FIDUCIARY MANAGEMENT INC /WI/

MILWAUKEE, WI · CIK 764532 · 13F filing filed 2024-08-13

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)

Kindmutual funds
Others nearbyMilwaukee, WI

$10.7bn reported value -4.3% vs Q1 2024

70positions

31.9%in top 10

6 new 31 added 33 reduced 4 sold out vs Q1 2024

Holdings, Q2 2024

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	BOOKING HOLDINGS INC COM BKNG	BKNG	134,634	$533.4m4.96%	4.96%	Reduced -1.6k	-1,603 -1.2%
2	CARLISLE COS INC COM CSL	CSL	1,082,078	$438.5m4.08%	4.08%	Reduced -38.9k	-38,866 -3.5%
3	ALPHABET INC CAP STK CL A GOOGL	GOOGL	2,140,080	$389.8m3.63%	3.63%	Reduced -133.6k	-133,627 -5.9%
4	SCHWAB CHARLES CORP COM SCHW	SCHW	4,527,064	$333.6m3.10%	3.10%	Reduced -280.8k	-280,794 -5.8%
5	FERGUSON ENTERPRISES INC COMMON STOCK NEW FERG	FERG	1,652,273	$320.0m2.98%	2.98%	New
6	GENPACT LIMITED SHS G	G	9,589,318	$308.7m2.87%	2.87%	Added +1.5m	+1,468,926 18.1%
7	BERKSHIRE HATHAWAY INC DEL CL B NEW BRK.B	BRK.B	751,191	$305.6m2.84%	2.84%	Reduced -41.8k	-41,775 -5.3%
8	ARCH CAP GROUP LTD ORD ACGL	ACGL	2,841,335	$286.7m2.67%	2.67%	Reduced -65.1k	-65,110 -2.2%
9	AVERY DENNISON CORP COM AVY	AVY	1,247,441	$272.8m2.54%	2.54%	Reduced -75.4k	-75,423 -5.7%
10	BJS WHSL CLUB HLDGS INC COM BJ	BJ	2,766,529	$243.0m2.26%	2.26%	Added +232.4k	+232,375 9.2%
11	MASCO CORP COM MAS	MAS	3,575,046	$238.3m2.22%	2.22%	Reduced -222.6k	-222,613 -5.9%
12	CARMAX INC COM KMX	KMX	3,035,147	$222.6m2.07%	2.07%	Reduced -181.3k	-181,327 -5.6%
13	CARRIER GLOBAL CORPORATION COM CARR	CARR	3,504,988	$221.1m2.06%	2.06%	Reduced -194.0k	-193,979 -5.2%
14	UNILEVER PLC SPON ADR NEW SPON ADR NEW		3,909,891	$215.0m2.00%	2.00%	Reduced -248.6k	-248,640 -6.0%
15	ARAMARK COM ARMK	ARMK	6,137,520	$208.8m1.94%	1.94%	New
16	MICRON TECHNOLOGY INC COM MU	MU	1,538,153	$202.3m1.88%	1.88%	Reduced -713.1k	-713,079 -31.7%
17	UNITEDHEALTH GROUP INC COM UNH	UNH	395,139	$201.2m1.87%	1.87%	Reduced -22.5k	-22,462 -5.4%
18	PROGRESSIVE CORP COM PGR	PGR	965,161	$200.5m1.87%	1.87%	Reduced -48.6k	-48,624 -4.8%
19	QUEST DIAGNOSTICS INC COM DGX	DGX	1,426,655	$195.3m1.82%	1.82%	Reduced -72.0k	-71,954 -4.8%
20	SCHLUMBERGER LTD COM STK SLB	SLB	3,958,203	$186.7m1.74%	1.74%	Reduced -68.2k	-68,245 -1.7%
21	SKECHERS U S A INC CL A SKX	SKX	2,532,881	$175.1m1.63%	1.63%	Reduced -10.2k	-10,158 -0.4%
22	SYSCO CORP COM SYY	SYY	2,372,671	$169.4m1.58%	1.58%	Reduced -123.0k	-122,977 -4.9%
23	KONINKLIJKE PHILIPS N V NY REGIS SHS NEW PHG	PHG	6,704,302	$168.9m1.57%	1.57%	Reduced -140.4k	-140,407 -2.0%
24	DOLLAR GEN CORP NEW COM DG	DG	1,264,478	$167.2m1.56%	1.56%	Reduced -79.1k	-79,088 -5.9%
25	DOLLAR TREE INC COM DLTR	DLTR	1,553,778	$165.9m1.54%	1.54%	Added +297.4k	+297,415 23.7%
26	OMNICOM GROUP INC COM OMC	OMC	1,841,472	$165.2m1.54%	1.54%	Reduced -113.3k	-113,332 -5.8%
27	HOULIHAN LOKEY INC CL A HLI	HLI	1,216,179	$164.0m1.53%	1.53%	Added +11.4k	+11,438 0.9%
28	INSIGHT ENTERPRISES INC COM NSIT	NSIT	814,349	$161.5m1.50%	1.50%	Added +5.7k	+5,650 0.7%
29	RYANAIR HOLDINGS PLC SPONSORED ADR RYAAY	RYAAY	1,353,750	$157.6m1.47%	1.47%	Added +262.9k	+262,950 24.1%
30	SIMPSON MFG INC COM SSD	SSD	924,887	$155.9m1.45%	1.45%	Added +2.9k	+2,869 0.3%
31	HENRY SCHEIN INC COM HSIC	HSIC	2,324,835	$149.0m1.39%	1.39%	Added +21.1k	+21,121 0.9%
32	BEACON ROOFING SUPPLY INC COM BECN	BECN	1,594,847	$144.3m1.34%	1.34%	Reduced -310.2k	-310,236 -16.3%
33	OREILLY AUTOMOTIVE INC COM ORLY	ORLY	131,414	$138.8m1.29%	1.29%	New
34	COCA-COLA EUROPACIFIC PARTNE SHS CCEP	CCEP	1,888,379	$137.6m1.28%	1.28%	Added +73.1k	+73,059 4.0%
35	VALVOLINE INC COM VVV	VVV	3,129,470	$135.2m1.26%	1.26%	Added +34.7k	+34,661 1.1%
36	FORTUNE BRANDS INNOVATIONS I COM FBIN	FBIN	2,032,672	$132.0m1.23%	1.23%	Added +23.2k	+23,232 1.2%
37	DONALDSON INC COM DCI	DCI	1,843,067	$131.9m1.23%	1.23%	Added +12.1k	+12,092 0.7%
38	PLEXUS CORP COM PLXS	PLXS	1,244,380	$128.4m1.19%	1.19%	Added +4.3k	+4,253 0.3%
39	NORTHERN TR CORP COM NTRS	NTRS	1,528,161	$128.3m1.19%	1.19%	Reduced -495.1k	-495,070 -24.5%
40	ROBERT HALF INC. COM RHI	RHI	1,959,969	$125.4m1.17%	1.17%	Reduced -3.2k	-3,169 -0.2%
41	SONY GROUP CORP SPONSORED ADR SONY	SONY	1,471,123	$125.0m1.16%	1.16%	Reduced -1.5m	-1,459,959 -49.8%
42	BLACKROCK INC COM BLK	BLK	151,846	$119.6m1.11%	1.11%	Reduced -13.0k	-13,038 -7.9%
43	NVENT ELECTRIC PLC SHS NVT	NVT	1,544,557	$118.3m1.10%	1.10%	Reduced -277.0k	-277,027 -15.2%
44	CORE & MAIN INC CL A CNM	CNM	2,340,649	$114.6m1.07%	1.07%	Added +5.3k	+5,304 0.2%
45	PRIMERICA INC COM PRI	PRI	482,627	$114.2m1.06%	1.06%	Added +9.2k	+9,238 1.9%
46	GATES INDL CORP PLC ORD SHS 9666678D	9666678D	7,206,228	$113.9m1.06%	1.06%	Added +60.9k	+60,919 0.8%
47	INTERPUBLIC GROUP COS INC COM IPG	IPG	3,831,208	$111.4m1.04%	1.04%	Added +11.0k	+11,021 0.3%
48	ARROW ELECTRS INC COM ARW	ARW	913,901	$110.4m1.03%	1.03%	Added +2.4k	+2,391 0.3%
49	SMITH & NEPHEW PLC SPDN ADR NEW SNN	SNN	4,363,553	$108.1m1.01%	1.01%	Reduced -267.6k	-267,595 -5.8%
50	ONEMAIN HLDGS INC COM OMF	OMF	2,159,869	$104.7m0.97%	0.97%	New
51	APPLIED INDL TECHNOLOGIES IN COM AIT	AIT	531,167	$103.0m0.96%	0.96%	Added +3.7k	+3,742 0.7%
52	ZIONS BANCORPORATION N A COM ZION	ZION	2,299,837	$99.7m0.93%	0.93%	Added +16.7k	+16,681 0.7%
53	FRESENIUS MEDICAL CARE AG SPONSORED ADR FMS	FMS	5,169,925	$98.7m0.92%	0.92%	Reduced -238.3k	-238,339 -4.4%
54	TIMKEN CO COM TKR	TKR	1,138,358	$91.2m0.85%	0.85%	Reduced -4.7k	-4,670 -0.4%
55	WHITE MTNS INS GROUP LTD COM WTM	WTM	49,356	$89.7m0.83%	0.83%	Added +10.4k	+10,361 26.6%
56	CDW CORP COM CDW	CDW	399,440	$89.4m0.83%	0.83%	Reduced -242.0k	-241,996 -37.7%
57	TJX COS INC NEW COM TJX	TJX	771,788	$85.0m0.79%	0.79%	Reduced -39.6k	-39,648 -4.9%
58	TRIMAS CORP COM NEW TRS	TRS	3,193,747	$81.6m0.76%	0.76%	Added +56.2k	+56,171 1.8%
59	FIRSTCASH HOLDINGS INC COM FCFS	FCFS	741,797	$77.8m0.72%	0.72%	Reduced -229.8k	-229,839 -23.6%
60	APTARGROUP INC COM ATR	ATR	543,075	$76.5m0.71%	0.71%	Added +3.1k	+3,104 0.6%
61	CTS CORP COM CTS	CTS	1,212,908	$61.4m0.57%	0.57%	Added +8.0k	+8,034 0.7%
62	ATKORE INC COM ATKR	ATKR	454,985	$61.4m0.57%	0.57%	Added +119.0k	+118,977 35.4%
63	FABRINET SHS FN	FN	243,355	$59.6m0.55%	0.55%	Added +7.9k	+7,917 3.4%
64	Sodexo ADR SDXAY	SDXAY	104,489	$1.9m0.02%	0.02%	Added +21.9k	+21,924 26.6%
65	B&M European Value ADR BMRRY	BMRRY	70,196	$1.6m0.01%	0.01%	Added +15.3k	+15,281 27.8%
66	Weir Group PLC COM WEIGF	WEIGF	61,285	$1.5m0.01%	0.01%	Added +7.8k	+7,819 14.6%
67	DIAGEO PLC SPON ADR NEW DEO	DEO	6,944	$875.5k0.01%	0.01%	Added +66	+66 1.0%
68	Greggs PLC COM GGGSF	GGGSF	6,434	$225.4k0.00%	0.00%	Added +854	+854 15.3%
69	ROCHE HLDG LTD FSPONSORED ADR 1 ADR RE 0.125 ORD SHS COM RHHBY	RHHBY	5,991	$207.7k0.00%	0.00%	New
70	REXEL SA ADR ADR RXEEY	RXEEY	7,777	$200.0k0.00%	0.00%	New

Sold out since Q1 2024

Security	Ticker	Shares held before	Value then
FERGUSON PLC NEW FERG1GBX	FERG1GBX	1,742,652	$380.6m1.7m shares
EATON CORP PLC ETN	ETN	364,241	$113.9m364.2k shares
ITT INC ITT	ITT	752,580	$102.4m752.6k shares
ISHARES TR IVV	IVV	2,340	$1.2m2.3k 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