Fiduciary Management International Equity Fund’s Q4 2021 Investor Letter

Fiduciary Management, an investment management firm, published its “International Equity Fund” fourth quarter 2021 investor letter – a copy of which can be downloaded here. The FMI International portfolios gained approximately 3.9% (gross)/3.7% (net) on a currency-hedged basis and 3.4% (gross)/3.2% (net) currency unhedged in the December quarter, compared with an MSCI EAFE Index gain of 3.91% in local currency (LOC) and 2.69% in U.S. Dollars (USD). The MSCI EAFE Value Index rose 2.35%...