FIDUCIARY MANAGEMENT INC /WI/ recently filed their 13F report for the fourth quarter of 2022, which ended on 2022-12-31.
The 13F report details which stocks were in a guru’s equity portfolio at the end of the quarter, though investors should note that these filings are limited in scope, containing only a snapshot of long positions in U.S.-listed stocks and American depository receipts as of the quarter’s end. They are not required to include international holdings, short positions or other types of investments. Still, even this limited filing can provide valuable information.
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.
As of the latest 13F report, the guru’s equity portfolio contained 70 stocks valued at a total of $9.87Bil. The top holdings were BKNG(4.78%), BRK.B(4.16%), and SCHW(3.91%).
According to GuruFocus data, these were FIDUCIARY MANAGEMENT INC /WI/’s top five trades of the quarter.
Dollar General Corp
FIDUCIARY MANAGEMENT INC /WI/ reduced their investment in NYSE:DG by 477,361 shares. The trade had a 1.2% impact on the equity portfolio. During the quarter, the stock traded for an average price of $247.29.
On 02/18/2023, Dollar General Corp traded for a price of $227.82 per share and a market cap of $50.93Bil. The stock has returned 16.69% over the past year.
GuruFocus gives the company a financial strength rating of 5 out of 10 and a profitability rating of 9 out of 10.
In terms of valuation, Dollar General Corp has a price-earnings ratio of 22.14, a price-book ratio of 8.36, a price-earnings-to-growth (PEG) ratio of 1.38, a EV-to-Ebitda ratio of 17.28 and a price-sales ratio of 1.44.
The price-to-GF Value ratio is 0.84, earning the stock a GF Value rank of 9.
Meta Platforms Inc
The guru sold out of their 696,934-share investment in NAS:META. Previously, the stock had a 1% weight in the equity portfolio. Shares traded for an average price of $117.43 during the quarter.
On 02/18/2023, Meta Platforms Inc traded for a price of $172.88 per share and a market cap of $448.22Bil. The stock has returned -16.77% over the past year.
GuruFocus gives the company a financial strength rating of 7 out of 10 and a profitability rating of 9 out of 10.
In terms of valuation, Meta Platforms Inc has a price-earnings ratio of 20.15, a price-book ratio of 3.59, a price-earnings-to-growth (PEG) ratio of 1.31, a EV-to-Ebitda ratio of 11.50 and a price-sales ratio of 4.07.
The price-to-GF Value ratio is 0.46, earning the stock a GF Value rank of 4.
PACCAR Inc
FIDUCIARY MANAGEMENT INC /WI/ reduced their investment in NAS:PCAR by 1,035,084 shares. The trade had a 0.91% impact on the equity portfolio. During the quarter, the stock traded for an average price of $65.33.
On 02/18/2023, PACCAR Inc traded for a price of $75.69 per share and a market cap of $39.48Bil. The stock has returned 25.76% over the past year.
GuruFocus gives the company a financial strength rating of 8 out of 10 and a profitability rating of 8 out of 10.
In terms of valuation, PACCAR Inc has a price-earnings ratio of 13.14, a price-book ratio of 3.00, a price-earnings-to-growth (PEG) ratio of 5.48, a EV-to-Ebitda ratio of 9.97 and a price-sales ratio of 1.36.
The price-to-GF Value ratio is 1.03, earning the stock a GF Value rank of 5.
TJX Companies Inc
FIDUCIARY MANAGEMENT INC /WI/ reduced their investment in NYSE:TJX by 1,205,838 shares. The trade had a 0.79% impact on the equity portfolio. During the quarter, the stock traded for an average price of $73.84.
On 02/18/2023, TJX Companies Inc traded for a price of $79.83 per share and a market cap of $92.24Bil. The stock has returned 24.31% over the past year.
GuruFocus gives the company a financial strength rating of 7 out of 10 and a profitability rating of 8 out of 10.
In terms of valuation, TJX Companies Inc has a price-earnings ratio of 27.82, a price-book ratio of 16.29, a EV-to-Ebitda ratio of 18.40 and a price-sales ratio of 1.93.
The price-to-GF Value ratio is 1.02, earning the stock a GF Value rank of 5.
Arch Capital Group Ltd
FIDUCIARY MANAGEMENT INC /WI/ reduced their investment in NAS:ACGL by 1,628,314 shares. The trade had a 0.78% impact on the equity portfolio. During the quarter, the stock traded for an average price of $55.83.
On 02/18/2023, Arch Capital Group Ltd traded for a price of $67.81 per share and a market cap of $25.11Bil. The stock has returned 44.37% over the past year.
GuruFocus gives the company a financial strength rating of 5 out of 10 and a profitability rating of 7 out of 10.
In terms of valuation, Arch Capital Group Ltd has a price-earnings ratio of 17.84, a price-book ratio of 2.08, a price-earnings-to-growth (PEG) ratio of 1.04, a EV-to-Ebitda ratio of 16.02 and a price-sales ratio of 2.62.
The price-to-GF Value ratio is 1.32, earning the stock a GF Value rank of 3.
Please note, the numbers and facts quoted are as of the writing of this article and may not factor in the latest trading data or company announcements.
When GuruFocus covers insider information, we only track open market or the private purchase and sale of common stock with the transaction code of P or S. Therefore, all the transactions mentioned in this article are only the ones with transaction code of P or S.
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