Fiduciary Management Inc. (FMI), an independent money management firm, released its second-quarter 2026 investor letter. The quarter saw the market optimistic about the future, while we focused on undervalued businesses. Global markets saw substantial gains in Q2, with indices like the Russell 2000 and S&P 500 posting their best returns since 2020, largely due to the rise of Artificial Intelligence (AI). AI-related sectors, including semiconductors and data centers, performed exceptionally well, but the firm's quality compounders declined by 1%. The portfolio failed to match the momentum...
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