Fiduciary Management Inc, an Investment Counsel, released its Q4 2025 investor letter. In its Investment Strategy Outlook, the fund reported solid long-term performance but acknowledged lagging broader indices amid a speculative, AI-driven market rally. Equity markets posted strong gains in 2025, fueled by risk-seeking behavior and heavy concentration in a narrow set of AI-linked stocks, despite historically high valuations. The firm noted that quality-focused and value-oriented strategies...
