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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"7% drop. Quality companies with strong balance sheets held up better during the selloff."
The FAM Value Fund declined 2.8% in Q3 2023, outperforming the Russell Midcap Index which fell 4.7%. The fund's focus on quality companies with strong fundamentals helped it weather the market downturn driven by rising interest rates. The Federal Reserve raised rates by 0.25% in July, bringing the fed funds rate to 5.25%-5.5%, the highest since 2001. Top contributors included CDW Corp, which saw stabilization in IT markets, and Markel Group and Booking Holdings, both benefiting from favorable industry conditions. Key detractors were Zebra Technologies, facing weaker orders as customers tightened budgets, and Dollar General, dealing with slow consumer spending and margin pressure. The manager added new positions in ExlService Holdings and Waters Corp while selling Fidelity National Information Services and Avery Dennison. Looking ahead, the team expects continued market volatility as investors assess Fed policy but remains confident in their quality-focused approach and companies with strong balance sheets.
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