FIDUCIARY MANAGEMENT INC /WI/

CIK 0000764532 · Q1 2026

13F Equity AUM

$8.1B

-11.4% QoQ

Positions

-5 QoQ

AUM Rank

#749

Top 6%

Skill Alpha (FF)

-0.3%/yr^ns

No Clear Edge

Rank #2,657 · Top 32%

vs S&P -4.1%/yr (unadj.)

Quarters Tracked

~13 years

Portfolio Concentration

Top 5: 20.8%Top 10: 32.6%Top 20: 52.3%

ARMK5.3%

BKNG4.9%

SCHW4.0%

FERG3.9%

AVY2.7%

CARR2.5%

BDX2.4%

Accenture PLC2.4%

WTM2.3%

CDW2.2%

Others (52)67.4%

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

Sector Allocation

Industrials36.6%

Financial Services23.8%

Healthcare12.1%

Technology8.6%

Consumer Cyclical6.5%

Consumer Defensive6.5%

Energy2.0%

Other3.9%

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

Position Sizing

Positions: 62Median: 1.58%Avg: 1.61%

0–0.5%

7(0.1%)

0.5–1%

6(4.5%)

1–3%

45(77.3%)

3–5%

3(12.8%)

5%+

1(5.3%)

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

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Portfolio Overlap

Shared: 54Unique: 8vs 20 funds

0.7%Low

Fund positions

7,299

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.

Most Similar Funds

Top 9 benchmark funds with highest portfolio overlap (Jaccard similarity)

1.4%

1.9%

1.1%

BANK OF AMERICA CORP /DE/

1.1%

STATE STREET CORP

1.5%

GEODE CAPITAL MANAGEMENT, LLC

1.5%

VANGUARD CAPITAL MANAGEMENT LLC

1.5%

VANGUARD PORTFOLIO MANAGEMENT LLC

1.7%

Jaccard similarity per fund: shared CUSIPs / (fund A + fund B − shared). Higher values indicate more similar portfolios.

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Position Changes This Quarter

New4Increased19Decreased39Exited9

New Positions

FCN1.8%

+824K

PNC1.6%

+636K

Sunbelt Rentals1.6%

+1.9M

IMCDY0.0%

+4K

Increased

JT51.4%

+991K(+31%)

IEI1.6%

+553K(+42%)

CDW2.2%

+420K(+41%)

HURN1.4%

+379K(+72%)

ACGL1.7%

+349K(+31%)

Accenture PLC2.4%

+251K(+35%)

PGR1.4%

+172K(+42%)

LPX1.1%

+167K(+15%)

BDX2.4%

+136K(+12%)

HLI1.4%

+106K(+15%)

Decreased

PHG1.7%

-1,566,209(-24%)

DCI1.5%

-893,854(-39%)

ARMK5.3%

-888,841(-8%)

ARW1.9%

-555,939(-35%)

FMS1.3%

-499,863(-10%)

GOOGL1.2%

-474,997(-59%)

SCHW4.0%

-406,791(-11%)

CARR2.5%

-404,620(-10%)

HAYW1.4%

-350,906(-4%)

HSIC1.8%

-339,514(-15%)

Exited

-1,290,446

-4,227,636

-4,016,503

-5,597,452

-480,996

-60,880

-26,208

-3,246

-6,737

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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