$ HALL part six Fellow Harvard man Tom Putnam is d
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Posted On: 04/02/2017 12:37:22 PM
$ HALL part six Fellow Harvard man Tom Putnam is descended from the Patriot at Bunker Hill who ordered, "Don't fire until you see the whites of their eyes!" For each of the last 36 years Tom has always given us a solid steady new pick.
His Fennimore Asset Management has three no loads FAM Value Fund, FAM Equity-Income Fund and FAM Small Cap Fund. (http://www.famfunds.com ) For his fund portfolios Tom seeks not only survivors in a correction, but winners in an economic rally. His team finds quality companies that have good market share positions not only in their industries, but have strong characteristics of generating free cash flow accompanied by low debt balance sheets.
This year, Tom's favorite pick is Fort Worth, TX-based Hallmark Financial Services, Inc. (NASDAQ: HALL -$10.98). This insurance holding company through its subsidiaries engages in the sale of property and casualty insurance products to businesses and individuals as well as providing other insurance related services.
HALL is a specialty property casualty insurer with interesting areas of focus like insuring small private airplanes and small trucking fleets. Focusing on specialty niches and investing the float wisely is a well- used playbook. Several larger peers like Markel, WR Berkley and RLI have been tremendous long term investments. Today HALL is so small it is under the radar of most investors and is therefore quite cheap at about 1 X tangible book value. If they successfully execute the specialty insurer playbook and compound book value at a strong pace then investors can potentially get the 'double whammy' of solid growth and a material improvement in valuation.
His Fennimore Asset Management has three no loads FAM Value Fund, FAM Equity-Income Fund and FAM Small Cap Fund. (http://www.famfunds.com ) For his fund portfolios Tom seeks not only survivors in a correction, but winners in an economic rally. His team finds quality companies that have good market share positions not only in their industries, but have strong characteristics of generating free cash flow accompanied by low debt balance sheets.
This year, Tom's favorite pick is Fort Worth, TX-based Hallmark Financial Services, Inc. (NASDAQ: HALL -$10.98). This insurance holding company through its subsidiaries engages in the sale of property and casualty insurance products to businesses and individuals as well as providing other insurance related services.
HALL is a specialty property casualty insurer with interesting areas of focus like insuring small private airplanes and small trucking fleets. Focusing on specialty niches and investing the float wisely is a well- used playbook. Several larger peers like Markel, WR Berkley and RLI have been tremendous long term investments. Today HALL is so small it is under the radar of most investors and is therefore quite cheap at about 1 X tangible book value. If they successfully execute the specialty insurer playbook and compound book value at a strong pace then investors can potentially get the 'double whammy' of solid growth and a material improvement in valuation.
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