Fiduciary Management Inc.’s Q2 2024 Investor Letter

Fiduciary Management Inc. (FMI), an independent money management firm, released its second quarter 2024 investor letter. In the second quarter, global stock markets were mixed, while U.S. large-cap growth stocks continued to march to their beat. The U.S. small-cap stocks were slipping, and international stocks were staying afloat. Economic growth in the U.S. has been resilient, while Europe and Japan have been lackluster. Against this backdrop, the Small Cap Strategy fell about 3.8% (gross) / 4.0% (net), in the quarter compared to a 3.28% and 3.64% decline for the Russell 2000 Index and Russell 2000 Value Index. FMI Large Cap Strategy decreased almost 0.2% (gross) / 0.3% (net) compared with a 4.28% gain and a 2.20% Decline for the S&P 500 and iShares Russell 1000 Value ETF, respectively. The FMI All Cap Equity dropped approximately 0.4% (gross) / 0.6% (net), compared with a 3.12% gain for the iShares Russell 3000 ETF. Finally, the FMI International Strategies declined about 1.4% (gross) / 1.6% (net) on a currency-hedged basis and 2.2% (gross) / 2.4% (net) on a currency-unhedged basis. In addition, please check the fund’s top five holdings to know its best picks in 2024.

A copy of Fiduciary Management Inc.’s Q2 2024 investor letter can be downloaded here.