Fiduciary Management Inc. (FMI), an independent money management firm, released its third-quarter 2024 investor letter. In the third quarter, domestic and international equity markets rose. FMI has typically lagged in more speculative-driven bull markets (similar to today’s) and outperformed in more challenging environments driven by valuation framework, focus on business quality, and balance sheet strength. The FMI Large Cap strategy trades at a ~30% and ~50% discount to the 493 stocks in S& P 500 and Magnificent Seven, the FMI Small Cap strategy trades at a ~37% discount to the...
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