FIDUCIARY MANAGEMENT INC /WI/ Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	Accenture PLC	711,815	$190,980	2.1%	$268.30	—	COM	g1151c101
UL	Unilever PLC ADR	2,568,718	$167,994	1.8%	$65.40	—	COM	904767803
ACGL	Arch Capital Group	1,112,203	$106,683	1.2%	$91.50	0.0%	COM	G0450A105
HURN	Huron Consulting	524,325	$90,661	1.0%	$163.70	0.0%	COM	447462102
MWA	Mueller Water Prod.	3,165,392	$75,400	0.8%	$24.69	0.0%	COM	624758108
IJR	iShares S&P 600	60,880	$7,317	0.1%	$120.18	—	COM	464287804
ASHGY	Ashtead Group PLC	26,208	$1,854	0.0%	$70.74	—	COM	045055209
BSPAX	iShares S&P 500	442	$352	0.0%	$796.75	—	COM	066923566

Increased Positions (10)

VVV Valvoline Inc. 1.6%

Value ($000) $144,497 (-15.3%) Shares 4,972,363 (+4.6%) Est. Cost $35.95 Unrealized -10.7%

ALLE Allegion PLC 1.8%

Value ($000) $161,733 (+15.6%) Shares 1,015,783 (+28.8%) Est. Cost $145.93 Unrealized +14.2%

HAYW Hayward Holdings 1.5%

Value ($000) $140,438 (+15.7%) Shares 9,089,866 (+13.2%) Est. Cost $15.03 Unrealized +5.1%

CVCO Cavco Industries 1.3%

Value ($000) $115,615 (+16.3%) Shares 195,713 (+14.3%) Est. Cost $498.71 Unrealized +13.6%

CARR Carrier Global 2.3%

Value ($000) $209,881 (-6.8%) Shares 3,972,009 (+5.3%) Est. Cost $47.42 Unrealized +17.1%

LPX Louisiana-Pacific Corp. 1.0%

Value ($000) $88,685 (+12.6%) Shares 1,098,133 (+23.9%) Est. Cost $88.02 Unrealized -4.0%

MSA MSA Safety 1.3%

Value ($000) $114,571 (+5.0%) Shares 715,443 (+12.8%) Est. Cost $159.62 Unrealized +2.0%

IVV iShares S&P 500 0.0%

Value ($000) $2,223 (+333.7%) Shares 3,246 (+323.8%) Est. Cost $681.25 Unrealized —

ATR AptarGroup Inc. 1.7%

Value ($000) $152,152 (-0.4%) Shares 1,247,557 (+9.2%) Est. Cost $124.32 Unrealized -1.1%

SDXAY Sodexo 0.0%

Value ($000) $1,431 (+9.1%) Shares 139,046 (+34.2%) Est. Cost $16.31 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
VVV	Valvoline Inc.	4,972,363 (+4.6%)	$144,497 (-15.3%)	1.6%	$35.95	-10.7%	COM	92047W101
ALLE	Allegion PLC	1,015,783 (+28.8%)	$161,733 (+15.6%)	1.8%	$145.93	+14.2%	COM	G0176J109
HAYW	Hayward Holdings	9,089,866 (+13.2%)	$140,438 (+15.7%)	1.5%	$15.03	+5.1%	COM	421298100
CVCO	Cavco Industries	195,713 (+14.3%)	$115,615 (+16.3%)	1.3%	$498.71	+13.6%	COM	149568107
CARR	Carrier Global	3,972,009 (+5.3%)	$209,881 (-6.8%)	2.3%	$47.42	+17.1%	COM	14448C104
LPX	Louisiana-Pacific Corp.	1,098,133 (+23.9%)	$88,685 (+12.6%)	1.0%	$88.02	-4.0%	COM	546347105
MSA	MSA Safety	715,443 (+12.8%)	$114,571 (+5.0%)	1.3%	$159.62	+2.0%	COM	553498106
IVV	iShares S&P 500	3,246 (+323.8%)	$2,223 (+333.7%)	0.0%	$681.25	—	COM	464287200
ATR	AptarGroup Inc.	1,247,557 (+9.2%)	$152,152 (-0.4%)	1.7%	$124.32	-1.1%	COM	038336103
SDXAY	Sodexo	139,046 (+34.2%)	$1,431 (+9.1%)	0.0%	$16.31	—	COM	833792104

Exited Positions (9)

— Unilever PLC ADR 2.1%

Value ($000) $187,218 Shares 3,158,201 Est. Cost $49.91 Unrealized —

G Genpact Ltd. 1.7%

Value ($000) $152,217 Shares 3,633,725 Est. Cost $35.23 Unrealized +22.7%

KMX CarMax Inc. 1.6%

Value ($000) $145,808 Shares 3,249,561 Est. Cost $85.43 Unrealized -53.2%

BLK Blackrock Inc. 1.1%

Value ($000) $95,832 Shares 82,198 Est. Cost $840.24 Unrealized +29.7%

NVT nVent Electric PLC 0.5%

Value ($000) $49,453 Shares 501,346 Est. Cost $37.39 Unrealized +177.1%

— Sony Financial Group 0.1%

Value ($000) $6,675 Shares 1,202,716 Est. Cost $5.55 Unrealized —

— Ashtead Group PLC 0.0%

Value ($000) $1,759 Shares 6,553 Est. Cost $230.72 Unrealized —

URTH iShares MSCI World 0.0%

Value ($000) $1,436 Shares 7,908 Est. Cost $181.56 Unrealized —

IWM iShares Russell 2000 0.0%

Value ($000) $627 Shares 2,590 Est. Cost $241.96 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	Unilever PLC ADR	3,158,201	$187,218	2.1%	$49.91	—	—	904767704
G	Genpact Ltd.	3,633,725	$152,217	1.7%	$35.23	+22.7%	—	G3922B107
KMX	CarMax Inc.	3,249,561	$145,808	1.6%	$85.43	-53.2%	—	143130102
BLK	Blackrock Inc.	82,198	$95,832	1.1%	$840.24	+29.7%	—	09290D101
NVT	nVent Electric PLC	501,346	$49,453	0.5%	$37.39	+177.1%	—	G6700G107
—	Sony Financial Group	1,202,716	$6,675	0.1%	$5.55	—	—	83571b100
—	Ashtead Group PLC	6,553	$1,759	0.0%	$230.72	—	—	045055100
URTH	iShares MSCI World	7,908	$1,436	0.0%	$181.56	—	—	464286392
IWM	iShares Russell 2000	2,590	$627	0.0%	$241.96	—	—	464287655

Decreased Positions (46)

FERG Ferguson Enterprises 3.6%

Value ($000) $330,852 (-25.7%) Shares 1,486,106 (-25.0%) Est. Cost $200.37 Unrealized +18.8%

SSD Simpson Mfg. Co. 0.8%

Value ($000) $73,500 (-56.9%) Shares 455,195 (-55.3%) Est. Cost $113.18 Unrealized +49.1%

CSX CSX Corp 1.6%

Value ($000) $145,598 (-30.0%) Shares 4,016,503 (-31.4%) Est. Cost $33.40 Unrealized +6.9%

ARMK Aramark 4.7%

Value ($000) $423,032 (-10.9%) Shares 11,476,736 (-7.2%) Est. Cost $33.75 Unrealized +12.4%

NSIT Insight Enterprises 1.2%

Value ($000) $107,749 (-31.6%) Shares 1,322,558 (-4.8%) Est. Cost $99.98 Unrealized -6.2%

FCFS FirstCash Inc. 1.7%

Value ($000) $153,687 (-24.5%) Shares 964,280 (-24.9%) Est. Cost $88.16 Unrealized +78.1%

BKNG Booking Holdings Inc 4.3%

Value ($000) $391,459 (-9.6%) Shares 73,097 (-8.9%) Est. Cost $1867.55 Unrealized +175.1%

GOOGL Alphabet Inc - Cl A 2.8%

Value ($000) $251,239 (+19.1%) Shares 802,679 (-7.5%) Est. Cost $94.32 Unrealized +202.8%

CDW CDW Corp 1.5%

Value ($000) $139,425 (-21.4%) Shares 1,023,679 (-8.0%) Est. Cost $179.11 Unrealized -17.9%

DGX Quest Diagnostics 2.0%

Value ($000) $181,672 (-16.9%) Shares 1,046,921 (-8.8%) Est. Cost $125.21 Unrealized +45.4%

MAS Masco Corp 1.8%

Value ($000) $167,320 (-17.7%) Shares 2,636,618 (-8.8%) Est. Cost $32.10 Unrealized +101.7%

GTES Gates Industrial 1.6%

Value ($000) $149,314 (-18.7%) Shares 6,954,532 (-6.1%) Est. Cost $11.86 Unrealized +94.6%

SYY Sysco Corp. 1.7%

Value ($000) $155,328 (-17.9%) Shares 2,107,864 (-8.3%) Est. Cost $66.72 Unrealized +13.2%

HLI Houlihan Lokey Inc. 1.3%

Value ($000) $121,461 (-20.9%) Shares 697,293 (-6.8%) Est. Cost $58.30 Unrealized +214.1%

SONY Sony Group Corp. 1.6%

Value ($000) $143,295 (-17.8%) Shares 5,597,452 (-7.6%) Est. Cost $33.63 Unrealized —

WTM White Mountains Ins. 2.1%

Value ($000) $187,715 (+19.0%) Shares 90,333 (-4.3%) Est. Cost $1467.48 Unrealized +33.3%

ARW Arrow Electronics Inc. 1.9%

Value ($000) $176,771 (-13.7%) Shares 1,604,380 (-5.2%) Est. Cost $97.62 Unrealized +16.4%

FMS Fresenius Med. Care 1.3%

Value ($000) $118,194 (-17.7%) Shares 4,961,969 (-9.1%) Est. Cost $32.35 Unrealized —

DLTR Dollar Tree 1.6%

Value ($000) $145,613 (+19.4%) Shares 1,183,752 (-8.4%) Est. Cost $95.95 Unrealized +11.7%

OMF OneMain Holdings 2.1%

Value ($000) $190,020 (+13.1%) Shares 2,813,028 (-5.4%) Est. Cost $49.85 Unrealized +22.0%

PRI Primerica Inc. 1.7%

Value ($000) $157,931 (-11.1%) Shares 611,281 (-4.5%) Est. Cost $175.98 Unrealized +48.2%

UNH UnitedHealth Group 1.4%

Value ($000) $129,785 (-12.8%) Shares 393,157 (-8.8%) Est. Cost $216.63 Unrealized +55.7%

PHG Koninklijke Philips NV 1.9%

Value ($000) $177,188 (-9.5%) Shares 6,543,122 (-8.9%) Est. Cost $33.56 Unrealized —

PGR Progressive Corp. 1.0%

Value ($000) $92,928 (-14.5%) Shares 408,081 (-7.2%) Est. Cost $75.95 Unrealized +179.6%

RHI Robert Half Inc. 0.5%

Value ($000) $47,940 (-24.6%) Shares 1,765,109 (-5.6%) Est. Cost $64.76 Unrealized -55.9%

FBIN Fortune Brands Innov. 1.2%

Value ($000) $106,418 (-12.3%) Shares 2,127,508 (-6.4%) Est. Cost $56.55 Unrealized -12.0%

SCHW Charles Schwab Corp 4.3%

Value ($000) $386,883 (-3.7%) Shares 3,872,312 (-8.0%) Est. Cost $50.08 Unrealized +89.2%

CSL Carlisle Cos. Inc. 1.9%

Value ($000) $171,311 (-7.8%) Shares 535,581 (-5.2%) Est. Cost $194.14 Unrealized +66.2%

CCEP Coca-Cola Europacific 1.0%

Value ($000) $91,649 (-12.6%) Shares 1,010,460 (-12.9%) Est. Cost $60.99 Unrealized +47.0%

BRK/B Berkshire Hath. Cl B 1.9%

Value ($000) $173,917 (-6.9%) Shares 346,000 (-6.8%) Est. Cost $124.90 Unrealized +298.4%

HSIC Henry Schein Inc. 1.9%

Value ($000) $173,350 (+7.0%) Shares 2,293,597 (-6.0%) Est. Cost $68.97 Unrealized +2.0%

CNM Core & Main 1.5%

Value ($000) $135,795 (-7.3%) Shares 2,612,944 (-4.0%) Est. Cost $38.25 Unrealized +34.1%

AVY Avery Dennison Corp. 2.8%

Value ($000) $254,780 (+4.3%) Shares 1,400,814 (-7.0%) Est. Cost $169.30 Unrealized +1.8%

— Icon Plc 1.0%

Value ($000) $87,647 (-10.7%) Shares 480,996 (-14.3%) Est. Cost $188.26 Unrealized —

COF Capital One Financial 1.8%

Value ($000) $159,166 (+5.8%) Shares 656,735 (-7.2%) Est. Cost $185.05 Unrealized +20.1%

BDX Becton Dickinson 2.4%

Value ($000) $214,145 (-3.9%) Shares 1,103,441 (-7.3%) Est. Cost $181.35 Unrealized +4.5%

BJ BJ's Wholesale Club 0.7%

Value ($000) $65,195 (-8.6%) Shares 724,153 (-5.4%) Est. Cost $65.01 Unrealized +41.2%

PLXS Plexus Corp 2.1%

Value ($000) $189,696 (-3.0%) Shares 1,290,446 (-4.5%) Est. Cost $95.65 Unrealized +53.3%

AIT Applied Ind. Tech. 0.6%

Value ($000) $55,501 (-9.1%) Shares 216,149 (-7.6%) Est. Cost $122.21 Unrealized +108.8%

DCI Donaldson Co. Inc. 2.3%

Value ($000) $205,716 (+1.5%) Shares 2,320,281 (-6.3%) Est. Cost $53.51 Unrealized +61.5%

RYAAY Ryanair Holdings 1.2%

Value ($000) $110,807 (+2.5%) Shares 1,534,931 (-14.5%) Est. Cost $72.56 Unrealized —

ZION Zions Bancorporation 1.9%

Value ($000) $169,450 (-1.1%) Shares 2,894,607 (-4.4%) Est. Cost $42.59 Unrealized +27.9%

SLB SLB 1.8%

Value ($000) $162,257 (-1.0%) Shares 4,227,636 (-11.4%) Est. Cost $44.54 Unrealized -19.0%

BMRRY B&M European Value 0.0%

Value ($000) $113 (-86.3%) Shares 12,546 (-78.7%) Est. Cost $24.03 Unrealized —

CTS CTS Corp 0.5%

Value ($000) $46,494 (-1.2%) Shares 1,084,545 (-7.9%) Est. Cost $43.09 Unrealized -2.8%

WEIGF Weir Group PLC 0.0%

Value ($000) $2,297 (-6.4%) Shares 60,813 (-9.5%) Est. Cost $23.93 Unrealized +57.3%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
FERG	Ferguson Enterprises	1,486,106 (-25.0%)	$330,852 (-25.7%)	3.6%	$200.37	+18.8%	COM	31488V107
SSD	Simpson Mfg. Co.	455,195 (-55.3%)	$73,500 (-56.9%)	0.8%	$113.18	+49.1%	COM	829073105
CSX	CSX Corp	4,016,503 (-31.4%)	$145,598 (-30.0%)	1.6%	$33.40	+6.9%	COM	126408103
ARMK	Aramark	11,476,736 (-7.2%)	$423,032 (-10.9%)	4.7%	$33.75	+12.4%	COM	03852U106
NSIT	Insight Enterprises	1,322,558 (-4.8%)	$107,749 (-31.6%)	1.2%	$99.98	-6.2%	COM	45765U103
FCFS	FirstCash Inc.	964,280 (-24.9%)	$153,687 (-24.5%)	1.7%	$88.16	+78.1%	COM	33768G107
BKNG	Booking Holdings Inc	73,097 (-8.9%)	$391,459 (-9.6%)	4.3%	$1867.55	+175.1%	COM	09857L108
GOOGL	Alphabet Inc - Cl A	802,679 (-7.5%)	$251,239 (+19.1%)	2.8%	$94.32	+202.8%	COM	02079K305
CDW	CDW Corp	1,023,679 (-8.0%)	$139,425 (-21.4%)	1.5%	$179.11	-17.9%	COM	12514G108
DGX	Quest Diagnostics	1,046,921 (-8.8%)	$181,672 (-16.9%)	2.0%	$125.21	+45.4%	COM	74834L100
MAS	Masco Corp	2,636,618 (-8.8%)	$167,320 (-17.7%)	1.8%	$32.10	+101.7%	COM	574599106
GTES	Gates Industrial	6,954,532 (-6.1%)	$149,314 (-18.7%)	1.6%	$11.86	+94.6%	COM	G39108108
SYY	Sysco Corp.	2,107,864 (-8.3%)	$155,328 (-17.9%)	1.7%	$66.72	+13.2%	COM	871829107
HLI	Houlihan Lokey Inc.	697,293 (-6.8%)	$121,461 (-20.9%)	1.3%	$58.30	+214.1%	COM	441593100
SONY	Sony Group Corp.	5,597,452 (-7.6%)	$143,295 (-17.8%)	1.6%	$33.63	—	COM	835699307
WTM	White Mountains Ins.	90,333 (-4.3%)	$187,715 (+19.0%)	2.1%	$1467.48	+33.3%	COM	G9618E107
ARW	Arrow Electronics Inc.	1,604,380 (-5.2%)	$176,771 (-13.7%)	1.9%	$97.62	+16.4%	COM	042735100
FMS	Fresenius Med. Care	4,961,969 (-9.1%)	$118,194 (-17.7%)	1.3%	$32.35	—	COM	358029106
DLTR	Dollar Tree	1,183,752 (-8.4%)	$145,613 (+19.4%)	1.6%	$95.95	+11.7%	COM	256746108
OMF	OneMain Holdings	2,813,028 (-5.4%)	$190,020 (+13.1%)	2.1%	$49.85	+22.0%	COM	68268W103
PRI	Primerica Inc.	611,281 (-4.5%)	$157,931 (-11.1%)	1.7%	$175.98	+48.2%	COM	74164M108
UNH	UnitedHealth Group	393,157 (-8.8%)	$129,785 (-12.8%)	1.4%	$216.63	+55.7%	COM	91324P102
PHG	Koninklijke Philips NV	6,543,122 (-8.9%)	$177,188 (-9.5%)	1.9%	$33.56	—	COM	500472303
PGR	Progressive Corp.	408,081 (-7.2%)	$92,928 (-14.5%)	1.0%	$75.95	+179.6%	COM	743315103
RHI	Robert Half Inc.	1,765,109 (-5.6%)	$47,940 (-24.6%)	0.5%	$64.76	-55.9%	COM	770323103
FBIN	Fortune Brands Innov.	2,127,508 (-6.4%)	$106,418 (-12.3%)	1.2%	$56.55	-12.0%	COM	34964C106
SCHW	Charles Schwab Corp	3,872,312 (-8.0%)	$386,883 (-3.7%)	4.3%	$50.08	+89.2%	COM	808513105
CSL	Carlisle Cos. Inc.	535,581 (-5.2%)	$171,311 (-7.8%)	1.9%	$194.14	+66.2%	COM	142339100
CCEP	Coca-Cola Europacific	1,010,460 (-12.9%)	$91,649 (-12.6%)	1.0%	$60.99	+47.0%	COM	G25839104
BRK/B	Berkshire Hath. Cl B	346,000 (-6.8%)	$173,917 (-6.9%)	1.9%	$124.90	+298.4%	COM	084670702
HSIC	Henry Schein Inc.	2,293,597 (-6.0%)	$173,350 (+7.0%)	1.9%	$68.97	+2.0%	COM	806407102
CNM	Core & Main	2,612,944 (-4.0%)	$135,795 (-7.3%)	1.5%	$38.25	+34.1%	COM	21874C102
AVY	Avery Dennison Corp.	1,400,814 (-7.0%)	$254,780 (+4.3%)	2.8%	$169.30	+1.8%	COM	053611109
—	Icon Plc	480,996 (-14.3%)	$87,647 (-10.7%)	1.0%	$188.26	—	COM	g4705a100
COF	Capital One Financial	656,735 (-7.2%)	$159,166 (+5.8%)	1.8%	$185.05	+20.1%	COM	14040H105
BDX	Becton Dickinson	1,103,441 (-7.3%)	$214,145 (-3.9%)	2.4%	$181.35	+4.5%	COM	075887109
BJ	BJ's Wholesale Club	724,153 (-5.4%)	$65,195 (-8.6%)	0.7%	$65.01	+41.2%	COM	05550J101
PLXS	Plexus Corp	1,290,446 (-4.5%)	$189,696 (-3.0%)	2.1%	$95.65	+53.3%	COM	729132100
AIT	Applied Ind. Tech.	216,149 (-7.6%)	$55,501 (-9.1%)	0.6%	$122.21	+108.8%	COM	03820C105
DCI	Donaldson Co. Inc.	2,320,281 (-6.3%)	$205,716 (+1.5%)	2.3%	$53.51	+61.5%	COM	257651109
RYAAY	Ryanair Holdings	1,534,931 (-14.5%)	$110,807 (+2.5%)	1.2%	$72.56	—	COM	783513203
ZION	Zions Bancorporation	2,894,607 (-4.4%)	$169,450 (-1.1%)	1.9%	$42.59	+27.9%	COM	989701107
SLB	SLB	4,227,636 (-11.4%)	$162,257 (-1.0%)	1.8%	$44.54	-19.0%	COM	806857108
BMRRY	B&M European Value	12,546 (-78.7%)	$113 (-86.3%)	0.0%	$24.03	—	COM	05590Y100
CTS	CTS Corp	1,084,545 (-7.9%)	$46,494 (-1.2%)	0.5%	$43.09	-2.8%	COM	126501105
WEIGF	Weir Group PLC	60,813 (-9.5%)	$2,297 (-6.4%)	0.0%	$23.93	+57.3%	COM	G95248137

Unchanged Positions (3)

RXEEY Rexel 0.0%

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

EDNMY Edenred 0.0%

Value ($000) $131 Shares 11,787 Est. Cost $15.95 Unrealized —

IFJPY Informa PLC 0.0%

Value ($000) $291 Shares 12,081 Est. Cost $21.19 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
RXEEY	Rexel	6,737	$264	0.0%	$31.14	—	COM	761681105
EDNMY	Edenred	11,787	$131	0.0%	$15.95	—	COM	279655104
IFJPY	Informa PLC	12,081	$291	0.0%	$21.19	—	COM	45672B305