Fiduciary Management Inc. (FMI), an independent money management firm, released its third-quarter 2025 investor letter. A copy of the letter can be downloaded here. Stock markets rallied in the third quarter, with the Russell 2000, S&P 500, MSCI EAFE (Local/USD), and MSCI World Indices gaining 12.39%, 8.12%, 5.38%/4.77%, and 7.27% respectively. The performance was driven by a September rate cut by the Federal Reserve, strong enthusiasm for artificial intelligence (AI) and mega-cap technology, coupled with a surge of speculative buying activity. FMI’s portfolios differ from benchmarks,...
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