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...
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