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Investor Shares [Member] | FAM Value Fund

FAM Value Fund

Investment Objective:  

FAM Value Fund's investment objective is to maximize long-term return on capital.

Fees and Expenses of the Fund:  

The tables below describe the fees and expenses that you may pay if you buy and hold shares of the Fund.

S H A R E H O L D E R   F E E S

(fees paid directly from your investment)

Shareholder Fees - {FAM Value Fund Investor Shares}
Investor Shares [Member]
FAM Value Fund
Investor Class
Maximum sales charge (load) on purchase none
Maximum deferred sales charge (load) none
Redemption fee none

AN N UA L  F U N D  O P E R AT I N G  E X P E N S E S

(expenses that you pay each year as a percentage of the value of your investment)

Annual Fund Operating Expenses - {FAM Value Fund Investor Shares}
Investor Shares [Member]
FAM Value Fund
Investor Class
Management Fees 0.90%
Distribution and Service (12b-1) Fees none
Other Expenses 0.29% [1]
Total Fund Operating Expenses 1.19% [2]
Fee Waiver/Expense Reimbursement 0.01% [2]
Net Fund Operating Expenses 1.18% [2]
[1] "Other Expenses" have been restated based on current contractual arrangements and are estimated for the current fiscal year.
[2] The Advisor has contractually agreed, until May 1, 2017, to waive fees and/or reimburse the Fund certain expenses (excluding interest, taxes, brokerage costs, Acquired Fund Fees and Expenses, dividend expense and extraordinary expenses) to the extent necessary to maintain Net Fund Operating Expenses for Investor Shares at 1.18%. The Fund has agreed to repay the Advisor for amounts waived or reimbursed by the Advisor pursuant to the Expense Limitation Agreement provided that such repayment does not cause the Net Fund Operating Expenses for Investor Shares to exceed the above limit and the repayment is made within three years after the year in which the Advisor incurred the expense. This Expense Limitation Agreement may only be amended or terminated by the Fund's Board of Trustees.

Expense Example:  

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.  The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods.  The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same.  Although your actual costs may be higher or lower, based on these assumptions your costs would be:

EXPENSE EXAMPLE

Expense Example- {FAM Value Fund Investor Shares}
1-Year
3-Year
5-Year
10-Year
Investor Shares [Member] | FAM Value Fund | Investor Class | USD ($) 120 377 653 1,442

Portfolio Turnover:

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio).  A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account.  These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund's performance.  During the most recent fiscal year, the Fund's portfolio turnover rate was 6.08% of the average value of its portfolio.

Principal Investment Strategies:   

Fenimore Asset Management, Inc. ("Fenimore"), the investment advisor to the Fund, employs a "value approach" in making its common stock selections.  This approach is based on Fenimore's belief that at any given point in time the stock price of a company may sell below the company's "true business worth".  Factors considered in evaluating the true business worth include the company's current earnings and Fenimore's opinion as to its future earnings potential.  After identifying a company whose securities are determined to have a favorable price-to-earnings relationship, Fenimore plans to invest in such securities until the "true business worth" nears the market price of the company's securities.

Generally, the Fund will attempt to remain fully invested in common stocks and securities that are convertible into common stocks, such as convertible bonds and convertible preferred stocks.  The Fund may invest in the securities of issuers of all sizes and market capitalizations.  The Fund may also invest in the securities of both domestic and foreign issuers and it may invest in shares of other investment companies, including exchange-traded funds ("ETFs").

Principal Risks:

• Stock Market Risk- the value of stocks fluctuate in response to the activities of individual companies and general stock market and economic conditions.  Stock prices may decline over short or extended periods of time.  Stocks are more volatile and riskier than some other forms of investments.

• Stock Selection Risk - the value stocks chosen for the Fund are subject to the risk that the market may never realize their intrinsic value or their prices may go down.

• Small-Cap Risk - small capitalization companies may not have the size, resources or other assets of large capitalization companies.

• Market Risk - the value of your investment will go up and down, which means that you could lose money.

• Foreign Investment Risk - the Fund may invest in securities of foreign issuers that are traded in foreign markets or may be represented by American Depository Receipts that are traded in the United States.  Investments in non-U.S. securities may involve additional risk including exchange rate fluctuation, political or economic instability, the imposition of exchange controls, expropriation, limited disclosure and illiquid markets.

• Investment in Other Investment Companies Risk - the Fund may invest in shares of other investment companies, including ETFs. Shareholders of the Fund will indirectly be subject to the fees and expenses of the other investment companies in which the Fund invests. In addition, shareholders will be exposed to the investment risks associated with investments in other investment companies.

Annual Total Return:  

The following bar chart and table show some indication of the risks of investing in the Fund. The bar chart shows changes in the Investor Shares performance since 2005. The table shows the Investor Shares average annual returns (before and after taxes ) for the one year, five year and ten year periods compared to those of the Russell MidCap Index, the Fund's primary benchmark index. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information may be obtained at the Fund's website famfunds.com.

Bar Chart

Best Quarter (ended 12/31/11):

13.34%

 

Worst Quarter (ended 12/31/08):

-20.68%

The year-to-date return for the Fund's Investor Shares as of September 30, 2015 was 2.63%.

A V E R A G E   A N N U A L   T O T A L   R E T U R N

(for the periods ending December 31, 2014)

Average Annual Total Returns- {FAM Value Fund Investor Shares} - Investor Shares [Member] - FAM Value Fund
1 Year
5 Years
10 Years
Investor Class 13.41% 14.38% 6.86%
Investor Class | after taxes on distributions 12.27% 13.75% 6.24%
Investor Class | after taxes on distributions and sale of fund shares 9.32% 11.99% 5.63%
Russell MidCap Index 13.22% 17.19% 9.56%

The  after-tax  returns  shown  in  the  table  are  calculated  using  the  historical  highest  individual  federal  marginal income tax rates, and do not reflect the impact of state and local taxes.  Actual after-tax returns depend on  the  investor's  tax  situation  and  may  differ  from  those  shown.   The  after-tax  returns  are  not  relevant  to investors  who  hold  their  Fund  shares  through  tax-deferred  arrangements  such  as  401(k)  plans  or  individual retirement accounts, or to investors who are tax exempt.