| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| - | - | - |
FMI's Q1 2026 outlook addresses market pressures from the Iran war that began February 28, 2026, causing the S&P 500 to decline 4.33% as oil prices soared above $100 per barrel due to Strait of Hormuz blockage. The firm maintains conviction in their quality-focused, value-oriented approach despite recent headwinds, emphasizing that their portfolios contain high-quality businesses with strong balance sheets trading at discounted valuations. Key positioning includes overweight exposure to housing repair and remodel markets, leveraging aging housing stock, mortgage rate lock-in effects, and deferred maintenance creating pent-up demand. FMI holds multiple building materials and construction-related names across portfolios. The firm views AI concerns around holdings like Huron Consulting and Booking Holdings as overblown, seeing AI as revenue opportunity rather than threat. While energy and defense stocks have outperformed due to geopolitical tensions, FMI's historical underweight reflects business quality and valuation considerations. The firm expects their focus on balance sheet strength to drive relative outperformance during market stress, remaining committed to their 45+ year investment process.
FMI maintains conviction in their 45+ year investment process focused on business quality, discounted valuations, and balance sheet strength, believing these factors will drive outperformance over full cycles despite current market volatility from geopolitical events.
FMI remains committed to their investment process despite headwinds facing value-oriented and quality-focused approaches. They take comfort knowing portfolios are comprised of high-quality businesses with robust balance sheets trading at discounts to benchmarks. Stock market pullbacks can create compelling long-term investment opportunities which they strive to capitalize on.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Apr 12 2026 | 2026 Q1 | BKNG, CARR, FBHS, FERG, FLR.MC, HAYW, HURN, HWDN.L, IMCD.AS, LPX, MAS | AI, Cyclical, defense, energy, Geopolitical, Housing, Quality, value |
HURN BKNG IMCD.AS |
FMI navigates Q1 2026 market volatility from Iran war and $100+ oil by maintaining conviction in quality businesses at discounted valuations. Overweight housing repair/remodel exposure targets cyclical recovery from aging housing stock and deferred maintenance. AI concerns around Huron and Booking viewed as overblown opportunities. Balance sheet strength expected to drive outperformance during geopolitical stress. |
| Jan 11 2026 | 2025 Q4 | ACN, CAT, HAYW, JPM, MSFT, NVDA, SMIN.L, UNP | AI, Bubble, Capex, Quality, small caps, technology, value | - | FMI maintains discipline amid AI speculation and junk rally, focusing on quality businesses with competitive advantages despite recent underperformance. Firm warns of bubble conditions with record valuations and massive unproductive AI capex spending. Highlights opportunities in Hayward pool equipment, Accenture IT consulting, and Smiths industrial transformation while staying patient for quality's inevitable outperformance. |
| Oct 14 2025 | 2025 Q3 | BDX, GRG.L, OMF | AI, Bubbles, Defensive, Quality, Speculation, Valuations | OMF US | FMI warns of bubble conditions with record valuations, AI speculation, and dangerous market concentration amid weakening economic fundamentals. They maintain defensive positioning in quality businesses like OneMain Holdings, Becton Dickinson, and Greggs, trading at attractive valuations. The firm emphasizes downside protection and readiness to capitalize on opportunities if volatility increases significantly. |
| Jun 30 2025 | 2025 Q2 | BDX, GRG.L, OMF | AI, Bubble, Defensive, Quality, Speculation, Valuations |
NSIT MAS OMF BDX GRG.L |
FMI warns of potential bubble conditions with record valuations and AI speculation reminiscent of 2000. Despite Q3 market gains, they highlight economic weakness and unprecedented concentration risk. The firm maintains defensive positioning in quality businesses at attractive valuations, preparing for potential volatility while avoiding the AI-driven mega cap euphoria dominating indices. |
| Apr 14 2025 | 2025 Q1 | AHT.L, ALLE, D05.SI, FCFS, LLOY.L, SW.PA | defense, Europe, financials, tariffs, technology, value, volatility |
FCFS ALLE SW.PA |
FMI sees market excess unwinding as speculative themes collapse and value outperforms growth. Despite elevated valuations reminiscent of 2000 tech bubble and trade policy uncertainty, the firm welcomes increased volatility as opportunity. Their disciplined value approach focuses on durable businesses with strong cash flows at discount prices, positioning defensively for volatile markets ahead. |
| Dec 31 2024 | 2024 Q4 | ALLE, ARMK, BJ, BKNG, BRK-B, FERG, G, GOOGL, HLI, OMC, RHI, SCHW | Diversified, long-term, Quality, ROIC, value |
ALLE OMC |
FMI All Cap Equity underperformed in Q4 but delivered solid 11.15% annual returns through disciplined value investing in quality franchises. The fund added Allegion despite cyclical headwinds and exited Omnicom over merger integration concerns. With 44 holdings and 95% active share, the strategy maintains focus on durable businesses with strong returns trading below intrinsic value. |
| Sep 30 2024 | 2024 Q3 | ARMK, AVY, BJ, BKNG, BRK.B, CSL, DG, FERG, G, HLI, MAS, SCHW | Diversified, long-term, Quality, ROIC, valuation, value |
ARMK DG |
FMI All Cap delivered solid Q3 returns while maintaining disciplined value approach across 44 diversified holdings. Added Aramark for food services market share opportunity and margin recovery potential. Exited Dollar General due to failure capturing trade-down consumers and management execution concerns. Portfolio emphasizes durable franchises with strong returns on capital at attractive valuations. |
| Jun 30 2024 | 2024 Q2 | BJ, BKNG, BME.L, DBSDY, DGX, FERG.L, GOOGL, HSIC, KMX, MAS, META, MSFT, MU, NVDA, PHG, RHI, RYAAY, SKX, TREE, UL | AI, growth, healthcare, Japan, Quality, small caps, Speculation, value |
HSIC DGX RYAAY |
FMI maintains value discipline amid extreme market speculation, particularly skeptical of AI bubble dynamics and mega-cap concentration. Small caps offer compelling opportunity with profitable companies at 20-year relative lows. Quality focus drives portfolio construction across market caps while avoiding speculative excesses. Manager confident value investing will outperform as historical patterns suggest inflection points occur when least expected. |
| Apr 15 2024 | 2024 Q1 | ACGL, BRK.B, CARR, CNM, CSL, DLTR, ETN, FERG, G, GTES, MAS, MU, NVT, PGR, PHG, PLXS, RHI, SCHW, SONY, UNH | Construction, financials, international, Quality, small caps, value |
GTES SCHW WEIR.L |
FMI delivered solid Q1 performance while questioning market sustainability at historically expensive S&P 500 valuations. The firm maintains high conviction in quality businesses trading at discounts, positioning in housing/construction and financials while avoiding unprofitable companies. Small Cap and International opportunities appear favorable at two standard deviations below historical relative valuations. |
| Jan 14 2024 | 2023 Q4 | BJ, CARR, DGE.L | Concentration, Debt, Quality, technology, Valuations, value |
BJ CARR DGE.L |
FMI delivered solid Q4 performance while maintaining value discipline amid speculative market conditions. The firm focuses on quality businesses at discount valuations, positioning for cycle resilience. Key concerns include extraordinary market concentration, elevated debt levels, and historical valuation extremes. Portfolio emphasizes all-weather companies like BJ's warehouse club model, Carrier's HVAC transformation, and Diageo's spirits leadership at attractive valuations. |
| Oct 21 2023 | 2023 Q3 | 005930.KS, BARN.SW, BJ, BKNG, CCEP, CDW, DG, DLTR, FBIN, HLI, HWDN.L, IPG, LGIH, MU, OMC, SLB, SNN, SYY, VVV, ZION | China, Concentration, defensives, Europe, small caps, value |
VVV SYY CCEP |
FMI sees compelling value opportunities amid extreme S&P 500 concentration, with the top 5% of companies accounting for 44% of index weight at 47% valuation premiums. The firm added three defensive positions in Q3 and believes global value stocks trading at historically wide discounts to growth present attractive long-term opportunities despite near-term macro headwinds. |
| Jun 30 2023 | 2023 Q2 | 6268.T, AAPL, AMZN, BECN, BJ, BME.L, CDW, DG, FERG.L, G, GOOGL, KMX, MAS, MSFT, NTRS, NVDA, RHI, SSD, SW.PA, TRTN | Concentration, international, small cap, technology, value |
ARHI CDW ROG.SW |
FMI sees value investing poised for resurgence as AI-driven market concentration reaches unsustainable levels. With Small Caps at 40-year discounts to Large Caps and European stocks at all-time discounts to US markets, the firm believes normalizing interest rates and ending QE will restore focus on fundamentals and valuations over momentum. |
| Mar 31 2023 | 2023 Q1 | ARW, AVY, CSL, CVNA, FERG, FMS, G, KMX, PHG, SAP, SCHW, SNN.L | inflation, positioning, rates, Sentiment, value |
AVY FERG |
FMI sees the best setup for stocks in years despite Q3 underperformance. Portfolio trades at 43% discount to Russell 3000 with strong balance sheets and competitive moats. Negative sentiment creates contrarian opportunities. End of ultra-low rates should favor their value approach. Quality companies like CarMax and Ferguson offer compelling risk-adjusted returns. |
| Oct 25 2022 | 2022 Q3 | AVY, BLK, CMCSA, FERG | - | - |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2026 Q1 |
DefenseDefense companies have outperformed broader market indices over the long term, benefiting from Russia's invasion of Ukraine in 2022 and the broadening conflict in the Middle East. Valuations today appear to reflect improved growth expectations from increased defense spending. |
Defense Spending Geopolitical Government Military Conflict |
EnergyEnergy stocks have outperformed in recent periods due to the Iran war and Strait of Hormuz blockage causing oil prices to eclipse $100 per barrel. However, energy has been a tough place to invest over the last 20 years due to boom-bust cycles and poor capital allocation. |
Oil Energy Transition Commodities Geopolitical Volatility | |
AIBoth Huron Consulting and Booking Holdings have sold off on artificial intelligence concerns, which FMI believes are overblown and misunderstood. AI is viewed as a revenue opportunity rather than a threat to these business models. |
Technology Disruption Consulting Travel Innovation | |
Home ImprovementFMI has overweight exposure to housing repair and remodel market due to aging housing stock, mortgage rate lock-in effects, record home equity levels, and deferred maintenance creating pent-up demand. Multiple holdings across portfolios target this opportunity. |
Housing Construction Demographics Rates Cyclical | |
| 2025 Q4 |
AIFMI views AI as creating a speculative bubble with unsustainable capital spending and circular funding dynamics. They see tremendous long-term potential but question whether enormous capital expenditures will generate attractive returns, comparing current dynamics to the dot-com crash. The firm actively avoids AI infrastructure investments due to valuation concerns and structural issues. |
Artificial Intelligence Technology Bubble Valuations Infrastructure |
QualityFMI emphasizes their focus on quality businesses with sustainable competitive advantages, strong balance sheets, and returns above cost of capital. They note quality has underperformed in the current market environment but maintain confidence in their quality-focused approach for long-term outperformance. Quality value investing remains their core strategy despite recent headwinds. |
Value Investing Balance Sheet Competitive Advantage Returns Strategy | |
Small CapsThe firm notes small cap active managers have struggled during the current junk rally, where low-quality companies have dominated performance since April 2025. Companies that lose money, have low ROE, or lack sales have outperformed significantly. FMI sees this as a temporary anomaly that creates opportunities for their quality-focused approach. |
Russell 2000 Active Management Low Quality Performance Opportunity | |
ValueFMI maintains strong conviction in their Quality Value approach, which combines cheap stocks with high quality metrics. Despite recent underperformance versus other value styles, they highlight Quality Value's superior long-term track record and downside protection characteristics. The firm believes current market conditions favor low-quality over high-quality investments temporarily. |
Quality Value Cheap Stocks Long Term Downside Protection Metrics | |
| 2025 Q3 |
AIFMI expresses skepticism about the massive AI capital expenditure cycle, comparing it to the fiber optic overbuild of 2000. While acknowledging AI's long-term potential, they question whether the colossal spending will generate attractive returns, noting that AI monetization remains limited despite nearly $400 billion in annual capex from five mega cap tech companies. |
Artificial Intelligence Capex Technology Datacenter Monetization |
ValuationsThe firm highlights that current stock market valuations are among the most expensive in U.S. history, with eight traditional valuation metrics hitting record highs. They note the fundamental disconnect between record high stock markets and weakening global economic conditions, emphasizing their focus on quality businesses trading at discounts to benchmarks. |
Expensive Record Metrics Disconnect Quality | |
Risk AppetiteFMI observes classic speculative excess with record ETF inflows, technology sector gathering record weekly inflows, and U.S. household equity exposure climbing to new all-time highs. They note the dichotomy between low consumer confidence and soaring stock market confidence, suggesting unsustainable herd behavior. |
Speculation Inflows Household Herd Excess | |
| 2025 Q2 |
AIFMI expresses skepticism about the massive AI capital expenditure cycle, comparing it to the fiber optic overbuild of 2000. While acknowledging AI's long-term potential, they question whether the colossal spending will generate attractive returns, noting that AI monetization remains limited despite nearly $400 billion in annual capex from five mega cap tech companies. |
Artificial Intelligence Capex Technology Datacenter Monetization |
ValuationsThe firm highlights that current stock market valuations are at record highs across eight traditional metrics over 125 years. They note the fundamental disconnect between elevated market valuations and weakening economic fundamentals, positioning their portfolios at a discount to benchmarks while focusing on quality businesses with strong balance sheets. |
Expensive Metrics Historical Disconnect Quality | |
Risk AppetiteFMI observes unprecedented speculative excess with record ETF inflows, classic herd behavior, and U.S. household equity exposure at all-time highs. They note the abundance of exuberance and high complacency, with investors piling into equities at a record pace despite economic weakness and stretched valuations. |
Speculation Inflows Herd Complacency Excess | |
| 2025 Q1 |
ValueFMI emphasizes holding portfolios of durable businesses trading at discount valuations with strong cash flow generation. They welcome increased market volatility as it creates opportunities for value investors after a period where momentum dominated and individual security selection was an afterthought. |
Value Discount Durable Cash Flow Volatility |
DefenseDefense was the top performing theme in Europe in Q1, up 69.7%. Germany announced defense and infrastructure spending that could exceed €1 trillion over the coming decade, while the EU Commission proposed a 'ReArm Europe' plan calling for €800 billion of national spending on defense. |
Defense Europe Germany Spending ReArm | |
Trade PolicyTrump's whipsaw approach to trade policies has created a difficult environment for companies to navigate, with CEOs having very little visibility. The administration is using tariffs as leverage, particularly with Mexico where roughly 80% of exports go to the U.S., accounting for approximately 40% of Mexico's GDP. |
Tariffs Trade Trump Mexico Leverage | |
| 2024 Q4 |
Capital MarketsThe fund holds Houlihan Lokey as its largest position at 4.1%, representing exposure to investment banking and financial advisory services. Charles Schwab represents another significant capital markets exposure at 4.0% of the portfolio. |
Investment Banking Financial Advisory Brokerage Capital Markets |
| 2024 Q3 |
FoodserviceAramark operates in the $500 billion food and facilities services market with procurement advantages and defensible moat through quality, breadth, and digital capabilities. The company has a long runway to take market share from smaller operators and self-operators, with margin improvement potential from new business profitability ramp and operating leverage. |
Food Services Market Share Margin Recovery Operating Leverage Procurement |
Trade DownDollar General should be benefiting from consumers struggling with cumulative inflation effects, accelerating traffic to value-oriented, conveniently located stores. However, the company is not capturing the trade-down customer as expected, leading to underperformance and loss of confidence in management execution. |
Consumer Pressure Value Retail Traffic Management Execution Inflation Impact | |
| 2024 Q2 |
AIManager expresses skepticism about AI bubble dynamics, noting Nvidia's massive valuation gains and questioning sustainability of current AI spending levels. Sequoia estimates $600 billion revenue needed annually to justify projected spending, while current generative AI revenue is only $3.4 billion. High power costs for AI queries remain unaccounted for in profit models. |
Nvidia Data Centers Generative AI Bubble Spending |
ValueManager maintains strong conviction in value investing despite current underperformance, citing 100+ year track record. Notes extreme growth vs value spreads and views current capitulation by investors as opportunity. Emphasizes focus on quality companies trading at attractive valuations relative to fundamentals. |
Growth vs Value Quality Fundamentals Outperformance Track Record | |
Small CapsSmall caps have underperformed large caps for record 158 months with -219.4% spread. Manager attributes this to rising rates, deteriorating quality in Russell 2000 (40% losing money), and M&A activity reducing quality names. However, profitable small caps now trade near 20-year lows relative to large caps, suggesting opportunity. |
Russell 2000 Quality Valuation Spread Interest Rates M&A | |
QualityManager emphasizes quality focus has paid off in recent years, particularly in small caps where only 20% of Russell 2000 companies are both profitable and liquid. Quality companies with high return on capital employed win over long-term despite periodic underperformance during speculative periods. |
ROCE Profitability Liquidity Long-term Outperformance | |
| 2024 Q1 |
ValueFMI emphasizes investing in advantaged companies trading at discounts to intrinsic value for temporary reasons. All portfolios trade at sizeable discounts to core benchmarks while owning well-run, durable businesses. The firm focuses on finding opportunities outside the Magnificent Seven where valuations and expectations are far less lofty. |
Discount Intrinsic Undervalued Quality Durable |
Small CapsSmall/SMID Cap stocks have been lagging in recent years, making relative valuations more appealing. U.S. Small Cap continues to trade at meaningful discount with relative valuations around two standard deviations below historical levels. The setup appears favorable for small cap investing. |
Russell 2000 Underperformance Discount Relative Opportunity | |
QualityFMI maintains focus on business quality, avoiding money-losing businesses which comprise roughly 40% of Russell 2000 constituents. The firm invests in all-weather vehicles through full cycles with robust balance sheets as prerequisites. Quality Compounders trailed the market yet again in Q1. |
Balance Sheet Profitable Durable Cycle Strength | |
| 2023 Q4 |
ValueFMI emphasizes their value discipline and focus on quality businesses trading at discount valuations. They believe the speculative excess in growth stocks is unsustainable and that value continues to be out of relative favor versus growth, with Russell 1000 Growth outpacing Russell 1000 Value by over 31% in 2023. |
Discount Quality Undervalued Compounders Margin of Safety |
QualityThe firm focuses on quality businesses with solid management teams and balance sheets. They strive to own all-weather vehicles that can thrive over a full cycle and in virtually any economic backdrop, with valuations that embed a significant margin of safety. |
Management Balance Sheets All-weather Cycle Durability | |
| 2023 Q3 |
ValueFMI emphasizes value investing opportunities across geographies, noting that global value stocks are trading near historically wide discounts to growth. The firm sees attractive relative values outside mega-cap companies, with U.S. Small Caps and European valuations at significant discounts. |
Value Discount Undervalued Relative Value Valuation |
DefensivesDespite weakening economic backdrop, cyclical stocks have outperformed defensives over the past year. FMI finds interesting opportunities among defensive stocks that have been left behind, adding three new defensive positions in Q3. |
Defensives Cyclicals Stability Resilience Quality | |
ChinaChina faces significant challenges with property sector collapse, high leverage, poor demographics, and slowing productivity growth. The property sector held 70% of households' wealth and is now ailing with sales down 40% from 2021 peak. |
China Property Demographics Leverage Slowdown | |
| 2023 Q2 |
AIGenerative AI has lit the technology sector ablaze and has potential to be a game-changer, but is in early adoption stages. Commercial revenue projections over next five years could be overblown despite the hype. Questions whether AI winners of today will be winners of tomorrow, noting historical precedent of leadership changes. |
Artificial Intelligence Technology Generative AI Revenue Projections |
ValueValue investing has nearly 100-year history of success but currently in one of worst periods on record. Confluence of factors have benefited growth including suppressed interest rates, QE, and shift to passive investing. Backdrop is changing as rates normalize and QE ends, which should bode well for stock picking and value approach. |
Value Investing Growth Interest Rates Stock Picking | |
Small CapsProfitable US Small Cap stocks are trading close to largest discount to US Large Cap stocks in over 40 years. Quality has been hard to come by in Small Cap space with extensive M&A activity by private equity thinning out opportunity set. Disciplined stock picking through this environment has been critical. |
Small Cap Valuation Discount Private Equity | |
EuropeEuropean stocks now trade at all-time discount to the US. While some discount is warranted due to stronger US economic growth over last 15 years, GDP projections in coming years are more comparable. A 30% cheaper valuation should give investors in European equities some margin for error. |
European Equities Valuation GDP Growth Discount | |
| 2023 Q1 |
ValuePortfolio trades at 13.7x projected 2023 earnings, representing a 43% discount to Russell 3000. Manager emphasizes attractive valuations on both absolute and relative basis as a key source of optimism. |
Valuation Discount Earnings Multiple |
RatesManager believes the era of ultra-low interest rates is over and this should favor their approach. Views current rate fears as overblown, arguing that zero percent rates for years did not boost economic growth. |
Interest Rates Monetary Policy Fed | |
Used AutosCarMax highlighted as example of winning business model with 4% share of $270 billion market. Manager contrasts profitable CarMax with cash-burning Carvana, which is down 90% year-to-date. |
CarMax Carvana Auto Retail |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Apr 12, 2026 | Fund Letters | FMI All Cap Equity | HURN | Huron Consulting Group Inc. | Consulting Services | Research & Consulting Services | Bull | NASDAQ | AI, Consulting, Education, growth, healthcare, professional services, recurring revenue, Value | Login |
| Apr 12, 2026 | Fund Letters | FMI All Cap Equity | BKNG | Booking Holdings Inc. | Travel Services | Internet & Direct Marketing Retail | Bull | NASDAQ | AI, asset-light, digital marketing, network effects, Online Travel, technology, Travel, Value | Login |
| Apr 12, 2026 | Fund Letters | FMI All Cap Equity | IMCD.AS | IMCD N.V. | Specialty Chemicals | Specialty Chemicals | Bull | Euronext Stock Exchange | Cyclical, Distribution, growth, life sciences, M&A, pharmaceuticals, specialty chemicals, Value | Login |
| Oct 14, 2025 | Fund Letters | Jonathan T. Bloom | OMF US | OneMain Holdings, Inc. | Financials | Consumer Finance | Bull | NYSE | buybacks, consumer finance, Credit, dividends, growth, Lending, resilience, valuation | Login |
| Sep 30, 2025 | Fund Letters | FMI All Cap Equity | OMF | OneMain Holdings Inc. | Financials | Consumer Finance | Bull | NYSE | consumer finance, Credit, dividend, financial services, Nonprime, Personal Lending, turnaround, Value | Login |
| Sep 30, 2025 | Fund Letters | FMI All Cap Equity | BDX | Becton Dickinson & Co. | Health Care | Health Care Equipment | Bull | NYSE | business separation, Consumables, Defensive growth, healthcare, Healthcare Equipment, Manufacturing Scale, Medical devices, oligopoly | Login |
| Sep 30, 2025 | Fund Letters | FMI All Cap Equity | GRG.L | Greggs PLC | Consumer Discretionary | Restaurants | Bull | LSE | brand loyalty, Food service, Restaurants, store expansion, Supply Chain Investment, UK, Value, vertical integration | Login |
| Jun 30, 2025 | Fund Letters | Jonathan T. Bloom | NSIT | Insight Enterprises Inc. | Information Technology | Electronics & Computer Distribution | Bull | NASDAQ | buybacks, cloud, IT services, Modernization, scale | Login |
| Jun 30, 2025 | Fund Letters | Jonathan T. Bloom | MAS | Masco Corp. | Industrials | Building Products & Equipment | Bull | NYSE | brands, Free Cash Flow, home improvement, Remodeling, valuation | Login |
| Mar 31, 2025 | Fund Letters | FMI All Cap Equity | FCFS | FirstCash Holdings, Inc. | Consumer Discretionary | Consumer Finance | Bull | NASDAQ | Collateralized Lending, consolidation, consumer finance, Counter-cyclical, defensive, Mexico, Pawn, regulatory barriers | Login |
| Mar 31, 2025 | Fund Letters | FMI All Cap Equity | ALLE | Allegion Public Limited Co. | Industrials | Building Products | Bull | NYSE | aftermarket, Brand moat, Building Products, Cyclical, Electronic Security, Non-residential, oligopoly, Security Hardware | Login |
| Mar 31, 2025 | Fund Letters | FMI All Cap Equity | SW.PA | Sodexo S.A. | Consumer Discretionary | Hotels, Restaurants & Leisure | Bull | Euronext Paris | Catering, Europe, Facilities Management, family-controlled, france, Global, North America | Login |
| Dec 31, 2024 | Fund Letters | FMI All Cap Equity | ALLE | Allegion PLC | Industrials | Building Products | Bull | NYSE | Building Products, Cyclical, manufacturing, Non-residential, recurring revenue, Security Products, Value | Login |
| Dec 31, 2024 | Fund Letters | FMI All Cap Equity | OMC | Omnicom Group Inc. | Communication Services | Advertising | Bear | NYSE | advertising, Capital-light, Free Cash Flow, holding company, Integration-Risk, Media Planning, merger | Login |
| Sep 30, 2024 | Fund Letters | FMI All Cap Equity | ARMK | Aramark | Consumer Discretionary | Diversified Consumer Services | Bull | NYSE | defensive, Facilities Management, Food Services, Margin recovery, market share gains, Post-Pandemic Recovery, Scale Advantages, turnaround | Login |
| Sep 30, 2024 | Fund Letters | FMI All Cap Equity | DG | Dollar General Corp | Consumer Discretionary | General Merchandise Stores | Bear | NYSE | Consumer Trade-Down, discount retail, exit strategy, Failed Thesis, inflation impact, management issues, Value retail | Login |
| Jun 30, 2024 | Fund Letters | FMI All Cap Equity | HSIC | Henry Schein Inc. | Health Care Equipment & Services | Health Care Distributors | Bull | NASDAQ | Aging demographics, Cyber Recovery, Dental, Healthcare services, Medical Distribution, Practice Management Software, Value | Login |
| Jun 30, 2024 | Fund Letters | FMI All Cap Equity | DGX | Quest Diagnostics Inc. | Health Care Equipment & Services | Health Care Services | Bull | NYSE | Aging demographics, Clinical Laboratory, defensive, Diagnostic Testing, Healthcare Cost Reduction, Independent Labs, Scale Advantages | Login |
| Jun 30, 2024 | Fund Letters | FMI All Cap Equity | RYAAY | Ryanair Holdings PLC | Transportation | Airlines | Bull | NASDAQ | Capacity growth, Cost advantage, Europe, Fleet Shortage, Low-Cost Airline, market share gains, Point-to-point | Login |
| Mar 31, 2024 | Fund Letters | FMI All Cap Equity | GTES | Gates Industrial Corp. PLC | Industrials | Industrial Machinery | Bull | NYSE | aftermarket, Belts, Cyclical Recovery, industrial machinery, manufacturing, Power Transmission, Private Equity Overhang, Replacement Driven, Value | Login |
| Mar 31, 2024 | Fund Letters | FMI All Cap Equity | WEIR.L | Weir Group PLC | Industrials | Industrial Machinery | Bull | LSE | aftermarket, Industrial Transformation, Mining Technology, operational excellence, Razor-Blade Model, Through-Cycle Growth, UK, Value | Login |
| Mar 31, 2024 | Fund Letters | FMI All Cap Equity | SCHW | Charles Schwab Corp. | Financials | Investment Banking & Brokerage | Bull | NYSE | Banking Crisis Recovery, Discount Brokerage, economies of scale, financial services, interest rate sensitivity, market share gains, Normalized Earnings, Value | Login |
| Dec 31, 2023 | Fund Letters | FMI All Cap Equity | BJ | BJ's Wholesale Club Holdings Inc. | Consumer Staples | Hypermarkets & Super Centers | Bull | NYSE | consumer staples, Cost leadership, market share, membership model, recurring revenue, retail, Value, Warehouse club | Login |
| Dec 31, 2023 | Fund Letters | FMI All Cap Equity | DGE.L | Diageo PLC | Consumer Staples | Distillers & Vintners | Bull | LSE | brand portfolio, consumer staples, Emerging markets, Heritage Brands, premium brands, premiumization, Spirits, Value | Login |
| Dec 31, 2023 | Fund Letters | FMI All Cap Equity | CARR | Carrier Global Corp. | Industrials | Building Products | Bull | NYSE | Building Products, heat pumps, HVAC, Industrials, oligopoly, portfolio transformation, turnaround, Value | Login |
| Sep 30, 2023 | Fund Letters | FMI All Cap Equity | SYY | Sysco Corporation | Consumer Staples | Food Distributors | Bull | NYSE | consumer staples, defensive, dividend, economies of scale, food distribution, Foodservice, market leader, market share gains, share repurchases | Login |
| Sep 30, 2023 | Fund Letters | FMI All Cap Equity | CCEP | Coca-Cola Europacific Partners PLC | Consumer Staples | Soft Drinks | Bull | NASDAQ | Asia-Pacific, Beverage Distribution, Bottling, Coca-Cola, consumer staples, Defensive growth, Free Cash Flow, Global Staples, Value | Login |
| Sep 30, 2023 | Fund Letters | FMI All Cap Equity | VVV | Valvoline Inc. | Consumer Discretionary | Specialty Retail | Bull | NYSE | Automotive Services, defensive, High returns, market share gains, Quick Lube, Specialty retail, store expansion, Synthetic Oils, turnaround | Login |
| Jun 30, 2023 | Fund Letters | FMI All Cap Equity | ARHI | Robert Half International Inc. | Commercial & Professional Services | Human Resource & Employment Services | Bull | NYSE | AI, asset-light, Consulting, Cyclical, Human Resources, professional services, Staffing, technology, Value | Login |
| Jun 30, 2023 | Fund Letters | FMI All Cap Equity | CDW | CDW Corporation | Technology Hardware & Equipment | Technology Distributors | Bull | NASDAQ | Cyclical, IT distribution, market share, Returns on Capital, services, Software, technology, Value | Login |
| Jun 30, 2023 | Fund Letters | FMI All Cap Equity | ROG.SW | Roche Holding AG | Pharmaceuticals, Biotechnology & Life Sciences | Biotechnology | Bull | SIX Swiss Exchange | biotechnology, diagnostics, family control, healthcare, pharmaceuticals, pipeline, R&D, Switzerland, Value | Login |
| Sep 30, 2022 | Fund Letters | FMI All Cap Equity | AVY | Avery Dennison Corp. | Materials | Paper & Forest Products | Bull | NYSE | Cyclical Resilient, Emerging markets, global leader, high-ROIC, manufacturing, materials, Packaging, Pressure-sensitive labels, RFID | Login |
| Sep 30, 2022 | Fund Letters | FMI All Cap Equity | FERG | Ferguson PLC | Industrials | Trading Companies & Distributors | Bull | NYSE | Building Products, Cyclical defensive, Distribution, Fragmented Market, high-ROIC, market leader, North America, Plumbing, RMI | Login |
| TICKER | COMMENTARY |
|---|---|
| HURN | Huron is a leading consulting firm serving hospitals, health systems, and higher education institutions. Decades of successful engagements have earned the company deeply entrenched relationships within its core end markets. Concerns about AI disrupting the consulting model have pressured Huron's valuation and weighed on the shares. We believe this risk is largely misunderstood. Huron views AI as a revenue opportunity – one it is already pursuing by helping clients develop and implement AI roadmaps – while simultaneously leveraging the technology internally to reduce its own costs. At a low-teens forward earnings multiple, we believe the shares offer compelling value relative to the quality and durability of the underlying business. |
| BKNG | Booking is the largest online travel agency in the world. This is a network effect business model, where Booking acts as an aggregator of supply (independent hotels) on one side and demand (leisure travelers) on the other. Recently, shares have come under pressure over fears that AI will displace online travel agencies. We believe these concerns are overblown. AI is unlikely to recreate Booking's global network of hotels given the extreme fragmentation of supply and Booking's on-the-ground sales force. At a mid-teens forward earnings multiple, we believe Booking shares are attractive on both a relative and absolute basis. |
| IMCD.AS | IMCD is a leading global distributor of specialty chemicals and ingredients, operating across more than 60 countries. While the industry enjoyed a robust period of growth in the years immediately following COVID, more recent results have been weighed down by soft end-market demand and customer destocking. We view this slowdown as cyclical rather than structural, and expect the business to return to more consistent, above-average organic growth as conditions normalize. At a mid-teens forward earnings multiple, the shares are trading meaningfully below the company's long-term historical valuation averages. |
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