FIDUCIARY MANAGEMENT INC /WI/

Long Only Manager • Value

FIDUCIARY MANAGEMENT INC /WI/ is a Value-focused institution based in Milwaukee, WI led by John Scott Brandser, reporting $15.0B in AUM as of Q3 2025 with 35% Industrials concentration.

CEOJohn Scott Brandser

Portfolio Value: $9.9B
Positions: 60
Top Holding: ARMK at 4.81%
Last Reported: Q3 2025

Address790 N. Water Street, Suite 2100, Milwaukee, WI, 53202, United States

Top Holdings

Largest long holdings in FIDUCIARY MANAGEMENT INC /WI/'s portfolio (31.3% of total portfolio)

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Holding	Sector	Position	Weight	Traded	Ownership	Owned Since
1 Aramark ARMK	Specialty Business Services Industrials	$475.0M	4.81%	-$11.1M Sold	4.71% 12.4M shares	Q2 2024 Held for 1y 5m
2 Ferguson Enterprises FERG	Industrial - Distribution Industrials	$445.0M	4.51%	-$164.9M Sold	0.99% 2.0M shares	Q2 2022 Held for 3y 5m
3 Booking Holdings Inc. BKNG	Travel Services Consumer Cyclical	$433.1M	4.39%	-$96.7M Sold	0.25% 80.2K shares	Q2 2019 Held for 6y 5m
4 Charles Schwab Corporation SCHW	Financial - Capital Markets Financial Services	$401.6M	4.07%	-$17.0M Sold	0.23% 4.2M shares	Q3 2019 Held for 6y 2m
5 Avery Dennison AVY	Business Equipment & Supplies Industrials	$244.2M	2.47%	+$45.3M Bought	1.93% 1.5M shares	Q1 2022 Held for 3y 8m
6 Carrier Global CARR	Construction Industrials	$225.3M	2.28%	+$16.4M Bought	0.44% 3.8M shares	Q2 2023 Held for 2y 5m
7 Becton, Dickinson and Company BDX	Medical - Instruments & Supplies Healthcare	$222.8M	2.26%	+$55.1M Bought	0.42% 1.2M shares	Q2 2025 Held for 5 months
8 Quest Diagnostics DGX	Medical - Diagnostics & Research Healthcare	$218.7M	2.22%	-$7.2M Sold	1.03% 1.1M shares	Q1 2024 Held for 1y 8m
9 Alphabet Inc. GOOGL	Internet Content & Information Communication Services	$211.0M	2.14%	-$43.2M Sold	0.01% 868.1K shares	Q2 2021 Held for 4y 5m
10 CSX CSX	Railroads Industrials	$207.9M	2.11%	-$6.3M Sold	0.31% 5.9M shares	Q4 2024 Held for 11 months

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Changes

Portfolio activity, position movements, and quarter-over-quarter changes in FIDUCIARY MANAGEMENT INC /WI/'s latest filing

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Market Value

$9.9B

Prior: $10.4B

Q/Q Change

-5.14%

-$535.3M

Net Flows % of MV

-6.47%

Turnover Ratio

9.37%

New Purchases

2 stocks

$100.9M

Added To

14 stocks

+$503.6M

Sold Out Of

3 stocks

$288.9M

Reduced Holdings

42 stocks

-$954.6M

Increased Positions

Position	Shares Δ	Change
1 Cavco Industries CVCO	New	0 → 171.2K +$99.4M
2 iShares MSCI World URTH	New	0 → 7.9K +$1.4M
3 CDW CDW	+63.6%	680.3K → 1.1M +$68.9M
4 AptarGroup ATR	+49.56%	764.2K → 1.1M +$50.6M
5 Plexus PLXS	+44.63%	934.3K → 1.4M +$60.3M

Decreased Positions

Position	Shares Δ	Change
1 Skechers SKX	Sold	2.0M → 0 −$124.6M
2 Timken TKR	Sold	1.1M → 0 −$82.9M
3 O'Reilly Automotive ORLY	Sold	902.6K → 0 −$81.4M
4 nVent Electric plc NVT	-79.24%	2.4M → 501.3K −$188.8M
5 Progressive PGR	-45.71%	810.3K → 439.9K −$91.5M