Fiduciary Management Inc.’s Q1 2023 Investor Letter

Fiduciary Management Inc. (FMI), an independent money management firm, released its first quarter 2023 investor letter. A copy of the same can be downloaded here. A global banking crisis and severe financial market volatility affected the market in the first quarter of 2023. The FMI Large Cap Strategy gained 4.0% (net) in the first quarter compared to a 7.50% increase in the S&P 500 Index and a 0.93% gain in the iShares Russell 1000 Value ETF. The FMI Small Cap Strategy gained 7.6% (net) compared to a 2.74% gain in the Russell 2000 Index and a 0.66% decline in the Russell 2000 Value Index in the same period. The FMI All Cap Equity gained 5.1% (net) compared to 7.07% for the iShares Russell 3000 ETF and the FMI International Strategies gained 9.8% (net) on a currency-hedged basis and 10.6% (net) on a currency unhedged basis in the initial quarter of 2023. In addition, please check the fund’s top five holdings to know its best picks in 2023.