FIDUCIARY MANAGEMENT INC /WI/

CIK 0000764532 · Q2 2026

13F Equity AUM

$7.0B

-12.7% QoQ

Positions

-6 QoQ

AUM Rank

#672

Top 8%

Skill Alpha (FF)

-0.3%/yr^ns

No Clear Edge

Rank #3,146 · Top 38%

vs S&P -2.2%/yr (unadj.)

Quarters Tracked

~13 years

Portfolio Concentration

Top 5: 19.7%Top 10: 33.4%Top 20: 55.8%

ARMK5.3%

BKNG4.7%

IEI3.8%

SCHW3.0%

VVV2.9%

HAYW2.9%

FERG2.9%

CDW2.8%

OMF2.7%

ZION2.5%

Others (46)66.6%

HHI (Herfindahl-Hirschman Index) measures portfolio concentration. Low (<1500) = diversified, Moderate (1500-2500), High (>2500) = concentrated bets.

Sector Allocation

Industrials36.3%

Financial Services22.7%

Healthcare12.2%

Technology8.1%

Consumer Cyclical7.7%

Unclassified4.1%

Consumer Defensive4.0%

Energy2.9%

Other2.0%

Portfolio weight by GICS sector based on latest 13F filing. Sectors below 2% are grouped as “Other.”

Position Sizing

Positions: 56Median: 1.73%Avg: 1.79%

0–0.5%

6(0.1%)

0.5–1%

4(3.0%)

1–3%

42(80.1%)

3–5%

3(11.5%)

5%+

1(5.3%)

Count of positions per weight bucket — (%) = combined portfolio weight

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Portfolio Overlap

Shared: 0Unique: 56vs 20 funds

0%Low

Fund positions

Consensus CUSIPs

Jaccard similarity of this fund’s portfolio vs the consensus of top 20 funds by AUM. Low (<15%) = contrarian, Moderate (15-40%), High (>40%) = follows the crowd.

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Position Changes This Quarter

New5Increased14Decreased37Exited11

New Positions

Gates Industrial2.5%

+6.2M

ALH0.8%

+2.2M

IVV0.0%

+2K

IJR0.0%

+6K

RXEEY0.0%

+5K

Increased

HAYW2.9%

+2.9M(+34%)

BKNG4.7%

+1.8M(+1879%)

JT52.2%

+1.7M(+42%)

LPX2.0%

+486K(+38%)

OMF2.7%

+397K(+15%)

HURN1.7%

+390K(+43%)

IEI3.8%

+322K(+17%)

BJ1.2%

+299K(+43%)

VVV2.9%

+293K(+6%)

ATR2.5%

+171K(+14%)

Decreased

ARMK5.3%

-4,067,400(-38%)

CARR2.0%

-1,643,851(-46%)

FMS0.9%

-1,524,277(-34%)

PHG1.3%

-1,516,952(-30%)

SCHW3.0%

-1,169,778(-34%)

MAS1.8%

-805,912(-34%)

FCFS0.6%

-722,388(-79%)

UL1.5%

-508,279(-22%)

FERG2.9%

-492,425(-37%)

BDX1.8%

-407,971(-33%)

Exited

-6,654,116

-1,048,441

-1,876,385

-327,682

-802,103

-205,928

-1,042,452

-34,009

-4,002

-12,165

Quarter-over-quarter changes compared to prior 13F filing. New = first appearance; Exited = no longer held.

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Holdings

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