Fiduciary Management Inc.’s Q4 2023 Investor Letter

Fiduciary Management Inc. (FMI), an independent money management firm, released its fourth quarter 2023 investor letter. A copy of the same can be downloaded here. Global stock markets had a strong year in 2023, with robust consumer demand, tight labor markets, and declining inflation all contributing to the positive outlook. The Small Cap Strategy rose 12.4% (gross) / 12.2% (net) in the quarter compared to 14.03% and 15.26% for the Russell 2000 Index and Russell 2000 Value Index. FMI Large Cap Strategy gained 13.1% (gross) / 13.0% (net) compared with 11.69% and 9.50% for the S&P 500 and iShares Russell 1000 Value ETF, respectively. The FMI All Cap Equity advanced 11.4% (gross) / 11.2% (net), compared with 12.14% for the iShares Russell 3000 ETF. Finally, the FMI International Strategies gained 6.4% (gross) / 6.2% (net) on a currency-hedged basis and 9.6% (gross) / 9.4% (net) on a currency-unhedged basis. In addition, please check the fund’s top five holdings to know its best picks in 2023.