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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"FAM Value Fund returned 9.35% in Q2 2026, lagging the Russell Midcap's 13.83% as AI infrastructure investments dominated. Semiconductor holdings Amphenol and Analog Devices led performance."
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.
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