Buying High-Quality Midcaps at a Discount to Their Value

“John D. Fox discusses Fenimore Asset Management and the FAM Value Fund. As a value investor, Mr. Fox aims to invest in high-quality companies at a discount to what he thinks they are worth. The FAM Value Fund primarily holds mid-cap companies but does have some large- and small-cap names. The portfolio is fairly concentrated. It holds less than 40 stocks, and about 50% of the money is invested in 14 of those stocks. When looking for a high-quality company, Mr. Fox wants a business with strong financials, manageable
debt, high returns on capital and good free cash flow. He also favors honest management teams who are good allocators of capital.” Read The Wall Street Transcript article.

 

Please see Fenimore disclosure.

How are Golf and Investing Similar?

“Scoring comes from being able to preserve what you’ve got and play your smart shots when you need to play them and not do stupid things, and take advantage of things when you have them.”    — Jack Nicklaus
Read the spring 2017 Letter from Cobleskill.

 

Please see Fenimore disclosure.

 

Actively Focused On High-Quality Businesses (podcast)

John Fox, Chief Investment Officer, discusses FAM Funds’ approach to active management, market valuations, the election, and where he is finding value on the company level. Fox also shares ways in which we mitigate risk with a long-term perspective and a focus on high-quality companies. Listening to the podcast, you will find evidence based on market trends within the active vs. passive and political environments.

Download supporting data PDF.

Please see Fenimore disclosure.