The curated database of hedge funds that publish investor letters. Research by geography, strategy, and schools of thought.
| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
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.
As of Jul 15, 2026
The fund is co-managed by Paul Hogan, CFA, who has served as portfolio manager since the fund's inception in 1996, and William Preston, CFA, who joined as co-manager in 2020. Paul Hogan was recognized by Barron's in December 2019 for outperforming 99% of his peers over the prior five years. The management team operates under Fenimore Asset Management, founded in 1974 by Thomas O. Putnam, with Christian Snyder serving as President since November 2022. The firm employs 44 professionals and manages $5.4 billion in assets across various strategies, with the Dividend Focus Fund representing approximately $697 million of total assets.
Quality Value / Growth
Lead Portfolio Manager & CIO
Moderate Conviction Bullish
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