FIDUCIARY MANAGEMENT INC /WI/

Fiduciary Management is a private investment manager that is wholly owned by its employees. The company was founded in 1980 and is headquartered in Milwaukee. Fiduciary Management, as of 2015, manages over $22 billion in total assets under management spread across over 1,200 accounts. Both of its number of accounts under management and total assets under management have been increasing, with its accounts held increasing from 500 five years ago to its current amount today and its assets under management growing to almost five times its amount of $4.2 billion in 2010. The majority of the company’s client base is made out of individuals and high net worth individuals, each making up about a quarter of its total clients. The rest of its client base includes charities, corporations and other businesses, pension and profit sharing plans, investment companies, pooled investment vehicles, state or municipal government entities, and insurance companies, listed in order of decreasing clients. The company’s majority is owned by Ted Douglas Kellner, who was the founder of Fiduciary Management and acts as the current executive chairman, with the next highest ownership being Patrick English, who is the current CEO and CIO of the company. Fiduciary Management conducts its research in house and utilizes a fundamental analysis with a bottom up stock picking and contrarian approach to make its investment decisions. The company currently focuses on the finance, information technology, and industrial sectors, together making up over half of its total allocated investments, and also invests in the consumer discretionary, health care, energy, materials, and transports sectors, in order of decreasing amount allocated. Its current top holdings include UnitedHealth Group, Accenture Plc, Potash Corp, AmerisourceBergen Corp, and Berkshire Hathaway. Fiduciary Management currently offers three mutual funds: the Large Cap Fund, Common Stock Fund, both of which are closed to new investors), and the International Fund.