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Six money managers examine portfolio management strategies in the latest issue of The Wall Street Transcript, available at (212/952-7433) or http://www.twst.com/info/info562.htm

TWST: Could you give us a brief overview of Fenimore Asset Management and your responsibilities there?

Mr. Hogan: Fenimore Asset Management is an independent advisory firm located in upstate New York. It is 29 years old and we manage over $1 billion. We have two mutual funds — the FAM Value Fund, which launched in 1987, and the FAM Equity-Income Fund, which was started on April 1, 1996. In addition to the two mutual funds, we manage structured portfolios for individuals and institutional accounts.

TWST: What is the overall investment philosophy at Fenimore Asset Management?

Mr. Hogan: We are thoughtful and disciplined long-term, value-oriented investors. We pay close attention to the valuation of companies, and we definitely don’t want to overpay for the companies that we invest in. Our long-term goal is to double our clients’ and shareholders’ investment every five to six years.

TWST: Do you have a style of growth, value, or a blend?

Mr. Hogan: Even though the term "value investor" is overused these days, I guess you could say that we are value investors. Valuation is definitely the overriding concern for any of the companies that we invest in and hold in the portfolio right now.

TWST: What is the capitalization of the stocks in your FAM Equity-Income Fund?

Mr. Hogan: The median market cap is a little over $2 billion, so it’s going to fluctuate somewhere between $1 billion and $2.5 billion. We tend to look at companies in the small cap area and also in the smaller mid-cap area, where we believe we can add the most value to our clients and shareholders.

TWST: And how many stocks are in the Fund at this time? Does the number fluctuate?

Mr. Hogan: The number does fluctuate. There are 30 holdings in the portfolio right now. We’ve added about two or three names in the past quarter. You’ll notice that with 30 names, the Fund is fairly concentrated. It’s fully diversified, but it is concentrated. We do a great deal of homework on the companies that we invest in; we like to make sure that each and every one of them is going to have a meaningful impact on the portfolio.

TWST: What has the performance of the Fund been over the past year, and what is the outlook going forward?

Mr. Hogan: For the past year, the Fund is up roughly 26%. The outlook, I would say, is very good. At FAM Funds, we have a history of meeting our goal of doubling people’s investments every five to six years. We have achieved that in the past, and I think we have a good jump on continuing to do so in the future as well.

TWST: That’s just book publishing, not magazine or newspaper publishing?

Mr. Hogan: Yes, that is just book publishing. We do own a company, Meredith Corporation (NYSE:MDP),that publishes magazines and also owns some TV stations. We think that as the new TV station ownership rules come out, the TV assets of Meredith will be more valuable in somebody else’s hands, and we should see a nice pop in the stock price.

This special Investing Strategies Report includes:

1) Sarat Sethi, Principal and Portfolio Manager/Equity Analyst of Douglas C. Lane & Associates, Inc., examines portfolio management strategies in this timely and deeply informative 3,600-word interview from The Wall Street Transcript.

2) Frederic G. Burke, President of Johnson Lemon Asset Management, examines portfolio management strategies in this timely and deeply informative 2,600-word interview from The Wall Street Transcript.

3)Arnold R. Schmeidler, President of A.R. Schmeidler & Co., examines portfolio management strategies in this timely and deeply informative 6,500-word interview from The Wall Street Transcript.

4) Jerome H. Walther, Chief Operating Officer of Church Capital Management, examines portfolio management strategies in this timely and deeply informative 3,000-word interview from The Wall Street Transcript.

5) Donevan E. Kukul, Portfolio Manager with Cohen Klingenstein & Marks, Inc., examines portfolio management strategies in this timely and deeply informative 4,000-word interview from The Wall Street Transcript.

6) Paul C. Hogan, Investment Research Analyst at Fenimore Asset Management, examines portfolio management strategies in this timely and deeply informative 3,900-word interview from The Wall Street Transcript.