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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2024 Q1 | May 13, 2024 | The London Company Income Equity | 10.4% | 14.6% | AAPL, APD, FAST, FIS, MSFT, PGR, SBUX | - | View | ||
| 2025 Q4 | Feb 9, 2026 | Shelton Equity Income Strategy / Shelton Equity Income Fund (EQTIX) | 4.4% | 18.5% | CAH, FAST, GM, GOOGL, HPQ, LRCX, MRK, PYPL, TMUS, VICI | dividends, financials, healthcare, income, Options, technology, volatility | The market experienced turbulence in November marked by concerns about the sustainability of AI-driven investment. Looking ahead to 2026, the AI trade will be in focus as investors may start to expect companies to show returns on the capital being invested in AI infrastructure. The fourth quarter delivered continuation of upside since April, with the market hitting new all-time highs in October before experiencing a shaky November. The Equity Income strategy is positioned to capitalize on volatility and buffer any pullbacks in the near term. | View | |
| 2024 Q3 | Oct 23, 2024 | Aoris International Fund | 3.1% | 0.0% | ACN, APH, CPG LN, CPRT, CTAS, DPLM, ENEL IM, EOAN GR, FAST, MSCI, MSFT | - | View | ||
| 2025 Q4 | Jan 5, 2026 | Douglass Winthrop Advisors, LLC | 0.0% | 0.0% | AMZN, BRK-A, COST, FAST, GOOGL, MA, MSFT, NVDA, ORCL, UBER | AI, inflation, Quality, technology, Trade Policy, value | AI represents a transformative technology but current valuations appear stretched with thin margins of safety. The firm believes winners will be companies embedding AI into workflows rather than those selling AI directly. They prefer established players like Alphabet and Microsoft over pure-play AI companies. The firm emphasizes seeking investments with wider margins of safety and focuses on quality common stocks with recurring revenue, pricing power, and fortress balance sheets. They highlight opportunities in undervalued quality companies like Amazon and Berkshire Hathaway. The letter discusses concerns about protectionism and tariff policies, noting that tariffs erode national wealth by raising consumer costs and restricting supply. Government intervention in markets through golden shares and royalties on exports complicates strategic planning for companies. | View | |
| 2025 Q4 | Jan 23, 2026 | Aoris International Fund | 0.0% | 0.0% | ACN, AMZN, APH, ATCO-A.ST, CPRT, FAST, GWW, HLMA.L, IHG.L, JKHY, MSCI, OR.PA, RELX.L, SAP.DE | AI, international, long-term, Quality, technology, value | AI drove exceptional growth for data center-focused holdings like Amphenol and Halma, while creating market perception challenges for service companies like Accenture and RELX. The manager believes AI will ultimately benefit rather than harm these service businesses, as enterprise AI adoption requires complex change management and enhances rather than replaces proprietary data solutions. The manager emphasizes owning durable, resilient, market-leading businesses with competitive advantages and capable management. The portfolio focuses on companies with consistent earnings growth records, strong market positions, and the ability to gain market share over time through superior execution. The manager describes an unusually wide valuation gap between intrinsic value and share prices, with portfolio holdings trading at an average 25% discount to fair value. This stretched elastic band effect creates attractive prospective returns as valuations normalize over time. | View | |
| 2025 Q4 | Jan 21, 2026 | The London Company Income Equity | -1.6% | 13.5% | BLK, CMI, CSCO, FAST, GLW, NTDOY | Defensive, dividends, income, large cap, Quality, value | AI investment scrutiny emerged as a headwind during the quarter, with concerns about AI returns affecting market sentiment. However, AI momentum accelerated for companies like Cisco, driven by GenAI-related products and increasing data speed and bandwidth requirements both inside and outside data centers. Data center demand drove strong performance for portfolio holdings, with Cummins benefiting from backup power requirements and Corning seeing strong demand in Optical Communications for GenAI-related products. The market recognizes few global suppliers capable of supporting large-scale data center infrastructure needs. The Income Equity strategy maintains a focus on higher overall dividend yield orientation, emphasizing income generation alongside capital preservation and growth. The portfolio is designed to provide greater yield and downside protection through dividend-paying securities. Quality factors were headwinds during the quarter as Value factors led performance, but the portfolio maintains its tilt toward quality attributes. The manager believes quality characteristics like high returns on invested capital, conservative leverage, and reasonable valuations will provide more resilient performance through shifting market regimes. | BLK NTDOY GLW CSCO CMI |
View |
| 2025 Q4 | Jan 13, 2026 | FAM Value Fund (No separate Fenimore Value Strategy hedge fund exists) | -1.2% | 4.9% | ADI, AJG, APH, AZO, BAM, BR, BRK-B, BRO, FAST, HEI, IEX, KEYS, MKL, MLM, PGR, ROST, SYK, TT, VMC, ZBRA | AI, fundamentals, mid cap, Quality, Speculation, value | Fenimore maintains focus on high-quality companies with strong balance sheets, consistent profitability, and prudent capital allocation despite continued underperformance versus speculative names. The firm believes solid business fundamentals should reassert themselves as the primary driver of stock prices in the long run, similar to the tech bubble period. AI-related infrastructure investments continue driving market enthusiasm, with companies like Amphenol benefiting from data center buildouts. However, the firm views AI excitement as creating speculation that draws capital away from other areas, leading to extended valuations for AI-related stocks. | FAST AZO BRO APH MKL |
View |
| 2024 Q3 | Sep 30, 2024 | Baron Growth Fund | 11.1% | 7.4% | ACN, APH, CPG LN, CPRT, CTAS, DPLM, ENEL IM, EOAN GR, FAST, MSCI, MSFT | - | View | ||
| 2024 Q2 | Jul 22, 2024 | The London Company Income Equity | 10.4% | 14.6% | AAPL, FAST, LOW, NSC, NSRGY, NTDOY, PM, TEL, TXN, VZ | - | View | ||
| 2023 Q1 | Mar 31, 2023 | Aoris International Fund | 3.1% | 0.0% | ACN, CTAS, FAST, GGG, LOR GR, LVMH SW, NKE | - | View | ||
| 2023 Q4 | Jan 26, 2024 | Aoris International Fund | 3.1% | 0.0% | ATCOB SW, COST, CPRT, FAST, GGG, MSFT, OR FP | - | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Jan 15, 2026 | Fund Letters | John Fox | Fastenal Company | Industrials | Industrial Distribution | Bull | NASDAQ | Industrialdistribution, Logistics, Margins, scale, Vending | View Pitch |
| Aug 8, 2025 | Seeking Alpha | Caffital Research | Fastenal Company | Industrials | Industrial Distribution | Bear | NASDAQ | — | View Pitch |
| Aug 8, 2025 | Seeking Alpha | Justin Purohit | Fastenal | Industrials | Industrial Distribution | Neutral | NASDAQ | — | View Pitch |
| Aug 8, 2025 | Seeking Alpha | Eleceed Capital | Fastenal Company | Industrials | Industrial Distribution | Neutral | NASDAQ | — | View Pitch |
| Manager Name | Fund Name | Fund AUM | Invested Value | Portfolio Weight | Shares Owned | Shares Bought / Sold During Quarter | % Bought / Sold During Quarter | % of Shares Outstanding Owned |
|---|---|---|---|---|---|---|---|---|
| No investor data available. | ||||||||