FIDUCIARY MANAGEMENT INC /WI/ Diversified Active

Location: MILWAUKEE, WI

CIK: 0000764532 · Show all filings

Period: Q1 2026 (← Previous)

Filing Date: May 14, 2026

Total Value ($000): $8,057,093 (100.0% shares, 0.0% debt)

Holdings (62)

New Positions (4)

FCN FTI Consulting Inc 1.8%

Value ($000) $145,608 Shares 823,713 Est. Cost $172.42 Unrealized 0.0%

PNC PNC Financial Services 1.6%

Value ($000) $132,361 Shares 636,078 Est. Cost $224.93 Unrealized 0.0%

SUNB Sunbelt Rentals 1.6%

Value ($000) $125,054 Shares 1,921,250 Est. Cost $65.09 Unrealized —

IMCDY IMCD N.V. 0.0%

Value ($000) $209 Shares 4,002 Est. Cost $52.24 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
FCN	FTI Consulting Inc	823,713	$145,608	1.8%	$172.42	0.0%	COM	302941109
PNC	PNC Financial Services	636,078	$132,361	1.6%	$224.93	0.0%	COM	693475105
SUNB	Sunbelt Rentals	1,921,250	$125,054	1.6%	$65.09	—	COM	866966104
IMCDY	IMCD N.V.	4,002	$209	0.0%	$52.24	—	COM	44970W103

Increased Positions (17)

MWA Mueller Water Prod. 1.4%

Value ($000) $114,254 (+51.5%) Shares 4,156,199 (+31.3%) Est. Cost $25.35 Unrealized +8.3%

CDW CDW Corp 2.2%

Value ($000) $174,669 (+25.3%) Shares 1,443,309 (+41.0%) Est. Cost $164.82 Unrealized -21.1%

ACGL Arch Capital Group 1.7%

Value ($000) $140,251 (+31.5%) Shares 1,461,096 (+31.4%) Est. Cost $92.54 Unrealized +3.6%

HURN Huron Consulting 1.4%

Value ($000) $115,174 (+27.0%) Shares 903,400 (+72.3%) Est. Cost $162.51 Unrealized -1.0%

PGR Progressive Corp. 1.4%

Value ($000) $114,921 (+23.7%) Shares 579,706 (+42.1%) Est. Cost $114.65 Unrealized +80.3%

BDX Becton Dickinson 2.4%

Value ($000) $194,926 (-9.0%) Shares 1,239,752 (+12.4%) Est. Cost $179.87 Unrealized -6.7%

NSIT Insight Enterprises 1.6%

Value ($000) $125,662 (+16.6%) Shares 1,875,277 (+41.8%) Est. Cost $95.43 Unrealized -11.4%

PRI Primerica Inc. 2.2%

Value ($000) $173,338 (+9.8%) Shares 692,022 (+13.2%) Est. Cost $185.93 Unrealized +40.5%

CVCO Cavco Industries 1.6%

Value ($000) $129,554 (+12.1%) Shares 267,514 (+36.7%) Est. Cost $526.93 Unrealized +14.6%

ALLE Allegion PLC 1.9%

Value ($000) $150,087 (-7.2%) Shares 1,033,019 (+1.7%) Est. Cost $146.27 Unrealized +13.7%

HLI Houlihan Lokey Inc. 1.4%

Value ($000) $115,409 (-5.0%) Shares 803,572 (+15.2%) Est. Cost $73.81 Unrealized +137.9%

BKNG Booking Holdings Inc 4.9%

Value ($000) $395,395 (+1.0%) Shares 93,911 (+28.5%) Est. Cost $2513.44 Unrealized +90.2%

LPX Louisiana-Pacific Corp. 1.1%

Value ($000) $92,058 (+3.8%) Shares 1,265,398 (+15.2%) Est. Cost $88.16 Unrealized +1.0%

IFJPY Informa PLC 0.0%

Value ($000) $1,468 (+404.6%) Shares 72,000 (+496.0%) Est. Cost $20.53 Unrealized —

SDXAY Sodexo 0.0%

Value ($000) $1,757 (+22.8%) Shares 170,072 (+22.3%) Est. Cost $15.22 Unrealized —

— Accenture PLC 2.4%

Value ($000) $190,828 (-0.1%) Shares 962,367 (+35.2%) Est. Cost $250.07 Unrealized —

EDNMY Edenred 0.0%

Value ($000) $138 (+5.3%) Shares 14,271 (+21.1%) Est. Cost $14.86 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
MWA	Mueller Water Prod.	4,156,199 (+31.3%)	$114,254 (+51.5%)	1.4%	$25.35	+8.3%	COM	624758108
CDW	CDW Corp	1,443,309 (+41.0%)	$174,669 (+25.3%)	2.2%	$164.82	-21.1%	COM	12514G108
ACGL	Arch Capital Group	1,461,096 (+31.4%)	$140,251 (+31.5%)	1.7%	$92.54	+3.6%	COM	G0450A105
HURN	Huron Consulting	903,400 (+72.3%)	$115,174 (+27.0%)	1.4%	$162.51	-1.0%	COM	447462102
PGR	Progressive Corp.	579,706 (+42.1%)	$114,921 (+23.7%)	1.4%	$114.65	+80.3%	COM	743315103
BDX	Becton Dickinson	1,239,752 (+12.4%)	$194,926 (-9.0%)	2.4%	$179.87	-6.7%	COM	075887109
NSIT	Insight Enterprises	1,875,277 (+41.8%)	$125,662 (+16.6%)	1.6%	$95.43	-11.4%	COM	45765U103
PRI	Primerica Inc.	692,022 (+13.2%)	$173,338 (+9.8%)	2.2%	$185.93	+40.5%	COM	74164M108
CVCO	Cavco Industries	267,514 (+36.7%)	$129,554 (+12.1%)	1.6%	$526.93	+14.6%	COM	149568107
ALLE	Allegion PLC	1,033,019 (+1.7%)	$150,087 (-7.2%)	1.9%	$146.27	+13.7%	COM	G0176J109
HLI	Houlihan Lokey Inc.	803,572 (+15.2%)	$115,409 (-5.0%)	1.4%	$73.81	+137.9%	COM	441593100
BKNG	Booking Holdings Inc	93,911 (+28.5%)	$395,395 (+1.0%)	4.9%	$2513.44	+90.2%	COM	09857L108
LPX	Louisiana-Pacific Corp.	1,265,398 (+15.2%)	$92,058 (+3.8%)	1.1%	$88.16	+1.0%	COM	546347105
IFJPY	Informa PLC	72,000 (+496.0%)	$1,468 (+404.6%)	0.0%	$20.53	—	COM	45672B305
SDXAY	Sodexo	170,072 (+22.3%)	$1,757 (+22.8%)	0.0%	$15.22	—	COM	833792104
—	Accenture PLC	962,367 (+35.2%)	$190,828 (-0.1%)	2.4%	$250.07	—	COM	g1151c101
EDNMY	Edenred	14,271 (+21.1%)	$138 (+5.3%)	0.0%	$14.86	—	COM	279655104

Exited Positions (9)

PLXS Plexus Corp 2.4%

Value ($000) $189,696 Shares 1,290,446 Est. Cost $95.65 Unrealized +94.5%

SLB SLB 2.0%

Value ($000) $162,257 Shares 4,227,636 Est. Cost $44.54 Unrealized +8.4%

CSX CSX Corp 1.8%

Value ($000) $145,598 Shares 4,016,503 Est. Cost $33.40 Unrealized +15.3%

SONY Sony Group Corp. 1.8%

Value ($000) $143,295 Shares 5,597,452 Est. Cost $33.63 Unrealized —

— Icon Plc 1.1%

Value ($000) $87,647 Shares 480,996 Est. Cost $188.26 Unrealized —

IJR iShares S&P 600 0.1%

Value ($000) $7,317 Shares 60,880 Est. Cost $120.18 Unrealized —

IVV iShares S&P 500 0.0%

Value ($000) $2,223 Shares 3,246 Est. Cost $681.25 Unrealized —

ASHGY Ashtead Group PLC 0.0%

Value ($000) $1,854 Shares 26,208 Est. Cost $70.74 Unrealized —

RXEEY Rexel 0.0%

Value ($000) $264 Shares 6,737 Est. Cost $31.14 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
PLXS	Plexus Corp	1,290,446	$189,696	2.4%	$95.65	+94.5%	—	729132100
SLB	SLB	4,227,636	$162,257	2.0%	$44.54	+8.4%	—	806857108
CSX	CSX Corp	4,016,503	$145,598	1.8%	$33.40	+15.3%	—	126408103
SONY	Sony Group Corp.	5,597,452	$143,295	1.8%	$33.63	—	—	835699307
—	Icon Plc	480,996	$87,647	1.1%	$188.26	—	—	g4705a100
IJR	iShares S&P 600	60,880	$7,317	0.1%	$120.18	—	—	464287804
IVV	iShares S&P 500	3,246	$2,223	0.0%	$681.25	—	—	464287200
ASHGY	Ashtead Group PLC	26,208	$1,854	0.0%	$70.74	—	—	045055209
RXEEY	Rexel	6,737	$264	0.0%	$31.14	—	—	761681105

Decreased Positions (39)

GOOGL Alphabet Inc - Cl A 1.2%

Value ($000) $94,228 (-62.5%) Shares 327,682 (-59.2%) Est. Cost $94.32 Unrealized +242.8%

DCI Donaldson Co. Inc. 1.5%

Value ($000) $121,061 (-41.2%) Shares 1,426,427 (-38.5%) Est. Cost $53.51 Unrealized +90.5%

SCHW Charles Schwab Corp 4.0%

Value ($000) $325,690 (-15.8%) Shares 3,465,521 (-10.5%) Est. Cost $50.08 Unrealized +99.9%

COF Capital One Financial 1.3%

Value ($000) $106,863 (-32.9%) Shares 585,777 (-10.8%) Est. Cost $185.05 Unrealized +20.6%

OMF OneMain Holdings 1.8%

Value ($000) $143,536 (-24.5%) Shares 2,683,426 (-4.6%) Est. Cost $49.85 Unrealized +26.8%

PHG Koninklijke Philips NV 1.7%

Value ($000) $136,367 (-23.0%) Shares 4,976,913 (-23.9%) Est. Cost $33.56 Unrealized —

DGX Quest Diagnostics 1.8%

Value ($000) $141,299 (-22.2%) Shares 720,986 (-31.1%) Est. Cost $125.21 Unrealized +52.2%

AVY Avery Dennison Corp. 2.7%

Value ($000) $216,287 (-15.1%) Shares 1,252,529 (-10.6%) Est. Cost $169.30 Unrealized +11.7%

UL Unilever PLC ADR 1.6%

Value ($000) $130,742 (-22.2%) Shares 2,294,923 (-10.7%) Est. Cost $65.40 Unrealized —

UNH UnitedHealth Group 1.2%

Value ($000) $96,858 (-25.4%) Shares 357,951 (-9.0%) Est. Cost $216.63 Unrealized +42.5%

HSIC Henry Schein Inc. 1.8%

Value ($000) $144,016 (-16.9%) Shares 1,954,083 (-14.8%) Est. Cost $68.97 Unrealized +13.2%

DLTR Dollar Tree 1.5%

Value ($000) $116,881 (-19.7%) Shares 1,067,313 (-9.8%) Est. Cost $95.95 Unrealized +33.8%

BRK/B Berkshire Hath. Cl B 1.8%

Value ($000) $145,987 (-16.1%) Shares 304,648 (-12.0%) Est. Cost $124.90 Unrealized +295.1%

RYAAY Ryanair Holdings 1.0%

Value ($000) $83,347 (-24.8%) Shares 1,441,982 (-6.1%) Est. Cost $72.56 Unrealized —

ARW Arrow Electronics Inc. 1.9%

Value ($000) $150,357 (-14.9%) Shares 1,048,441 (-34.7%) Est. Cost $97.62 Unrealized +36.8%

FBIN Fortune Brands Innov. 1.0%

Value ($000) $80,756 (-24.1%) Shares 2,072,259 (-2.6%) Est. Cost $56.55 Unrealized +0.5%

MAS Masco Corp 1.8%

Value ($000) $143,006 (-14.5%) Shares 2,368,825 (-10.2%) Est. Cost $32.10 Unrealized +119.9%

HAYW Hayward Holdings 1.5%

Value ($000) $116,927 (-16.7%) Shares 8,738,960 (-3.9%) Est. Cost $15.03 Unrealized +8.2%

SYY Sysco Corp. 1.7%

Value ($000) $133,843 (-13.8%) Shares 1,876,385 (-11.0%) Est. Cost $66.72 Unrealized +23.3%

CCEP Coca-Cola Europacific 0.9%

Value ($000) $72,727 (-20.6%) Shares 802,103 (-20.6%) Est. Cost $60.99 Unrealized +55.2%

FERG Ferguson Enterprises 3.9%

Value ($000) $311,946 (-5.7%) Shares 1,337,332 (-10.0%) Est. Cost $200.37 Unrealized +25.3%

VVV Valvoline Inc. 2.0%

Value ($000) $162,638 (+12.6%) Shares 4,828,931 (-2.9%) Est. Cost $35.95 Unrealized -4.1%

FCFS FirstCash Inc. 2.1%

Value ($000) $171,466 (+11.6%) Shares 912,051 (-5.4%) Est. Cost $88.16 Unrealized +96.7%

FMS Fresenius Med. Care 1.2%

Value ($000) $100,665 (-14.8%) Shares 4,462,106 (-10.1%) Est. Cost $32.35 Unrealized —

CNM Core & Main 1.5%

Value ($000) $122,636 (-9.7%) Shares 2,482,510 (-5.0%) Est. Cost $38.25 Unrealized +47.1%

CARR Carrier Global 2.5%

Value ($000) $200,880 (-4.3%) Shares 3,567,389 (-10.2%) Est. Cost $47.42 Unrealized +25.8%

ZION Zions Bancorporation 2.0%

Value ($000) $160,642 (-5.2%) Shares 2,787,957 (-3.7%) Est. Cost $42.59 Unrealized +42.9%

CSL Carlisle Cos. Inc. 2.0%

Value ($000) $164,723 (-3.8%) Shares 493,744 (-7.8%) Est. Cost $194.14 Unrealized +91.4%

ARMK Aramark 5.3%

Value ($000) $429,233 (+1.5%) Shares 10,587,895 (-7.7%) Est. Cost $33.75 Unrealized +15.8%

RHI Robert Half Inc. 0.5%

Value ($000) $43,396 (-9.5%) Shares 1,708,488 (-3.2%) Est. Cost $64.76 Unrealized -56.8%

CTS CTS Corp 0.6%

Value ($000) $49,788 (+7.1%) Shares 1,042,452 (-3.9%) Est. Cost $43.09 Unrealized +18.8%

MSA MSA Safety 1.4%

Value ($000) $111,320 (-2.8%) Shares 678,986 (-5.1%) Est. Cost $159.62 Unrealized +16.1%

BJ BJ's Wholesale Club 0.8%

Value ($000) $67,851 (+4.1%) Shares 689,400 (-4.8%) Est. Cost $65.01 Unrealized +47.2%

GTES Gates Industrial 1.9%

Value ($000) $150,450 (+0.8%) Shares 6,654,116 (-4.3%) Est. Cost $11.86 Unrealized +108.1%

WEIGF Weir Group PLC 0.0%

Value ($000) $1,255 (-45.4%) Shares 34,009 (-44.1%) Est. Cost $23.93 Unrealized +77.1%

SSD Simpson Mfg. Co. 0.9%

Value ($000) $74,519 (+1.4%) Shares 434,209 (-4.6%) Est. Cost $113.18 Unrealized +65.8%

AIT Applied Ind. Tech. 0.7%

Value ($000) $54,637 (-1.6%) Shares 205,928 (-4.7%) Est. Cost $122.21 Unrealized +125.6%

WTM White Mountains Ins. 2.3%

Value ($000) $186,887 (-0.4%) Shares 85,066 (-5.8%) Est. Cost $1467.48 Unrealized +43.7%

BMRRY B&M European Value 0.0%

Value ($000) $106 (-6.0%) Shares 12,165 (-3.0%) Est. Cost $24.03 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
GOOGL	Alphabet Inc - Cl A	327,682 (-59.2%)	$94,228 (-62.5%)	1.2%	$94.32	+242.8%	COM	02079K305
DCI	Donaldson Co. Inc.	1,426,427 (-38.5%)	$121,061 (-41.2%)	1.5%	$53.51	+90.5%	COM	257651109
SCHW	Charles Schwab Corp	3,465,521 (-10.5%)	$325,690 (-15.8%)	4.0%	$50.08	+99.9%	COM	808513105
COF	Capital One Financial	585,777 (-10.8%)	$106,863 (-32.9%)	1.3%	$185.05	+20.6%	COM	14040H105
OMF	OneMain Holdings	2,683,426 (-4.6%)	$143,536 (-24.5%)	1.8%	$49.85	+26.8%	COM	68268W103
PHG	Koninklijke Philips NV	4,976,913 (-23.9%)	$136,367 (-23.0%)	1.7%	$33.56	—	COM	500472303
DGX	Quest Diagnostics	720,986 (-31.1%)	$141,299 (-22.2%)	1.8%	$125.21	+52.2%	COM	74834L100
AVY	Avery Dennison Corp.	1,252,529 (-10.6%)	$216,287 (-15.1%)	2.7%	$169.30	+11.7%	COM	053611109
UL	Unilever PLC ADR	2,294,923 (-10.7%)	$130,742 (-22.2%)	1.6%	$65.40	—	COM	904767803
UNH	UnitedHealth Group	357,951 (-9.0%)	$96,858 (-25.4%)	1.2%	$216.63	+42.5%	COM	91324P102
HSIC	Henry Schein Inc.	1,954,083 (-14.8%)	$144,016 (-16.9%)	1.8%	$68.97	+13.2%	COM	806407102
DLTR	Dollar Tree	1,067,313 (-9.8%)	$116,881 (-19.7%)	1.5%	$95.95	+33.8%	COM	256746108
BRK/B	Berkshire Hath. Cl B	304,648 (-12.0%)	$145,987 (-16.1%)	1.8%	$124.90	+295.1%	COM	084670702
RYAAY	Ryanair Holdings	1,441,982 (-6.1%)	$83,347 (-24.8%)	1.0%	$72.56	—	COM	783513203
ARW	Arrow Electronics Inc.	1,048,441 (-34.7%)	$150,357 (-14.9%)	1.9%	$97.62	+36.8%	COM	042735100
FBIN	Fortune Brands Innov.	2,072,259 (-2.6%)	$80,756 (-24.1%)	1.0%	$56.55	+0.5%	COM	34964C106
MAS	Masco Corp	2,368,825 (-10.2%)	$143,006 (-14.5%)	1.8%	$32.10	+119.9%	COM	574599106
HAYW	Hayward Holdings	8,738,960 (-3.9%)	$116,927 (-16.7%)	1.5%	$15.03	+8.2%	COM	421298100
SYY	Sysco Corp.	1,876,385 (-11.0%)	$133,843 (-13.8%)	1.7%	$66.72	+23.3%	COM	871829107
CCEP	Coca-Cola Europacific	802,103 (-20.6%)	$72,727 (-20.6%)	0.9%	$60.99	+55.2%	COM	G25839104
FERG	Ferguson Enterprises	1,337,332 (-10.0%)	$311,946 (-5.7%)	3.9%	$200.37	+25.3%	COM	31488V107
VVV	Valvoline Inc.	4,828,931 (-2.9%)	$162,638 (+12.6%)	2.0%	$35.95	-4.1%	COM	92047W101
FCFS	FirstCash Inc.	912,051 (-5.4%)	$171,466 (+11.6%)	2.1%	$88.16	+96.7%	COM	33768G107
FMS	Fresenius Med. Care	4,462,106 (-10.1%)	$100,665 (-14.8%)	1.2%	$32.35	—	COM	358029106
CNM	Core & Main	2,482,510 (-5.0%)	$122,636 (-9.7%)	1.5%	$38.25	+47.1%	COM	21874C102
CARR	Carrier Global	3,567,389 (-10.2%)	$200,880 (-4.3%)	2.5%	$47.42	+25.8%	COM	14448C104
ZION	Zions Bancorporation	2,787,957 (-3.7%)	$160,642 (-5.2%)	2.0%	$42.59	+42.9%	COM	989701107
CSL	Carlisle Cos. Inc.	493,744 (-7.8%)	$164,723 (-3.8%)	2.0%	$194.14	+91.4%	COM	142339100
ARMK	Aramark	10,587,895 (-7.7%)	$429,233 (+1.5%)	5.3%	$33.75	+15.8%	COM	03852U106
RHI	Robert Half Inc.	1,708,488 (-3.2%)	$43,396 (-9.5%)	0.5%	$64.76	-56.8%	COM	770323103
CTS	CTS Corp	1,042,452 (-3.9%)	$49,788 (+7.1%)	0.6%	$43.09	+18.8%	COM	126501105
MSA	MSA Safety	678,986 (-5.1%)	$111,320 (-2.8%)	1.4%	$159.62	+16.1%	COM	553498106
BJ	BJ's Wholesale Club	689,400 (-4.8%)	$67,851 (+4.1%)	0.8%	$65.01	+47.2%	COM	05550J101
GTES	Gates Industrial	6,654,116 (-4.3%)	$150,450 (+0.8%)	1.9%	$11.86	+108.1%	COM	G39108108
WEIGF	Weir Group PLC	34,009 (-44.1%)	$1,255 (-45.4%)	0.0%	$23.93	+77.1%	COM	G95248137
SSD	Simpson Mfg. Co.	434,209 (-4.6%)	$74,519 (+1.4%)	0.9%	$113.18	+65.8%	COM	829073105
AIT	Applied Ind. Tech.	205,928 (-4.7%)	$54,637 (-1.6%)	0.7%	$122.21	+125.6%	COM	03820C105
WTM	White Mountains Ins.	85,066 (-5.8%)	$186,887 (-0.4%)	2.3%	$1467.48	+43.7%	COM	G9618E107
BMRRY	B&M European Value	12,165 (-3.0%)	$106 (-6.0%)	0.0%	$24.03	—	COM	05590Y100

Unchanged Positions (2)

ATR AptarGroup Inc. 2.0%

Value ($000) $157,820 Shares 1,252,338 Est. Cost $124.32 Unrealized +4.6%

BSPAX iShares S&P 500 0.0%

Value ($000) $337 Shares 443 Est. Cost $796.75 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ATR	AptarGroup Inc.	1,252,338	$157,820	2.0%	$124.32	+4.6%	COM	038336103
BSPAX	iShares S&P 500	443	$337	0.0%	$796.75	—	COM	066923566