13F
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FIDUCIARY MANAGEMENT INC /WI/

13F equity value
$8.1B
Positions
62
Top 10 concentration
32.6%
Quarters / total new picks
26 / 75
13F equity value over time
$0M$8B$16B2017201820192020202120222023202420252026

"13F equity value" = market value of this filer's US-listed long equity positions only. It excludes cash, bonds, non-US and short positions, so it understates a fund's true assets under management — often by a lot.

Not significant Verdict

13F holdings are disclosed ~45 days after quarter-end, and they never reveal when within the quarter a fund actually bought. So any 13F-based summary is structurally late and blurred — this applies to every fund, including this one.

We backtested copying it anyway. Buying this fund's new positions the day each filing went public, over 26 quarters, returned +2.0% per quarter — versus +3.0% per quarter from simply owning every 13F stock. It beat that baseline in only 42.3% of quarters (excess t = -0.28, not statistically significant). Its filings tell you what it bought — not what you should buy.

Avg 2Q excess
-0.9%
t-stat
-0.28
Quarterly win rate
42%
Annualized excess
-3.7%
$1 → follow vs universe
$1.54 vs $1.92
Cumulative return: $1 invested in new picks vs universe
1.00 20180331: universe 1.04120180630: universe 0.95920180930: universe 1.00320181231: universe 0.99220190331: universe 0.97520190930: universe 1.04820191231: universe 0.84620200331: universe 1.02020200630: universe 1.12620200930: universe 1.38120201231: universe 1.44420210331: universe 1.45720210630: universe 1.57420210930: universe 1.41320220331: universe 1.51720220630: universe 1.40520220930: universe 1.50920221231: universe 1.40220230630: universe 1.35220230930: universe 1.53420240331: universe 1.56920240630: universe 1.71120241231: universe 1.59720250630: universe 1.64720250930: universe 1.85220251231: universe 1.916 20180331: follow 1.01020180630: follow 0.94220180930: follow 0.93620181231: follow 0.93620190331: follow 0.96420190930: follow 0.98420191231: follow 1.10520200331: follow 1.27420200630: follow 1.31020200930: follow 1.35020201231: follow 1.35820210331: follow 1.40920210630: follow 1.50720210930: follow 1.53020220331: follow 1.59420220630: follow 1.63720220930: follow 1.82720221231: follow 1.86920230630: follow 1.77520230930: follow 2.10420240331: follow 1.78120240630: follow 1.88320241231: follow 1.87420250630: follow 1.72020250930: follow 1.82320251231: follow 1.536 0.78 1.53 2.27 20182019202020212022202320242025 Follow Universe

Quarterly compounding, invested quarters only · entry 47 days after quarter-end (when 13F data becomes public)

Listed as facts. See the verdict above before treating this as signal.

Top 20 holdings of 62 · 2026 Q1

Ticker Value Weight QoQ
ARMK $429M
5.3%
TRIM
BKNG $395M
4.9%
ADD
SCHW $326M
4.0%
TRIM
FERG $312M
3.9%
TRIM
AVY $216M
2.7%
TRIM
CARR $201M
2.5%
TRIM
BDX $195M
2.4%
ADD
WTM $187M
2.3%
TRIM
CDW $175M
2.2%
ADD
PRI $173M
2.1%
ADD
FCFS $171M
2.1%
TRIM
CSL $165M
2.0%
TRIM
VVV $163M
2.0%
TRIM
ZION $161M
2.0%
TRIM
ATR $158M
2.0%
HOLD
GTES $150M
1.9%
TRIM
ARW $150M
1.9%
TRIM
ALLE $150M
1.9%
HOLD
BRK/B $146M
1.8%
TRIM
FCN $146M
1.8%
NEW

QoQ vs previous quarter's share count · NEW = new position · ADD/TRIM = ±2% shares · HOLD = unchanged.

Listed as facts. See the verdict above before treating this as signal.

New positions in 2026 Q1

FCNPNC

Method & Limitations

Method: a "new position" = held this quarter, absent last quarter (options excluded; stocks with <50 prior holders excluded to filter spin-off artifacts). Entry 47 days after quarter-end — the first day the public could act on the filing. Benchmark = equal-weighted universe of all 13F-held stocks. Limitations: quarterly snapshots can't see intra-quarter trades; survivorship bias — funds that shut down are absent, which flatters the sample. Statistics, not advice.