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| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
As of Oct 12, 2026
During the third quarter of 2026, the Fenimore Value Strategy (FAM Value Fund Investor Class) returned -2.13% net of fees, outperforming its benchmark, the Russell Midcap Index, which declined -3.00% net of fees. Relative outperformance was driven by disciplined stock selection across consumer discretionary and industrial holdings, though returns were partially dampened by allocations to insurance-related financial companies. The fund ended the quarter with a 1.9% cash balance, reflecting a nearly fully invested posture, and handled approximately $25.2 million of quarterly redemptions via in-kind distributions rather than open-market sales. The macroeconomic environment was shaped by rising interest rates, elevated energy prices driven by geopolitical unrest in the Middle East, and ongoing inflation pressures that prompted the Federal Reserve to lift the federal funds rate to 3.75%-4.00%. Concurrently, market leadership became exceedingly narrow, heavily favoring mega-cap technology and artificial intelligence infrastructure beneficiaries while mid-cap equities faced significant valuation dispersion and declining stock-to-stock correlations. Portfolio activity was measured following an active first half of the year. The strategy opportunistically added to core positions in Thermo Fisher Scientific and S&P Global, funded by the full liquidation of ExlService Holdings. The manager also disposed of shares in Mobility Global received via spinoff, while top contributors Zebra Technologies and Ross Stores delivered resilient operational results against detraction in Vulcan Materials and Brookfield Corp.
Fenimore Value Strategy seeks long-term capital compounding by investing in high-quality, cash-generative mid-cap businesses possessing durable economic moats, strong balance sheets, and disciplined capital allocation when trading at an attractive margin of safety.
The U.S. economic outlook remains uncertain due to persistent energy-price pressures and elevated borrowing costs. Fenimore intends to stay disciplined, relying on proprietary bottom-up research rather than macro prognostications, while selectively taking advantage of market dispersion to add to undervalued businesses with durable competitive positions.
Moderate Conviction Bullish
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