Microchip faced headwinds while Booking and Markel contributed positively. The firm exited CarMax and SouthState, trimmed Berkshire. With the U.S. economy entering 2025 in growth mode, Fenimore remains ready to capitalize on market dislocations in quality names. |
| Sep 30 2024 | 2024 Q3 | AME, APH, BN, BRK-A, BRO, CDW, IEX, KMX, MCHP, MKL, PGR, ROS, SYK, VMC | AI, Buybacks, earnings, mid cap, Quality, rates, value | - | Fenimore matched the Russell Midcap with a 9.21% Q3 return, driven by insurance and real estate holdings benefiting from Fed rate cuts. The firm remains bullish on corporate earnings growth and share buyback activity while managing semiconductor headwinds. New position in AMETEK reflects their focus on quality industrial companies with strong capital allocation track records. |
| Jun 30 2024 | 2024 Q2 | ADI, APH, BIPC, BROS, CBZ, CTAS, DFH, ENTG, ESAB, EXPO, HEI.A, HLI, IEX, MCHP, MLM, OLLI, OSW, POOL, SITE, VRSK | AI, dividends, industrials, Manufacturing, mid cap, technology, value | - | Fenimore's Q2 results were mixed as industrial exposure hurt performance across strategies, though the Dividend Focus Fund showed strong downside protection. AI beneficiaries like Amphenol performed well, while manufacturing weakness weighed on holdings. The firm made selective additions including Houlihan Lokey and maintained dividend growth focus with 26 of 27 holdings increasing payouts. |
| Mar 31 2024 | 2024 Q1 | AJG, APH, BR, BRO, BRO.TO, CDW, DG, ENTG, IEX, KEYS, MCHP, MKL, PGR, PNFP, ROST, RSG, SYK, TROW, TT, VMC | financials, insurance, mid cap, semiconductors, technology, value | - | FAM Value Fund delivered strong Q1 performance at 10.94%, outpacing its benchmark by 234 basis points. Insurance holdings Brown & Brown and Progressive drove returns through favorable market dynamics. The fund strategically repositioned by adding Keysight Technologies while exiting Dollar General and T. Rowe Price due to fundamental deterioration. |
| Dec 31 2023 | 2023 Q4 | A, APD, BIPC, BOC, BROS, CBZ, CDW, CHH, CIGI, CSV, DFH, ENTG, EXPO, G, MKC, MKL, MLM, NOMD, PAYX, ROST, STE, TROW, TRRSF, TT, VRSK, WAT | dividends, financials, materials, mid cap, Quality, value | - | Fenimore's value strategy lagged the Russell Midcap in Q4 as markets favored lower-quality stocks over the firm's high-quality focus. Financials exposure weighed on performance despite strong contributions from Ross Stores and CDW Corp. The firm added McCormick & Co. and continued building Waters Corp while exiting Air Products due to execution risks in its hydrogen pivot. |
| Sep 30 2023 | 2023 Q3 | AVY, BKNG, BRK-A, BRN, CDW, DG, EOG, EXLS, FIS, GGG, IEX, ITW, MKL, PGR, ROST, STRY, TROW, VMC, WAT, ZBRA | Balance Sheets, fundamentals, interest rates, mid cap, Quality, value | - | FAM Value Fund outperformed in Q3 despite rising rates, declining 2.8% vs benchmark's 4.7% drop. Quality companies with strong balance sheets held up better during the selloff. Added ExlService and Waters Corp while exiting FIS. Expects continued volatility as Fed signals potential further rate hikes, but confident in quality-focused holdings built for all market conditions. |
| Jun 30 2023 | 2023 Q2 | APH, BRO, CDW, DG, IEX, KMX, VMC | dividends, financials, industrials, mid cap, Quality, technology, value | - | Fenimore's Value Strategy returned 4.41% in Q2, slightly trailing its benchmark due to technology underperformance and consumer-facing headwinds. Strong performers included Brown & Brown and Vulcan Materials benefiting from pricing power. The manager maintains conviction in quality stocks with competitive advantages as the best long-term wealth protection strategy despite economic uncertainty. |
| Mar 31 2023 | 2023 Q1 | ADI, APH, BKI, FBIN, FIS, ICE, MBC, MCHP, MTB, PNFP, ROST, TROW, ZBRA | Banking, financials, mid cap, semiconductors, technology, value | - | Fenimore Value Fund gained 2.70% in Q1 but lagged benchmarks due to banking sector exposure during March bank failures. Technology holdings outperformed on Fed easing expectations. The fund actively repositioned, consolidating bank holdings and adding to quality technology names at attractive valuations while maintaining long-term conviction in portfolio companies. |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2026 Q2 |
AIAI-driven investment themes created volatility and drove strong performance in semiconductor and data center component suppliers. The manager views AI disruption concerns around business-process-outsourcing and software providers as overblown based on their research. AI fears created buying opportunities in high-quality software names like Tyler Technologies. |
Data Centers Semiconductors Software Disruption |
SemiconductorsSemiconductor holdings, particularly Amphenol and Analog Devices, were top contributors as they supply critical components to AI data centers and experienced strong underlying demand. Memory companies contributed significantly to benchmark performance but the fund did not own them. |
AI Data Centers Components Memory | |
SoftwareThe manager initiated a position in Tyler Technologies, viewing it as a leading provider to state and local governments with strong customer retention and high switching costs. AI disruption fears created an opportunity despite the mission-critical nature and complexity of Tyler's solutions. Recent customer conference attendance reinforced strong engagement and satisfaction. |
Government IT SaaS AI Vertical Software | |
Life Science ToolsThe manager initiated a position in Thermo Fisher Scientific, viewing it as a leading picks-and-shovels provider to the life sciences industry. Despite recent share lag from post-COVID normalization and pharma funding concerns, the manager believes TMO is well positioned to resume growth as industry trends remain strong, supported by recurring revenue tied to long-term processes. |
Biotechnology Pharmaceuticals Healthcare | |
Insurance BrokersThe manager continued to build their position in Ryan Specialty Holdings after the insurance industry saw softness in rates and the company released results citing a volatile environment. The manager is encouraged by the business's long-term prospects and its legendary leader Pat Ryan, who is purchasing shares during the weakness. |
Insurance Specialty Finance | |
| 2026 Q1 |
AIManager views AI disruption fears as overblown, particularly for complex commercial businesses. Used AI-related sell-offs as buying opportunities in quality information services companies like S&P Global. |
Disruption Software Information Services |
Insurance BrokersAdded exposure to commercial insurance brokers despite near-term headwinds from softening rate environment. Believes AI disruption fears are overblown for complex commercial business versus consumer underwriting. |
Commercial Insurance Rate Environment Brokers | |
QualityStrong emphasis on high-quality businesses with healthy balance sheets, ample cash flow, and pricing power. Earnings growth outpacing stock performance has compressed valuations to compelling levels relative to history. |
Balance Sheets Cash Flow Pricing Power | |
| 2025 Q4 |
E-commerceCarvana was the top performer as a vertically integrated e-commerce platform for used cars. The company eliminates traditional dealerships and provides a haggle-free experience with vast nationwide inventory. With less than 2% market share, Carvana appears to have a long runway of profitable growth ahead. |
Used Cars Digital Platform Market Share |
Energy TransitionTalen Energy was a major contributor for the third consecutive year as an independent power producer owning nuclear facilities. The company expanded its relationship with Amazon Web Services to provide carbon-free energy for data centers and acquired gas-fired power plants for $3.8 billion. |
Nuclear Power Data Centers Carbon-free Energy | |
AIThe AI boom benefited South Korea's semiconductor industry, with the KOSPI Index surging 76%. Big tech led markets with AI as a central theme, though the manager notes market crowding around the tech/AI theme as a challenge for active managers. |
Semiconductors Big Tech Market Leadership | |
Trade PolicyTariff turmoil created volatility throughout 2025, with an initial scare on Liberation Day in April causing broad market dislocation. Markets subsequently reacted positively to actual tariff policies being less radical than threatened, with modest impact thus far. |
Tariffs Market Volatility Policy Implementation | |
| 2025 Q3 |
AIAI euphoria fueled strong market performance in Q3, with mega-cap AI leaders driving much of the gains. Many portfolio companies are using AI to improve operations, reduce costs, and better serve customers. Several holdings are participating directly in AI adoption, particularly in data center infrastructure buildout. |
Data Centers Infrastructure Technology Growth Semiconductors |
QualityHigh-quality stocks lagged during the quarter as speculative names rallied. Fenimore focuses exclusively on high-quality businesses with significant free cash flow generation, high profitability, and appropriate debt levels. The firm seeks companies with astute leaders who prepare for both good and challenging times. |
Value Fundamentals Cash Flow Profitability Balance Sheet | |
DividendsPortfolio dividend growth has been strong with 25 out of 26 names in the Dividend Focus Fund increasing their dividend in the past 12 months. The average year-over-year dividend increase is 9.7%, suggesting underlying strength in the holdings. |
Income Growth Yield Distribution Shareholder Returns | |
| 2025 Q2 |
QualityFenimore emphasizes high-quality companies with strong financials, durable business models, and proven management as the right approach for long-term investors. They believe quality profiles enable companies to endure downturns, compound returns, and manage risk more effectively compared to low-quality, speculative businesses that outperformed in Q2. |
Quality Financials Business Models Management Risk Management |
AIArtificial intelligence drove significant market enthusiasm and performance in Q2, particularly benefiting technology companies and data center cooling solutions. AI-related companies became magnets for speculative investing, with firms like Trane Technologies capitalizing on demand for technical cooling solutions in AI data centers. |
AI Technology Data Centers Speculation Cooling | |
Trade PolicyThe administration's changing tariff messages created market volatility, with steep reciprocal tariffs announced in April followed by a 90-day suspension. Tariffs are expected to impact corporate profits, consumer strength, and present material challenges for companies like McCormick that face difficulties passing on cost increases. |
Tariffs Trade Volatility Corporate Profits Costs | |
RatesGrowing hopes for Federal Reserve rate cuts emerged as inflation remained subdued, though steady employment growth tempered expectations. The Fed's dual mandate to control inflation and promote employment creates uncertainty about timing and magnitude of rate adjustments, with markets pricing in possible cuts later in 2025. |
Fed Rate Cuts Inflation Employment Monetary Policy | |
DividendsThe Dividend Focus Fund demonstrated strong dividend growth with every holding except one increasing dividends in the past 12 months. The average year-over-year dividend increase was 9.6%, with top growers including Amphenol Corp at 50%, GE HealthCare Technologies at 17%, and Cintas Corp at 16%. |
Dividend Growth Income Yield Distribution Payout | |
| 2025 Q1 |
Trade PolicyThe first quarter was marked by significant volatility driven by the new administration's tariff announcements, which sparked fears of higher inflation and potential recession. The economic impact of tariffs will take time to manifest as businesses scramble to adjust to a rapidly changing landscape. Fenimore's portfolio companies have diversified their supplier bases and are more prepared for tariff impacts than in previous years. |
Tariffs Inflation Supply Chain International Trade Economic Policy |
InsuranceInsurance companies and brokers were among the top performers during the quarter, benefiting from sustained firmness of insurance premiums in most risk markets. Companies viewed as tariff-proof or economically defensive did relatively better, with three of the top four contributors being insurance carriers or brokers. The fund's outperformance was driven by stock selection within the financials sector. |
Insurance Brokers P&C Insurance Premiums Defensive Financials | |
ValueValue stocks outpaced their growth counterparts during the quarter as technology stocks were hit especially hard. The market rotation favored companies with characteristics like low debt, sustainable profitability, and strong management that can endure economic or political shocks. This environment benefited Fenimore's value-oriented investment approach. |
Value Investing Growth vs Value Quality Defensive Characteristics | |
| 2024 Q4 |
QualityFenimore focuses on finding quality companies with strong leadership that can push through economic cycles and policy changes. They seek robust businesses that drive profits higher over the medium and long term through actions like hiring producers, creating new products, and taking market share from fragile competitors. |
Leadership Resilience Profitability Market Share Competitive Advantage |
ValueThe firm looks for opportunities to add shares in outstanding enterprises when other investors get nervous about policy changes, causing stocks to go on sale. They aim to know their holdings well enough to buy additional shares when others panic during periods of uneasiness. |
Opportunistic Contrarian Undervalued Panic Buying Market Dislocations | |
| 2024 Q3 |
RatesThe Federal Reserve cut the benchmark federal funds rate by half a percentage point in September, its first cut in more than four years. Lower rates are expected to help fuel purchases of expensive items like homes and automobiles, lead to more commercial construction, and improve consumer confidence. |
Interest Rates Fed Policy Rate Cuts Monetary Policy Economic Stimulus |
AIIncreasing enthusiasm surrounding artificial intelligence and considerable capital investments in its infrastructure have helped propel positive stock market returns. AI is likely to help businesses improve efficiency by allowing them to organize and analyze data faster than ever before. |
Artificial Intelligence Technology Infrastructure Data Analytics Business Efficiency Capital Investment | |
BuybacksShareholder value is being created by strengthening stock-buyback activity. The manager views this as a positive sign at the company level that supports their bullish outlook on stocks. |
Share Repurchases Capital Allocation Shareholder Value Corporate Actions Stock Returns | |
EarningsCorporate earnings continue to grow overall, which is the most important positive sign the manager sees at the company level. Stock prices tend to follow earnings over time, supporting their optimistic view. |
Corporate Profits Financial Performance Revenue Growth Company Fundamentals Stock Valuation | |
| 2024 Q2 |
AIAI investment has been a driving force behind the S&P 500's rise this year. Several holdings are involved in the AI data center ecosystem and meet rigorous investment criteria. AI is expected to help businesses run operations more efficiently, bolstering performance and potentially driving stocks upward. |
Data Centers Semiconductors Technology Infrastructure Growth |
Dividends26 out of 27 names in the Dividend Focus portfolio have increased their dividend in the past 12 months. The fund's top three dividend growers were Microchip Technology at 18%, Cintas Corporation at 17%, and Verisk Analytics at 15%. |
Income Growth Quality Yield Distribution | |
| 2024 Q1 |
InsuranceBrown & Brown continues to benefit from an extended favorable rate environment in the property and casualty insurance markets that it serves as a broker. Progressive Corporation is benefiting from previous rate actions taken to cover the cost of litigation and automobile repairs, which have improved their loss ratio and underwriting profitability significantly. |
P&C Insurance Insurance Brokers Auto Insurance |
SemiconductorsMicrochip Technology, a leading provider of analog semiconductors, is dealing with an industry-wide slowdown in orders for its products that help translate physical signals into the digital world. After increasing inventory levels to deal with shortages during the pandemic, original equipment manufacturers are now realigning inventory levels lower. |
Analog Semiconductors Semiconductor Cycle | |
| 2023 Q4 |
QualityFenimore invests exclusively in companies with durable value, including strong balance sheets, ample cash to reinvest in growth or pay dividends, strong competitive advantages, and capable, ethical management. The firm emphasizes high-quality businesses over short-term performers. |
Quality Balance Sheets Competitive Advantages Management Durable Value |
DividendsThe fund's holdings increased their cash dividends by 9.5% over the past 12 months, well ahead of inflation. Every holding increased its dividend except for one, with top increases from Microchip Technology (33.8%), Cintas Corporation (17.4%), and Fastenal Company (12.9%). |
Dividend Growth Cash Dividends Inflation Income | |
| 2023 Q3 |
QualityFenimore emphasizes high-quality companies with strong fundamentals, attractive pricing, ethical management, straightforward business models, strong balance sheets, clear competitive advantages, ample free cash flow, and growing profits. These companies held up better during the third quarter market decline. |
Balance Sheets Free Cash Flow Fundamentals Competitive Advantages Business Models |
ValueThe fund utilizes a value approach to stock selection, seeking companies with attractive pricing and durable value. Value stocks outperformed growth stocks during the quarter as the Russell 2000 Value Index declined just -2.8% while the Russell 2000 Growth Index fell -7.4%. |
Value Investing Attractive Pricing Durable Value Stock Selection Intrinsic Value | |
RatesRising interest rates were a major market driver, with the Fed raising rates by 0.25% in July to 5.25%-5.5%. Higher rates are filtering through the economy with 30-year mortgage rates exceeding 7%. Companies with significant debt will face earnings headwinds if sustained higher rates prove warranted. |
Federal Reserve Interest Rates Monetary Policy Debt Earnings Impact | |
| 2023 Q2 |
QualityFenimore emphasizes investing in quality stocks with strong financials, stable earnings growth, competitive advantages, solid management, and consistent returns track records. The firm believes quality names are the most effective way to protect and grow wealth over the long term, even if they don't beat benchmarks every quarter. |
Quality Financials Earnings Value |
DividendsThe portfolio shows strong dividend growth with average year-over-year dividend growth of 10.7%. Four companies increased dividends during the quarter, with the largest increases coming from Microchip Technology, Cintas, CDW Corp, Broadridge Financial Solutions, and Fastenal. |
Dividends Growth Income | |
| 2023 Q1 |
SemiconductorsTechnology stocks, particularly semiconductors, benefited from expectations of Fed rate cuts and capital flows into the sector. Microchip Technology and Analog Devices were top performers, with ADI beating earnings expectations and providing strong 2023 guidance. |
Semiconductors Technology Fed Rates Earnings |
Regional BanksBanking sector faced significant challenges with three large bank failures in March, leading to broad selloffs in financial stocks. The fund consolidated bank holdings and rotated from M&T Bank to Pinnacle Financial Partners for superior growth prospects. |
Regional Banks Bank Failures Credit Consolidation Growth |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Jul 13, 2026 | Fund Letters | Fenimore Value Strategy | RYAN | Ryan Specialty Holdings | Insurance - Specialty | Insurance Brokers | Bull | New York Stock Exchange | financials, insider buying, insurance brokerage, specialty insurance, turnaround, Value, Wholesale Brokerage | Login |
| Jul 13, 2026 | Fund Letters | Fenimore Value Strategy | TMO | Thermo Fisher Scientific | Diagnostics & Research | Life Sciences Tools & Services | Bull | New York Stock Exchange | Consumables, Drug Discovery, healthcare, life sciences, pharmaceuticals, recurring revenue, Tools & Services, Value | Login |
| Jul 13, 2026 | Fund Letters | Fenimore Value Strategy | TYL | Tyler Technologies | Software - Application | Application Software | Bull | New York Stock Exchange | Application Software, government software, high switching costs, Mission-Critical, public sector, recurring revenue, SaaS, Value | Login |
| Jan 13, 2026 | Fund Letters | John Fox | MKL | Markel Group Inc. | Financials | Property & Casualty Insurance | Bull | New York Stock Exchange | Capitalallocation, compounding, Insurance, investments, underwriting | Login |
| Jan 13, 2026 | Fund Letters | John Fox | APH | Amphenol Corporation | Information Technology | Electronic Components | Bull | New York Stock Exchange | Acquisitions, AI, cashflow, Connectors, datacenters | Login |
| Jan 13, 2026 | Fund Letters | John Fox | BRO | Brown & Brown, Inc. | Financials | Insurance Brokers | Bull | New York Stock Exchange | Acquisitions, cashflow, compounding, Insurancebrokerage, Pricing | Login |
| Jan 13, 2026 | Fund Letters | John Fox | AZO | AutoZone, Inc. | Consumer Discretionary | Automotive Retail | Bull | New York Stock Exchange | Autoparts, buybacks, cashflow, Defensiveness, Margins | Login |
| Jan 13, 2026 | Fund Letters | John Fox | FAST | Fastenal Company | Industrials | Industrial Distribution | Bull | NASDAQ | Industrialdistribution, Logistics, Margins, scale, Vending | Login |
| Oct 9, 2025 | Fund Letters | John Fox | APH US | Amphenol Corp. | Information Technology | Electronic Components | Bull | NYSE | AI, Automation, electronics, growth, infrastructure, Margins, valuation | Login |
| Oct 9, 2025 | Fund Letters | John Fox | ROST US | Ross Stores, Inc. | Consumer Discretionary | Apparel Retail | Bull | NASDAQ | Consumers, growth, Margins, Off-price, retail, Sourcing, Value | Login |
| Oct 9, 2025 | Fund Letters | John Fox | A US | Agilent Technologies, Inc. | Health Care | Life Sciences Tools & Services | Bull | NYSE | Consumables, growth, instruments, life sciences, Margins, R&D, recovery | Login |
| Oct 9, 2025 | Fund Letters | John Fox | LSTR US | Landstar System, Inc. | Industrials | Trucking | Bull | NASDAQ | asset-light, growth, Logistics, Margins, recovery, ROIC, Trucking | Login |
| TICKER | COMMENTARY |
|---|---|
| APH | Our top contributors were Amphenol Corp. (APH) and Analog Devices (ADI). Both companies benefited from the AI-driven investment theme as they supply critical components to AI data centers and experienced strong underlying demand. |
| ADI | Our top contributors were Amphenol Corp. (APH) and Analog Devices (ADI). Both companies benefited from the AI-driven investment theme as they supply critical components to AI data centers and experienced strong underlying demand. |
| GGG | Results at GGG remained subdued due to continued weakness in residential construction and lumpiness in project-based activity in industrial end markets. |
| EXLS | Despite continued strong fundamental performance at EXLS, the company's stock price has been pressured by investor concerns that AI could disrupt its business-process-outsourcing model over time. |
| RYAN | We continued to build our position in Ryan Specialty Holdings (RYAN). The insurance industry has seen softness in rates. While RYAN's model differs from traditional retail brokerage, the company released results citing a volatile environment which led to a decrease in their earnings outlook for the year. We're encouraged by the business's long-term prospects and, in our opinion, its legendary leader Pat Ryan. He is also purchasing shares of RYAN's stock during this weakness. |
| TMO | We view TMO as a leading picks-and-shovels provider to the life sciences industry, supplying essential tools, consumables, and services across drug discovery and production. Despite recent share lag from post-COVID normalization and pharma funding concerns, we believe TMO is well positioned to resume growth as industry trends remain strong, supported by a large base of recurring revenue tied to long-term processes that drives durable demand. |
| TYL | TYL is the leading software provider to state and local governments, supported by a large installed base, strong customer retention, and high switching costs. Fears around the potential impact of AI on software providers weighed on sentiment, creating an opportunity in the share price despite the mission-critical nature of TYL's solutions and the complexity of its integrations. Our recent attendance at the company's customer conference reinforced our view of strong customer engagement and satisfaction, further supporting the durability of its competitive position and long-term opportunity. |
| AZO | Our more defensive holdings were out of favor in the quarter's risk-on environment. We observed this primarily within consumer discretionary, where we own AutoZone (AZO) and Ross Stores (ROST), and financials, specifically insurance holdings Brown & Brown (BRO) and Markel Group (MKL). |
| ROST | Our more defensive holdings were out of favor in the quarter's risk-on environment. We observed this primarily within consumer discretionary, where we own AutoZone (AZO) and Ross Stores (ROST), and financials, specifically insurance holdings Brown & Brown (BRO) and Markel Group (MKL). We trimmed our positions in APH, CDW Corp. (CDW), EXLS, Keysight Technologies (KEYS), and ROST, reallocating the capital to our new opportunities. |
| BRO | Our more defensive holdings were out of favor in the quarter's risk-on environment. We observed this primarily within consumer discretionary, where we own AutoZone (AZO) and Ross Stores (ROST), and financials, specifically insurance holdings Brown & Brown (BRO) and Markel Group (MKL). |
| MKL | Our more defensive holdings were out of favor in the quarter's risk-on environment. We observed this primarily within consumer discretionary, where we own AutoZone (AZO) and Ross Stores (ROST), and financials, specifically insurance holdings Brown & Brown (BRO) and Markel Group (MKL). |
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