| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| - | - | - |
FMI's Q1 2026 outlook addresses the market impact of the Iran war, which caused the S&P 500 to decline 4.33% as oil prices spiked above $100 per barrel due to the Strait of Hormuz blockage. The firm maintains conviction in their quality-focused approach, noting their portfolios contain high-quality businesses with robust balance sheets trading at discounted valuations. While energy and defense stocks have outperformed due to geopolitical tensions, FMI's overweight exposure to building materials and housing-related companies has hurt relative performance. However, they see attractive long-term opportunities in housing repair and remodel markets driven by aging housing stock, mortgage rate lock-in effects, and deferred maintenance. The firm highlights three specific investments: Huron Consulting and Booking Holdings, both pressured by overblown AI concerns, and IMCD, facing cyclical headwinds expected to normalize. FMI believes historical patterns suggest conflict-related market declines are typically short-lived, and their focus on business quality should drive relative outperformance as conditions stabilize.
FMI maintains conviction in their quality-focused, value-oriented investment approach despite recent market rotations, believing their portfolio of high-quality businesses with strong balance sheets trading at discounted valuations will outperform as geopolitical uncertainties resolve and cyclical pressures normalize.
FMI remains committed to their investment process despite recent headwinds facing value-oriented and quality-focused approaches. They believe that over full cycles, valuations and balance sheets matter, and they are finding attractive investments in pockets where AI concerns are overblown or cyclical pressures are expected to abate.
| 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, Building Materials, defense, energy, Geopolitical, Quality, Travel, value |
HURN BKNG IMCD.AS |
FMI maintains conviction in quality-focused investing despite Q1 2026 market decline from Iran war. Energy and defense outperformed while their building materials exposure lagged, but firm sees attractive long-term housing repair opportunities. Key holdings Huron Consulting and Booking face overblown AI concerns while IMCD experiences cyclical pressures expected to normalize. |
| Jan 11 2026 | 2025 Q4 | ACN, CAT, HAYW, JPM, MSFT, NVDA, SMIN.L, UNP | AI, Bubble, capital intensity, Quality, small caps, technology, value | - | FMI maintains quality value discipline despite 2025's speculative junk rally favoring AI and low-quality stocks. While acknowledging underperformance versus indices, they warn of bubble-like conditions with record valuations and question AI capital spending sustainability. The firm continues finding opportunities in quality businesses like Hayward, Accenture, and Smiths, confident their proven approach will ultimately prevail as market conditions normalize. |
| Oct 14 2025 | 2025 Q3 | BDX, GRG.L, OMF | AI, Defensive, international, Quality, small cap, Speculation, Valuations | BDX US | FMI sees bubble-like market conditions with record valuations and speculative excess despite economic weakness. They question massive AI spending returns and maintain defensive positioning in quality businesses at discounts to benchmarks. Portfolio focuses on idiosyncratic opportunities including OneMain Holdings, Becton Dickinson, and Greggs while preparing for potential volatility and more attractive entry points. |
| Jun 30 2025 | 2025 Q2 | BDX, GRG.L, OMF | AI, Bubble, international, Quality, small cap, Valuations, value |
NSIT OMF BDX GRG.L |
FMI sees classic bubble characteristics with record valuations, AI speculation, and unprecedented market concentration while economic fundamentals weaken globally. The firm maintains defensive positioning in quality businesses trading at discounts, preparing to capitalize on future market dislocations when speculative excess unwinds and more attractive valuations emerge. |
| Apr 14 2025 | 2025 Q1 | AHT.L, ALLE, D05.SI, EDEN.PA, FCFS, LLOY.L, SW.PA | Banking, defense, Europe, Quality, tariffs, technology, value, volatility |
FCFS ALLE SW.PA |
Market speculation is unwinding as U.S. stocks decline and momentum collapses. FMI sees elevated valuations creating vulnerability while European defense spending surges. The firm maintains its value approach, holding quality businesses at discounts, welcoming volatility as it creates opportunities for active stock pickers in an increasingly uncertain environment. |
| Dec 31 2024 | 2024 Q4 | ALLE, ARMK, AVY, BKNG, BRK-B, CARR, FERG, GOOGL, KMX, MAS, OMC, SCHW | Franchises, large cap, Quality, ROIC, valuation, value |
ALLE OMC |
FMI Large Cap delivered 10.53% in 2024 while maintaining disciplined value approach focused on quality franchises. The fund added Allegion for its security market leadership and attractive valuation, while exiting Omnicom due to merger integration risks. Portfolio remains concentrated in 30 positions with strong competitive moats trading at reasonable valuations. |
| Sep 30 2024 | 2024 Q3 | ARMK, AVY, BKNG, BRK-B, CARR, CSL, DG, FERG, MAS, SCHW, UL | Foodservice, large cap, Quality, Trade Down, value |
ARMK DG |
FMI Large Cap delivered solid Q3 returns through disciplined value investing in quality franchises. Added Aramark for its food services market leadership and margin recovery potential while exiting Dollar General due to execution failures in capturing inflation-pressured consumers. Portfolio remains concentrated in 30 durable businesses trading below intrinsic value. |
| Jun 30 2024 | 2024 Q2 | BJ, BKNG, BME.L, D05.SI, DGX, DLTR, FBIN, FERG.L, FN, GOOGL, HSIC, KMX, MAS, MU, PHG, RHI, RYAAY, SKX, SSD, UL | AI, growth, healthcare, Japan, Quality, small caps, technology, value |
HSIC DGX RYAAY |
FMI maintains disciplined value approach despite Q2 underperformance, viewing current market speculation as unsustainable. The firm sees AI spending bubble risks and unprecedented S&P 500 concentration as warning signs. Small caps offer compelling opportunities after record underperformance. Management remains confident in quality investing and expects value to outperform as speculative trends reverse. |
| Apr 15 2024 | 2024 Q1 | 6841.T, ACGL, BRK.B, CNM, CSL, DLTR, ETN, G, GTES, MU, NVT, PGR, PHG, PLXS, RHI, SAF.PA, SMIN.L, SN.L, SONY, UNH | active management, Construction, Finance, Quality, small caps, Valuations, value |
GTES SCHW WEIR.L |
FMI questions S&P 500 sustainability at historically expensive valuations while positioning in quality value opportunities. The firm maintains high active share across strategies, focusing on construction, financials, and international names trading at discounts. Small Cap and International stocks appear particularly attractive at two standard deviations below historical relative valuations, creating favorable setup for outperformance. |
| Jan 14 2024 | 2023 Q4 | 005930.KS, ACGL, ARW, BJ, BME.L, CARR, DG, G, HSIC, KMX, MAS, MU, RHI, RYAAY, SAP, SCHW, SKX, SLB, SSD, UL | Concentration, Debt, international, Quality, small cap, technology, Valuations, value |
BJ CARR DGE.L |
FMI's value-focused Large Cap strategy gained 13.0% in Q4 but lagged the concentrated S&P 500's speculative rally. The firm warns of elevated valuations, record global debt, and approaching refinancing risks while maintaining quality-focused positioning. With small caps and international stocks at historic discounts and speculative themes unsustainable, FMI expects patience to be rewarded. |
| 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.L, SYY, VVV, ZION | Concentration, defensives, Quality, small caps, value |
VVV SYY CCEP |
FMI sees unsustainable concentration in mega-cap growth stocks creating attractive value opportunities. The firm added three defensive positions in Q3 - Valvoline, Sysco, and Coca-Cola Europacific Partners - positioning for mean reversion as value trades at historic discounts. Despite near-term risks from stretched valuations and China's property collapse, FMI remains optimistic about normalized interest rate environment benefiting value investing. |
| Jun 30 2023 | 2023 Q2 | AAPL, AMZN, BECN, BJ, BME.L, CDW, DG, FERG.L, G, GOOGL, KMX, MAS, MSFT, NTRS, NVDA, RHI, ROG.SW, SSD, SW.PA, TRTN | AI, Concentration, growth, international, small caps, technology, Valuations, value |
ARHI CDW ROG.SW |
FMI sees value investing poised for outperformance as market concentration reaches extreme levels and growth trades at 50-year premium to value. With Small Caps at 40-year discount to Large Caps and European stocks at all-time discount to US, the firm maintains conviction in high-quality compounders while avoiding overpriced mega-cap technology concentration. |
| Mar 31 2023 | 2023 Q1 | BJ, BKNG, BME.L, CSL, DG, FBIN, GOOGL, HWDN.L, INSG, PLXS, PRI, RXL.PA, SCHW, SKX, SLB, SONY, SW.PA, ULVR.L, UNH, ZION | Banking, Housing, international, Quality, technology, value |
ZBRA SCHW AAPL|MSFT|NFLX|NVDA|UNH AEO|ASH|ASUR|AZZ|DCO|FA|FBIN|GHM|LEU|NSP|RRR|UTZ BKNG |
FMI takes a contrarian stance during Q1 2023's banking crisis, adding to quality financial institutions while increasing housing exposure despite market pessimism. The firm warns against returning tech speculation and earnings quality deterioration, while positioning for travel recovery through Booking Holdings. Their value-oriented approach focuses on strong businesses oversold by fearful markets. |
| 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 Middle East conflict. The Iran war has become a major catalyst for defense spending, meaningfully altering spending trajectories for Germany and several other countries. |
Defense Spending Geopolitical Government Military Conflict |
EnergyEnergy stocks have outperformed in recent periods due to the Iran war and Strait of Hormuz blockage causing the largest supply disruption in global oil market history. Oil has eclipsed $100 per barrel with fears of significant spikes if conflict continues, though energy has been a tough place to invest over the last 20 years due to boom-bust cycles. |
Oil Commodities Geopolitical Supply Volatility | |
Building MaterialsFMI has overweight exposure to durables and manufacturing end-markets, specifically building materials, housing and construction. The housing repair and remodel market has an attractive long-term setup due to aging housing stock, mortgage rate lock-in effects, record home equity levels, and $50 billion of deferred maintenance creating pent-up demand. |
Construction Housing Repair Renovation Cyclical | |
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 for consulting firms helping clients develop AI roadmaps, while also providing internal cost reduction opportunities through efficiency gains. |
Technology Disruption Consulting Efficiency Innovation | |
TravelBooking Holdings operates the largest online travel agency network globally, acting as an aggregator between independent hotels and leisure travelers. Despite AI disruption fears, FMI believes AI tools are more likely to integrate Booking's existing inventory rather than recreate their global hotel network and capabilities. |
Online Travel Network Effects Digital Hospitality Platform | |
| 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 Valuations Bubble 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 | |
Risk AppetiteThe firm describes a 'junk rally' where low-quality companies have significantly outperformed, with investors rewarded for extending along the risk curve. They note record valuations have failed to dampen speculative behavior and see increasing signs of a potential bubble. FMI maintains their disciplined approach despite the current risk-on environment. |
Speculation Valuations Market Risk Discipline | |
Small CapsFMI notes that small cap active managers have struggled to keep pace during the current rally, with low-quality small cap companies significantly outperforming since April 2025. Companies that lose money, have low ROE, or lack sales have dominated the Russell 2000 performance. The firm sees this as part of the broader quality underperformance theme. |
Russell 2000 Active Management Performance | |
| 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 projected 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 maintaining focus 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 fear of missing out driving investor behavior, with technology sector gathering record weekly inflows and global equity ETFs adding $152 billion in just three weeks. |
Speculation Inflows FOMO Herd Technology | |
| 2025 Q2 |
AIWhile AI has tremendous long-term potential and could be revolutionary, FMI is skeptical about the colossal capital expenditure being deployed. Five mega cap tech companies are on pace to spend nearly $400 billion in capex, with McKinsey forecasting $7 trillion more by 2030. However, AI monetization remains limited with less than $20 billion in AI-native revenues, creating a disconnect between investment and returns. |
Artificial Intelligence Capex Technology Datacenter Revenue |
ValuationsFMI notes they are in one of the most expensive stock markets in U.S. history, with eight traditional valuation metrics hitting the highest level on record over the last 125 years. This occurred before the market advanced again in September, highlighting stretched valuations across asset classes despite quality businesses trading at discounts to benchmarks. |
Expensive Metrics Historical Stretched Discount | |
Risk AppetiteThe letter describes abundant exuberance and high complacency in markets, with classic herd behavior evident. Global equity ETFs added a record $152 billion of inflows over 3 weeks, technology sector gathered $9.3 billion in one week alone, and U.S. households' exposure to public equities climbed to a new all-time high, well above prior stock market peaks. |
Exuberance Complacency Inflows Exposure Peak | |
| 2025 Q1 |
ValueFMI emphasizes value investing approach, holding portfolios of durable businesses trading at discount valuations. They welcome increased market volatility as it creates opportunities for value investors after momentum-driven markets. |
Value Discount Durable Undervalued Quality |
Defense SpendingEuropean defense spending surge following deteriorating U.S./Ukraine relations, with Germany announcing defense and infrastructure spending exceeding €1 trillion over the coming decade. EU Commission proposing €800 billion ReArm Europe plan. |
Defense Military Europe Spending Geopolitical | |
Trade PolicyTrump's whipsaw approach to trade policies creating difficult environment for companies. Protectionism has dismal economic track record and tariffs operate like a tax on citizens, potentially leading to stagflation. |
Tariffs Trade Protectionism Policy Stagflation | |
AIAI boom showing signs of unwinding with high-flyers like Super Micro and Palantir falling significantly. AI has sucked air out of room and pulled investment away from other technology areas. |
AI Technology Bubble Speculation Correction | |
CryptoCryptocurrencies lost $1 trillion in market cap since December, with MicroStrategy down 41.5% from 52-week high. Chart shows stark similarity between direction of travel for technology and cryptocurrencies. |
Crypto Bitcoin Speculation Correction Volatility | |
| 2024 Q4 |
ValueThe fund maintains a strong orientation to low absolute and relative valuation as key to executing their investment strategy. They purchase durable business franchises selling at a discount to intrinsic value. The portfolio trades at attractive valuations with P/E ratios below market levels. |
Valuation Discount Intrinsic Value P/E Ratio Undervalued |
QualityThe fund focuses on durable business franchises with strong recurring revenue and attractive returns on invested capital. They seek companies with trusted brands, large installed bases, efficient operations, and technical expertise that create difficult-to-replicate competitive positions. |
ROIC Recurring Revenue Franchises Competitive Moats Business Quality | |
| 2024 Q3 |
FoodserviceAramark represents a large player in the food and facilities services industry with procurement advantages and defensible moat through quality, breadth, and digital capabilities. The company has margin improvement potential driven by profitability ramp of new business, lagged pricing benefits, supply chain efficiencies, and operating leverage. |
Food Services Facilities Procurement Margin Recovery Market Share |
Trade DownDollar General was expected to benefit from consumers struggling with cumulative inflation effects, accelerating traffic to value-oriented, conveniently located stores. However, the company failed to capture the trade-down customer as expected, leading to the position sale. |
Consumer Pressure Value Retail Inflation Impact Traffic Convenience | |
| 2024 Q2 |
AIThe manager expresses skepticism about the AI bubble, noting that Nvidia briefly became the world's most valuable company worth $3.3 trillion. They highlight that $180 billion is being spent annually on AI data centers with only $3.4 billion in revenue from OpenAI, requiring $600 billion in annual revenue to justify current spending levels. The high cost of running generative AI queries due to substantial power requirements may eventually impact revenue and profit models. |
Nvidia Data Centers Generative AI Power Requirements Revenue Models |
ValueThe firm maintains strong conviction in value investing despite current underperformance, citing its 100+ year track record. They note that growth has outperformed value by over 10% in Q2, driven by select mega-cap technology stocks. The manager views current investor capitulation on value as making them more excited about future prospects, emphasizing that value investing will be back on top before long. |
Value Investing Growth Outperformance Long-term Track Record Investor Capitulation Future Prospects | |
Small CapsSmall cap stocks have underperformed large caps for the longest stretch on record (158 months) with the largest spread (-219.4%). The manager notes that only 20% of Russell 2000 companies are both profitable and liquid due to M&A activity shrinking quality companies. However, profitable small caps now trade near their lowest level relative to large caps in over 20 years, suggesting brighter days ahead. |
Russell 2000 Quality Companies Valuation Spread Profitability Liquidity | |
QualityThe firm's focus on quality has paid off in recent years, particularly as over 40% of Russell 2000 constituents are losing money. They demonstrate that quality companies with high return on capital employed win over the long-term in small caps. The manager has expanded their investable universe to Russell 2500 to find more profitable, liquid companies while maintaining quality standards. |
Return on Capital Profitable Companies Russell 2500 Long-term Performance Quality Standards | |
| 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 where valuations and expectations are far less lofty than mega cap technology. |
Discount Intrinsic Undervalued Quality Durable |
QualityThe firm consistently emphasizes business quality as a prerequisite, avoiding money-losing businesses and requiring robust balance sheets. They invest in all-weather vehicles through full cycles with strong competitive advantages and technological innovation. Quality compounders trailed the market but remain central to their approach. |
Balance Sheet Competitive Advantage Durable All-Weather Compounders | |
Small CapsSmall/SMID Cap stocks have lagged in recent years, making relative valuations more appealing. US Small Cap continues to trade at meaningful discounts with relative valuations around two standard deviations below historical levels. The setup appears favorable for small cap outperformance. |
Relative Valuation Discount Outperformance SMID Russell 2000 | |
| 2023 Q4 |
ValueFMI emphasizes value investing discipline amid speculative market behavior. The firm focuses on quality businesses trading at discount valuations with solid management teams and balance sheets, contrasting with expensive growth stocks that dominated 2023 performance. |
Discount Quality Undervalued Margin of safety Valuations |
QualityThe manager prioritizes quality compounders and all-weather vehicles that can thrive over a full cycle. Quality Compounders were up only 8% in 2023 versus speculative themes, but FMI believes this dichotomy is unsustainable and quality will be rewarded. |
Compounders Business quality All-weather Cycle Sustainable | |
Credit StressFMI highlights significant debt-related risks with global debt reaching $307 trillion and a $2.5 trillion debt maturity wall for European and U.S. junk debt approaching between 2025-2028. Interest rates may double or triple for refinancing companies, creating headwinds for corporate earnings. |
Debt Refinancing Maturity wall Interest rates Corporate earnings | |
| 2023 Q3 |
ValueFMI emphasizes value investing opportunities as global value stocks trade near historically wide discounts to growth. The firm sees attractive relative values outside mega-cap companies, with their portfolios trading at significant discounts to core benchmarks while investing in above-average businesses with strong balance sheets. |
Value Discount Growth Benchmarks Balance Sheets |
DefensivesDespite weakening economic backdrop, cyclical stocks have outperformed defensives over the past year. FMI finds interesting opportunities among defensives that have been left behind, adding new defensive positions including Valvoline, Sysco, and Coca-Cola Europacific Partners in Q3. |
Defensives Cyclicals Stability Pricing Power Returns | |
Small CapsThe discount for U.S. Small Caps versus U.S. Large Caps is near an all-time high. FMI sees compelling opportunities in small cap space, noting that over 40% of Russell 2000 companies lose money, which creates opportunities for their business quality focus. |
Small Caps Discount Russell 2000 Quality Opportunities | |
| 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. |
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. Valuation premium for growth versus value near 50-year high. Believes disciplined value approach will outperform long-term as interest rates normalize. |
Value Investing Valuations Growth Premium Interest Rates | |
Small CapsProfitable US Small Cap stocks 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 thinning opportunity set. |
Small Cap Valuations Discount Quality | |
| 2023 Q1 |
BankingThe banking crisis highlighted the fragility of the sector, with three bank failures including Silicon Valley Bank. FMI maintains selective exposure to high-quality banks with sticky deposit bases like Zions and Schwab, viewing recent declines as overly punitive and adding to positions. |
Credit Stress Regional Banks Deposits |
HousingDespite near-term pressures from rising rates and inflation, FMI sees attractive long-term fundamentals including housing underbuilding since the GFC, aging housing stock, and strong repair & remodel demand. They've added to housing-related positions during market pessimism. |
Homebuilders Building Materials Construction | |
TechnologyGrowth and momentum trades have returned with the Nasdaq up 17% and ARKK up 29%. FMI expresses concern about tech valuations, particularly around aggressive use of adjusted earnings and stock-based compensation that can exceed 20% of sales. |
Growth Momentum Earnings | |
TravelTravel continues to recover with particular improvement in Europe. Booking Holdings is taking market share from competitors and FMI believes the company has a long runway for growth when the dust settles after COVID and the Ukraine war. |
Online Travel Hotels Recovery |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Apr 12, 2026 | Fund Letters | FMI Large Cap Equity | HURN | Huron Consulting Group Inc. | Consulting Services | Research & Consulting Services | Bull | NASDAQ | AI, Consulting, healthcare, Higher Education, M&A, margin expansion, recurring revenue, share repurchases | Login |
| Apr 12, 2026 | Fund Letters | FMI Large Cap Equity | BKNG | Booking Holdings Inc. | Travel Services | Internet & Direct Marketing Retail | Bull | NASDAQ | AI, asset-light, digital marketing, Free Cash Flow, Independent Hotels, network effects, Online Travel, Returns on Capital | Login |
| Apr 12, 2026 | Fund Letters | FMI Large Cap Equity | IMCD.AS | IMCD N.V. | Specialty Chemicals | Specialty Chemicals | Bull | Euronext Stock Exchange | Distribution, life sciences, M&A, market share gains, personal care, pharmaceuticals, specialty chemicals, value-added services | Login |
| Oct 14, 2025 | Fund Letters | Jonathan T. Bloom | BDX US | Becton Dickinson & Co. | Health Care | Health Care Equipment | Bull | NYSE | Consumables, Devices, growth, healthcare, innovation, Margins, recurring revenue, valuation | Login |
| Sep 30, 2025 | Fund Letters | FMI Large Cap Equity | OMF | OneMain Holdings Inc. | Financials | Consumer Finance | Bull | NYSE | Auto lending, consumer finance, credit cards, financials, Nonprime Lending, Personal Loans, turnaround, Value | Login |
| Sep 30, 2025 | Fund Letters | FMI Large Cap Equity | BDX | Becton Dickinson & Co. | Health Care | Health Care Equipment | Bull | NYSE | business separation, Consumables, healthcare, Healthcare Equipment, Manufacturing Scale, Medical devices, oligopoly, recurring revenue | Login |
| Sep 30, 2025 | Fund Letters | FMI Large Cap Equity | GRG.L | Greggs PLC | Consumer Discretionary | Restaurants | Bull | LSE | brand loyalty, Consumer Discretionary, Food-on-the-go, Restaurants, store expansion, Supply Chain Investment, UK market, vertically integrated | 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 |
| Mar 31, 2025 | Fund Letters | FMI Large Cap Equity | FCFS | FirstCash Holdings, Inc. | Consumer Discretionary | Consumer Finance | Bull | NASDAQ | consolidation, consumer finance, Counter-cyclical, defensive, Mexico, Pawn, regulatory barriers, Value | Login |
| Mar 31, 2025 | Fund Letters | FMI Large Cap Equity | ALLE | Allegion Public Limited Co. | Industrials | Building Products | Bull | NYSE | aftermarket, brands, Building Products, Cyclical, Electronic Security, oligopoly, Security Products, Value | Login |
| Mar 31, 2025 | Fund Letters | FMI Large 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 Large Cap Equity | ALLE | Allegion PLC | Industrials | Building Products | Bull | NYSE | Building Products, Cyclical, Electronic Security, Non-residential, recurring revenue, Security Products, US, Value | Login |
| Dec 31, 2024 | Fund Letters | FMI Large Cap Equity | OMC | Omnicom Group Inc. | Communication Services | Advertising | Bear | NYSE | advertising, Capital-light, Client Defection, Free Cash Flow, holding company, Integration-Risk, Media Planning, merger | Login |
| Sep 30, 2024 | Fund Letters | FMI Large Cap Equity | ARMK | Aramark | Consumer Discretionary | Diversified Consumer Services | Bull | NYSE | defensive, Facilities Management, Food Services, Margin recovery, market share gains, operating leverage, Scale Advantages, turnaround, Value | Login |
| Sep 30, 2024 | Fund Letters | FMI Large Cap Equity | DG | Dollar General Corp | Consumer Discretionary | General Merchandise Stores | Bear | NYSE | Consumer Trade-Down, Defensive Consumer, discount retail, execution risk, inflation impact, management issues, Value retail | Login |
| Jun 30, 2024 | Fund Letters | FMI Large Cap Equity | HSIC | Henry Schein Inc. | Health Care Equipment & Services | Health Care Distributors | Bull | NASDAQ | Aging Population, Cyber-attack Recovery, Dental, Healthcare Distribution, Medical Distribution, Practice Management Software, Value | Login |
| Jun 30, 2024 | Fund Letters | FMI Large Cap Equity | DGX | Quest Diagnostics Inc. | Health Care Equipment & Services | Health Care Services | Bull | NYSE | Aging Population, Chronic Disease, Clinical Laboratory, Cost advantage, defensive, Healthcare services, Preventative Healthcare, Value | Login |
| Jun 30, 2024 | Fund Letters | FMI Large Cap Equity | RYAAY | Ryanair Holdings PLC | Transportation | Airlines | Bull | NASDAQ | Boeing Delays, Cost advantage, Europe, Fleet Shortage, Low-Cost Airline, market share, Point-to-point, Value | Login |
| Mar 31, 2024 | Fund Letters | FMI Large Cap Equity | GTES | Gates Industrial Corp. PLC | Industrials | Industrial Machinery | Bull | NYSE | Automotive Aftermarket, Belts, Cyclical Recovery, industrial machinery, Power Transmission, Private Equity Overhang, Value | Login |
| Mar 31, 2024 | Fund Letters | FMI Large Cap Equity | SCHW | Charles Schwab Corp. | Financials | Investment Banking & Brokerage | Bull | NYSE | Cyclical Recovery, Discount Brokerage, economies of scale, financial services, interest rate sensitivity, market share gains, Value | Login |
| Mar 31, 2024 | Fund Letters | FMI Large Cap Equity | WEIR.L | Weir Group PLC | Industrials | Industrial Machinery | Bull | LSE | aftermarket services, Cyclical Resilience, Industrial Equipment, Mining Technology, Razor-Blade Model, UK, Value | Login |
| Dec 31, 2023 | Fund Letters | FMI Large Cap Equity | BJ | BJ's Wholesale Club Holdings Inc. | Consumer Staples | Hypermarkets & Super Centers | Bull | NYSE | consumer staples, East Coast, membership model, recurring revenue, retail, turnaround, Value, Warehouse club | Login |
| Dec 31, 2023 | Fund Letters | FMI Large Cap Equity | CARR | Carrier Global Corp. | Industrials | Building Products | Bull | NYSE | Building Products, heat pumps, HVAC, Industrials, oligopoly, portfolio transformation, spinoff, turnaround | Login |
| Dec 31, 2023 | Fund Letters | FMI Large Cap Equity | DGE.L | Diageo PLC | Consumer Staples | Distillers & Vintners | Bull | LSE | Beverages, brand portfolio, consumer staples, Emerging markets, Global Brands, premiumization, Spirits, UK | Login |
| Sep 30, 2023 | Fund Letters | FMI Large Cap Equity | VVV | Valvoline Inc. | Consumer Discretionary | Specialty Retail | Bull | NYSE | Automotive Services, defensive, High returns, Labor Efficiency, market share gains, Pricing power, Quick Lube, Specialty retail, turnaround | Login |
| Sep 30, 2023 | Fund Letters | FMI Large Cap Equity | SYY | Sysco Corporation | Consumer Staples | Food Distributors | Bull | NYSE | Consumables, defensive, dividend, economies of scale, food distribution, Foodservice, market share gains, share repurchases, Value | Login |
| Sep 30, 2023 | Fund Letters | FMI Large Cap Equity | CCEP | Coca-Cola Europacific Partners PLC | Consumer Staples | Soft Drinks | Bull | NASDAQ | Asia-Pacific, Beverages, Bottling, consumer staples, defensive, franchise, Free Cash Flow, Pricing power, Value | Login |
| Jun 30, 2023 | Fund Letters | FMI Large 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 Large Cap Equity | CDW | CDW Corporation | Technology Hardware & Equipment | Technology Distributors | Bull | NASDAQ | Cyclical, Distributor, growth, IT Solutions, market share, services, Software, technology, Value | Login |
| Jun 30, 2023 | Fund Letters | FMI Large 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 |
| Mar 31, 2023 | Fund Letters | FMI Large Cap Equity | ZBRA | Zions Bancorporation | Financials | Regional Banks | Bull | NASDAQ | Crisis Opportunity, Deposit Franchise, Liquidity Management, regional bank, SMB Banking, Value, West Coast | Login |
| Mar 31, 2023 | Fund Letters | FMI Large Cap Equity | SCHW | Charles Schwab Corp. | Financials | Investment Banking & Brokerage | Bull | NYSE | Balance Sheet Liquidity, brokerage accounts, Crisis Opportunity, Discount Broker, FDIC Insurance, Retail Deposits, Value | Login |
| Mar 31, 2023 | Fund Letters | FMI Large Cap Equity | AAPL|MSFT|NFLX|NVDA|UNH | UnitedHealth Group Inc. | Health Care | Managed Health Care | Bull | NYSE | health insurance, Healthcare Technology, managed care, market leader, Medicare Advantage, Optum, Scale Advantages | Login |
| Mar 31, 2023 | Fund Letters | FMI Large Cap Equity | AEO|ASH|ASUR|AZZ|DCO|FA|FBIN|GHM|LEU|NSP|RRR|UTZ | Fortune Brands Innovations Inc. | Industrials | Building Products | Bull | NYSE | Branded Portfolio, Building Products, defensive, Housing Exposure, market leader, Plumbing, repair & remodel | Login |
| Mar 31, 2023 | Fund Letters | FMI Large Cap Equity | BKNG | Booking Holdings Inc. | Consumer Discretionary | Hotels, Restaurants & Leisure | Bull | NASDAQ | Commission Model, Europe Exposure, market share gains, network effects, Online Travel Agency, Platform business, Travel Recovery | 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. While these industries are not typically associated with rapid growth, Huron's value proposition is squarely aimed at helping organizations navigate an unrelenting stream of business model, regulatory, and technology challenges – pressures that have only intensified. Because these institutions tend to operate with lean internal resources, they consistently rely on outside expertise to work through complex issues, creating a durable and recurring source of demand for Huron's services. Management sees a substantial opportunity to deepen penetration within the existing customer base over the coming years, and the company's strategy of broadening its capabilities – both organically and through tuck-in acquisitions – should drive further wallet share gains. In aggregate, we believe Huron can grow its top line in the low double digits annually, comprised of mid-to-upper single-digit organic growth supplemented by a modest contribution from M&A. Combined with a commitment to margin expansion and a consistent track record of share repurchases, we see a credible path to low-to-mid teens earnings per share growth on an annualized basis. 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. Both efforts are underway. Further reinforcing the company's resilience, management noted that ~ 2/3rds of 2025 revenue was outcome-based, fixed-fee, or recurring in nature, and that its highly skilled consultants delivering mission-critical work for institutions facing disruption are considerably more insulated than other consulting models. 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. This aggregation of fragmented supply and demand allows them to charge a healthy commission when a user books a room, which in turn allows them to outspend all other players on customer acquisition while still earning good returns. Booking is best-in-class at digital marketing, earning the highest returns on acquired traffic of all the online travel agencies. Booking has tremendous scale and an asset-light business model, generating very high returns on capital and free cash flow. Most of their revenue is generated from independent hotels that depend on Booking not just to deliver incremental guests, but also for cross-currency payments, merchandising, and customer service. 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. Booking's payments and customer service capabilities are also difficult to replicate, further protecting the business against new entrants. In our view, new AI tools are more likely to integrate Booking's existing inventory and capabilities into their models, rather than recreating these features themselves. If travel research shifts from traditional search to LLMs, Booking's historical expertise in digital marketing makes them well-positioned to win this traffic. Furthermore, AI should boost Booking's margins through efficiencies in customer service and marketing. 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. The business benefits from a resilient foundation, with approximately 55% of sales – and an even greater share of profits – derived from life science end markets, including pharmaceuticals, beauty and personal care, food and nutrition, and home care. Specialty chemical distributors like IMCD also bring meaningful value-added capabilities to both suppliers and customers, fostering deep, sticky relationships that support attractive margins and strong returns on invested capital. 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. The long-term drivers remain firmly intact: rising consumption of specialty chemicals, ongoing product innovation, and increasing outsourcing to distributors. Larger players with meaningful scale advantages are also well positioned to reinvest in their offerings and capture share from smaller competitors. This dynamic should further enhance IMCD's organic growth profile coupled with their consistent and disciplined approach to bolt-on M&A provides an additional avenue for compounding growth. Taken together, we believe IMCD has a long and visible growth runway, with the potential to compound earnings per share at a double-digit rate over the coming years. At a mid-teens forward earnings multiple, the shares are trading meaningfully below the company's long-term historical valuation averages. We believe that the combination of strong earnings growth and multiple expansion sets up a compelling return profile for investors over the next several years. |
| Ticker | Put/Call | Amount Bought | Shares Bought | % Change | Weight % |
|---|---|---|---|---|---|
| No Recent Buys Data | |||||
| Ticker | Put/Call | Amount Sold | Shares Sold | % Change | Weight % | Status |
|---|---|---|---|---|---|---|
| No Recent Sells Data | ||||||
| Industry | Prev Quarter % | Current Quarter % | Change |
|---|---|---|---|
| No industry data available | |||
