Fiduciary Management Inc.’s Q2 2023 Investor Letter

Fiduciary Management Inc. (FMI), an independent money management firm, released its second quarter 2023 investor letter. A copy of the same can be downloaded here. Despite the macroeconomic headwinds, the global market continued to advance in the second quarter. The FMI Large Cap Strategy gained 5.7% (gross) / 5.6% (net) in the quarter compared to an 8.74% increase in the S&P 500 Index and a 4.08% gain in the iShares Russell 1000 Value ETF. The FMI Small Cap Strategy gained 6.0% (gross) / 5.8% (net) compared to a 5.21% gain in the Russell 2000 Index and a 3.18% increase in the Russell 2000 Value Index in the same period. The FMI All Cap Equity gained 4.3% (gross) / 4.2% (net) compared to 8.38% for the iShares Russell 3000 ETF and the FMI International Strategies gained 5.5% (gross) / 5.3% (net) on a currency-hedged basis and 5.2% (gross) / 5.0% (net) on a currency unhedged basis in the second quarter of 2023. In addition, please check the fund’s top five holdings to know its best picks in 2023.