Fiduciary Management Inc.
In its 13F for Q1 2024 (holdings as of March 31, 2024, filed May 14, 2024), Fiduciary Management Inc. reported 68 stock positions worth $11.2 billion. Its top holding was Booking (BKNG) at 4.4% of the portfolio, followed by Carlisle Cos (CSL, 3.9%) and Ferguson Jersey (FERG, 3.4%). Compared with Q4 2023, it opened 4 new positions, sold out of 3, added to 35 and reduced 29. The biggest buy was a new position in Quest Diagnostics (DGX) and the biggest sale an exit from Sap SE-Sponsored ADR (SAP).
- Most Recent 13F
- Q2 2026
- Location
- MILWAUKEE, WI
- CIK
- 0000764532
- Portfolio Value
- $11.2B (Q1 2024)
- SEC Filing
- 0000764532-24-000004 ↗ filed May 14, 2024
Holdings Value
Holdings 68 stocks · $11.2B
| BKNG Booking Holdings Inc. | 4.40% | 136,237 | $494.3M | Reduce -2.2% |
| CSL Carlisle Cos Inc. | 3.91% | 1,120,944 | $439.2M | Reduce -14.8% |
| FERG Ferguson Jersey Ltd. | 3.39% | 1,742,652 | $380.6M | Reduce -6.6% |
| SCHW Schwab (charles) Corp. | 3.10% | 4,807,858 | $347.8M | Reduce -6.8% |
| GOOGL Alphabet Inc. Class A | 3.06% | 2,273,707 | $343.2M | Reduce -6.8% |
| BRK.B Berkshire Hathaway Inc. Class B | 2.97% | 792,966 | $333.5M | Reduce -6.2% |
| MAS Masco Corp. | 2.67% | 3,797,659 | $299.6M | Reduce -6.9% |
| AVY Avery Dennison Corp. | 2.63% | 1,322,864 | $295.3M | Reduce -6.8% |
| KMX Carmax Inc. | 2.50% | 3,216,474 | $280.2M | Add +24.6% |
| ACGL Arch Capital Group Ltd. | 2.39% | 2,906,445 | $268.7M | Reduce -3.0% |
| G Genpact Ltd. | 2.38% | 8,120,392 | $267.6M | Add +1.9% |
| MU Micron Technology Inc. | 2.36% | 2,251,232 | $265.4M | Reduce -37.3% |
| SONY Sony Group Corp. - SP ADR | 2.24% | 2,931,082 | $251.3M | Reduce -5.5% |
| SLB SLB Ltd. filed as SCHLUMBERGER LTD | 1.97% | 4,026,448 | $220.7M | Reduce -2.0% |
| CARR Carrier Global Corp. | 1.91% | 3,698,967 | $215.0M | Reduce -6.6% |
| DG Dollar General Corp. | 1.87% | 1,343,566 | $209.7M | Reduce -6.7% |
| PGR Progressive Corp. | 1.87% | 1,013,785 | $209.7M | Reduce -7.0% |
| UL Unilever PLC | 1.86% | 4,158,531 | $208.7M | Add +24.9% |
| UNH Unitedhealth Group Inc. | 1.84% | 417,601 | $206.6M | Reduce -23.7% |
| SYY Sysco Corp. | 1.80% | 2,495,648 | $202.6M | Reduce -4.7% |
| DGX Quest Diagnostics Inc. | 1.78% | 1,498,609 | $199.5M | New |
| BJ Bj's Wholesale Club Holdings filed as BJS WHSL CLUB HLDGS INC | 1.71% | 2,534,154 | $191.7M | Add +0.8% |
| SSD Simpson Manufacturing Co. Inc. | 1.68% | 922,018 | $189.2M | Add +1.5% |
| OMC Omnicom Group | 1.68% | 1,954,804 | $189.1M | Reduce -7.0% |
| BECN Beacon Roofing Supply Inc. | 1.66% | 1,905,083 | $186.7M | Add +0.9% |
| NTRS Northern Trust Corp. | 1.60% | 2,023,231 | $179.9M | Reduce -5.7% |
| HSIC Henry Schein Inc. | 1.55% | 2,303,714 | $174.0M | Add +0.8% |
| FBIN Fortune Brands Innovations I | 1.51% | 2,009,440 | $170.1M | Add +1.2% |
| DLTR Dollar Tree Inc. | 1.49% | 1,256,363 | $167.3M | Reduce -6.7% |
| CDW CDW Corp. | 1.46% | 641,436 | $164.1M | Reduce -5.5% |
| RYAAY Ryanair Holdings PLC-SP ADR | 1.41% | 1,090,800 | $158.8M | Add +2.4% |
| SKX Skechers USA Inc. Class A | 1.39% | 2,543,039 | $155.8M | Reduce -12.1% |
| RHI Robert Half Inc. | 1.39% | 1,963,138 | $155.6M | Add +1.0% |
| HLI Houlihan Lokey Inc. | 1.38% | 1,204,741 | $154.4M | Add +0.8% |
| NSIT Insight Enterprises Inc. | 1.34% | 808,699 | $150.0M | Add +2.1% |
| VVV Valvoline Inc. | 1.23% | 3,094,809 | $137.9M | Add +1.3% |
| BLK BlackRock Finance Inc. | 1.22% | 164,884 | $137.5M | Reduce -4.9% |
| NVT Nvent Electric PLC | 1.22% | 1,821,584 | $137.3M | Add +2.8% |
| PHG Koninklijke Philips NVR- NY | 1.22% | 6,844,709 | $136.9M | Reduce -5.1% |
| DCI Donaldson Co. Inc. | 1.22% | 1,830,975 | $136.7M | Add +0.7% |
| CNM Core & Main Inc. Class A | 1.19% | 2,335,345 | $133.7M | Add +1.4% |
| CCEP Coca-Cola Europacific Partne | 1.13% | 1,815,320 | $127.0M | Add +1.7% |
| GTES Gates Industrial Corp. UK Ltd. | 1.13% | 7,145,309 | $126.5M | Add +1.6% |
| IPG Interpublic Group of Cos Inc. | 1.11% | 3,820,187 | $124.7M | Add +0.6% |
| FCFS Firstcash Holdings Inc. | 1.10% | 971,636 | $123.9M | Add +2.0% |
| PRI Primerica Inc. | 1.07% | 473,389 | $119.7M | Add +0.8% |
| ARW Arrow Electronics Inc. | 1.05% | 911,510 | $118.0M | Add +0.8% |
| PLXS Plexus Corp. | 1.05% | 1,240,127 | $117.6M | Add +1.1% |
| SNN Smith & Nephew PLC -Spon ADR | 1.05% | 4,631,148 | $117.4M | Reduce -4.8% |
| ETN Eaton Corp. PLC | 1.01% | 364,241 | $113.9M | Reduce -6.2% |
| FMS Fresenius Medical Care-ADR | 0.93% | 5,408,264 | $104.3M | Reduce -4.7% |
| AIT Applied Industrial Tech Inc. | 0.93% | 527,425 | $104.2M | Add +1.6% |
| ITT Itt Inc. | 0.91% | 752,580 | $102.4M | Add +1.4% |
| TKR Timken Co. | 0.89% | 1,143,028 | $99.9M | Add +0.9% |
| ZION Zions Bancorp NA | 0.88% | 2,283,156 | $99.1M | Add +1.6% |
| TRS Trimas Corp. | 0.75% | 3,137,576 | $83.9M | Add +1.0% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.73% | 811,436 | $82.3M | Reduce -7.1% |
| ATR Aptargroup Inc. | 0.69% | 539,971 | $77.7M | Add +0.1% |
| WTM White Mountains Insurance GP | 0.62% | 38,995 | $70.0M | Add +2.7% |
| ATKR Atkore Inc. | 0.57% | 336,008 | $64.0M | New |
| CTS CTS Corp. | 0.50% | 1,204,874 | $56.4M | Add +1.5% |
| FN Fabrinet | 0.40% | 235,438 | $44.5M | Add +1.1% |
| BMRRY B&M European Value-Unsp ADR filed as B AND M EUROPEAN VALUEUNSP ADR | 0.01% | 54,915 | $1.5M | Add +3.4% |
| SDXAY Sodexo-Sponsored ADR | 0.01% | 82,565 | $1.4M | Add +5.2% |
| WEIGF Weir PLC filed as Weir Group PLC | 0.01% | 53,466 | $1.4M | New |
| IVV iShares Core S&P 500 ETF | 0.01% | 2,340 | $1.2M | Reduce -88.2% |
| DEO Diageo PLC-Sponsored ADR | 0.01% | 6,878 | $1.0M | Add +3.6% |
| GGGSF Greggs PLC | 0.00% | 5,580 | $203K | New |
Portfolio Sells Q4 2023 → Q1 2024
| SAP Sap SE-Sponsored ADR | Sold out | 0.00% | −1.56 |
| UNH Unitedhealth Group Inc. | Reduce -23.7% | 1.84% | −0.86 |
| SONY Sony Group Corp. - SP ADR | Reduce -5.5% | 2.24% | −0.51 |
| MU Micron Technology Inc. | Reduce -37.3% | 2.36% | −0.50 |
| PHG Koninklijke Philips NVR- NY | Reduce -5.1% | 1.22% | −0.36 |
| SKX Skechers USA Inc. Class A | Reduce -12.1% | 1.39% | −0.30 |
| DLTR Dollar Tree Inc. | Reduce -6.7% | 1.49% | −0.30 |
| SCHW Schwab (charles) Corp. | Reduce -6.8% | 3.10% | −0.22 |
| BKNG Booking Holdings Inc. | Reduce -2.2% | 4.40% | −0.22 |
| CARR Carrier Global Corp. | Reduce -6.6% | 1.91% | −0.21 |
| SNN Smith & Nephew PLC -Spon ADR | Reduce -4.8% | 1.05% | −0.20 |
| FMS Fresenius Medical Care-ADR | Reduce -4.7% | 0.93% | −0.18 |
| GOOGL Alphabet Inc. Class A | Reduce -6.8% | 3.06% | −0.13 |
| BLK BlackRock Finance Inc. | Reduce -4.9% | 1.22% | −0.09 |
| NTRS Northern Trust Corp. | Reduce -5.7% | 1.60% | −0.09 |
| IVV iShares Core S&P 500 ETF | Reduce -88.2% | 0.01% | −0.08 |
| AVY Avery Dennison Corp. | Reduce -6.8% | 2.63% | −0.05 |
| SLB SLB Ltd. | Reduce -2.0% | 1.97% | −0.03 |
| TJX TJX Companies Inc. | Reduce -7.1% | 0.73% | −0.03 |
| IWV iShares Russell 3000 ETF | Sold out | 0.00% | −0.02 |
| OMC Omnicom Group | Reduce -7.0% | 1.68% | −0.02 |
| IWM iShares Russell 2000 ETF | Sold out | 0.00% | −0.01 |
| SYY Sysco Corp. | Reduce -4.7% | 1.80% | +0.01 |
| CDW CDW Corp. | Reduce -5.5% | 1.46% | +0.02 |
| FERG Ferguson Jersey Ltd. | Reduce -6.6% | 3.39% | +0.02 |
| DG Dollar General Corp. | Reduce -6.7% | 1.87% | +0.04 |
| CSL Carlisle Cos Inc. | Reduce -14.8% | 3.91% | +0.07 |
| MAS Masco Corp. | Reduce -6.9% | 2.67% | +0.11 |
| ETN Eaton Corp. PLC | Reduce -6.2% | 1.01% | +0.14 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -6.2% | 2.97% | +0.15 |
| PGR Progressive Corp. | Reduce -7.0% | 1.87% | +0.24 |
| ACGL Arch Capital Group Ltd. | Reduce -3.0% | 2.39% | +0.31 |
Portfolio Buys Q4 2023 → Q1 2024
| DGX Quest Diagnostics Inc. | New | 1.78% | +1.78 |
| KMX Carmax Inc. | Add +24.6% | 2.50% | +0.64 |
| ATKR Atkore Inc. | New | 0.57% | +0.57 |
| UL Unilever PLC | Add +24.9% | 1.86% | +0.35 |
| CNM Core & Main Inc. Class A | Add +1.4% | 1.19% | +0.32 |
| GTES Gates Industrial Corp. UK Ltd. | Add +1.6% | 1.13% | +0.24 |
| NVT Nvent Electric PLC | Add +2.8% | 1.22% | +0.24 |
| PRI Primerica Inc. | Add +0.8% | 1.07% | +0.16 |
| VVV Valvoline Inc. | Add +1.3% | 1.23% | +0.15 |
| BJ Bj's Wholesale Club Holdings | Add +0.8% | 1.71% | +0.14 |
| FCFS Firstcash Holdings Inc. | Add +2.0% | 1.10% | +0.14 |
| BECN Beacon Roofing Supply Inc. | Add +0.9% | 1.66% | +0.13 |
| DCI Donaldson Co. Inc. | Add +0.7% | 1.22% | +0.11 |
| FBIN Fortune Brands Innovations I | Add +1.2% | 1.51% | +0.10 |
| AIT Applied Industrial Tech Inc. | Add +1.6% | 0.93% | +0.09 |
| WTM White Mountains Insurance GP | Add +2.7% | 0.62% | +0.09 |
| RYAAY Ryanair Holdings PLC-SP ADR | Add +2.4% | 1.41% | +0.08 |
| ITT Itt Inc. | Add +1.4% | 0.91% | +0.08 |
| ATR Aptargroup Inc. | Add +0.1% | 0.69% | +0.07 |
| TKR Timken Co. | Add +0.9% | 0.89% | +0.04 |
| HLI Houlihan Lokey Inc. | Add +0.8% | 1.38% | +0.03 |
| NSIT Insight Enterprises Inc. | Add +2.1% | 1.34% | +0.02 |
| ARW Arrow Electronics Inc. | Add +0.8% | 1.05% | +0.02 |
| CTS CTS Corp. | Add +1.5% | 0.50% | +0.02 |
| CCEP Coca-Cola Europacific Partne | Add +1.7% | 1.13% | +0.02 |
| WEIGF Weir PLC | New | 0.01% | +0.01 |
| TRS Trimas Corp. | Add +1.0% | 0.75% | +0.01 |
| GGGSF Greggs PLC | New | 0.00% | +0.00 |
| SSD Simpson Manufacturing Co. Inc. | Add +1.5% | 1.68% | +0.00 |
| DEO Diageo PLC-Sponsored ADR | Add +3.6% | 0.01% | +0.00 |
| BMRRY B&M European Value-Unsp ADR | Add +3.4% | 0.01% | −0.00 |
| SDXAY Sodexo-Sponsored ADR | Add +5.2% | 0.01% | −0.00 |
| FN Fabrinet | Add +1.1% | 0.40% | −0.02 |
| ZION Zions Bancorp NA | Add +1.6% | 0.88% | −0.04 |
| IPG Interpublic Group of Cos Inc. | Add +0.6% | 1.11% | −0.05 |
| HSIC Henry Schein Inc. | Add +0.8% | 1.55% | −0.07 |
| PLXS Plexus Corp. | Add +1.1% | 1.05% | −0.19 |
| G Genpact Ltd. | Add +1.9% | 2.38% | −0.21 |
| RHI Robert Half Inc. | Add +1.0% | 1.39% | −0.21 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 56 | $7.0B | ARMK, BKNG, NSIT, SCHW, VVV |
| Q1 2026 | 62 | $8.1B | ARMK, BKNG, SCHW, FERG, AVY |
| Q4 2025 | 67 | $9.1B | ARMK, BKNG, SCHW, FERG, AVY |
| Q3 2025 | 68 | $9.9B | ARMK, FERG, BKNG, SCHW, AVY |
| Q2 2025 | 67 | $10.4B | FERG, BKNG, ARMK, SCHW, CARR |
| Q1 2025 | 66 | $10.4B | BKNG, FERG, ARMK, SCHW, G |
| Q4 2024 | 70 | $10.7B | BKNG, FERG, ARMK, G, SCHW |
| Q3 2024 | 69 | $11.4B | FERG, BKNG, CSL, ARMK, G |
| Q2 2024 | 70 | $10.7B | BKNG, CSL, GOOGL, SCHW, FERG |
| Q1 2024 | 68 | $11.2B | BKNG, CSL, FERG, SCHW, GOOGL |