Fiduciary Management

What Fiduciary Management does

Fiduciary Management, Inc. (FMI) is an independent, employee-owned money management firm founded in 1980 and headquartered in Milwaukee, Wisconsin. The firm manages approximately $10.0 billion in assets under management ($10.2 billion in assets under administration as of 3/31/2026) for institutional investors, individual investors, and Registered Investment Advisors through separately managed accounts, no-load mutual funds, and a UCITS vehicle for non-US clients.

FMI's product suite is built on a single value-disciplined investment philosophy applied across market caps and geographies: small cap equity, large cap equity, all cap equity, international equity (hedged and unhedged), global equity, and a concentrated focused global equity strategy. The five no-load mutual funds (FMI Common Stock Fund/FMIMX-FMIUX, FMI Large Cap Fund/FMIHX-FMIQX, FMI International Fund/FMIJX-FMIYX, FMI International Fund II Currency Unhedged/FMIFX, and FMI Global Fund/FMIGX) mirror the separate account strategies and are distributed in both investor and institutional share classes; FMI also provides sub-advisory services to ALPS Advisors on the Liberty All-Star Equity Fund and offers a UCITS fund for international investors. The underlying investment process is fundamental, bottom-up, and contrarian: a Portfolio Management Committee vets research from senior analysts, evaluates each business as an owner would, and targets durable franchises at discounts to intrinsic value, with typical holding periods of 3-5 years and trailing average annual turnover near 0%.

Revenue is generated exclusively through asset-based management fees on approximately $10 billion in AUM, with mutual fund expense ratios disclosed in the 0.71%-0.96% range and sub-advisory economics in the 0.292%-0.40% range. Distribution combines enterprise institutional sales (pension funds, endowments, foundations), direct-to-consumer mutual fund relationships (supported by Foreside Financial Services as distributor), and a channel partnership with ALPS. The firm employs 11-50 staff organized around the Portfolio Management Committee, client service, trading, compliance, and IT, and is owned by its partners with no external parent or PE backing.

Name

Fiduciary Management

Legal name

Fiduciary Management, Inc.

Website

https://fmimgt.com

Company type

Private

Founded year

1980

Operating status

Operating

Headcount range

11–50 employees

Short description

Fiduciary Management, Inc. is an independent, employee-owned money management firm founded in 1980 in Milwaukee, Wisconsin, managing approximately $10B in assets for institutions, individual investors, and RIAs through value-equity SMAs, five no-load mutual funds, and a UCITS fund.

Ownership category

akta.pro rank

Product category

Active Equity Asset Management

NAICS

Portfolio Management and Investment Advice (523940), Portfolio Management and Investment Advice (52394), Open-End Investment Funds (525910)

SIC

Investment Advice (6282)

akta.pro primary industry

Specialized/Niche-Vertical RIAs (e.g., Medical, Tech, Executives, Athletes) (FSAAACAL)

akta.pro secondary industry

Private Banking Advisory & Discretionary Portfolio Management (FSABADAD)

Keywords

• Value equity management
• Separate account strategies
• No-load mutual funds
• Institutional asset management
• Fundamental equity research

Headquarters

HQ city

Milwaukee

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Others

Revenue model

1. Asset Management Fees: FMI generates revenue through asset-based management fees charged on approximately $10.0 billion AUM as of 3/31/2026, managed for institutions, individual investors, and Registered Investment Advisors through separately managed accounts, mutual funds, and UCITS.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels5 records

Core offering

FMI is an independent money management firm that applies a value discipline to equity investing through fundamental research. The firm offers institutional separate-account equity strategies (Small Cap, Large Cap, All Cap, International, Global, and Focused Global) and a corresponding lineup of five no-load mutual funds, together with a UCITS fund for non-U.S. investors, serving institutions, individual investors, and Registered Investment Advisors.

Product overview

Fiduciary Management, Inc. (FMI) is an independent money management firm offering a coordinated suite of separately managed account strategies and no-load mutual funds, all applying a consistent value discipline through fundamental research. The separate account strategies include Small Cap Equity, Large Cap Equity, All Cap Equity, International Equity (offered in hedged and unhedged versions), Global Equity, and Focused Global Equity—ranging from diversified multi-stock approaches to concentrated high-conviction portfolios. The mutual fund lineup mirrors these strategies with five funds: FMI Common Stock Fund (small-to-medium cap), FMI Large Cap Fund, FMI International Fund (hedged and unhedged variants), and FMI Global Fund. FMI manages approximately $10.2 billion in assets for institutions, individual investors, and registered investment advisors through separately managed accounts, mutual funds, and UCITS vehicles for international clients. The firm was founded in 1980 and is headquartered in Milwaukee, Wisconsin.

Differentiator

Problem solved

Functional benefit

Brands

• FMI Common Stock Fund: No-load mutual fund seeking long-term capital appreciation by investing mainly in small-to medium-capitalization value stocks.
• FMI Large Cap Fund
• FMI International Fund
• FMI International Fund II - Currency Unhedged
• FMI Global Fund
• FMI UCITS Fund

Products and services

• Small Cap Equity Strategy An equity investment strategy targeting small capitalization companies, applying a value discipline through fundamental research. The portfolio typically consists of 30-40 companies with initial position sizes of 1-3%, focusing on durable business franchises selling at discounts to intrinsic value. Intended for institutional separate account mandates.
• Large Cap Equity Strategy An equity investment strategy targeting large capitalization companies, applying a value discipline through fundamental research. The portfolio typically consists of 20-30 companies with initial position sizes of 2-4%. Delivered via institutional separate accounts.
• All Cap Equity Strategy An equity investment strategy covering companies across all market capitalizations, applying a value discipline through fundamental research. The portfolio typically consists of 35-45 companies with initial position sizes of 1-3%. Delivered via institutional separate accounts.
• International Equity Strategy An equity investment strategy targeting non-U.S. large capitalization companies using a value discipline. Available in both currency hedged and unhedged versions, with a portfolio typically consisting of 25-40 companies and initial position sizes of 2-4%. Delivered via institutional separate accounts.
• Global Equity Strategy An equity investment strategy investing in global companies across all market capitalizations using a value discipline. The portfolio typically consists of 25-35 companies with initial position sizes of 2-4%. Delivered via institutional separate accounts.
• Focused Global Equity Strategy A concentrated equity investment strategy investing in global companies with higher conviction position sizes. The portfolio typically consists of 10-15 companies with initial position sizes of 5-8%. Delivered via institutional separate accounts.
• FMI Common Stock Fund A no-load mutual fund seeking long-term capital appreciation by investing in small- to medium-capitalization value stocks. The fund mirrors FMI's Small Cap Equity Strategy and holds 30-40 stocks with a no-load structure. Available in investor class (FMIMX, expense ratio 0.96%) and institutional class (FMIUX, expense ratio 0.84%). For individual investors, RIAs, and institutional investors.
• FMI Large Cap Fund A no-load mutual fund seeking long-term capital appreciation by investing in large capitalization value stocks. The fund mirrors FMI's Large Cap Equity Strategy and holds approximately 20-30 stocks. Available in investor class (FMIHX, expense ratio 0.84%) and institutional class (FMIQX, expense ratio 0.71%). For individual investors, RIAs, and institutional investors.
• FMI International Fund A no-load mutual fund seeking long-term capital appreciation by investing in large capitalization value stocks of non-U.S. companies. The fund typically hedges a significant portion of foreign currency exposure. Available in investor class (FMIJX, expense ratio 0.95%) and institutional class (FMIYX, expense ratio 0.80%). For individual investors, RIAs, and institutional investors.
• FMI International Fund II - Currency Unhedged A no-load mutual fund mirroring FMI's International Equity Strategy but without currency hedging, allowing exposure to foreign currency movements. Available in institutional class (FMIFX, expense ratio 0.90%, or 1.16% before voluntary reimbursement). For individual investors, RIAs, and institutional investors.
• FMI Global Fund A no-load mutual fund seeking long-term capital appreciation by investing in large capitalization value stocks of global companies. The fund typically holds 25-35 stocks and is available in institutional class (FMIGX, expense ratio 0.90%, or 3.47% before voluntary reimbursement). For individual investors, RIAs, and institutional investors.
• FMI Small Cap Equity UCITS Fund A UCITS-compliant fund vehicle offering non-U.S. investors access to FMI's U.S. Small Cap Equity strategy through a regulated international wrapper. Distributed outside the United States.

Quantifiable outcome

• FMI Small Cap Equity strategy returned 0.89% gross for Q1 2026 with 99% active share and forward P/E of 15.6x
• +2 more outcomes

Named customers3 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Scale indicators9 records

Recent moves5 records

Expansion highlights5 records

Direct peers

• Harris Associates (Oakmark Funds): Independently-owned, value-disciplined equity manager offering mutual funds and SMAs across U.S. and global mandates — directly comparable to FMI in philosophy, distribution model, and boutique scale.
• Dodge & Cox: Long-tenured, partner-owned value manager in San Francisco with mutual funds and SMAs across U.S. and international equities — same philosophy, independent ownership, and channel mix as FMI.
• Tweedy, Browne Company: Boutique value-oriented manager offering global and international equity strategies through mutual funds and SMAs, with a comparable contrarian, fundamentals-first investment approach.
• Southeastern Asset Management (Longleaf Partners): Independent, employee-owned value manager running concentrated global and U.S. equity portfolios through mutual funds and SMAs — closely analogous in ownership structure, philosophy, and concentration.
• Ariel Investments: Independent, employee-owned value equity manager offering mutual funds and SMAs primarily in U.S. small/mid cap — directly comparable boutique, value-disciplined peer.
• Third Avenue Management: Boutique deep-value manager with concentrated equity mutual funds and SMAs applying a fundamental, contrarian approach similar to FMIs philosophy.
• Heartland Advisors: Mid-sized, independently-owned value manager based in Milwaukee with U.S. small/mid-cap mutual fund and SMA offerings — closely comparable boutique, value-oriented competitor with geographic overlap.
• Royce Investment Partners: Specialist small-cap value manager offering mutual funds and SMAs applying a contrarian, fundamentals-based approach — overlapping with FMIs small-cap Common Stock strategy.

Broad incumbents

• Artisan Partners: Publicly-traded multi-boutique asset manager with several value and value-oriented equity teams — comparable in that it offers U.S. and international value strategies via SMAs and funds, though it operates at much larger scale.

Emerging players

• Cohen & Steers: Specialized asset manager offering actively managed equity funds and SMAs — adjacent peer with overlapping institutional distribution and mutual fund vehicle structure.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat3 records

Key risks7 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/fiduciary-management-inc-

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles18 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Fiduciary Management