| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 9.03% | -4.04% | -4.04% |
Fenimore's Dividend Focus Fund returned -4.04% in Q1 2026, underperforming the Russell Midcap Index's 1.29% gain amid Middle East military operations that disrupted energy markets and spread volatility to equities. The fund was particularly impacted by AI disruption fears causing broad sell-offs in software companies and insurance brokers, despite the manager's view that these fears are overblown for their commercial-focused holdings. Portfolio fundamentals remain strong with expected 2026 earnings growth of 13%, dividend growth of 7.8%, and over 80% of holdings posting positive earnings surprises. The manager emphasizes that earnings growth outpacing stock performance has compressed valuations to compelling levels relative to history and fundamentals. They continue adding to high-conviction names at discounted prices, including Broadridge Financial, Arthur J. Gallagher, and new holding Gildan Activewear. The firm maintains its long-term discipline focused on quality businesses with healthy balance sheets, cash flow generation, and pricing power, believing current conditions create attractive entry points for patient capital.
Focus on high-quality dividend-paying companies with strong fundamentals trading at attractive valuations due to temporary market dislocations
Market conditions entering the second quarter are mixed with continued volatility expected. Key factors include how the Fed balances inflation pressures with slowing growth and responses to the Supreme Court's tariff ruling. Fenimore remains committed to long-term investment discipline regardless of short-term headlines, focusing on understanding high-quality businesses for long-term compounding.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Apr 14 2026 | 2026 Q1 | AJG, APH, BR, ENTG, GIL, HEI, ROST, TT | AI, dividends, earnings, insurance, mid cap, Quality, software | - | Fenimore's Dividend Focus Fund fell 4.04% in Q1 as AI disruption fears hit software and insurance holdings despite strong fundamentals. Portfolio earnings expected to grow 13% in 2026 with 80% posting positive surprises. Manager adding to high-conviction names at compressed valuations, maintaining focus on quality dividend-paying companies for long-term compounding. |
| Jan 13 2026 | 2025 Q4 | AJG, APH, AVY, BR, CDW, CTAS, HEI, HLI, IEX, JKHY, MCHP, MLM, PAYX, ROST, RSG, STE, SYK, TT, VRSK, WSO | AI, dividends, healthcare, mid cap, Quality, technology, value |
ROST JKHY APH TT |
Fenimore's Dividend Focus Fund underperformed in Q4 as AI speculation drove capital from quality dividend-payers to speculative stocks. Despite short-term headwinds, portfolio companies showed strong fundamentals with accelerating earnings growth and 9% dividend increases. Management used volatility to add to quality names at attractive valuations, positioning for long-term outperformance when fundamentals reassert themselves. |
| Oct 9 2025 | 2025 Q3 | APH, BROS, BWIN, CBZ, CHE, CIGI, CTAS, CWST, ENTG, EXPO, FSV, FTDR, GEHC, JKHY, LSTR, MCHP, POOL, ROST, SPSC, VRSK | AI, dividends, Quality, rates, small caps, value |
APH US ROST US VRSK US FSV CN |
Fenimore's quality-focused strategy faced headwinds in Q3 as speculation favored lower-quality names over fundamentally sound businesses. Despite short-term underperformance, portfolio fundamentals remain strong with robust earnings growth and dividend increases. The firm is deploying capital at attractive valuations while maintaining discipline, expecting continued volatility but confident in long-term value creation through high-quality holdings. |
| Jun 30 2025 | 2025 Q2 | ADI, AME, APH, AVY, BN, BRO, BWIN, CDW, CHE, CTAS, DFH, ENTG, EXLS, FND, FTDR, GEHC, HEI, HGTY, HLI, KEYS, MCHP, MKC, NOMD, PGR, PNFP, ROST, SITE, TRRSF, TT, VRSK, WAT, WSO, ZBRA | AI, Quality, rates, small cap, tariffs, value |
ENTG GEHC |
Fenimore's quality-focused funds lagged in Q2 2025 as markets favored speculative AI plays amid tariff volatility. Despite the S&P 500's 10.94% gain, their disciplined approach to high-quality companies with strong fundamentals faced headwinds from risk-on sentiment. The firm used market volatility to add positions at attractive valuations, maintaining conviction in long-term quality investing despite short-term underperformance. |
| Mar 31 2025 | 2025 Q1 | A, AJG, APH, BR, CDW, CTAS, ENTG, HEI, IEX, MCHP, MKC, PAYX, POOL, ROST, RSG, STE, SYK, TT, VRSK | dividends, insurance, mid cap, Quality, Trade Policy, value | - | Fenimore's Dividend Focus Fund gained 1.53% in Q1 2025 while markets declined on tariff fears. Defensive holdings with recurring revenues like insurance broker AJG and waste company RSG drove outperformance. Portfolio companies grew dividends 9.5% on average. Despite trade policy uncertainty, the fund maintains quality-focused positioning in businesses built to withstand economic volatility. |
| Dec 31 2024 | 2024 Q4 | APH, BIPC, BR, BROS, CBIZ, CDW, CIGI, CTAS, DFH, ENTG, EXLS, EXPO, FND, MCHP, MLM, PAYX, SITE, SSB, TRRSF, VRSK | dividends, mid cap, Quality, technology, value | - | Fenimore's Dividend Focus Fund declined 5.19% in Q4 as high-quality midcap names faced pressure from risk-on sentiment and profit-taking. Strong dividend growth across holdings with 26 of 27 companies increasing payouts. Key detractors CDW and Microchip face cyclical headwinds but firm maintains conviction in quality businesses positioned for long-term growth. |
| Sep 30 2024 | 2024 Q3 | AJG, APH, AVY, BR, CDW, CTAS, ENTG, HEI, HLI, MCHP, MLM, PAYX, POOL, ROS, STE, SYK, TT, VRSK, WSO | AI, dividends, mid cap, Quality, Rate Cuts, semiconductors, value | - | Fenimore's Dividend Focus Fund lagged in Q3 due to semiconductor weakness and limited exposure to rate-sensitive sectors. The fund maintains focus on quality dividend growers with 26 of 27 holdings increasing payouts. Management remains bullish on corporate fundamentals while managing risk through position sizing limits. |
| 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, mid cap, technology, value |
HLI OSW ESAB |
Fenimore's Dividend Focus Fund outperformed during Q2's market decline through quality stock selection and downside protection. Strong dividend growth across 26 of 27 holdings demonstrates the strategy's income focus. AI beneficiaries like Amphenol drove performance while cyclical names like Pool Corporation detracted. The addition of Houlihan Lokey reflects opportunistic positioning in quality mid-cap names with sustainable dividend policies. |
| Mar 31 2024 | 2024 Q1 | APD, BIP, BOC, CBZ, CIGI, CTAS, DFH, EXPO, FTDR, HEI, IEX, JKHY, MCHP, MLM, NOMD, PAYX, SYK, TROW, TT, VRSK | dividends, healthcare, industrials, mid cap, Quality, technology, value | - | Fenimore's dividend-focused strategy delivered strong Q1 outperformance through quality mid-cap holdings like Trane Technologies and Stryker Corporation. The firm's 50-year disciplined approach continues targeting inherently strong companies with growing dividends, averaging 8.6% dividend growth. Strategic exits from Air Products and T. Rowe Price reflect commitment to strict investment criteria despite rising market valuations. |
| Dec 31 2023 | 2023 Q4 | A, APD, BOC, CBZ, CHH, CIGI, CSV, CTAS, DFH, ENTG, FAST, G, MCHP, MKC, MLM, PAYX, STE, TROW, TT, VRSK | AI, dividends, mid cap, Quality, value | - | Fenimore's Dividend Focus Strategy delivered 10.80% in Q4 but lagged benchmarks as quality stocks underperformed amid the broad rally. The fund maintained its disciplined approach, exiting uncertain positions like Air Products while adding quality names like Martin Marietta Materials. Strong dividend growth of 9.5% across holdings reinforces the long-term value creation thesis despite short-term relative performance headwinds. |
| Sep 30 2023 | 2023 Q3 | AVY, BIP, BOC, CDW, CIGI, CTAS, ENTG, ESI, EXPO, IEX, MCHP, MKC, NOMD, PAG, PAYX, ROP, SPSC, THG, TT, TWNK | dividends, mid cap, Quality, rates, semiconductors, value | - | Fenimore's dividend strategy outperformed in Q3 despite rising rate pressures, with 21 of 27 holdings growing dividends at 10.1% average rate. Quality companies with strong balance sheets held up well while semiconductor momentum cooled. The firm sold debt-heavy names facing rate headwinds and maintains focus on durable businesses built for all market conditions. |
| Jun 30 2023 | 2023 Q2 | BOC, CASS, CBZ, CIGI, CSV, DFH, ENTG, EXLS, G, IEX, NOMD, PNFP, SITE, SPSC, SSB, STE, THG, VMC, VRSK, WSO | AI, dividends, industrials, mid cap, Quality, technology, value | ACGL|APH|COO|CSGP|DKNG|GWRE|IDXX|IOT|IT|LPLA|MSCI|MTD|PCOR|ROP|TECH|VRSK | Fenimore's Dividend Focus Fund outperformed in Q2 2023 with a 6.07% return, driven by strong performance in technology and industrials. The fund maintains its quality-focused approach with 10.7% average dividend growth across holdings. Despite AI-related headwinds for some positions, the manager continues adding to undervalued quality names while emphasizing long-term wealth protection through superior fundamentals. |
| Mar 31 2023 | 2023 Q1 | ADI, AJG, APD, BOC, CHH, DFH, ENTG, FHB, FND, FTDR, G, JKHY, MCHP, NVEI.TO, PAYA, PNFP, SYK, TROW, TSU.TO, ZBRA | Banking, dividends, mid cap, Quality, technology, value | - | Fenimore's Dividend Focus Fund outperformed in Q1 2023 despite banking sector stress, benefiting from quality stock selection and avoiding failed banks. Technology holdings led performance while dividend growth remained strong across the portfolio. The manager maintains confidence in long-term holdings despite economic headwinds and potential recession risks. |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2026 Q1 |
AIManager sees a bifurcated market where stocks are divided into AI participants or those facing AI disruption. AI investments and their future returns are being questioned by lenders and investors. The fund was negatively impacted by sell-first reactions from investors avoiding areas potentially disrupted by AI, particularly software companies and insurance brokers. |
Software Disruption Technology Automation Insurance |
DividendsPortfolio holdings grew their dividends by 7.8% on average, slightly below the long-term norm. Top dividend achievers included Amphenol Corporation (34%), Ross Stores (21%), and Trane Technologies (21%). The fund maintains focus on dividend-paying quality companies despite market headwinds. |
Income Growth Quality Yield Distribution | |
QualityManager emphasizes commitment to owning high-quality businesses with healthy balance sheets, ample cash flow, pricing power, and long-term focused management. The fund will not sacrifice this commitment despite challenging times and continues to focus on what they believe are best companies for long-term investors. |
Balance Sheet Cash Flow Management Fundamentals Long Term | |
EarningsPortfolio earnings are expected to grow a robust 13% for 2026. More than 80% of holdings posted positive earnings surprises in the most recent quarter and 92% saw full-year earnings expectations increase. Earnings growth outpaced fund performance, making portfolio valuation increasingly attractive relative to benchmark. |
Growth Surprises Expectations Fundamentals Valuation | |
| 2025 Q4 |
AIManager believes AI revolution is fundamentally different from dot-com bubble due to current compute capacity constraints versus future demand. Views infrastructure buildout as most secure part of AI food chain, explaining continued investment in Nvidia, ASML, and new Micron position. Expects volatility but remains committed to AI thesis despite circular financing concerns around some players. |
Artificial Intelligence Data Centers Compute Infrastructure GPUs |
Trade PolicyManager notes 2025 saw global trade order rewritten through executive orders and tweets. Expects Supreme Court ruling on Trump tariff legality could invalidate IEEPA-imposed tariffs, though similar tariffs would likely be reimposed under other legal frameworks. Views tariffs as potential central topic for early 2026 but prefers they fade as investment concern. |
Tariffs Trade IEEPA Supreme Court | |
RatesFederal Reserve continued easing cycle with Fed Funds rate reaching parity with 2-year bond at 3.5%. Manager believes within 25-50 basis points of neutral rate. Disagrees with Trump's advocacy for several hundred basis point cuts, arguing it would steepen yield curve rather than reduce rates across all durations uniformly. |
Federal Reserve Interest Rates Monetary Policy Yield Curve | |
Enterprise SoftwareManager consolidated enterprise software exposure into platform companies ServiceNow and Salesforce while eliminating Adobe. Views platforms as better positioned than best-of-breed apps against AI disintermediation threats. Expects platform companies to deliver accelerating performance as AI solutions gain critical mass across enterprise. |
SaaS Platforms AI Integration Workflow | |
| 2025 Q3 |
AIAI euphoria fueled strong market performance in Q3, with mega-cap AI leaders driving gains. 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 Technology Infrastructure Automation Growth |
QualityHigh-quality stocks lagged during the quarter as speculation favored lower-quality names with flashy characteristics but poor fundamentals. Fenimore maintains focus on businesses with significant free cash flow generation, high profitability, and appropriate debt levels despite short-term underperformance. |
Value Fundamentals Cash Flow Profitability Resilience | |
DividendsStrong dividend growth across the portfolio with 25 out of 26 names in the Dividend Focus Fund increasing dividends in the past 12 months. Average year-over-year dividend increase was 9.7%, suggesting underlying business strength despite market volatility. |
Income Growth Shareholder Returns Cash Flow Sustainability | |
| 2025 Q2 |
QualityFenimore emphasizes high-quality companies with strong financials, durable business models, and proven management as the right approach for long-term investors. These quality profiles enable companies to endure downturns, compound returns, and manage risk more effectively compared to low-quality businesses with low profitability, unstable earnings, and high debt levels. |
Quality Financials Management Durability Risk |
Trade PolicyThe quarter was dominated by tariff announcements and their suspension, creating market volatility. The administration announced steep reciprocal tariffs in April, causing the S&P 500 to plunge, followed by a 90-day suspension for negotiations. Future tariff impacts on corporate profits, consumer strength, and inventory management remain key concerns. |
Tariffs Trade Policy Negotiations Inventory | |
AIArtificial intelligence drove significant market enthusiasm, particularly benefiting technology companies and speculative investments. AI-related firms became magnets for speculative investing, with companies like Trane Technologies capitalizing on demand for cooling solutions in AI data centers, and GE HealthCare adding AI features to drive revenue growth. |
AI Technology Data Centers Speculation Revenue | |
RatesInterest rate expectations fluctuated throughout the quarter based on inflation and employment data. Growing hopes for Fed rate cuts were tempered by continued steady payroll growth and unemployment falling to 4.1%. The market is pricing in possible rate cuts, but the Fed's dual mandate creates uncertainty around timing and magnitude. |
Fed Rates Employment Inflation Cuts | |
| 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. |
Tariffs Inflation Trade |
DividendsOn average, FAMEX's holdings increased their dividends by 9.5% over the past twelve months with each one increasing its dividend except for Entegris. The top dividend growers were Amphenol Corp. 50%, Cintas Corp. 16%, and Verisk Analytics 15%. |
Dividend Growth Income Yield | |
Insurance BrokersInsurance holdings performed well due to their strong growth outlook and solid recurring revenue profiles. Arthur J. Gallagher was among the best performers, benefiting from customers continuing to buy insurance even in a weak economy. |
Insurance Recurring Revenue Defensive | |
| 2024 Q4 |
Dividends26 out of 27 names in the fund increased their dividend in the past 12 months with an average year-over-year increase of 9.7%. The top three dividend growers were Amphenol Corp at 50%, Cintas Corp at 16%, and Verisk Analytics at 15%. |
Dividend Growth Income Yield Payout |
AIBroadridge Financial Solutions is aggressively deploying AI tools for their customers, which contributed to their strong performance. The market saw continued momentum from artificial intelligence driving record highs in major indices. |
Artificial Intelligence Automation Technology Innovation | |
| 2024 Q3 |
Dividends26 out of 27 names in the portfolio increased their dividend in the past 12 months with an average year-over-year increase of 10.4%. The top three dividend growers were Amphenol Corp. at 57%, Cintas Corp. at 16%, and Verisk Analytics at 15%. |
Dividend Growth Income Yield Payout Distribution |
Semiconductor CycleBoth Entegris and Microchip Technology reported earnings misses and lowered guidance. Investors went into the quarter thinking the semi cycle could start inflecting in the second half, but results showed we are still looking for the bottom of the cycle, particularly in industrial and automotive end markets. |
Cyclical Memory Automotive Industrial Recovery | |
AIIncreasing enthusiasm surrounding AI and considerable capital investments in its infrastructure have helped propel positive stock market returns this year. While no one knows exactly what the future of this technology holds, it's likely to help businesses improve efficiency by allowing them to organize and analyze data faster than ever before. |
Data Centers Infrastructure Efficiency Technology Investment | |
| 2024 Q2 |
AIArtificial intelligence 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 Infrastructure Technology Growth |
Dividends26 out of 27 names in the 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%. Only Entegris didn't grow its dividend as it continued to pay down debt from an acquisition. |
Income Growth Quality Yield Distribution | |
| 2024 Q1 |
DividendsThe fund's holdings increased their cash dividends by 8.6% on average over the past 12 months. Top dividend growers included Microchip Technology at 25.7%, Cintas Corporation at 17.4%, and Verisk Analytics at 14.7%. |
Dividend Growth Cash Dividends Income Yield Distribution |
QualityFenimore continues to seek quality/value investments and painstakingly seeks small and midsize businesses that meet their strict criteria. The firm emphasizes investing in companies that are inherently strong and can potentially reward investors over time regardless of transitory challenges. |
Quality Companies Strong Fundamentals Strict Criteria Value Resilient | |
| 2023 Q4 |
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 Income Yield Payout |
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 fund's emphasis on high-quality holdings led them to lag benchmarks during the quarter as lower-quality, higher-debt companies gained favor. |
Balance Sheet Competitive Advantage Management Durability | |
AIThe sudden emergence of generative artificial intelligence contributed considerably to the S&P 500's outperformance through the Magnificent 7 stocks. As the manager visits with management of holdings and tours facilities, they are witnessing and asking how companies intend to improve their earnings power using AI. |
Artificial Intelligence Technology Innovation Automation | |
| 2023 Q3 |
RatesRising interest rates weighed on the market in Q3, with the Fed signaling another rate increase possible before year-end. The Fed's target rate ended between 5.25% and 5.5%, the highest since 2001. Higher rates are filtering through the economy with 30-year mortgage rates well over 7%. |
Interest Rates Federal Reserve Monetary Policy Mortgage Rates Higher For Longer |
Dividends21 of the fund's 27 holdings increased their dividend year-over-year, with an average dividend growth rate of 10.1% and median of 9.7%. Microchip Technology led with a 36.2% quarterly dividend increase year-over-year. |
Dividend Growth Income Yield Payout Ratio | |
QualityFenimore seeks companies with attractive pricing, ethical management, straightforward business models, strong balance sheets, clear competitive advantages, ample free cash flow, and growing profits. High-quality companies often hold up better during difficult market environments. |
Balance Sheets Free Cash Flow Competitive Advantages Fundamentals | |
Semiconductor CycleAfter strong first-half performance driven by AI hype, semiconductor performance cooled in Q3. Order backlogs returned to normal and broader economic weakness led to demand slowdown. Worldwide semiconductor sales were down 17% year-over-year in Q2. |
Semiconductors AI Order Backlogs Demand Cycle | |
| 2023 Q2 |
QualityFenimore emphasizes investing in quality stocks with strong financials, stable earnings growth, competitive advantages, solid management, and consistent returns. They believe 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 Management Returns |
DividendsThe portfolio's average year-over-year dividend growth is 10.7% with significant increases from companies like Microchip Technology, Cintas, and CDW Corp. Four companies increased dividends during the quarter including Paychex, POOL Corp., Avery Dennison, and Microchip. |
Dividends Growth Income Yield Distribution | |
AIArtificial intelligence created both opportunities and challenges for the portfolio. While big tech names benefited from AI excitement, some holdings like Genpact faced concerns about AI reducing their value proposition to clients, though the manager believes the opposite may be true for companies like ExlService Holdings. |
AI Technology Automation Innovation Disruption | |
| 2023 Q1 |
DividendsThe fund focuses on dividend-paying companies with 11 of 27 holdings increasing dividends in 2023 with an average growth rate of 11.3%. Microchip Technology led with a 41.5% quarterly dividend increase year-over-year. |
Dividend Growth Income Yield Payout |
QualityThe manager emphasizes high-quality businesses that meet strict criteria, avoiding troubled banks that failed to meet quality standards. Quality stocks outperformed during the quarter despite market volatility. |
Quality Businesses Fundamentals Criteria Standards |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Jan 13, 2026 | Fund Letters | John Fox | ROST | Ross Stores, Inc. | Consumer Discretionary | Apparel Retail | Bull | NASDAQ | Comps, discounts, Offprice, traffic, Value | Login |
| Jan 13, 2026 | Fund Letters | John Fox | JKHY | Jack Henry & Associates, Inc. | Information Technology | Application Software | Bull | NASDAQ | Fintech, Margins, marketshare, Rfp, Software | Login |
| Jan 13, 2026 | Fund Letters | John Fox | APH | Amphenol Corporation | Information Technology | Electronic Components | Bull | New York Stock Exchange | Acquisitions, AI, datacenters, Interconnect, semiconductors | Login |
| Jan 13, 2026 | Fund Letters | John Fox | TT | Trane Technologies plc | Industrials | Building Products | Bull | New York Stock Exchange | backlog, datacenters, HVAC, refrigerants, Thermal | Login |
| Oct 9, 2025 | Fund Letters | John Fox | VRSK US | Verisk Analytics, Inc. | Industrials | Research & Consulting Services | Bear | NASDAQ | acquisition, analytics, Data, growth, Insurance, Risk, valuation | Login |
| Oct 9, 2025 | Fund Letters | John Fox | FSV CN | FirstService Corporation | Real Estate | Professional Services | Bull | TSX | Acquisitions, compounding, growth, M&A, Property-services, recurring revenue, resilience | Login |
| Oct 9, 2025 | Fund Letters | John Fox | APH US | Amphenol Corp. | Information Technology | Electronic Components | Bull | NYSE | AI, Connectivity, data centers, diversification, electronics, growth, Margins | Login |
| Oct 9, 2025 | Fund Letters | John Fox | ROST US | Ross Stores, Inc. | Consumer Discretionary | Apparel Retail | Bull | NASDAQ | consumer, growth, Inventory, Margins, Off-price, retail, valuation | Login |
| Jun 30, 2025 | Fund Letters | John Fox | ENTG | Entegris Inc. | Information Technology | Semiconductor Materials & Equipment | Bull | NASDAQ | Cyclicals, materials, recovery, semiconductors, technology | Login |
| Jun 30, 2025 | Fund Letters | John Fox | GEHC | GE HealthCare Technologies Inc. | Health Care | Health Care Equipment | Bull | NASDAQ | AI, diagnostics, healthcare, Imaging, recurring revenue | Login |
| Jun 30, 2024 | Fund Letters | Fenimore Dividend Focus Strategy | OSW | OneSpaWorld Holdings | Consumer Discretionary | Hotels, Restaurants & Leisure | Bull | NASDAQ | Captive Audience, Consumer Discretionary, Cruise, Health, market share, Monopoly, Spa, Tourism, Wellness | Login |
| Jun 30, 2024 | Fund Letters | Fenimore Dividend Focus Strategy | HLI | Houlihan Lokey | Financials | Investment Banking & Brokerage | Bull | NYSE | Boutique, cash generation, Counter-cyclical, Dividend Growth, financials, investment banking, M&A, Mid-market, restructuring | Login |
| Jun 30, 2024 | Fund Letters | Fenimore Dividend Focus Strategy | ESAB | ESAB Corporation | Industrials | Industrial Machinery | Bull | NYSE | brand loyalty, Consumables, Emerging markets, Global, Industrial, infrastructure, machinery, manufacturing, Welding | Login |
| Jun 30, 2023 | Fund Letters | Fenimore Dividend Focus Strategy | ACGL|APH|COO|CSGP|DKNG|GWRE|IDXX|IOT|IT|LPLA|MSCI|MTD|PCOR|ROP|TECH|VRSK | Verisk Analytics | Industrials | Research & Consulting Services | Bull | NASDAQ | Data Analytics, Fraud prevention, Insurance, Moat, recurring revenue, SaaS, technology | Login |
| TICKER | COMMENTARY |
|---|---|
| ENTG | Entegris (ENTG) was the top contributor. While near-term results have not shown an inflection yet, investors are anticipating that a turn is near as their new CEO is bringing a measure of expense rationality. |
| ROST | ROST reported very strong same-store sales in their seasonally most vital quarter. Same-store sales have not been this strong in more than a decade, excluding the COVID reopening. Investors seem pleased with the new CEO and his clarity in vision and execution. |
| TT | TT capitalized on strong bookings momentum in its commercial operation. TT also increased its exposure to data center cooling solutions with the acquisition of LiquidStack Holdings. Its residential business is expected to improve later in the year after the industry disruption from transitioning to a new refrigerant. |
| BR | Broadridge Financial Solutions (BR) was the largest detractor. Investors knocked the stock down on fears that tokenized equities will disintermediate their operation; however, we do not believe this will happen because BR has enabling technology. Plus, tokenized equities will be required to have owners vote their ownership shares just like ordinary shares. This is a regulatory mandate and BR is a leader in enabling proxy voting. |
| HEI | HEICO Corporation's (HEI) valuation was a little stretched coming into the year and this put some pressure on the stock. Their M&A engine continues to drive value creation with management completing two acquisitions and announcing a third. |
| AJG | Arthur J. Gallagher & Co. (AJG) performed poorly as the insurance industry is going through a period of softening premium rates. More prominent is the fear that AI will take considerable market share from brokers. This may be true for consumer underwriting; however, AJG mostly writes commercial business, which is much more technical and complex. We believe the AI fears are overblown regarding AJG. |
| GIL | We purchased a new holding: Gildan Activewear (GIL). GIL is a leading manufacturer of everyday basic apparel. Its product offering includes activewear, underwear, socks, and intimates. GIL recently acquired Hanes Brands which should drive significant synergies. |
| APH | On average, holdings grew their dividends 7.8%, slightly below the long-term norm. The top dividend achievers were Amphenol Corporation (APH, 34%), Ross Stores (ROST, 21%), and Trane Technologies (TT, 21%). |
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