FIDUCIARY MANAGEMENT INC /WI/

MILWAUKEE, WI · CIK 764532 · 13F filing filed 2026-08-13

SEC-registered investment adviser since 1980 · corporation

Assets managed$11.4bn
Staff25 · 17 in investment roles
Main clients (by assets)Mutual funds and ETFs 53%, Pension plans 10%, High net worth individuals 10%
Form ADV · 2026-06-09SEC adviser record

Legal entityFIDUCIARY MANAGEMENT, INC. (US)

$7.0bn reported value -12.7% vs Q1 2026

56positions

33.4%in top 10

5 new 13 added 38 reduced 11 sold out vs Q1 2026

Holdings, Q2 2026

The small lines show how much was held over the last 4 quarters (adjusted for stock splits).

#	Security	Ticker	Shares	Value	% of portfolio	Change	Shares change
1	ARAMARK COM ARMK	ARMK	6,520,495	$371.0m5.28%	5.28%	Reduced -4.1m	-4,067,400 -38.4%
2	BOOKING HOLDINGS INC COM BKNG	BKNG	1,858,189	$331.2m4.71%	4.71%	Reduced -489.6k	-489,586 -20.9%
3	INSIGHT ENTERPRISES INC COM NSIT	NSIT	2,197,521	$267.7m3.81%	3.81%	Added +322.2k	+322,244 17.2%
4	SCHWAB CHARLES CORP COM SCHW	SCHW	2,295,743	$211.8m3.01%	3.01%	Reduced -1.2m	-1,169,778 -33.8%
5	VALVOLINE INC COM VVV	VVV	5,122,337	$202.5m2.88%	2.88%	Added +293.4k	+293,406 6.1%
6	HAYWARD HLDGS INC COM HAYW	HAYW	11,684,338	$202.3m2.88%	2.88%	Added +2.9m	+2,945,378 33.7%
7	FERGUSON ENTERPRISES INC COMMON STOCK NEW FERG	FERG	844,907	$200.5m2.85%	2.85%	Reduced -492.4k	-492,425 -36.8%
8	CDW CORP COM CDW	CDW	1,393,758	$196.0m2.79%	2.79%	Reduced -49.6k	-49,551 -3.4%
9	ONEMAIN HLDGS INC COM OMF	OMF	3,080,673	$187.8m2.67%	2.67%	Added +397.2k	+397,247 14.8%
10	ZIONS BANCORPORATION N A COM ZION	ZION	2,591,257	$179.3m2.55%	2.55%	Reduced -196.7k	-196,700 -7.1%
11	APTARGROUP INC COM ATR	ATR	1,423,771	$178.3m2.54%	2.54%	Added +171.4k	+171,433 13.7%
12	GATES INDL CORP LTD COM SHS STOCK GTES	GTES	6,189,245	$173.1m2.46%	2.46%	New
13	CARLISLE COS INC COM CSL	CSL	447,968	$162.5m2.31%	2.31%	Reduced -45.8k	-45,776 -9.3%
14	CAVCO INDS INC DEL COM CVCO	CVCO	250,135	$153.7m2.19%	2.19%	Reduced -17.4k	-17,379 -6.5%
15	MUELLER WTR PRODS INC COM SER A MWA	MWA	5,902,018	$152.4m2.17%	2.17%	Added +1.7m	+1,745,819 42.0%
16	AVERY DENNISON CORP COM AVY	AVY	935,794	$151.9m2.16%	2.16%	Reduced -316.7k	-316,735 -25.3%
17	PRIMERICA INC COM PRI	PRI	534,226	$151.8m2.16%	2.16%	Reduced -157.8k	-157,796 -22.8%
18	HENRY SCHEIN INC COM HSIC	HSIC	1,817,353	$151.8m2.16%	2.16%	Reduced -136.7k	-136,730 -7.0%
19	CAPITAL ONE FINL CORP COM COF	COF	753,703	$151.2m2.15%	2.15%	Added +167.9k	+167,926 28.7%
20	FTI CONSULTING INC COM FCN	FCN	957,952	$142.7m2.03%	2.03%	Added +134.2k	+134,239 16.3%
21	CARRIER GLOBAL CORPORATION COM CARR	CARR	1,923,538	$141.1m2.01%	2.01%	Reduced -1.6m	-1,643,851 -46.1%
22	WHITE MTNS INS GROUP LTD COM WTM	WTM	66,550	$138.0m1.96%	1.96%	Reduced -18.5k	-18,516 -21.8%
23	LOUISIANA PAC CORP COM LPX	LPX	1,751,120	$137.7m1.96%	1.96%	Added +485.7k	+485,722 38.4%
24	UNITEDHEALTH GROUP INC COM UNH	UNH	325,962	$135.5m1.93%	1.93%	Reduced -32.0k	-31,989 -8.9%
25	MASCO CORP COM MAS	MAS	1,562,913	$127.2m1.81%	1.81%	Reduced -805.9k	-805,912 -34.0%
26	BECTON DICKINSON & CO COM BDX	BDX	831,781	$125.9m1.79%	1.79%	Reduced -408.0k	-407,971 -32.9%
27	HOULIHAN LOKEY INC CL A HLI	HLI	938,411	$125.9m1.79%	1.79%	Added +134.8k	+134,839 16.8%
28	MSA SAFETY INC COM MSA	MSA	713,768	$124.6m1.77%	1.77%	Added +34.8k	+34,782 5.1%
29	ARCH CAP GROUP LTD ORD ACGL	ACGL	1,225,226	$118.9m1.69%	1.69%	Reduced -235.9k	-235,870 -16.1%
30	HURON CONSULTING GROUP INC COM HURN	HURN	1,293,304	$116.6m1.66%	1.66%	Added +389.9k	+389,904 43.2%
31	SUNBELT RENTALS HOLDINGS INC SHS SUNB	SUNB	1,553,309	$116.2m1.65%	1.65%	Reduced -367.9k	-367,941 -19.1%
32	DONALDSON INC COM DCI	DCI	1,279,144	$114.8m1.63%	1.63%	Reduced -147.3k	-147,283 -10.3%
33	ALLEGION PLC ORD SHS ALLE	ALLE	803,654	$112.9m1.61%	1.61%	Reduced -229.4k	-229,365 -22.2%
34	PROGRESSIVE CORP COM PGR	PGR	513,457	$112.2m1.60%	1.60%	Reduced -66.2k	-66,249 -11.4%
35	CORE & MAIN INC CL A CNM	CNM	2,308,589	$111.4m1.58%	1.58%	Reduced -173.9k	-173,921 -7.0%
36	UNILEVER PLC SPON ADR NEW UL	UL	1,786,644	$107.4m1.53%	1.53%	Reduced -508.3k	-508,279 -22.1%
37	ACCENTURE PLC IRELAND SHS CLASS A ACN	ACN	855,060	$106.4m1.51%	1.51%	Reduced -107.3k	-107,307 -11.2%
38	FORTUNE BRANDS INNOVATIONS I COM FBIN	FBIN	1,928,059	$105.9m1.51%	1.51%	Reduced -144.2k	-144,200 -7.0%
39	PNC FINL SVCS GROUP INC COM PNC	PNC	427,245	$105.2m1.50%	1.50%	Reduced -208.8k	-208,833 -32.8%
40	QUEST DIAGNOSTICS INC COM DGX	DGX	483,557	$102.5m1.46%	1.46%	Reduced -237.4k	-237,429 -32.9%
41	KONINKLIJKE PHILIPS N V NY REGIS SHS NEW PHG	PHG	3,459,961	$94.1m1.34%	1.34%	Reduced -1.5m	-1,516,952 -30.5%
42	BJS WHSL CLUB HLDGS INC COM BJ	BJ	988,158	$86.2m1.23%	1.23%	Added +298.8k	+298,758 43.3%
43	DOLLAR TREE INC COM DLTR	DLTR	707,327	$85.6m1.22%	1.22%	Reduced -360.0k	-359,986 -33.7%
44	SIMPSON MFG INC COM SSD	SSD	404,809	$84.7m1.21%	1.21%	Reduced -29.4k	-29,400 -6.8%
45	RYANAIR HOLDINGS PLC SPONSORED ADR RYAAY	RYAAY	1,285,919	$83.3m1.18%	1.18%	Reduced -156.1k	-156,063 -10.8%
46	BERKSHIRE HATHAWAY INC DEL CL B NEW BRK.B	BRK.B	143,322	$71.7m1.02%	1.02%	Reduced -161.3k	-161,326 -53.0%
47	FRESENIUS MEDICAL CARE AG SPONSORED ADR FMS	FMS	2,937,829	$66.4m0.94%	0.94%	Reduced -1.5m	-1,524,277 -34.2%
48	ALLIANCE LAUNDRY HLDGS INC COM ALH	ALH	2,230,990	$59.2m0.84%	0.84%	New
49	ROBERT HALF INC. COM RHI	RHI	1,521,878	$46.7m0.66%	0.66%	Reduced -186.6k	-186,610 -10.9%
50	FIRSTCASH HOLDINGS INC COM FCFS	FCFS	189,663	$41.0m0.58%	0.58%	Reduced -722.4k	-722,388 -79.2%
51	INFORMA PLC SP ADR ADR IFJPY	IFJPY	70,966	$1.7m0.02%	0.02%	Reduced -1.0k	-1,034 -1.4%
52	Sodexo ADR SDXAY	SDXAY	137,928	$1.6m0.02%	0.02%	Reduced -32.1k	-32,144 -18.9%
53	ISHARES TR CORE S&P500 ETF IVV	IVV	1,678	$1.3m0.02%	0.02%	New
54	ISHARES TR CORE S&P SCP ETF IJR	IJR	6,090	$903.2k0.01%	0.01%	New
55	REXEL SA ADR ADR RXEEY	RXEEY	4,544	$202.0k0.00%	0.00%	New
56	EDENRED SA-UNSP ADR COM EDNMY	EDNMY	13,586	$172.5k0.00%	0.00%	Reduced -685	-685 -4.8%

Sold out since Q1 2026

Security	Ticker	Shares held before	Value then
GATES INDL CORP PLC 9666678D	9666678D	6,654,116	$150.4m6.7m shares
ARROW ELECTRS INC ARW	ARW	1,048,441	$150.4m1.0m shares
SYSCO CORP SYY	SYY	1,876,385	$133.8m1.9m shares
ALPHABET INC GOOGL	GOOGL	327,682	$94.2m327.7k shares
COCA-COLA EUROPACIFIC PARTNE CCEP	CCEP	802,103	$72.7m802.1k shares
APPLIED INDL TECHNOLOGIES IN AIT	AIT	205,928	$54.6m205.9k shares
CTS CORP CTS	CTS	1,042,452	$49.8m1.0m shares
Weir Group PLC WEIGF	WEIGF	34,009	$1.3m34.0k shares
ISHARES S&P 500 INDEX IN BSPAX	BSPAX	443	$336.6k443 shares
IMCD N V ADR IMCDY	IMCDY	4,002	$209.1k4.0k shares
B&M European Value BMRRY	BMRRY	12,165	$106.4k12.2k shares

Stakes above 5%

Companies where this manager has reported owning more than 5% of a class of shares, on Schedule 13D (may seek influence) or 13G (passive): its latest filing for each, from 19 Dec 2024 on.

Company	Ticker	Stake	Change	Schedule	Last filed
INSIGHT ENTERPRISES INC NSIT · 13G · filed 2026-06-23	NSIT	6.2%≈ $228.4m	new	13G	2026-06-23
HURON CONSULTING GROUP INC HURN · 13G · filed 2026-06-23	HURN	5.5%≈ $81.5m	new	13G	2026-06-23
HAYWARD HLDGS INC HAYW · 13G · filed 2026-08-04	HAYW	5.4%≈ $202.8m	new	13G	2026-08-04