Fiduciary Management Inc.
In its 13F for Q3 2024 (holdings as of September 30, 2024, filed November 14, 2024), Fiduciary Management Inc. reported 69 stock positions worth $11.4 billion. Its top holding was Ferguson Enterprises (FERG) at 5.1% of the portfolio, followed by Booking (BKNG, 4.8%) and Carlisle Cos (CSL, 4.2%). Compared with Q2 2024, it opened 2 new positions, sold out of 3, added to 18 and reduced 46. The biggest buy was Ferguson Enterprises (FERG, shares +79%) and the biggest sale an exit from Dollar General (DG).
- Most Recent 13F
- Q2 2026
- Location
- MILWAUKEE, WI
- CIK
- 0000764532
- Portfolio Value
- $11.4B (Q3 2024)
- SEC Filing
- 0000764532-24-000006 ↗ filed Nov 14, 2024
Holdings Value
Holdings 69 stocks · $11.4B
| FERG Ferguson Enterprises Inc. | 5.14% | 2,954,331 | $586.6M | Add +78.8% |
| BKNG Booking Holdings Inc. | 4.81% | 130,226 | $548.5M | Reduce -3.3% |
| CSL Carlisle Cos Inc. | 4.18% | 1,059,912 | $476.7M | Reduce -2.0% |
| ARMK Aramark | 3.60% | 10,594,561 | $410.3M | Add +72.6% |
| G Genpact Ltd. | 3.26% | 9,494,930 | $372.3M | Reduce -1.0% |
| BRK.B Berkshire Hathaway Inc. Class B | 2.94% | 728,355 | $335.2M | Reduce -3.0% |
| SCHW Schwab (charles) Corp. | 2.86% | 5,032,867 | $326.2M | Add +11.2% |
| AVY Avery Dennison Corp. | 2.71% | 1,399,680 | $309.0M | Add +12.2% |
| MAS Masco Corp. | 2.54% | 3,448,579 | $289.5M | Reduce -3.5% |
| CARR Carrier Global Corp. | 2.40% | 3,405,295 | $274.1M | Reduce -2.8% |
| GOOGL Alphabet Inc. Class A | 2.16% | 1,487,739 | $246.7M | Reduce -30.5% |
| UL Unilever PLC | 2.16% | 3,791,283 | $246.3M | Reduce -3.0% |
| PGR Progressive Corp. | 2.08% | 934,043 | $237.0M | Reduce -3.2% |
| KMX Carmax Inc. | 1.99% | 2,935,025 | $227.1M | Reduce -3.3% |
| UNH Unitedhealth Group Inc. | 1.95% | 381,601 | $223.1M | Reduce -3.4% |
| DGX Quest Diagnostics Inc. | 1.89% | 1,386,777 | $215.3M | Reduce -2.8% |
| PHG Koninklijke Philips NVR- NY | 1.85% | 6,467,568 | $211.6M | Reduce -3.5% |
| SYY Sysco Corp. | 1.83% | 2,682,533 | $209.4M | Add +13.1% |
| SONY Sony Group Corp. - SP ADR | 1.83% | 2,162,722 | $208.9M | Add +47.0% |
| HLI Houlihan Lokey Inc. | 1.68% | 1,213,716 | $191.8M | Reduce -0.2% |
| OMC Omnicom Group | 1.62% | 1,783,051 | $184.3M | Reduce -3.2% |
| FBIN Fortune Brands Innovations I | 1.60% | 2,034,049 | $182.1M | Add +0.1% |
| SSD Simpson Manufacturing Co. Inc. | 1.55% | 923,993 | $176.7M | Reduce -0.1% |
| NSIT Insight Enterprises Inc. | 1.53% | 813,137 | $175.1M | Reduce -0.1% |
| CCEP Coca-Cola Europacific Partne | 1.49% | 2,160,806 | $170.2M | Add +14.4% |
| ACGL Arch Capital Group Ltd. | 1.49% | 1,518,500 | $169.9M | Reduce -46.6% |
| PLXS Plexus Corp. | 1.49% | 1,242,333 | $169.8M | Reduce -0.2% |
| HSIC Henry Schein Inc. | 1.48% | 2,320,345 | $169.2M | Reduce -0.2% |
| SKX Skechers USA Inc. Class A | 1.48% | 2,525,607 | $169.0M | Reduce -0.3% |
| BJ Bj's Wholesale Club Holdings filed as BJS WHSL CLUB HLDGS INC | 1.45% | 2,008,011 | $165.6M | Reduce -27.4% |
| SLB SLB Ltd. filed as SCHLUMBERGER LTD | 1.43% | 3,882,141 | $162.9M | Reduce -1.9% |
| MU Micron Technology Inc. | 1.37% | 1,510,030 | $156.6M | Reduce -1.8% |
| RYAAY Ryanair Holdings PLC-SP ADR | 1.31% | 3,321,875 | $150.1M | Add +145.4% |
| ORLY O'reilly Automotive Inc. | 1.31% | 129,715 | $149.4M | Reduce -1.3% |
| ARW Arrow Electronics Inc. | 1.25% | 1,075,016 | $142.8M | Add +17.6% |
| BLK BlackRock Inc. | 1.23% | 148,335 | $140.8M | Reduce -2.3% |
| FMS Fresenius Medical Care-ADR | 1.22% | 6,561,184 | $139.8M | Add +26.9% |
| DCI Donaldson Co. Inc. | 1.19% | 1,841,896 | $135.7M | Reduce -0.1% |
| CDW CDW Corp. | 1.16% | 585,388 | $132.5M | Add +46.5% |
| SNN Smith & Nephew PLC -Spon ADR | 1.15% | 4,231,703 | $131.8M | Reduce -3.0% |
| RHI Robert Half Inc. | 1.15% | 1,951,017 | $131.5M | Reduce -0.5% |
| VVV Valvoline Inc. | 1.15% | 3,124,789 | $130.8M | Reduce -0.1% |
| PRI Primerica Inc. | 1.12% | 482,008 | $127.8M | Reduce -0.1% |
| GTES Gates Industrial Corp. UK Ltd. | 1.11% | 7,203,653 | $126.4M | Reduce -0.0% |
| CNM Core & Main Inc. Class A | 1.11% | 2,841,903 | $126.2M | Add +21.4% |
| IPG Interpublic Group of Cos Inc. | 1.06% | 3,829,475 | $121.1M | Reduce -0.1% |
| AIT Applied Industrial Tech Inc. | 1.04% | 530,570 | $118.4M | Reduce -0.1% |
| BECN Beacon Roofing Supply Inc. | 0.97% | 1,285,099 | $111.1M | Reduce -19.4% |
| ZION Zions Bancorp NA | 0.95% | 2,296,751 | $108.5M | Reduce -0.1% |
| NVT Nvent Electric PLC | 0.95% | 1,541,432 | $108.3M | Reduce -0.2% |
| DLTR Dollar Tree Inc. | 0.94% | 1,527,747 | $107.4M | Reduce -1.7% |
| OMF Onemain Holdings Inc. | 0.89% | 2,162,390 | $101.8M | Add +0.1% |
| TKR Timken Co. | 0.84% | 1,135,441 | $95.7M | Reduce -0.3% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.78% | 753,884 | $88.6M | Reduce -2.3% |
| ATR Aptargroup Inc. | 0.76% | 543,419 | $87.1M | Add +0.1% |
| NTRS Northern Trust Corp. | 0.75% | 950,338 | $85.6M | Reduce -37.8% |
| FCFS Firstcash Holdings Inc. | 0.74% | 740,268 | $85.0M | Reduce -0.2% |
| WTM White Mountains Insurance GP | 0.73% | 49,320 | $83.7M | Reduce -0.1% |
| TRS Trimas Corp. | 0.71% | 3,189,496 | $81.4M | Reduce -0.1% |
| CTS CTS Corp. | 0.51% | 1,210,741 | $58.6M | Reduce -0.2% |
| WEIGF Weir PLC filed as Weir Group PLC | 0.02% | 69,355 | $2.0M | Add +13.2% |
| BMRRY B&M European Value-Unsp ADR | 0.02% | 77,772 | $1.7M | Add +10.8% |
| SDXAY Sodexo-Sponsored ADR | 0.01% | 104,489 | $1.7M | No change |
| DEO Diageo PLC-Sponsored ADR | 0.01% | 8,450 | $1.2M | Add +21.7% |
| IWM iShares Russell 2000 ETF | 0.01% | 3,380 | $747K | New |
| IVV iShares Core S&P 500 ETF | 0.00% | 925 | $534K | New |
| RHHBY Roche Holdings Ltd.-Spons ADR | 0.00% | 5,991 | $239K | No change |
| GGGSF Greggs PLC | 0.00% | 5,552 | $233K | Reduce -13.7% |
| RXEEY Rexel SA - Unsponsored ADR | 0.00% | 7,777 | $226K | No change |
Portfolio Sells Q2 2024 → Q3 2024
| DG Dollar General Corp. | Sold out | 0.00% | −1.56 |
| GOOGL Alphabet Inc. Class A | Reduce -30.5% | 2.16% | −1.47 |
| ACGL Arch Capital Group Ltd. | Reduce -46.6% | 1.49% | −1.18 |
| BJ Bj's Wholesale Club Holdings | Reduce -27.4% | 1.45% | −0.81 |
| DLTR Dollar Tree Inc. | Reduce -1.7% | 0.94% | −0.60 |
| ATKR Atkore Inc. | Sold out | 0.00% | −0.57 |
| FN Fabrinet | Sold out | 0.00% | −0.55 |
| MU Micron Technology Inc. | Reduce -1.8% | 1.37% | −0.51 |
| NTRS Northern Trust Corp. | Reduce -37.8% | 0.75% | −0.44 |
| BECN Beacon Roofing Supply Inc. | Reduce -19.4% | 0.97% | −0.37 |
| SLB SLB Ltd. | Reduce -1.9% | 1.43% | −0.31 |
| BKNG Booking Holdings Inc. | Reduce -3.3% | 4.81% | −0.16 |
| NVT Nvent Electric PLC | Reduce -0.2% | 0.95% | −0.15 |
| SKX Skechers USA Inc. Class A | Reduce -0.3% | 1.48% | −0.15 |
| VVV Valvoline Inc. | Reduce -0.1% | 1.15% | −0.11 |
| WTM White Mountains Insurance GP | Reduce -0.1% | 0.73% | −0.10 |
| KMX Carmax Inc. | Reduce -3.3% | 1.99% | −0.08 |
| CTS CTS Corp. | Reduce -0.2% | 0.51% | −0.06 |
| TRS Trimas Corp. | Reduce -0.1% | 0.71% | −0.05 |
| DCI Donaldson Co. Inc. | Reduce -0.1% | 1.19% | −0.04 |
| RHI Robert Half Inc. | Reduce -0.5% | 1.15% | −0.01 |
| TJX TJX Companies Inc. | Reduce -2.3% | 0.78% | −0.01 |
| TKR Timken Co. | Reduce -0.3% | 0.84% | −0.01 |
| GGGSF Greggs PLC | Reduce -13.7% | 0.00% | −0.00 |
| ORLY O'reilly Automotive Inc. | Reduce -1.3% | 1.31% | +0.02 |
| FCFS Firstcash Holdings Inc. | Reduce -0.2% | 0.74% | +0.02 |
| ZION Zions Bancorp NA | Reduce -0.1% | 0.95% | +0.02 |
| IPG Interpublic Group of Cos Inc. | Reduce -0.1% | 1.06% | +0.02 |
| NSIT Insight Enterprises Inc. | Reduce -0.1% | 1.53% | +0.03 |
| GTES Gates Industrial Corp. UK Ltd. | Reduce -0.0% | 1.11% | +0.05 |
| PRI Primerica Inc. | Reduce -0.1% | 1.12% | +0.06 |
| DGX Quest Diagnostics Inc. | Reduce -2.8% | 1.89% | +0.07 |
| OMC Omnicom Group | Reduce -3.2% | 1.62% | +0.08 |
| AIT Applied Industrial Tech Inc. | Reduce -0.1% | 1.04% | +0.08 |
| UNH Unitedhealth Group Inc. | Reduce -3.4% | 1.95% | +0.08 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -3.0% | 2.94% | +0.09 |
| HSIC Henry Schein Inc. | Reduce -0.2% | 1.48% | +0.10 |
| CSL Carlisle Cos Inc. | Reduce -2.0% | 4.18% | +0.10 |
| SSD Simpson Manufacturing Co. Inc. | Reduce -0.1% | 1.55% | +0.10 |
| BLK BlackRock Inc. | Reduce -2.3% | 1.23% | +0.12 |
| SNN Smith & Nephew PLC -Spon ADR | Reduce -3.0% | 1.15% | +0.15 |
| HLI Houlihan Lokey Inc. | Reduce -0.2% | 1.68% | +0.15 |
| UL Unilever PLC | Reduce -3.0% | 2.16% | +0.16 |
| PGR Progressive Corp. | Reduce -3.2% | 2.08% | +0.21 |
| PHG Koninklijke Philips NVR- NY | Reduce -3.5% | 1.85% | +0.28 |
| PLXS Plexus Corp. | Reduce -0.2% | 1.49% | +0.29 |
| MAS Masco Corp. | Reduce -3.5% | 2.54% | +0.32 |
| CARR Carrier Global Corp. | Reduce -2.8% | 2.40% | +0.34 |
| G Genpact Ltd. | Reduce -1.0% | 3.26% | +0.39 |
Portfolio Buys Q2 2024 → Q3 2024
| FERG Ferguson Enterprises Inc. | Add +78.8% | 5.14% | +2.16 |
| ARMK Aramark | Add +72.6% | 3.60% | +1.65 |
| SONY Sony Group Corp. - SP ADR | Add +47.0% | 1.83% | +0.67 |
| FBIN Fortune Brands Innovations I | Add +0.1% | 1.60% | +0.37 |
| CDW CDW Corp. | Add +46.5% | 1.16% | +0.33 |
| FMS Fresenius Medical Care-ADR | Add +26.9% | 1.22% | +0.31 |
| SYY Sysco Corp. | Add +13.1% | 1.83% | +0.26 |
| ARW Arrow Electronics Inc. | Add +17.6% | 1.25% | +0.22 |
| CCEP Coca-Cola Europacific Partne | Add +14.4% | 1.49% | +0.21 |
| AVY Avery Dennison Corp. | Add +12.2% | 2.71% | +0.17 |
| ATR Aptargroup Inc. | Add +0.1% | 0.76% | +0.05 |
| CNM Core & Main Inc. Class A | Add +21.4% | 1.11% | +0.04 |
| IWM iShares Russell 2000 ETF | New | 0.01% | +0.01 |
| IVV iShares Core S&P 500 ETF | New | 0.00% | +0.00 |
| WEIGF Weir PLC | Add +13.2% | 0.02% | +0.00 |
| DEO Diageo PLC-Sponsored ADR | Add +21.7% | 0.01% | +0.00 |
| BMRRY B&M European Value-Unsp ADR | Add +10.8% | 0.02% | +0.00 |
| OMF Onemain Holdings Inc. | Add +0.1% | 0.89% | −0.08 |
| RYAAY Ryanair Holdings PLC-SP ADR | Add +145.4% | 1.31% | −0.15 |
| SCHW Schwab (charles) Corp. | Add +11.2% | 2.86% | −0.25 |
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 |