Fiduciary Management (FMI)
Pat EnglishMILWAUKEE, WIfiles as FIDUCIARY MANAGEMENT INC /WI/
$7.0bn in 56 US stocks at the end of 30 June 2026. The top 10 are 33.4% of the money. It changed about 18.0% of the portfolio this quarter.
Value
$7.0bn
Stocks
56
Top 10 share
33.4%
Turnover
18.0%
What changed this quarter
New
Bought for the first time this quarter.
- Gates IndustrialGTES2.5% of the fund
- Alliance Laundry HoldingsALH0.8% of the fund
- Ishares TRIVV<0.1% of the fund
- Ishares TRIJR<0.1% of the fund
- Rexel SA - Unsponsored ADRRXEEY<0.1% of the fund
Added
Bought more of a stock they already held.
- Insight EnterprisesNSIT3.8% of the fund+17%
- ValvolineVVV2.9% of the fund+6%
- Hayward HoldingsHAYW2.9% of the fund+34%
- OneMain HoldingsOMF2.7% of the fund+15%
- AptargroupATR2.5% of the fund+14%
- Mueller Water ProductsMWA2.2% of the fund+42%
- Capital One FinancialCOF2.2% of the fund+29%
- FTI ConsultingFCN2.0% of the fund+16%
- Louisiana-PacificLPX2.0% of the fund+38%
- Houlihan LokeyHLI1.8% of the fund+17%
- MSA SafetyMSA1.8% of the fund+5%
- Huron Consulting GroupHURN1.7% of the fund+43%
- BJ's Wholesale Club HoldingsBJ1.2% of the fund+43%
Cut
Sold some of their stake.
- AramarkARMK5.3% of the fund-38%
- Booking HoldingsBKNG4.7% of the fund-21%
- Charles SchwabSCHW3.0% of the fund-34%
- Ferguson EnterprisesFERG2.9% of the fund-37%
- CDWCDW2.8% of the fund-3%
- Zions Bancorporation, National AssociationZION2.6% of the fund-7%
- Carlisle CompaniesCSL2.3% of the fund-9%
- Cavco IndustriesCVCO2.2% of the fund-7%
- Avery DennisonAVY2.2% of the fund-25%
- PrimericaPRI2.2% of the fund-23%
- Henry ScheinHSIC2.2% of the fund-7%
- Carrier GlobalCARR2.0% of the fund-46%
- White Mountains Insurance GroupWTM2.0% of the fund-22%
- UnitedHealth GroupUNH1.9% of the fund-9%
- MascoMAS1.8% of the fund-34%
- Becton DickinsonBDX1.8% of the fund-33%
- Arch Capital GroupACGL1.7% of the fund-16%
- Sunbelt Rentals HoldingsSUNB1.7% of the fund-19%
- DonaldsonDCI1.6% of the fund-10%
- AllegionALLE1.6% of the fund-22%
- ProgressivePGR1.6% of the fund-11%
- Core & MainCNM1.6% of the fund-7%
- UnileverUL1.5% of the fund-22%
- AccentureACN1.5% of the fund-11%
- Fortune Brands InnovationsFBIN1.5% of the fund-7%
Sold out
Sold their entire stake.
- Gates IndustrialGTES-100%
- Arrow ElectronicsARW-100%
- SyscoSYY-100%
- AlphabetGOOGL-100%
- Coca-Cola Europacific PartnersCCEP-100%
- Applied Industrial TechnologiesAIT-100%
- CTSCTS-100%
- Weir GroupWEIGF-100%
- iShares S&P 500BSPAX-100%
- Imcd N V ADRIMCDY-100%
- B and M European Valueunsp ADRBMRRY-100%
Holdings
- UnileverUL
- Share
- 1.5%
- Value
- $107m
- Shares
- 1,786,644
-22%
- Ryanair HoldingsRYAAY
- Share
- 1.2%
- Value
- $83m
- Shares
- 1,285,919
-11%
- Fresenius Medical Care AGFMS
- Share
- 0.9%
- Value
- $66m
- Shares
- 2,937,829
-34%
- Informa PLC FIFJPY
- Share
- <0.1%
- Value
- $2m
- Shares
- 70,966
Held
- Sodexo Sponsored ADRSDXAY
- Share
- <0.1%
- Value
- $2m
- Shares
- 137,928
-19%
- Ishares TRIVV
- Share
- <0.1%
- Value
- $1m
- Shares
- 1,678
New
- Ishares TRIJR
- Share
- <0.1%
- Value
- $903,208
- Shares
- 6,090
New
- Rexel SA - Unsponsored ADRRXEEY
- Share
- <0.1%
- Value
- $201,981
- Shares
- 4,544
New
- Edenred S AEDNMY
- Share
- <0.1%
- Value
- $172,542
- Shares
- 13,586
-5%
| Company | Share of fund | Value | Shares | Change |
|---|---|---|---|---|
| AramarkARMK | 5.3% | $371m | 6,520,495 | -38% |
| Booking HoldingsBKNG | 4.7% | $331m | 1,858,189 | -21% |
| Insight EnterprisesNSIT | 3.8% | $268m | 2,197,521 | +17% |
| Charles SchwabSCHW | 3.0% | $212m | 2,295,743 | -34% |
| ValvolineVVV | 2.9% | $203m | 5,122,337 | +6% |
| Hayward HoldingsHAYW | 2.9% | $202m | 11,684,338 | +34% |
| Ferguson EnterprisesFERG | 2.9% | $201m | 844,907 | -37% |
| CDWCDW | 2.8% | $196m | 1,393,758 | -3% |
| OneMain HoldingsOMF | 2.7% | $188m | 3,080,673 | +15% |
| Zions Bancorporation, National AssociationZION | 2.6% | $179m | 2,591,257 | -7% |
| AptargroupATR | 2.5% | $178m | 1,423,771 | +14% |
| Gates IndustrialGTES | 2.5% | $173m | 6,189,245 | New |
| Carlisle CompaniesCSL | 2.3% | $163m | 447,968 | -9% |
| Cavco IndustriesCVCO | 2.2% | $154m | 250,135 | -7% |
| Mueller Water ProductsMWA | 2.2% | $152m | 5,902,018 | +42% |
| Avery DennisonAVY | 2.2% | $152m | 935,794 | -25% |
| PrimericaPRI | 2.2% | $152m | 534,226 | -23% |
| Henry ScheinHSIC | 2.2% | $152m | 1,817,353 | -7% |
| Capital One FinancialCOF | 2.2% | $151m | 753,703 | +29% |
| FTI ConsultingFCN | 2.0% | $143m | 957,952 | +16% |
| Carrier GlobalCARR | 2.0% | $141m | 1,923,538 | -46% |
| White Mountains Insurance GroupWTM | 2.0% | $138m | 66,550 | -22% |
| Louisiana-PacificLPX | 2.0% | $138m | 1,751,120 | +38% |
| UnitedHealth GroupUNH | 1.9% | $135m | 325,962 | -9% |
| MascoMAS | 1.8% | $127m | 1,562,913 | -34% |
| Becton DickinsonBDX | 1.8% | $126m | 831,781 | -33% |
| Houlihan LokeyHLI | 1.8% | $126m | 938,411 | +17% |
| MSA SafetyMSA | 1.8% | $125m | 713,768 | +5% |
| Arch Capital GroupACGL | 1.7% | $119m | 1,225,226 | -16% |
| Huron Consulting GroupHURN | 1.7% | $117m | 1,293,304 | +43% |
| Sunbelt Rentals HoldingsSUNB | 1.7% | $116m | 1,553,309 | -19% |
| DonaldsonDCI | 1.6% | $115m | 1,279,144 | -10% |
| AllegionALLE | 1.6% | $113m | 803,654 | -22% |
| ProgressivePGR | 1.6% | $112m | 513,457 | -11% |
| Core & MainCNM | 1.6% | $111m | 2,308,589 | -7% |
| UnileverUL | 1.5% | $107m | 1,786,644 | -22% |
| AccentureACN | 1.5% | $106m | 855,060 | -11% |
| Fortune Brands InnovationsFBIN | 1.5% | $106m | 1,928,059 | -7% |
| PNC Financial Services GroupPNC | 1.5% | $105m | 427,245 | -33% |
| Quest DiagnosticsDGX | 1.5% | $102m | 483,557 | -33% |
| Koninklijke Philips NVPHG | 1.3% | $94m | 3,459,961 | -30% |
| BJ's Wholesale Club HoldingsBJ | 1.2% | $86m | 988,158 | +43% |
| Dollar TreeDLTR | 1.2% | $86m | 707,327 | -34% |
| Simpson ManufacturingSSD | 1.2% | $85m | 404,809 | -7% |
| Ryanair HoldingsRYAAY | 1.2% | $83m | 1,285,919 | -11% |
| Berkshire HathawayBRK-B | 1.0% | $72m | 143,322 | -53% |
| Fresenius Medical Care AGFMS | 0.9% | $66m | 2,937,829 | -34% |
| Alliance Laundry HoldingsALH | 0.8% | $59m | 2,230,990 | New |
| Robert HalfRHI | 0.7% | $47m | 1,521,878 | -11% |
| FirstCash HoldingsFCFS | 0.6% | $41m | 189,663 | -79% |
| Informa PLC FIFJPY | <0.1% | $2m | 70,966 | Held |
| Sodexo Sponsored ADRSDXAY | <0.1% | $2m | 137,928 | -19% |
| Ishares TRIVV | <0.1% | $1m | 1,678 | New |
| Ishares TRIJR | <0.1% | $903,208 | 6,090 | New |
| Rexel SA - Unsponsored ADRRXEEY | <0.1% | $201,981 | 4,544 | New |
| Edenred S AEDNMY | <0.1% | $172,542 | 13,586 | -5% |
Over time and by industry
Value over time
Jun '25
Dec '25
Jun '26
Value is down 32.5% since 30 June 2025.
Where the money is
Industrials33.5%
Financial services22.7%
Retail & consumer16.7%
Health care8.7%
Materials6.9%
Technology6.6%
Everyday goods2.4%
Other2.6%
From the fund's 13F filings. They list US stocks and options only, 45 days after each quarter, and leave out cash, bonds, shorts and foreign shares.