Fiduciary Management Inc.’s Q3 2023 Investor Letter

Fiduciary Management Inc. (FMI), an independent money management firm, released its third quarter 2023 investor letter. A copy of the same can be downloaded here. After a strong start to the year, the market gave up some of its gains in September. The FMI Large Cap Strategy declined 2.3% (gross) / 2.4% (net) in the quarter compared to a 3.27% drop in the S&P 500 Index and a 3.19% decline in the iShares Russell 1000 Value ETF. The FMI Small Cap Strategy lost 1.7% (gross) / 1.9% (net) compared to a 5.13% drop in the Russell 2000 Index and a 2.96% decline in the Russell 2000 Value Index in the same period. The FMI All Cap Equity lost 2.0% (gross) / 2.1% (net) compared to a 3.31% decline for the iShares Russell 3000 ETF and the FMI International Strategies fell 0.2% (gross) / 0.4% (net) on a currency-hedged basis and 3.3% (gross) / 3.4% (net) on a currency unhedged basis in the third quarter of 2023. In addition, please check the fund’s top five holdings to know its best picks in 2023.