Fiduciary Management Small-Cap Equity’s Q1 2022 Investor Letter

Fiduciary Management, an investment management firm, published its “Small-Cap Equity” first quarter 2022 investor letter – a copy of which can be downloaded here. The FMI Small Cap portfolios declined approximately 4.4% (gross)/4.5% (NET) in the March quarter compared to a 7.53% drop in the Russell 2000 Index, and a 2.40% loss in the Russell 2000 Value Index. Areas where the portfolio had little exposure, such as Energy Minerals & Utilities, accounted for the performance difference between the Small Cap strategy and the Russell 2000 Value. Compared to the Russell 2000, sectors that helped performance included Commercial Services, Health Technology, and Technology Services.  Try to spend some time taking a look at the fund’s top 5 holdings to be informed about their best picks for 2022.