Fiduciary Management Inc.
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Fiduciary Management Inc. reported 68 stock positions worth $9.9 billion. Its top holding was Aramark (ARMK) at 4.8% of the portfolio, followed by Ferguson Enterprises (FERG, 4.5%) and Booking (BKNG, 4.4%). Compared with Q2 2025, it opened 5 new positions, sold out of 4, added to 16 and reduced 47. The biggest buy was a new position in Cavco Industries (CVCO) and the biggest sale Nvent Electric (NVT, shares −79%).
- Most Recent 13F
- Q2 2026
- Location
- MILWAUKEE, WI
- CIK
- 0000764532
- Portfolio Value
- $9.9B (Q3 2025)
- SEC Filing
- 0000764532-25-000012 ↗ filed Nov 14, 2025
Holdings Value
Holdings 68 stocks · $9.9B
| ARMK Aramark | 4.81% | 12,370,241 | $475.0M | Reduce -2.3% |
| FERG Ferguson Enterprises Inc. | 4.50% | 1,981,622 | $445.0M | Reduce -27.0% |
| BKNG Booking Holdings Inc. | 4.38% | 80,215 | $433.1M | Reduce -18.3% |
| SCHW Schwab (charles) Corp. | 4.06% | 4,207,011 | $401.6M | Reduce -4.1% |
| AVY Avery Dennison Corp. | 2.47% | 1,505,699 | $244.2M | Add +22.8% |
| CARR Carrier Global Corp. | 2.28% | 3,773,058 | $225.3M | Add +7.8% |
| BDX Becton Dickinson and Co. | 2.25% | 1,190,188 | $222.8M | Add +32.9% |
| DGX Quest Diagnostics Inc. | 2.21% | 1,147,534 | $218.7M | Reduce -3.2% |
| GOOGL Alphabet Inc. Class A | 2.14% | 868,089 | $211.0M | Reduce -17.0% |
| CSX CSX Corp. | 2.10% | 5,854,820 | $207.9M | Reduce -3.0% |
| ARW Arrow Electronics Inc. | 2.07% | 1,692,696 | $204.8M | Reduce -0.5% |
| FCFS Firstcash Holdings Inc. | 2.06% | 1,284,511 | $203.5M | Reduce -0.4% |
| MAS Masco Corp. | 2.06% | 2,889,862 | $203.4M | Reduce -4.2% |
| DCI Donaldson Co. Inc. | 2.05% | 2,475,600 | $202.6M | Reduce -0.5% |
| PHG Koninklijke Philips NVR- NY | 1.98% | 7,179,234 | $195.7M | Reduce -3.8% |
| PLXS Plexus Corp. | 1.98% | 1,351,362 | $195.5M | Add +44.6% |
| SYY Sysco Corp. | 1.91% | 2,298,091 | $189.2M | Reduce -2.8% |
| UL Unilever PLC | 1.89% | 3,158,201 | $187.2M | Reduce -3.9% |
| BRK.B Berkshire Hathaway Inc. Class B | 1.89% | 371,441 | $186.7M | Reduce -17.3% |
| CSL Carlisle Cos Inc. | 1.88% | 565,068 | $185.9M | Add +8.2% |
| GTES Gates Industrial Corp. UK Ltd. | 1.86% | 7,403,548 | $183.8M | Reduce -0.3% |
| PRI Primerica Inc. | 1.80% | 640,257 | $177.7M | Add +30.9% |
| CDW CDW Corp. | 1.79% | 1,112,998 | $177.3M | Add +63.6% |
| SONY Sony Group Corp. - SP ADR | 1.76% | 6,057,058 | $174.4M | Reduce -27.3% |
| ZION Zions Bancorp NA | 1.73% | 3,029,289 | $171.4M | Add +14.3% |
| VVV Valvoline Inc. | 1.73% | 4,751,721 | $170.6M | Reduce -0.5% |
| SSD Simpson Manufacturing Co. Inc. | 1.72% | 1,017,566 | $170.4M | Reduce -0.6% |
| OMF Onemain Holdings Inc. | 1.70% | 2,975,007 | $168.0M | Reduce -0.5% |
| SLB SLB Ltd. filed as SCHLUMBERGER LTD | 1.66% | 4,769,217 | $163.9M | Reduce -11.8% |
| HSIC Henry Schein Inc. | 1.64% | 2,440,339 | $162.0M | Reduce -0.5% |
| WTM White Mountains Insurance GP | 1.60% | 94,383 | $157.8M | Add +32.0% |
| NSIT Insight Enterprises Inc. | 1.59% | 1,389,510 | $157.6M | Add +27.5% |
| HLI Houlihan Lokey Inc. | 1.55% | 747,832 | $153.5M | Reduce -0.5% |
| ATR Aptargroup Inc. | 1.55% | 1,142,890 | $152.8M | Add +49.6% |
| G Genpact Ltd. | 1.54% | 3,633,725 | $152.2M | Reduce -14.2% |
| COF Capital One Financial Corp. | 1.52% | 707,881 | $150.5M | Reduce -2.6% |
| UNH Unitedhealth Group Inc. | 1.51% | 431,229 | $148.9M | Reduce -3.8% |
| CNM Core & Main Inc. Class A | 1.48% | 2,721,824 | $146.5M | Add +17.7% |
| KMX Carmax Inc. | 1.48% | 3,249,561 | $145.8M | Add +13.1% |
| FMS Fresenius Medical Care-ADR | 1.45% | 5,457,388 | $143.7M | Reduce -3.5% |
| ALLE Allegion PLC | 1.42% | 788,748 | $139.9M | Reduce -3.5% |
| DLTR Dollar Tree Inc. | 1.23% | 1,291,844 | $121.9M | Reduce -3.2% |
| FBIN Fortune Brands Innovations I | 1.23% | 2,273,636 | $121.4M | Reduce -0.4% |
| HAYW Hayward Holdings Inc. | 1.23% | 8,026,486 | $121.4M | Reduce -0.3% |
| MSA Msa Safety Inc. | 1.10% | 634,194 | $109.1M | Add +20.1% |
| PGR Progressive Corp. | 1.10% | 439,923 | $108.6M | Reduce -45.7% |
| RYAAY Ryanair Holdings PLC-SP ADR | 1.09% | 1,794,482 | $108.1M | Reduce -29.5% |
| CCEP Coca-Cola Europacific Partne | 1.06% | 1,160,136 | $104.9M | Reduce -31.6% |
| CVCO Cavco Industries Inc. | 1.01% | 171,225 | $99.4M | New |
| ICLR Icon PLC | 0.99% | 560,938 | $98.2M | Reduce -13.8% |
| BLK BlackRock Inc. | 0.97% | 82,198 | $95.8M | Reduce -2.4% |
| LPX Louisiana-Pacific Corp. | 0.80% | 886,620 | $78.8M | Reduce -0.5% |
| BJ Bj's Wholesale Club Holdings filed as BJS WHSL CLUB HLDGS INC | 0.72% | 765,260 | $71.4M | Reduce -0.4% |
| RHI Robert Half Inc. | 0.64% | 1,870,678 | $63.6M | Reduce -0.8% |
| AIT Applied Industrial Tech Inc. | 0.62% | 233,805 | $61.0M | Reduce -0.4% |
| NVT Nvent Electric PLC | 0.50% | 501,346 | $49.5M | Reduce -79.2% |
| CTS CTS Corp. | 0.48% | 1,177,781 | $47.0M | Reduce -0.6% |
| SFGYY Sony Financial Group Inc.-ADR | 0.07% | 1,202,716 | $6.7M | New |
| WEIGF Weir PLC filed as Weir Group PLC | 0.02% | 67,205 | $2.5M | Reduce -0.8% |
| ASHTY Ashtead Group PLC-Unspon ADR | 0.02% | 6,553 | $1.8M | Add +29.1% |
| URTH iShares MSCI World ETF | 0.01% | 7,908 | $1.4M | New |
| SDXAY Sodexo-Sponsored ADR | 0.01% | 103,610 | $1.3M | Reduce -19.8% |
| BMRRY B&M European Value-Unsp ADR filed as B AND M EUROPEAN VALUEUNSP ADR | 0.01% | 58,884 | $828K | Reduce -28.1% |
| IWM iShares Russell 2000 ETF | 0.01% | 2,590 | $627K | New |
| IVV iShares Core S&P 500 ETF | 0.01% | 766 | $513K | New |
| IFJPY Informa PLC-SP ADR | 0.00% | 12,068 | $304K | Reduce -7.1% |
| RXEEY Rexel SA - Unsponsored ADR | 0.00% | 6,741 | $221K | Reduce -7.0% |
| EDNMY Edenred SA-Unsp ADR | 0.00% | 11,844 | $145K | Add +2.8% |
Portfolio Sells Q2 2025 → Q3 2025
| NVT Nvent Electric PLC | Reduce -79.2% | 0.50% | −1.20 |
| SKX Skechers USA Inc. Class A | Sold out | 0.00% | −1.20 |
| FERG Ferguson Enterprises Inc. | Reduce -27.0% | 4.50% | −1.18 |
| BKNG Booking Holdings Inc. | Reduce -18.3% | 4.38% | −1.07 |
| PGR Progressive Corp. | Reduce -45.7% | 1.10% | −0.98 |
| TKR Timken Co. | Sold out | 0.00% | −0.80 |
| ORLY O'reilly Automotive Inc. | Sold out | 0.00% | −0.78 |
| CCEP Coca-Cola Europacific Partne | Reduce -31.6% | 1.06% | −0.45 |
| SONY Sony Group Corp. - SP ADR | Reduce -27.3% | 1.76% | −0.32 |
| RYAAY Ryanair Holdings PLC-SP ADR | Reduce -29.5% | 1.09% | −0.32 |
| ARMK Aramark | Reduce -2.3% | 4.81% | −0.28 |
| G Genpact Ltd. | Reduce -14.2% | 1.54% | −0.25 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -17.3% | 1.89% | −0.21 |
| RHI Robert Half Inc. | Reduce -0.8% | 0.64% | −0.10 |
| FMS Fresenius Medical Care-ADR | Reduce -3.5% | 1.45% | −0.10 |
| SLB SLB Ltd. | Reduce -11.8% | 1.66% | −0.10 |
| HSIC Henry Schein Inc. | Reduce -0.5% | 1.64% | −0.08 |
| BJ Bj's Wholesale Club Holdings | Reduce -0.4% | 0.72% | −0.07 |
| UL Unilever PLC | Reduce -3.9% | 1.89% | −0.04 |
| DLTR Dollar Tree Inc. | Reduce -3.2% | 1.23% | −0.04 |
| VVV Valvoline Inc. | Reduce -0.5% | 1.73% | −0.01 |
| ARW Arrow Electronics Inc. | Reduce -0.5% | 2.07% | −0.01 |
| CTS CTS Corp. | Reduce -0.6% | 0.48% | −0.01 |
| BMRRY B&M European Value-Unsp ADR | Reduce -28.1% | 0.01% | −0.00 |
| RHHBY Roche Holdings Ltd.-Spons ADR | Sold out | 0.00% | −0.00 |
| SDXAY Sodexo-Sponsored ADR | Reduce -19.8% | 0.01% | −0.00 |
| RXEEY Rexel SA - Unsponsored ADR | Reduce -7.0% | 0.00% | +0.00 |
| IFJPY Informa PLC-SP ADR | Reduce -7.1% | 0.00% | +0.00 |
| WEIGF Weir PLC | Reduce -0.8% | 0.02% | +0.00 |
| COF Capital One Financial Corp. | Reduce -2.6% | 1.52% | +0.04 |
| LPX Louisiana-Pacific Corp. | Reduce -0.5% | 0.80% | +0.06 |
| OMF Onemain Holdings Inc. | Reduce -0.5% | 1.70% | +0.06 |
| ICLR Icon PLC | Reduce -13.8% | 0.99% | +0.08 |
| AIT Applied Industrial Tech Inc. | Reduce -0.4% | 0.62% | +0.09 |
| FBIN Fortune Brands Innovations I | Reduce -0.4% | 1.23% | +0.10 |
| BLK BlackRock Inc. | Reduce -2.4% | 0.97% | +0.12 |
| HAYW Hayward Holdings Inc. | Reduce -0.3% | 1.23% | +0.16 |
| UNH Unitedhealth Group Inc. | Reduce -3.8% | 1.51% | +0.16 |
| DGX Quest Diagnostics Inc. | Reduce -3.2% | 2.21% | +0.17 |
| MAS Masco Corp. | Reduce -4.2% | 2.06% | +0.19 |
| SYY Sysco Corp. | Reduce -2.8% | 1.91% | +0.20 |
| SSD Simpson Manufacturing Co. Inc. | Reduce -0.6% | 1.72% | +0.20 |
| CSX CSX Corp. | Reduce -3.0% | 2.10% | +0.21 |
| GTES Gates Industrial Corp. UK Ltd. | Reduce -0.3% | 1.86% | +0.22 |
| SCHW Schwab (charles) Corp. | Reduce -4.1% | 4.06% | +0.22 |
| HLI Houlihan Lokey Inc. | Reduce -0.5% | 1.55% | +0.26 |
| PHG Koninklijke Philips NVR- NY | Reduce -3.8% | 1.98% | +0.26 |
| ALLE Allegion PLC | Reduce -3.5% | 1.42% | +0.28 |
| GOOGL Alphabet Inc. Class A | Reduce -17.0% | 2.14% | +0.36 |
| FCFS Firstcash Holdings Inc. | Reduce -0.4% | 2.06% | +0.38 |
Portfolio Buys Q2 2025 → Q3 2025
| CVCO Cavco Industries Inc. | New | 1.01% | +1.01 |
| BDX Becton Dickinson and Co. | Add +32.9% | 2.25% | +0.77 |
| PLXS Plexus Corp. | Add +44.6% | 1.98% | +0.76 |
| CDW CDW Corp. | Add +63.6% | 1.79% | +0.63 |
| PRI Primerica Inc. | Add +30.9% | 1.80% | +0.51 |
| ZION Zions Bancorp NA | Add +14.3% | 1.73% | +0.41 |
| AVY Avery Dennison Corp. | Add +22.8% | 2.47% | +0.40 |
| ATR Aptargroup Inc. | Add +49.6% | 1.55% | +0.40 |
| WTM White Mountains Insurance GP | Add +32.0% | 1.60% | +0.36 |
| MSA Msa Safety Inc. | Add +20.1% | 1.10% | +0.25 |
| NSIT Insight Enterprises Inc. | Add +27.5% | 1.59% | +0.15 |
| CNM Core & Main Inc. Class A | Add +17.7% | 1.48% | +0.14 |
| SFGYY Sony Financial Group Inc.-ADR | New | 0.07% | +0.07 |
| URTH iShares MSCI World ETF | New | 0.01% | +0.01 |
| CSL Carlisle Cos Inc. | Add +8.2% | 1.88% | +0.01 |
| IWM iShares Russell 2000 ETF | New | 0.01% | +0.01 |
| ASHTY Ashtead Group PLC-Unspon ADR | Add +29.1% | 0.02% | +0.01 |
| IVV iShares Core S&P 500 ETF | New | 0.01% | +0.01 |
| EDNMY Edenred SA-Unsp ADR | Add +2.8% | 0.00% | −0.00 |
| CARR Carrier Global Corp. | Add +7.8% | 2.28% | −0.18 |
| KMX Carmax Inc. | Add +13.1% | 1.48% | −0.38 |
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 |