DF Dent & Company

Today, DF Dent would like to honor the memory and exceptional life of Fastenal (FAST) founder Bob Kierlin, who recently passed at the age of 85. DF Dent has held shares of Fastenal in client accounts for 38 years, since the company’s IPO in 1987.?The characteristics of Fastenal that DF Dent admires stem directly from Bob Kierlin, who founded the company in 1967.?Kierlin was a true “Level 5 leader” - he was humble and resourceful, empowered his employees to be decision-makers, and above all strived to “make the world a better place because of what (he did).” (A quote from Bob Kierlin’s Book “The Power of Fastenal People.”) It is an honor to have known Bob and to continue to bear witness to the amazing company he built and the legacy he has left behind. Please see the article below from The Wall Street Journal.? https://lnkd.in/eTvkCxNV Photo: Bob Kierlin with Fastenal employees, FASTENAL

This year, DF Dent enters its 50th year of business. This presents us with the opportunity to reflect with gratitude on the journey that has shaped our firm and the principles that continue to impact our investment decisions and the enduring partnerships with our clients. Dan Dent founded DF Dent in 1976, previously serving as Vice President in the investment counseling division of T. Rowe Price Associates. He began his investment career as a securities analyst at Butcher Sherrerd in Philadelphia. Dan graduated from Princeton University, received an MBA in finance and investments from the Wharton School of Finance in 1963, and served as a Naval Officer for 3 years. In 2000, Dan accomplished an amazing feat – completing the grueling Iditarod race. As the 53rd annual Iditarod, a 938-mile race from Anchorage to Nome, Alaska, is currently underway, we thought it would be a good time to revisit the life lessons Dan learned on the trail, which also aptly apply to investing. 1. When conditions worsen and the outlook is bleak, do not panic and attempt to do something different. Instead, stick with your team’s plan. It’s when conditions are worst that they begin to improve. 2. Trust your leaders! In most cases, the contribution to performance of a portfolio’s top holdings significantly exceeds their portfolio weightings. 3. Be prepared for the unexpected. It will happen! Preparation is critical in stock selection and training a team. 4. Stay focused. Thinking about unrelated issues neither contributes to investment returns nor gets your team down the trail. 5. Run your team’s best race and disregard what others are doing. Worrying about what others are doing in the market contributes nothing to the portfolio’s returns and does nothing to help your team do its best. 6. Keep going and never look back! This was advice given to Dan early on by another musher. “Rear view mirror” driving never helps one get where one wants to go. An investment manager must always think about where the portfolio companies are going, not where they have been.

Earlier this month, DF Dent had the pleasure of visiting our friends at First Fruit Farm and volunteering for the evening. First Fruit Farm works to provide fresh and healthy food to those in need. The DF Dent family contributed to the 27 million pounds of produce harvested and given to those facing hunger since First Fruit Farm's inception. We look forward to continuing this relationship and giving our time to help others in our community.

Please join us in welcoming Vincent Anderson, Claire Beath, and Olivia Nengel to D.F. Dent. Vincent and Claire join our Research team and Olivia joins our Private Client Relationship team. We are excited about the expansion of both groups and look forward to the contributions these three new employees will make to D.F. Dent and its clients.

This spring and summer, we have been lucky to host a vibrant group of interns, fostering the next generation of financial minds. We welcomed two local high school students in May with another coming in August, each gaining valuable firsthand experience. Two college interns - Kendall Steer and Kent Lemken - impressed us with their eagerness to learn and their high-quality work.?We even had the opportunity to host an enthusiastic 8th grader for a day of job shadowing. Consistent with our commitment to cultivate future financial professionals, we've proudly participated in the Cristo Rey Jesuit High School-Baltimore internship program for the last six years, and we're thrilled to welcome back our intern this fall for her third year with us.