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| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
As of Oct 12, 2026
The Fenimore Dividend Focus Strategy (FAM Dividend Focus Fund, FAMEX) generated a net return of -4.67% during the third quarter of 2026, underperforming its benchmark, the Russell Midcap Index, which declined -3.00%. The fund's relative performance gap narrowed against the index, driven by strong underlying earnings across the portfolio, which are projected to expand 23% this year. The portfolio ended the quarter holding 28 equity positions with low turnover, maintaining focused mid-cap exposure while navigating headwinds in select industrial and aggregates holdings. The macroeconomic environment was characterized by sticky inflation, climbing energy prices following geopolitical escalation in the Middle East, and rising borrowing costs as the 10-year Treasury yield surged to 5.29%. The Federal Reserve instituted a 25-basis-point interest rate increase to 3.75%–4.00%, creating financing friction for capital-intensive enterprises and slowing residential construction starts. Concurrently, AI infrastructure expansion served as a key economic pillar, broadening demand across electrical infrastructure, cooling equipment, and testing services. Portfolio underperformance was largely concentrated in large-weighted allocations within aggregates and aerospace, notably Martin Marietta Materials and HEICO Corp, though both businesses preserved sound operational fundamentals. Offsetting these losses were top contributors Ross Stores and Cintas Corp. During the quarter, the manager initiated a high-conviction position in UL Solutions, funded additions in Gildan Activewear, Motorola Solutions, Nasdaq, and Houlihan Lokey, trimmed Broadridge Financial Solutions and Verisk Analytics, and fully exited CDW Corp.
Invest in high-quality, dividend-growing businesses with durable competitive advantages, pricing power, and strong balance sheets capable of compounding intrinsic value through economic cycles.
Fenimore maintains an uncertain view on the broader macroeconomic climate due to persistent energy-driven inflation and elevated borrowing costs, eschewing macro predictions in favor of disciplined bottom-up security selection. The manager expects continued performance dispersion across mid-cap equities, creating opportunities to selectively acquire businesses with durable competitive advantages and pricing power at attractive margins of safety.
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