Fiduciary Management Inc.
In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 13, 2025), Fiduciary Management Inc. reported 70 stock positions worth $10.7 billion. Its top holding was Booking (BKNG) at 5.2% of the portfolio, followed by Ferguson Enterprises (FERG, 4.5%) and Aramark (ARMK, 4.0%). Compared with Q3 2024, it opened 8 new positions, sold out of 7, added to 16 and reduced 44. The biggest buy was a new position in CSX (CSX) and the biggest sale Carlisle Cos (CSL, shares −49%).
- Most Recent 13F
- Q2 2026
- Location
- MILWAUKEE, WI
- CIK
- 0000764532
- Portfolio Value
- $10.7B (Q4 2024)
- SEC Filing
- 0000764532-25-000002 ↗ filed Feb 13, 2025
Holdings Value
Holdings 70 stocks · $10.7B
| BKNG Booking Holdings Inc. | 5.21% | 112,365 | $558.3M | Reduce -13.7% |
| FERG Ferguson Enterprises Inc. | 4.52% | 2,790,677 | $484.4M | Reduce -5.5% |
| ARMK Aramark | 3.99% | 11,454,740 | $427.4M | Add +8.1% |
| G Genpact Ltd. | 3.67% | 9,145,480 | $392.8M | Reduce -3.7% |
| SCHW Schwab (charles) Corp. | 3.30% | 4,780,518 | $353.8M | Reduce -5.0% |
| BRK.B Berkshire Hathaway Inc. Class B | 2.90% | 685,182 | $310.6M | Reduce -5.9% |
| GOOGL Alphabet Inc. Class A | 2.49% | 1,410,180 | $266.9M | Reduce -5.2% |
| AVY Avery Dennison Corp. | 2.33% | 1,337,293 | $250.2M | Reduce -4.5% |
| MAS Masco Corp. | 2.22% | 3,273,552 | $237.6M | Reduce -5.1% |
| KMX Carmax Inc. | 2.10% | 2,758,978 | $225.6M | Reduce -6.0% |
| CARR Carrier Global Corp. | 2.05% | 3,223,256 | $220.0M | Reduce -5.3% |
| SONY Sony Group Corp. - SP ADR | 2.04% | 10,320,498 | $218.4M | Reduce -4.6% |
| PGR Progressive Corp. | 1.98% | 885,038 | $212.1M | Reduce -5.3% |
| UNH Unitedhealth Group Inc. | 1.97% | 417,624 | $211.3M | Add +9.4% |
| HLI Houlihan Lokey Inc. | 1.96% | 1,209,230 | $210.0M | Reduce -0.4% |
| UL Unilever PLC | 1.92% | 3,636,325 | $206.2M | Reduce -4.1% |
| CSL Carlisle Cos Inc. | 1.86% | 540,938 | $199.5M | Reduce -49.0% |
| SYY Sysco Corp. | 1.84% | 2,572,917 | $196.7M | Reduce -4.1% |
| DGX Quest Diagnostics Inc. | 1.83% | 1,302,700 | $196.5M | Reduce -6.1% |
| BJ Bj's Wholesale Club Holdings filed as BJS WHSL CLUB HLDGS INC | 1.67% | 2,008,004 | $179.4M | Reduce 0.0% |
| CSX CSX Corp. | 1.66% | 5,523,970 | $178.3M | New |
| ARW Arrow Electronics Inc. | 1.63% | 1,548,925 | $175.2M | Add +44.1% |
| HSIC Henry Schein Inc. | 1.61% | 2,488,335 | $172.2M | Add +7.2% |
| SKX Skechers USA Inc. Class A | 1.57% | 2,509,778 | $168.8M | Reduce -0.6% |
| RHI Robert Half Inc. | 1.48% | 2,251,541 | $158.6M | Add +15.4% |
| CCEP Coca-Cola Europacific Partne | 1.47% | 2,050,681 | $157.5M | Reduce -5.1% |
| PHG Koninklijke Philips NVR- NY | 1.46% | 6,176,682 | $156.4M | Reduce -4.5% |
| SSD Simpson Manufacturing Co. Inc. | 1.43% | 922,271 | $152.9M | Reduce -0.2% |
| VVV Valvoline Inc. | 1.43% | 4,221,275 | $152.7M | Add +35.1% |
| DCI Donaldson Co. Inc. | 1.39% | 2,209,279 | $148.8M | Add +19.9% |
| GTES Gates Industrial Corp. UK Ltd. | 1.39% | 7,224,844 | $148.6M | Add +0.3% |
| PLXS Plexus Corp. | 1.38% | 944,757 | $147.8M | Reduce -23.9% |
| ORLY O'reilly Automotive Inc. | 1.35% | 121,682 | $144.3M | Reduce -6.2% |
| CNM Core & Main Inc. Class A | 1.35% | 2,833,682 | $144.3M | Reduce -0.3% |
| BLK BlackRock Inc. | 1.33% | 139,488 | $143.0M | Reduce -6.0% |
| FMS Fresenius Medical Care-ADR | 1.33% | 6,308,663 | $142.8M | Reduce -3.9% |
| SLB SLB Ltd. filed as SCHLUMBERGER LTD | 1.31% | 3,663,748 | $140.5M | Reduce -5.6% |
| FBIN Fortune Brands Innovations I | 1.30% | 2,031,642 | $138.8M | Reduce -0.1% |
| RYAAY Ryanair Holdings PLC-SP ADR | 1.26% | 3,109,308 | $135.5M | Reduce -6.4% |
| FCFS Firstcash Holdings Inc. | 1.26% | 1,303,533 | $135.0M | Add +76.1% |
| BECN Beacon Roofing Supply Inc. | 1.21% | 1,278,557 | $129.9M | Reduce -0.5% |
| PRI Primerica Inc. | 1.21% | 477,521 | $129.6M | Reduce -0.9% |
| CDW CDW Corp. | 1.19% | 731,661 | $127.3M | Add +25.0% |
| ZION Zions Bancorp NA | 1.16% | 2,293,386 | $124.4M | Reduce -0.1% |
| NSIT Insight Enterprises Inc. | 1.15% | 810,329 | $123.3M | Reduce -0.3% |
| MU Micron Technology Inc. | 1.13% | 1,437,244 | $121.0M | Reduce -4.8% |
| MCHP Microchip Technology Inc. | 1.11% | 2,082,492 | $119.4M | New |
| ALLE Allegion PLC | 1.09% | 891,367 | $116.5M | New |
| OMF Onemain Holdings Inc. | 1.06% | 2,173,714 | $113.3M | Add +0.5% |
| DLTR Dollar Tree Inc. | 1.01% | 1,444,833 | $108.3M | Reduce -5.4% |
| NVT Nvent Electric PLC | 0.98% | 1,534,773 | $104.6M | Reduce -0.4% |
| SNN Smith & Nephew PLC -Spon ADR | 0.92% | 3,998,641 | $98.3M | Reduce -5.5% |
| WTM White Mountains Insurance GP | 0.89% | 49,114 | $95.5M | Reduce -0.4% |
| ICLR Icon PLC | 0.87% | 444,100 | $93.1M | New |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.80% | 709,138 | $85.7M | Reduce -5.9% |
| ATR Aptargroup Inc. | 0.80% | 545,059 | $85.6M | Add +0.3% |
| TKR Timken Co. | 0.76% | 1,137,130 | $81.2M | Add +0.1% |
| TRS Trimas Corp. | 0.60% | 2,610,861 | $64.2M | Reduce -18.1% |
| CTS CTS Corp. | 0.59% | 1,207,804 | $63.7M | Reduce -0.2% |
| HAYW Hayward Holdings Inc. | 0.59% | 4,116,988 | $62.9M | New |
| AIT Applied Industrial Tech Inc. | 0.54% | 243,440 | $58.3M | Reduce -54.1% |
| IVV iShares Core S&P 500 ETF | 0.03% | 5,167 | $3.0M | Add +458.6% |
| WEIGF Weir PLC filed as Weir Group PLC | 0.02% | 69,355 | $1.9M | No change |
| SDXAY Sodexo-Sponsored ADR | 0.02% | 104,940 | $1.7M | Add +0.4% |
| IJR iShares Core S&P Small-Cap E | 0.01% | 13,245 | $1.5M | New |
| BMRRY B&M European Value-Unsp ADR filed as B AND M EUROPEAN VALUEUNSP ADR | 0.01% | 81,752 | $1.5M | Add +5.1% |
| DEO Diageo PLC-Sponsored ADR | 0.01% | 8,285 | $1.1M | Reduce -1.9% |
| IWV iShares Russell 3000 ETF | 0.01% | 1,965 | $657K | New |
| RHHBY Roche Holdings Ltd.-Spons ADR | 0.00% | 5,991 | $209K | No change |
| EDNMY Edenred SA-Unsp ADR | 0.00% | 12,365 | $198K | New |
Portfolio Sells Q3 2024 → Q4 2024
| CSL Carlisle Cos Inc. | Reduce -49.0% | 1.86% | −2.31 |
| OMC Omnicom Group | Sold out | 0.00% | −1.62 |
| ACGL Arch Capital Group Ltd. | Sold out | 0.00% | −1.49 |
| IPG Interpublic Group of Cos Inc. | Sold out | 0.00% | −1.06 |
| NTRS Northern Trust Corp. | Sold out | 0.00% | −0.75 |
| FERG Ferguson Enterprises Inc. | Reduce -5.5% | 4.52% | −0.62 |
| AIT Applied Industrial Tech Inc. | Reduce -54.1% | 0.54% | −0.49 |
| PHG Koninklijke Philips NVR- NY | Reduce -4.5% | 1.46% | −0.39 |
| NSIT Insight Enterprises Inc. | Reduce -0.3% | 1.15% | −0.38 |
| AVY Avery Dennison Corp. | Reduce -4.5% | 2.33% | −0.37 |
| CARR Carrier Global Corp. | Reduce -5.3% | 2.05% | −0.35 |
| MAS Masco Corp. | Reduce -5.1% | 2.22% | −0.32 |
| FBIN Fortune Brands Innovations I | Reduce -0.1% | 1.30% | −0.30 |
| MU Micron Technology Inc. | Reduce -4.8% | 1.13% | −0.24 |
| SNN Smith & Nephew PLC -Spon ADR | Reduce -5.5% | 0.92% | −0.24 |
| UL Unilever PLC | Reduce -4.1% | 1.92% | −0.23 |
| SSD Simpson Manufacturing Co. Inc. | Reduce -0.2% | 1.43% | −0.12 |
| SLB SLB Ltd. | Reduce -5.6% | 1.31% | −0.12 |
| TRS Trimas Corp. | Reduce -18.1% | 0.60% | −0.11 |
| PLXS Plexus Corp. | Reduce -23.9% | 1.38% | −0.11 |
| PGR Progressive Corp. | Reduce -5.3% | 1.98% | −0.10 |
| DGX Quest Diagnostics Inc. | Reduce -6.1% | 1.83% | −0.05 |
| RYAAY Ryanair Holdings PLC-SP ADR | Reduce -6.4% | 1.26% | −0.05 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -5.9% | 2.90% | −0.04 |
| CCEP Coca-Cola Europacific Partne | Reduce -5.1% | 1.47% | −0.02 |
| IWM iShares Russell 2000 ETF | Sold out | 0.00% | −0.01 |
| RXEEY Rexel SA - Unsponsored ADR | Sold out | 0.00% | −0.00 |
| GGGSF Greggs PLC | Sold out | 0.00% | −0.00 |
| DEO Diageo PLC-Sponsored ADR | Reduce -1.9% | 0.01% | −0.00 |
| SYY Sysco Corp. | Reduce -4.1% | 1.84% | +0.00 |
| TJX TJX Companies Inc. | Reduce -5.9% | 0.80% | +0.02 |
| NVT Nvent Electric PLC | Reduce -0.4% | 0.98% | +0.03 |
| ORLY O'reilly Automotive Inc. | Reduce -6.2% | 1.35% | +0.04 |
| DLTR Dollar Tree Inc. | Reduce -5.4% | 1.01% | +0.07 |
| CTS CTS Corp. | Reduce -0.2% | 0.59% | +0.08 |
| PRI Primerica Inc. | Reduce -0.9% | 1.21% | +0.09 |
| SKX Skechers USA Inc. Class A | Reduce -0.6% | 1.57% | +0.09 |
| BLK BlackRock Inc. | Reduce -6.0% | 1.33% | +0.10 |
| FMS Fresenius Medical Care-ADR | Reduce -3.9% | 1.33% | +0.11 |
| KMX Carmax Inc. | Reduce -6.0% | 2.10% | +0.11 |
| WTM White Mountains Insurance GP | Reduce -0.4% | 0.89% | +0.16 |
| SONY Sony Group Corp. - SP ADR | Reduce -4.6% | 2.04% | +0.21 |
| ZION Zions Bancorp NA | Reduce -0.1% | 1.16% | +0.21 |
| BJ Bj's Wholesale Club Holdings | Reduce 0.0% | 1.67% | +0.22 |
| BECN Beacon Roofing Supply Inc. | Reduce -0.5% | 1.21% | +0.24 |
| CNM Core & Main Inc. Class A | Reduce -0.3% | 1.35% | +0.24 |
| HLI Houlihan Lokey Inc. | Reduce -0.4% | 1.96% | +0.28 |
| GOOGL Alphabet Inc. Class A | Reduce -5.2% | 2.49% | +0.33 |
| BKNG Booking Holdings Inc. | Reduce -13.7% | 5.21% | +0.40 |
| G Genpact Ltd. | Reduce -3.7% | 3.67% | +0.40 |
Portfolio Buys Q3 2024 → Q4 2024
| CSX CSX Corp. | New | 1.66% | +1.66 |
| MCHP Microchip Technology Inc. | New | 1.11% | +1.11 |
| ALLE Allegion PLC | New | 1.09% | +1.09 |
| ICLR Icon PLC | New | 0.87% | +0.87 |
| HAYW Hayward Holdings Inc. | New | 0.59% | +0.59 |
| FCFS Firstcash Holdings Inc. | Add +76.1% | 1.26% | +0.52 |
| ARMK Aramark | Add +8.1% | 3.99% | +0.39 |
| ARW Arrow Electronics Inc. | Add +44.1% | 1.63% | +0.38 |
| RHI Robert Half Inc. | Add +15.4% | 1.48% | +0.33 |
| VVV Valvoline Inc. | Add +35.1% | 1.43% | +0.28 |
| GTES Gates Industrial Corp. UK Ltd. | Add +0.3% | 1.39% | +0.28 |
| DCI Donaldson Co. Inc. | Add +19.9% | 1.39% | +0.20 |
| OMF Onemain Holdings Inc. | Add +0.5% | 1.06% | +0.17 |
| HSIC Henry Schein Inc. | Add +7.2% | 1.61% | +0.12 |
| ATR Aptargroup Inc. | Add +0.3% | 0.80% | +0.04 |
| CDW CDW Corp. | Add +25.0% | 1.19% | +0.03 |
| IVV iShares Core S&P 500 ETF | Add +458.6% | 0.03% | +0.02 |
| UNH Unitedhealth Group Inc. | Add +9.4% | 1.97% | +0.02 |
| IJR iShares Core S&P Small-Cap E | New | 0.01% | +0.01 |
| IWV iShares Russell 3000 ETF | New | 0.01% | +0.01 |
| EDNMY Edenred SA-Unsp ADR | New | 0.00% | +0.00 |
| SDXAY Sodexo-Sponsored ADR | Add +0.4% | 0.02% | +0.00 |
| BMRRY B&M European Value-Unsp ADR | Add +5.1% | 0.01% | −0.00 |
| TKR Timken Co. | Add +0.1% | 0.76% | −0.08 |
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 |