Fiduciary Management Inc. /wi/
Fiduciary Management, Inc. (FMI) is an independent money management firm headquartered in Milwaukee, Wisconsin. Founded in 1980, the firm is employee-owned and registered with the SEC as an investment adviser. FMI is known for its equity investment strategies which follow a disciplined value approach rooted in deep fundamental research. Serving a diverse mix of domestic and international institutions, individual investors, and Registered Investment Advisors, FMI manages assets through separately managed accounts and its own family of mutual funds. As of September 30, 2025, the firm reported $12.5 billion in assets under management and employs approximately 46 people.
Investment Strategy
Fiduciary Management, Inc. follows a value investing strategy, applying disciplined research-driven approaches to equity management. The firm invests across six main strategies: Large Cap, Small Cap, All Cap, International Equity, Focused Global Equity, and Global Equity. FMI's process centers on fundamental research with an aim to purchase companies with durable franchises trading below their true intrinsic value. Each investment is analyzed as if acquiring the whole business, seeking high-quality businesses at attractive prices. Their portfolios generally comprise companies with solid business fundamentals, strong competitive positions, and prudent management, emphasizing long-term capital appreciation while mitigating risk.
Latest 13F Filing Activity
Fiduciary Management Inc. /wi/ filed their most recent 13F report on Jun 30, 2025 disclosing 63 equity positions with a total 13F market value of $10B. The fund increased holdings in Capital One Financial, Becton Dickinson, Ferguson Enterprises among other positions. Fiduciary Management Inc. /wi/ reduced exposure to Genpact LTD., Berkshire Hath. CL B, Microchip Technology among others.
Top Holdings
Equity Positions (63)
| Ticker | Security | Weight | Market Value | Shares | Avg Cost | Price | Change (QoQ) |
|---|---|---|---|---|---|---|---|
F FERG | Ferguson Enterprises | 5.68% | $591.4M | 2,716,068 | $195.02 | $217.75 | +$134.0M |
B BKNG | Booking Holdings Inc | 5.46% | $568.1M | 98,127 | $1725.31 | $5789.24 | +$65.8M |
A ARMK | Aramark | 5.09% | $530.0M | 12,659,261 | $35.56 | $41.87 | +$80.0M |
S SCHW | Charles Schwab Corp | 3.84% | $400.1M | 4,385,494 | $49.96 | $91.24 | +$37.5M |
C CARR | Carrier Global | 2.46% | $256.1M | 3,498,598 | $51.39 | $73.19 | +$23.2M |
Industry Allocation
Investment Team (12)
| Name | Role | Location | |
|---|---|---|---|
 | Research Analyst | Milwaukee, WI , United States | |
 | Head Trader | Milwaukee, WI , United States | |
D Dain Tofson | Partner, Research Analyst, and member of Portfolio Management Committee | Chicago, IL , United States | |
 | Research Analyst | Milwaukee, WI , United States | |
 | Chief Investment Officer | Milwaukee, WI , United States | |
 | Research Analyst | Milwaukee, WI , United States | |
M Matthew Sullivan | Research Analyst | Milwaukee, WI , United States | |
 | Partner | Milwaukee, WI , United States | |
 | CEO, Chief Investment Officer | Milwaukee, WI , United States | |
 | Analyst | Milwaukee, WI , United States |