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...