Horace Mann Educators’ (HMN, Financial) stock price fell during the quarter despite posting increased earnings and increasing its dividend. The conservatively managed insurer focuses on K-12 educators and administrators. We continue to maintain a position in the company because it has built a dominant position in its niche market and has a history of delivering steady, long-term growth in earnings and tangible book value.
From Steven Scruggs (Trades, Portfolio)' FPA Queens Road Small Cap Value Fund second-quarter 2021 commentary.
