--- title: "Fenimore (FAM) 13F (2026 Q1): A Quality-Compounder Book" type: research slug: fenimore-asset-management-13f-2026-q1 canonical_url: https://13finsight.com/research/fenimore-asset-management-13f-2026-q1 published_at: 2026-05-24T09:02:44.980Z updated_at: 2026-05-24T09:02:47.915Z author: Marcus Chen author_title: Senior Market Analyst author_url: https://13finsight.com/authors/marcus-chen word_count: 460 locale: en source: 13F Insight --- # Fenimore (FAM) 13F (2026 Q1): A Quality-Compounder Book > Fenimore's FAM Funds buy well-run, durable businesses and hold them for years. Its 2026 Q1 book spreads $4.48B across 92 quality compounders, Ross Stores, Amphenol, Stryker, Fastenal, Markel, with only light trims, the texture of a patient, low-turnover strategy. Quality compounders from a patient boutique Fenimore Asset Management, the upstate-New York firm behind the FAM Funds, has spent decades doing one thing: buying well-run, financially strong businesses and holding them for the long haul. Its 2026Q1 13F is a clean portrait of that approach, about $4.48 billion spread across 92 positions, weighted toward the kind of durable, cash-generative companies that quality investors favor. There is no swing-for-the-fences bet here; the largest holding, Ross Stores, is just 6.59% of reported value, and the book broadens out from there into a diversified slate of compounders. The roster reads like a checklist of quality franchises: Ross Stores in off-price retail, Amphenol in connectors, Vulcan Materials in aggregates, Stryker in medical devices, Fastenal in industrial distribution, Markel in specialty insurance, Keysight, IDEX, Analog Devices, and Trane Technologies. These are mostly mid- and large-cap businesses with strong competitive positions and steady reinvestment, exactly what a long-horizon quality strategy is built to own. A diversified book, not a concentrated bet With 92 positions and a top holding under 7%, Fenimore runs a meaningfully diversified portfolio. The top ten cluster between roughly 3% and 6.6%, spreading conviction across industries, industrials, healthcare equipment, specialty insurance, building materials, rather than betting heavily on any single name. That structure reflects a manager comfortable owning a broad set of quality businesses and letting the group compound, accepting that no one position will dominate returns in exchange for steadier, more diversified exposure to the quality style. A quarter of light trimming The activity in the quarter was restrained, the texture of a low-turnover quality manager. Fenimore trimmed several holdings modestly, cutting Keysight by 15% of shares, Ross Stores by 11%, Trane Technologies by 11%, and Amphenol by 7%, while holding the bulk of the book, Vulcan, Stryker, Fastenal, Markel, IDEX, and Analog Devices, essentially flat. Reported value eased 6.6% on the quarter and has held in a tight $4.5 billion to $5 billion band for two years, the signature of a steady-handed strategy where most of the change comes from gentle valuation discipline rather than wholesale repositioning. How to read a quality-compounder book A filing like Fenimore's rewards looking at the whole rather than the parts. The value is in the composition, a curated list of durable businesses a quality team is content to own for years, and in the modest direction of the trims, which this quarter point to a bit of profit-taking in retail and select industrials. For investors using filings as an idea source, a diversified quality book like this is most useful as a vetted shortlist of compounders rather than a set of high-conviction single bets. You can explore the full 92-position book, the quarter-over-quarter changes, and the longer history on the Fenimore Asset Management filer page. ## FAQ ### What is Fenimore Asset Management's investment style? Fenimore, which runs the FAM Funds, follows a long-horizon quality approach, buying well-run, financially strong businesses with durable competitive positions and holding them for years. Its book skews toward diversified mid- and large-cap compounders with low turnover. ### What are Fenimore's largest holdings in 2026 Q1? The top positions were Ross Stores (6.59%), Amphenol (4.37%), Vulcan Materials (3.99%), Stryker (3.81%), and Fastenal (3.79%), followed by Markel, Keysight, IDEX, Analog Devices, and Trane Technologies. ### How concentrated is Fenimore's portfolio? It is diversified, not concentrated. The roughly $4.48 billion book holds 92 positions with the largest under 7% of value and the top ten clustered between about 3% and 6.6%, spreading conviction across industries rather than a few names. ### What did Fenimore change in 2026 Q1? Activity was light. It trimmed Keysight by 15% of shares, Ross Stores by 11%, Trane Technologies by 11%, and Amphenol by 7%, while holding most of the book, including Vulcan, Stryker, Fastenal, and Markel, essentially flat. ### How stable is Fenimore's reported value? Very stable. Reported value eased 6.6% in 2026 Q1 and has held in a tight $4.5 billion to $5 billion band for two years, consistent with a steady, low-turnover quality strategy rather than abrupt repositioning. ### How should I use a diversified quality book like Fenimore's? Read it as a whole. The value lies in the composition, a vetted shortlist of durable compounders, and in the modest direction of trims, rather than treating any single holding as a high-conviction bet to copy. --- Source: 13F Insight — https://13finsight.com/research/fenimore-asset-management-13f-2026-q1 Author: Marcus Chen — https://13finsight.com/authors/marcus-chen Last updated: 2026-05-24T09:02:47.915Z