FIDUCIARY MANAGEMENT INC /WI/
Reported holdings as of Q2 2026, from 31 quarterly filings.
Holdings
Download these holdings as CSV
| Security | Ticker | Value | Shares | Weight | Weight change | Held | Change |
|---|---|---|---|---|---|---|---|
| ARAMARK | ARMK | $371.0M | 6,520,495 | -0.05pp | 9q | -38.4%-$231.4M | |
| BOOKING HOLDINGS INC | BKNG | $331.2M | 1,858,189 | -0.20pp | 29q | -20.9%-$87.3M | |
| INSIGHT ENTERPRISES INC | NSIT | $267.7M | 2,197,521 | +2.25pp | 26q | +17.2%+$39.2M | |
| CHARLES SCHWAB CORP (THE) | SCHW | $211.8M | 2,295,743 | -1.03pp | 28q | -33.8%-$107.9M | |
| VALVOLINE INC | VVV | $202.5M | 5,122,337 | +0.86pp | 12q | +6.1%+$11.6M | |
| HAYWARD HLDGS INC | HAYW | $202.3M | 11,684,338 | +1.43pp | 7q | +33.7%+$51.0M | |
| FERGUSON ENTERPRISES INC | FERG | $200.5M | 844,907 | -1.02pp | 9q | -36.8%-$116.9M | |
| CDW CORP | CDW | $196.0M | 1,393,758 | +0.62pp | 18q | -3.4%-$7.0M | |
| ONEMAIN HLDGS INC | OMF | $187.8M | 3,080,673 | +0.89pp | 9q | +14.8%+$24.2M | |
| ZIONS BANCORPORATION NATL AS | ZION | $179.3M | 2,591,257 | +0.56pp | 31q | -7.1%-$13.6M | |
| APTARGROUP INC | ATR | $178.3M | 1,423,771 | +0.58pp | 16q | +13.7%+$21.5M | |
| GATES INDL CORP LTD | GTES | $173.1M | 6,189,245 | - | new | NEW | |
| CARLISLE COS INC | CSL | $162.5M | 447,968 | +0.27pp | 31q | -9.3%-$16.6M | |
| CAVCO INDS INC DEL | CVCO | $153.7M | 250,135 | +0.58pp | 4q | -6.5%-$10.7M | |
| MUELLER WTR PRODS INC | MWA | $152.4M | 5,902,018 | +0.75pp | 3q | +42.0%+$45.1M | |
| AVERY DENNISON CORP | AVY | $151.9M | 935,794 | -0.52pp | 18q | -25.3%-$51.4M | |
| PRIMERICA INC | PRI | $151.8M | 534,226 | +0.01pp | 24q | -22.8%-$44.8M | |
| SCHEIN HENRY INC | HSIC | $151.8M | 1,817,353 | +0.37pp | 26q | -7.0%-$11.4M | |
| CAPITAL ONE FINL CORP | COF | $151.2M | 753,703 | +0.82pp | 5q | +28.7%+$33.7M | |
| F T I CONSULTING INC | FCN | $142.7M | 957,952 | +0.22pp | 2q | +16.3%+$20.0M | |
| CARRIER GLOBAL CORPORATION | CARR | $141.1M | 1,923,538 | -0.49pp | 13q | -46.1%-$120.6M | |
| WHITE MTNS INS GROUP LTD | WTM | $138.0M | 66,550 | -0.36pp | 31q | -21.8%-$38.4M | |
| LOUISIANA PAC CORP | LPX | $137.7M | 1,751,120 | +0.82pp | 5q | +38.4%+$38.2M | |
| UNITEDHEALTH GROUP INC | UNH | $135.5M | 325,962 | +0.72pp | 31q | -8.9%-$13.3M | |
| MASCO CORP | MAS | $127.2M | 1,562,913 | +0.03pp | 31q | -34.0%-$65.6M | |
| BECTON DICKINSON CO | BDX | $125.9M | 831,781 | -0.63pp | 5q | -32.9%-$61.7M | |
| HOULIHAN LOKEY INC | HLI | $125.9M | 938,411 | +0.36pp | 27q | +16.8%+$18.1M | |
| MSA SAFETY INC | MSA | $124.6M | 713,768 | +0.39pp | 5q | +5.1%+$6.1M | |
| ARCH CAP GROUP LTD | ACGL | $118.9M | 1,225,226 | -0.05pp | 3q | -16.1%-$22.9M | |
| HURON CONSULTING GROUP INC | HURN | $116.6M | 1,293,304 | +0.23pp | 3q | +43.2%+$35.2M | |
| SUNBELT RENTALS HOLDINGS INC | SUNB | $116.2M | 1,553,309 | +0.10pp | 2q | -19.2%-$27.5M | |
| DONALDSON INC | DCI | $114.8M | 1,279,144 | +0.13pp | 30q | -10.3%-$13.2M | |
| ALLEGION PLC | ALLE | $112.9M | 803,654 | -0.26pp | 7q | -22.2%-$32.2M | |
| PROGRESSIVE CORP | PGR | $112.2M | 513,457 | +0.17pp | 25q | -11.4%-$14.5M | |
| CORE & MAIN INC | CNM | $111.4M | 2,308,589 | +0.06pp | 12q | -7.0%-$8.4M | |
| UNILEVER PLC | UL | $107.4M | 1,786,644 | -0.09pp | 3q | -22.1%-$30.6M | |
| ACCENTURE PLC IRELAND | ACN | $106.4M | 855,060 | -0.85pp | 3q | -11.2%-$13.4M | |
| FORTUNE BRANDS INNOVATIONS I | FBIN | $105.9M | 1,928,059 | +0.50pp | 15q | -7.0%-$7.9M | |
| PNC FINL SVCS GROUP INC | PNC | $105.2M | 427,245 | -0.15pp | 2q | -32.8%-$51.4M | |
| QUEST DIAGNOSTICS INC | DGX | $102.5M | 483,557 | -0.30pp | 10q | -32.9%-$50.3M | |
| KONINKLIJKE PHILIPS N V | PHG | $94.1M | 3,459,961 | -0.35pp | 26q | -30.5%-$41.2M | |
| BJS WHSL CLUB HLDGS INC | BJ | $86.2M | 988,158 | +0.38pp | 20q | +43.3%+$26.1M | |
| DOLLAR TREE INC | DLTR | $85.6M | 707,327 | -0.23pp | 31q | -33.7%-$43.5M | |
| SIMPSON MFG INC | SSD | $84.7M | 404,809 | +0.28pp | 21q | -6.8%-$6.2M | |
| RYANAIR HOLDINGS PLC | RYAAY | $83.3M | 1,285,919 | +0.15pp | 12q | -10.8%-$10.1M | |
| BERKSHIRE HATHAWAY INC DEL | BRKB | $71.7M | 143,322 | -0.79pp | 31q | -53.0%-$80.7M | |
| FRESENIUS MEDICAL CARE AG | FMS | $66.4M | 2,937,829 | -0.30pp | 22q | -34.2%-$34.5M | |
| ALLIANCE LAUNDRY HLDGS INC | ALH | $59.2M | 2,230,990 | - | new | NEW | |
| ROBERT HALF INC. | RHI | $46.7M | 1,521,878 | +0.13pp | 31q | -10.9%-$5.7M | |
| FIRSTCASH HOLDINGS INC | FCFS | $41.0M | 189,663 | -1.54pp | 19q | -79.2%-$156.3M | |
| INFORMA PLC SPON ADR | IFJPY | $1.7M | 70,966 | +0.01pp | 6q | -1.4%-$24.9K | |
| Sodexo | SDXAY | $1.6M | 137,928 | flat | 16q | -18.9%-$371.6K | |
| ISHARES TR | IVV | $1.3M | 1,678 | - | new | NEW | |
| ISHARES TR | IJR | $903.2K | 6,090 | - | new | NEW | |
| REXEL UNSP ADR EA | RXEEY | $202.0K | 4,544 | - | new | NEW | |
| EDENRED S A | EDNMY | $172.5K | 13,586 | flat | 7q | -4.8%-$8.7K |
By sector
Industry comes from the SIC code on each company's own SEC filings, which is self-reported and sometimes out of date. Derivative exposure is counted with the shares. Securities the SEC assigns no industry - funds, trusts, foreign issues - are shown as not classified rather than dropped.
| Sector | Value | Share |
|---|---|---|
| Industrials | $1.2B | 17.2% |
| Retail & Consumer | $1.0B | 14.9% |
| Insurance | $728.1M | 10.4% |
| Business Services | $641.6M | 9.1% |
| Banks & Lending | $623.5M | 8.9% |
| Wholesale & Distribution | $463.7M | 6.6% |
| Chemicals | $448.2M | 6.4% |
| Transport & Logistics | $414.5M | 5.9% |
| Construction & Building | $397.3M | 5.7% |
| Medical Devices | $344.6M | 4.9% |
| Capital Markets | $337.7M | 4.8% |
| Energy | $202.5M | 2.9% |
| Other sectors | $168.9M | 2.4% |
| Not classified | $5.8M | 0.1% |
What the disclosed book did
This is not the fund's return. A 13F shows long US equity positions only, so shorts, bonds, foreign listings, private holdings and cash are all invisible here. What this measures is the quarter's change in value of the positions this manager disclosed, had they been left untouched - the return a reader following the filing would have earned.
| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q2 2026 | +11.4% | +14.8% | -3.4% | 100% |
| Q1 2026 | -3.1% | -4.6% | +1.6% | 100% |
| Q4 2025 | -0.6% | +2.4% | -3.0% | 100% |
| Q3 2025 | +1.2% | +7.8% | -6.7% | 100% |
| Q2 2025 | +6.3% | +10.5% | -4.1% | 100% |
| Q1 2025 | -0.7% | -4.6% | +3.8% | 100% |
| Q4 2024 | -3.2% | +2.1% | -5.3% | 100% |
| Q3 2024 | +6.3% | +5.4% | +0.9% | 100% |
Market is SPY over the same two quarter ends, priced the same way as everything else here - the median across every filer reporting it. It is a large-cap US proxy, so a manager holding small caps or biotech will beat or trail it for reasons that are not skill. Prices are quarter-end to quarter-end and say nothing about the path in between, or about trades opened and closed inside a quarter.
Quarter by quarter
| Quarter | Value | Positions | New | Added | Trimmed | Exited | Top 10 | Days to file |
|---|---|---|---|---|---|---|---|---|
| Q2 2026 | $7.0B | 56 | 5 | 13 | 38 | 11 | 33.4% | 44 |
| Q1 2026 | $8.1B | 62 | 4 | 17 | 39 | 9 | 32.6% | 44 |
| Q4 2025 | $9.1B | 67 | 8 | 10 | 46 | 9 | 31.4% | 42 |
| Q3 2025 | $9.9B | 68 | 5 | 16 | 38 | 4 | 31.2% | 45 |
| Q2 2025 | $10.4B | 67 | 5 | 13 | 38 | 4 | 32.9% | 45 |
| Q1 2025 | $10.4B | 66 | 2 | 24 | 37 | 6 | 33.4% | 44 |
| Q4 2024 | $10.7B | 70 | 8 | 12 | 34 | 7 | 32.7% | 44 |
| Q3 2024 | $11.4B | 69 | 3 | 14 | 26 | 4 | 34.4% | 45 |
| Q2 2024 | $10.7B | 70 | 6 | 26 | 30 | 4 | 31.9% | 44 |
| Q1 2024 | $11.2B | 68 | 4 | 34 | 29 | 3 | 31.0% | 44 |
| Q4 2023 | $10.7B | 67 | 3 | 33 | 31 | 3 | 32.2% | 45 |
| Q3 2023 | $9.8B | 67 | 7 | 24 | 32 | 0 | 32.1% | 44 |
| Q2 2023 | $9.9B | 60 | 3 | 28 | 29 | 2 | 31.7% | 42 |
| Q1 2023 | $9.9B | 59 | 0 | 17 | 42 | 11 | 33.7% | 42 |
| Q4 2022 | $9.9B | 70 | 7 | 14 | 49 | 3 | 33.5% | 45 |
| Q3 2022 | $9.5B | 66 | 4 | 13 | 36 | 5 | 35.8% | 45 |
| Q2 2022 | $10.6B | 67 | 2 | 24 | 38 | 8 | 34.4% | 43 |
| Q1 2022 | $12.4B | 73 | 4 | 32 | 32 | 6 | 33.1% | 42 |
| Q4 2021 | $13.6B | 75 | 7 | 11 | 54 | 4 | 37.0% | 42 |
| Q3 2021 | $13.4B | 72 | 3 | 39 | 17 | 4 | 37.2% | 43 |
| Q2 2021 | $13.6B | 73 | 7 | 11 | 55 | 3 | 36.0% | 44 |
| Q1 2021 | $13.3B | 69 | 4 | 8 | 57 | 8 | 37.1% | 43 |
| Q4 2020 | $13.2B | 73 | 8 | 24 | 40 | 3 | 37.0% | 43 |
| Q3 2020 | $12.1B | 68 | 2 | 6 | 60 | 3 | 37.6% | 44 |
| Q2 2020 | $11.9B | 69 | 5 | 11 | 53 | 6 | 37.1% | 42 |
| Q1 2020 | $11.5B | 70 | 9 | 24 | 34 | 5 | 37.7% | 44 |
| Q4 2019 | $16.1B | 66 | 3 | 14 | 30 | 4 | 38.4% | 42 |
| Q3 2019 | $15.4B | 67 | 5 | 19 | 41 | 4 | 36.4% | 44 |
| Q2 2019 | $15.6B | 66 | 2 | 17 | 37 | 6 | 35.3% | 44 |
| Q1 2019 | $15.3B | 70 | 8 | 10 | 44 | 6 | 35.4% | 44 |
| Q4 2018 | $14.0B | 68 | 0 | 0 | 0 | 0 | 38.2% | 44 |
Rows marked UNVERIFIED ID, PLACEHOLDER ID, TICKER AS ID or NON-CUSIP ID carry an identifier that is not a valid CUSIP. They are shown because the filer reported that money, but treat the security named with caution - hover the chip for what is wrong with it, and see the methodology.
Held counts consecutive filings in which this manager reported the position, and can reach further back than the quarters listed above: the tabs begin at Q4 2018 because earlier coverage is too sparse to describe a market, but tenure is counted over every filing we hold, some reaching to 2007. A position sold and later rebought starts again from one.
Weight change is the shift in this position's share of the whole book, in percentage points. It is the more useful column: when money flows into or out of a broad fund, almost every holding is bought or sold at once, so added and trimmed largely track flows. A weight that rose while the book shrank is a decision. Both compare with the previous quarter this filer reported, not the previous calendar quarter.