Fund profile from Barron's. Note this excerpt from the article ....
"The $6 billion FMI Large Cap fund (FMIHX) has earned a 9% annual return over the past decade, better than 98% of its peers, according to Morningstar. At the end of the year, it too will close to new investors."===
FMI Value: 'Just Say No' Fiduciary Management runs $15 billion, including just three mutual funds. Its strategy is value-oriented and highly focused, and it's bringing that to a new fund, along with an international strategy.
As Pat English likes to say about his investing style, "We're in the rejection business."
Over the course of a year, the CEO and chief investment strategist, along with Fiduciary Management's seven other investment analysts and portfolio managers, will sift through hundreds of companies looking for what might amount to just a handful of new holdings. "At the initial stage, 95% of what we look at will be rejected," says English, who joined the Milwaukee firm in 1986 when it was just two founding partners managing $300 million in assets. As the firm's first director of research, English was instrumental in honing Fiduciary's ultra-selective, highly concentrated value approach.
"Our culture is very contrarian in nature, and that's a testament to Pat," says Andy Ramer, who took over as director of research in 2010. The team isn't "contrarian just for the sake of being contrarian," he adds. "But we're always asking what can go wrong."
http://online.barrons.com/article/SB50001424053111904819604577643511683540498.html?mod=BOL_twm_fs
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For the record, we owned Common Stocks (closed to new investors) and International funds.