Fiduciary Management Inc. (FMI), an independent money management firm, released its first-quarter 2025 investor letter. A copy of the letter can be downloaded here. US stock markets experienced a decline in Q1 due to changing trade policies and skepticism about AI, with the S&P 500 Index and Russell 2000 Index falling 4.27% and 9.48%, respectively. Consumer confidence fell to a 12-year low amid uncertainty. International stock markets performed better. Value equities are outperforming the growth stock so far in 2025, which is encouraging. All the FMI portfolios have an active share above...
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