# EDGAR Filing Document

**Accession Number:** 0000764532
**File Stem:** 0001438934-25-002080
**Filing Date:** 2025-8
**Character Count:** 56381
**Document Hash:** 635a3a434bcda24f19a0ff547870e618
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001438934-25-002080.hdr.sgml**: 20250827

**ACCESSION NUMBER**: 0001438934-25-002080

**CONFORMED SUBMISSION TYPE**: N-PX

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250827

**EFFECTIVENESS DATE**: 20250827

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FIDUCIARY MANAGEMENT INC /WI/
- **CENTRAL INDEX KEY:** 0000764532

**ORGANIZATION NAME:**
- **EIN:** 391346018
- **STATE OF INCORPORATION:** WI
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-PX
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-01526
- **FILM NUMBER:** 251265883

**BUSINESS ADDRESS:**
- **STREET 1:** 790 N. WATER STREET
- **STREET 2:** SUITE 2100
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202
- **BUSINESS PHONE:** 4142264545

**MAIL ADDRESS:**
- **STREET 1:** 790 N. WATER STREET
- **STREET 2:** SUITE 2100
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202

## FORM N-PX
### ANNUAL REPORT OF PROXY VOTING RECORD

## N-PX: Filer Information

**Filer CIK:** 0000764532

**Date of Report:** 06/30/2025

**Are you a Registered Management Investment Company or an Institutional Manager?:** Institutional Manager

**Is this a LIVE or TEST Filing?:** LIVE

**Is this an electronic copy of an official filing submitted in paper format?:** [ ]

### Submission Contact Information
_Not provided in this filing._

### Notification Information
**Notify via Filing Website only?:** [ ]

## N-PX: Cover Page

**Name of reporting person:** FIDUCIARY MANAGEMENT INC /WI/

**Address:** 790 N. Water Street, Milwaukee, WI 53202

**Telephone number:** 414-226-4545

**Name of agent for service:** John S. Brandser

**Agent Address:** 790 N. Water Street, Milwaukee, WI 53202

**Reporting Period:** Report for the year ended 06/30/2025

**SEC File Number:** 028-01526

**CRD Number (if any):** —

**Other SEC File Number (if any):** —

**LEI (if any):** —

**Report Type (check only one):**

Institutional Manager.

- [x] Institutional Manager Voting Report

- [ ] Institutional Manager Notice Report

- [ ] Institutional Manager Combination Report

Registered Management Investment Company.

- [ ] Fund Voting Report

- [ ] Fund Notice Report

**Do you wish to provide explanatory information pursuant to Special Instruction B.4?:**

- [x] No

- [ ] Yes

**Additional information:** —

## N-PX: Summary - Included Managers

**Number of Included Institutional Managers:** 0

**Included Institutional Managers:** —

## FORM N-PX PROXY VOTING RECORD

| NAME OF ISSUER                           | CUSIP     | MEETING DATE   | VOTE DESCRIPTION                                                                                                                                                                                                                                                                                                               | VOTE CATEGORY                |   SHARES VOTED |   SHARES ON LOAN | HOW VOTED   | SHARES VOTED FOR OR AGAINST MANAGEMENT   | FOR OR AGAINST MANAGEMENT   | OTHER INFO   |
|:---|:---|:---|:---|:---|---:|---:|:---|:---|:---|:---|
| ACCENTURE PLC                            | G1151C101 | 02/06/2025     | To approve, in a non-binding vote, the compensation of our named executive officers.                                                                                                                                                                                                                                           | SECTION 14A SAY-ON-PAY VOTES |              0 |                0 |  |  |  |  |
| AIM IMMUNOTECH INC.                      | 00901B105 | 12/17/2024     | The Company's proposal to approve, on an advisory basis, the Company's executive compensation.                                                                                                                                                                                                                                 | SECTION 14A SAY-ON-PAY VOTES |          50000 |                0 | AGAINST     | 50000                                    | FOR                         |  |
| ALLEGION PLC                             | G0176J109 | 06/05/2025     | Approve the compensation of our named executive officers on an advisory (non-binding) basis.                                                                                                                                                                                                                                   | SECTION 14A SAY-ON-PAY VOTES |         411030 |              460 | FOR         | 411030                                   | FOR                         |  |
| APPLE INC.                               | 037833100 | 02/25/2025     | Advisory vote to approve executive compensation                                                                                                                                                                                                                                                                                | SECTION 14A SAY-ON-PAY VOTES |              0 |                0 |  |  |  |  |
| APPLIED INDUSTRIAL TECHNOLOGIES, INC.    | 03820C105 | 10/22/2024     | Say on Pay - To approve, through a nonbinding advisory vote, the compensation of Applied's named executive officers.                                                                                                                                                                                                           | SECTION 14A SAY-ON-PAY VOTES |         181079 |                0 | AGAINST     | 181079                                   | AGAINST                     |  |
| APTARGROUP, INC.                         | 038336103 | 05/07/2025     | Advisory vote to approve executive compensation.                                                                                                                                                                                                                                                                               | SECTION 14A SAY-ON-PAY VOTES |         199803 |              136 | AGAINST     | 199803                                   | AGAINST                     |  |
| ARAMARK                                  | 03852U106 | 01/24/2025     | To approve, in a non-binding advisory vote, the compensation paid to the named executive officers.                                                                                                                                                                                                                             | SECTION 14A SAY-ON-PAY VOTES |        5012509 |            16869 | FOR         | 5012509                                  | FOR                         |  |
| ARROW ELECTRONICS, INC.                  | 042735100 | 05/06/2025     | To approve, by non-binding vote, named executive officer compensation.                                                                                                                                                                                                                                                         | SECTION 14A SAY-ON-PAY VOTES |         443194 |             1510 | FOR         | 443194                                   | FOR                         |  |
| ASHTEAD GROUP PLC                        | G05320109 | 09/04/2024     | APPROVAL OF THE DIRECTORS REMUNERATION REPORT                                                                                                                                                                                                                                                                                  | SECTION 14A SAY-ON-PAY VOTES |          11305 |                0 | FOR         | 11305                                    | FOR                         |  |
| ATI INC.                                 | 01741R102 | 05/16/2025     | Advisory vote to approve the compensation of our named executive officers                                                                                                                                                                                                                                                      | SECTION 14A SAY-ON-PAY VOTES |              0 |                0 |  |  |  |  |
| AVERY DENNISON CORPORATION               | 053611109 | 04/24/2025     | Approval, on an advisory basis, of our executive compensation.                                                                                                                                                                                                                                                                 | SECTION 14A SAY-ON-PAY VOTES |         645774 |              570 | FOR         | 645774                                   | FOR                         |  |
| B EUROPEAN VALUE RETAIL SA.              | L1175H106 | 07/23/2024     | APPROVE REMUNERATION REPORT                                                                                                                                                                                                                                                                                                    | SECTION 14A SAY-ON-PAY VOTES |         340000 |                0 | FOR         | 340000                                   | FOR                         |  |
| BANK OF MONTREAL (THE "BANK")            | 063671101 | 04/11/2025     | Advisory vote on the Bank's Approach to Executive Compensation                                                                                                                                                                                                                                                                 | SECTION 14A SAY-ON-PAY VOTES |              0 |                0 |  |  |  |  |
| BJ'S WHOLESALE CLUB HOLDINGS, INC.       | 05550J101 | 06/19/2025     | Approve, on an advisory (non-binding) basis, the compensation of the named executive officers of BJ's Wholesale Club Holdings, Inc.                                                                                                                                                                                            | SECTION 14A SAY-ON-PAY VOTES |         226955 |              146 | AGAINST     | 226955                                   | AGAINST                     |  |
| BLACKROCK, INC.                          | 09290D101 | 05/15/2025     | Approval, in a non-binding advisory vote, of the compensation for named executive officers.                                                                                                                                                                                                                                    | SECTION 14A SAY-ON-PAY VOTES |          41950 |                0 | FOR         | 41950                                    | FOR                         |  |
| BOOKING HOLDINGS INC.                    | 09857L108 | 06/03/2025     | Advisory vote to approve 2024 executive compensation.                                                                                                                                                                                                                                                                          | SECTION 14A SAY-ON-PAY VOTES |          31168 |                0 | AGAINST     | 31168                                    | AGAINST                     |  |
| CARLISLE COMPANIES INCORPORATED          | 142339100 | 04/30/2025     | To approve, on an advisory basis, the Company's named executive officer compensation in 2024.                                                                                                                                                                                                                                  | SECTION 14A SAY-ON-PAY VOTES |         207093 |              605 | AGAINST     | 207093                                   | AGAINST                     |  |
| CARMAX, INC.                             | 143130102 | 06/24/2025     | To approve, in an advisory (non-binding) vote, the compensation of our named executive officers.                                                                                                                                                                                                                               | SECTION 14A SAY-ON-PAY VOTES |        1432977 |              680 | AGAINST     | 1432977                                  | AGAINST                     |  |
| CARRIER GLOBAL CORPORATION               | 14448C104 | 04/09/2025     | Advisory Vote to Approve Named Executive Officer Compensation                                                                                                                                                                                                                                                                  | SECTION 14A SAY-ON-PAY VOTES |        1569929 |             3046 | AGAINST     | 1569929                                  | AGAINST                     |  |
| CDW CORPORATION                          | 12514G108 | 05/20/2025     | To approve, on an advisory basis, named executive officer compensation.                                                                                                                                                                                                                                                        | SECTION 14A SAY-ON-PAY VOTES |         341677 |               54 | AGAINST     | 341677                                   | AGAINST                     |  |
| CHURCHILL DOWNS INCORPORATED             | 171484108 | 04/22/2025     | To approve, on a non-binding advisory basis, the Company's executive compensation as disclosed in the proxy statement.                                                                                                                                                                                                         | SECTION 14A SAY-ON-PAY VOTES |              0 |                0 |  |  |  |  |
| COCA-COLA EUROPACIFIC PARTNERS PLC       | G25839104 | 05/22/2025     | Approval of the Directors' Remuneration Report                                                                                                                                                                                                                                                                                 | SECTION 14A SAY-ON-PAY VOTES |          12231 |                0 | FOR         | 12231                                    | FOR                         |  |
| COGNEX CORPORATION                       | 192422103 | 04/30/2025     | To approve, on an advisory basis, the compensation of Cognex's named executive officers, as described in the proxy statement including the Compensation Discussion and Analysis, compensation tables and narrative discussion ("say-on-pay").                                                                                  | SECTION 14A SAY-ON-PAY VOTES |              0 |                0 |  |  |  |  |
| CORE  MAIN, INC.                         | 21874C102 | 06/24/2025     | Advisory vote to approve Core  Main's named executive officer compensation.                                                                                                                                                                                                                                                    | SECTION 14A SAY-ON-PAY VOTES |         701275 |             3721 | AGAINST     | 701275                                   | AGAINST                     |  |
| CSX CORPORATION                          | 126408103 | 05/07/2025     | Advisory (non-binding) resolution to approve compensation for the Company's named executive officers.                                                                                                                                                                                                                          | SECTION 14A SAY-ON-PAY VOTES |        2689046 |              268 | FOR         | 2689046                                  | FOR                         |  |
| CTS CORPORATION                          | 126501105 | 05/08/2025     | Approval, on an advisory basis, of the compensation of CTS' named executive officers.                                                                                                                                                                                                                                          | SECTION 14A SAY-ON-PAY VOTES |         313565 |             1707 | FOR         | 313565                                   | FOR                         |  |
| DIAGEO PLC                               | 25243Q205 | 09/26/2024     | Directors' remuneration report 2024.                                                                                                                                                                                                                                                                                           | SECTION 14A SAY-ON-PAY VOTES |           6358 |                0 | AGAINST     | 6358                                     | AGAINST                     |  |
| DIAGEO PLC                               | G42089113 | 09/26/2024     | DIRECTORS REMUNERATION REPORT 2024                                                                                                                                                                                                                                                                                             | SECTION 14A SAY-ON-PAY VOTES |          37300 |                0 | AGAINST     | 37300                                    | AGAINST                     |  |
| DKSH HOLDING AG                          | H2012M121 | 03/27/2025     | APPROVE REMUNERATION REPORT                                                                                                                                                                                                                                                                                                    | SECTION 14A SAY-ON-PAY VOTES |           6670 |                0 | FOR         | 6670                                     | FOR                         |  |
| DOLLAR TREE, INC.                        | 256746108 | 06/19/2025     | To approve, by a non-binding advisory vote, the compensation of the Company's named executive officers.                                                                                                                                                                                                                        | SECTION 14A SAY-ON-PAY VOTES |         658560 |             3400 | AGAINST     | 658560                                   | AGAINST                     |  |
| DONALDSON COMPANY, INC.                  | 257651109 | 11/22/2024     | Non-binding advisory vote on the compensation of our Named Executive Officers.                                                                                                                                                                                                                                                 | SECTION 14A SAY-ON-PAY VOTES |         677602 |             2300 | AGAINST     | 677602                                   | AGAINST                     |  |
| EDENRED                                  | F3192L109 | 05/07/2025     | APPROVAL OF THE FIXED, VARIABLE AND EXCEPTIONAL COMPONENTS COMPRISING THE TOTAL COMPENSATION AND BENEFITS OF ANY KIND PAID DURING, OR AWARDED FOR, THE FINANCIAL YEAR ENDED DECEMBER 31, 2024 TO MR. BERTRAND DUMAZY, CHAIRMAN AND CHIEF EXECUTIVE OFFICER, PURSUANT TO ARTICLE L.22-10-34 (II.) OF THE FRENCH COMMERCIAL CODE | SECTION 14A SAY-ON-PAY VOTES |          16835 |                0 | FOR         | 16835                                    | FOR                         |  |
| EPIROC AB                                | W25918124 | 05/08/2025     | APPROVE REMUNERATION REPORT                                                                                                                                                                                                                                                                                                    | SECTION 14A SAY-ON-PAY VOTES |              0 |                0 |  |  |  |  |
| FERGUSON ENTERPRISES INC.                | 31488V107 | 12/05/2024     | To approve, on an advisory basis, the fiscal 2024 compensation of the Company's Named Executive Officers.                                                                                                                                                                                                                      | SECTION 14A SAY-ON-PAY VOTES |         807680 |               60 | AGAINST     | 807680                                   | AGAINST                     |  |
| FERGUSON ENTERPRISES INC.                | 31488V107 | 12/05/2024     | To approve, on an advisory basis, the frequency of future shareholder advisory votes to approve the compensation of the Company's Named Executive Officers.                                                                                                                                                                    | SECTION 14A SAY-ON-PAY VOTES |         807680 |               60 | 1 YEAR      | 807680                                   | FOR                         |  |
| FIRSTCASH HOLDINGS, INC.                 | 33768G107 | 06/11/2025     | Approve, by non-binding vote, the compensation of named executive officers as described in the Proxy Statement.                                                                                                                                                                                                                | SECTION 14A SAY-ON-PAY VOTES |         365235 |                0 | AGAINST     | 365235                                   | AGAINST                     |  |
| FORTUNE BRANDS INNOVATIONS, INC.         | 34964C106 | 05/14/2025     | Advisory vote to approve named executive officer compensation.                                                                                                                                                                                                                                                                 | SECTION 14A SAY-ON-PAY VOTES |         578249 |                8 | AGAINST     | 578249                                   | AGAINST                     |  |
| FRESENIUS MEDICAL CARE AG                | 358029106 | 05/22/2025     | Resolution on the approval of the compensation report for fiscal year 2024                                                                                                                                                                                                                                                     | SECTION 14A SAY-ON-PAY VOTES |        2793496 |             5896 | FOR         | 2793496                                  | FOR                         |  |
| FRESENIUS MEDICAL CARE AG                | D2734Z107 | 05/22/2025     | RESOLUTION ON THE APPROVAL OF THE COMPENSATION REPORT FOR FISCAL YEAR 2024                                                                                                                                                                                                                                                     | SECTION 14A SAY-ON-PAY VOTES |          11615 |                0 | FOR         | 11615                                    | FOR                         |  |
| GATES INDUSTRIAL CORPORATION PLC         | G39108108 | 06/05/2025     | To approve, on an advisory basis, the compensation of the Company's named executive officers.                                                                                                                                                                                                                                  | SECTION 14A SAY-ON-PAY VOTES |        1859244 |             2550 | FOR         | 1859244                                  | FOR                         |  |
| GATES INDUSTRIAL CORPORATION PLC         | G39108108 | 06/05/2025     | Approve, on an advisory basis, the frequency of future advisory votes to approve the Company's named executive officer compensation.                                                                                                                                                                                           | SECTION 14A SAY-ON-PAY VOTES |        1859244 |             2550 | 1 YEAR      | 1859244                                  | FOR                         |  |
| GENPACT LIMITED                          | G3922B107 | 05/22/2025     | Approve, on a non-binding, advisory basis, the compensation of our named executive officers.                                                                                                                                                                                                                                   | SECTION 14A SAY-ON-PAY VOTES |        1223837 |                1 | AGAINST     | 1223837                                  | AGAINST                     |  |
| GRAPHIC PACKAGING HOLDING COMPANY        | 388689101 | 05/21/2025     | Advisory vote on compensation paid to Named Executive Officers (Say-on-Pay).                                                                                                                                                                                                                                                   | SECTION 14A SAY-ON-PAY VOTES |              0 |                0 |  |  |  |  |
| GREGGS PLC                               | G41076111 | 05/21/2025     | TO APPROVE THE DIRECTORS' REMUNERATION REPORT AS SET OUT ON PAGES 95 TO 98 OF THE ANNUAL REPORT AND ACCOUNTS FOR THE FINANCIAL YEAR ENDED 28 DECEMBER 2024                                                                                                                                                                     | SECTION 14A SAY-ON-PAY VOTES |          27000 |                0 | FOR         | 27000                                    | FOR                         |  |
| HAYWARD HOLDINGS, INC.                   | 421298100 | 05/22/2025     | To approve, on an advisory basis, of the compensation for the named executive officers.                                                                                                                                                                                                                                        | SECTION 14A SAY-ON-PAY VOTES |        1746217 |                3 | AGAINST     | 1746217                                  | AGAINST                     |  |
| HENRY SCHEIN, INC.                       | 806407102 | 05/22/2025     | Proposal to approve, by non-binding vote, the 2024 compensation paid to the Company's Named Executive Officers.                                                                                                                                                                                                                | SECTION 14A SAY-ON-PAY VOTES |         688809 |             3115 | AGAINST     | 688809                                   | AGAINST                     |  |
| HOULIHAN LOKEY, INC.                     | 441593100 | 09/18/2024     | To approve, on an advisory basis, the compensation of our named executive officers as disclosed in the accompany Proxy Statement                                                                                                                                                                                               | SECTION 14A SAY-ON-PAY VOTES |         449323 |                0 | AGAINST     | 449323                                   | AGAINST                     |  |
| HOULIHAN LOKEY, INC.                     | 441593100 | 09/18/2024     | To approve, on an advisory basis, the frequency (every one, two or three years)of future advisory votes to approve the compensation of our named executive officers                                                                                                                                                            | SECTION 14A SAY-ON-PAY VOTES |         449323 |                0 | 1 YEAR      | 449323                                   | FOR                         |  |
| HOWDEN JOINERY GROUP PLC                 | G4647J102 | 05/01/2025     | TO APPROVE THE DIRECTORS REMUNERATION REPORT AS SET OUT IN THE 2024 ANNUAL REPORT AND ACCOUNTS                                                                                                                                                                                                                                 | SECTION 14A SAY-ON-PAY VOTES |          49665 |                0 | FOR         | 49665                                    | FOR                         |  |
| INFORMA PLC                              | G4770L106 | 06/19/2025     | TO APPROVE THE DIRECTORS' REMUNERATION REPORT                                                                                                                                                                                                                                                                                  | SECTION 14A SAY-ON-PAY VOTES |          80000 |                0 | FOR         | 80000                                    | FOR                         |  |
| INSIGHT ENTERPRISES, INC.                | 45765U103 | 05/13/2025     | Advisory vote (non-binding) to approve named executive officer compensation.                                                                                                                                                                                                                                                   | SECTION 14A SAY-ON-PAY VOTES |         238315 |             1353 | FOR         | 238315                                   | FOR                         |  |
| KINDER MORGAN, INC.                      | 49456B101 | 05/15/2025     | Approval, on an advisory basis, of the compensation of our named executive officers, as disclosed in the Proxy Statement                                                                                                                                                                                                       | SECTION 14A SAY-ON-PAY VOTES |              0 |                0 |  |  |  |  |
| KONINKLIJKE PHILIPS N.V.                 | 500472303 | 05/08/2025     | Advisory vote on the Remuneration Report 2024                                                                                                                                                                                                                                                                                  | SECTION 14A SAY-ON-PAY VOTES |        3090210 |           474372 | FOR         | 3090210                                  | NONE                        |  |
| LKQ CORPORATION                          | 501889208 | 05/07/2025     | Approval, on an advisory basis, of the compensation of our named executive officers.                                                                                                                                                                                                                                           | SECTION 14A SAY-ON-PAY VOTES |              0 |                0 |  |  |  |  |
| LLOYDS BANKING GROUP PLC                 | G5533W248 | 05/15/2025     | TO APPROVE THE DIRECTORS REMUNERATION REPORT                                                                                                                                                                                                                                                                                   | SECTION 14A SAY-ON-PAY VOTES |         629000 |                0 | FOR         | 629000                                   | FOR                         |  |
| MASCO CORPORATION                        | 574599106 | 05/09/2025     | To approve, by non-binding advisory vote, the compensation paid to the Company's named executive officers, as disclosed pursuant to the compensation disclosure rules of the SEC, including the Compensation Discussion and Analysis, the compensation tables and the related materials disclosed in the Proxy Statement.      | SECTION 14A SAY-ON-PAY VOTES |        1594758 |              117 | AGAINST     | 1594758                                  | AGAINST                     |  |
| MGIC INVESTMENT CORPORATION              | 552848103 | 04/24/2025     | Advisory Vote to Approve our Executive Compensation.                                                                                                                                                                                                                                                                           | SECTION 14A SAY-ON-PAY VOTES |              0 |                0 |  |  |  |  |
| MICRON TECHNOLOGY, INC.                  | 595112103 | 01/16/2025     | PROPOSAL BY THE COMPANY TO APPROVE, ON A NON-BINDING ADVISORY BASIS, THE COMPENSATION OF OUR NAMED EXECUTIVE OFFICERS AS DESCRIBED IN THE PROXY STATEMENT.                                                                                                                                                                     | SECTION 14A SAY-ON-PAY VOTES |         724719 |               42 | AGAINST     | 724719                                   | AGAINST                     |  |
| NEWMONT CORPORATION                      | 651639106 | 04/30/2025     | Approval of the advisory resolution on Newmont's executive compensation.                                                                                                                                                                                                                                                       | SECTION 14A SAY-ON-PAY VOTES |              0 |                0 |  |  |  |  |
| NVENT ELECTRIC PLC                       | G6700G107 | 05/16/2025     | Approve, by Non-Binding Advisory Vote, the Compensation of the Named Executive Officers                                                                                                                                                                                                                                        | SECTION 14A SAY-ON-PAY VOTES |         547625 |             2632 | FOR         | 547625                                   | FOR                         |  |
| NVENT ELECTRIC PLC                       | G6700G107 | 05/16/2025     | Recommend, by Non-Binding Advisory Vote, the Frequency of Advisory Votes on the Compensation of Named Executive Officers                                                                                                                                                                                                       | SECTION 14A SAY-ON-PAY VOTES |         547625 |             2632 | 1 YEAR      | 547625                                   | FOR                         |  |
| O'REILLY AUTOMOTIVE, INC.                | 67103H107 | 05/15/2025     | Advisory vote to approve executive compensation.                                                                                                                                                                                                                                                                               | SECTION 14A SAY-ON-PAY VOTES |          55765 |                1 | FOR         | 55765                                    | FOR                         |  |
| ORACLE CORPORATION                       | 68389X105 | 11/14/2024     | Advisory Vote to Approve the Compensation of our Named Executive Officers.                                                                                                                                                                                                                                                     | SECTION 14A SAY-ON-PAY VOTES |              0 |                0 |  |  |  |  |
| PAYPAL HOLDINGS, INC.                    | 70450Y103 | 06/05/2025     | Advisory Vote to Approve Named Executive Officer Compensation.                                                                                                                                                                                                                                                                 | SECTION 14A SAY-ON-PAY VOTES |              0 |                0 |  |  |  |  |
| PLEXUS CORP.                             | 729132100 | 02/11/2025     | Advisory vote to approve the compensation of Plexus Corp.'s named executive officers, as disclosed in "Compensation Discussion and Analysis" and "Executive Compensation" in the Proxy Statement.                                                                                                                              | SECTION 14A SAY-ON-PAY VOTES |         421773 |                0 | FOR         | 421773                                   | FOR                         |  |
| PRIMERICA, INC.                          | 74164M108 | 05/14/2025     | To consider an advisory vote on executive compensation (Say-on-Pay).                                                                                                                                                                                                                                                           | SECTION 14A SAY-ON-PAY VOTES |         126055 |                0 | FOR         | 126055                                   | FOR                         |  |
| PRINCIPAL FINANCIAL GROUP, INC.          | 74251V102 | 05/20/2025     | Advisory approval of the compensation of our named executive officers                                                                                                                                                                                                                                                          | SECTION 14A SAY-ON-PAY VOTES |              0 |                0 |  |  |  |  |
| QUEST DIAGNOSTICS INCORPORATED           | 74834L100 | 05/15/2025     | An advisory resolution to approve the executive officer compensation disclosed in the Company's 2025 proxy statement                                                                                                                                                                                                           | SECTION 14A SAY-ON-PAY VOTES |         564623 |            36930 | AGAINST     | 564623                                   | AGAINST                     |  |
| REXEL SA                                 | F7782J366 | 04/29/2025     | APPROVAL OF THE FIXED, VARIABLE AND EXCEPTIONAL ITEMS OF THE TOTAL COMPENSATION AND BENEFITS OF ANY KIND PAID OR GRANTED IN RESPECT OF THE 2024 FINANCIAL YEAR TO MRS AGNES TOURAINE, CHAIRWOMAN OF THE BOARD OF DIRECTORS                                                                                                     | SECTION 14A SAY-ON-PAY VOTES |          30785 |                0 | FOR         | 30785                                    | FOR                         |  |
| REXEL SA                                 | F7782J366 | 04/29/2025     | APPROVAL OF THE FIXED, VARIABLE AND EXCEPTIONAL ITEMS OF THE TOTAL COMPENSATION AND BENEFITS OF ANY KIND PAID OR GRANTED IN RESPECT OF THE 2024 FINANCIAL YEAR TO GUILLAUME TEXIER, CHIEF EXECUTIVE OFFICER                                                                                                                    | SECTION 14A SAY-ON-PAY VOTES |          30785 |                0 | FOR         | 30785                                    | FOR                         |  |
| ROBERT HALF INC                          | 770323103 | 05/14/2025     | Advisory vote to approve executive compensation.                                                                                                                                                                                                                                                                               | SECTION 14A SAY-ON-PAY VOTES |         748087 |                0 | FOR         | 748087                                   | FOR                         |  |
| ROYAL PHILIPS NV                         | N7637U112 | 05/08/2025     | ADVISORY VOTE ON THE REMUNERATION REPORT 2024                                                                                                                                                                                                                                                                                  | SECTION 14A SAY-ON-PAY VOTES |          31600 |                0 | FOR         | 31600                                    | FOR                         |  |
| ROYALTY PHARMA PLC                       | G7709Q104 | 05/12/2025     | A non-binding advisory vote to approve executive compensation that may become payable in connection with the transaction contemplated by the Membership Interest Purchase Agreement.                                                                                                                                           | SECTION 14A SAY-ON-PAY VOTES |              0 |                0 |  |  |  |  |
| ROYALTY PHARMA PLC                       | G7709Q104 | 05/12/2025     | A non-binding advisory vote to approve executive compensation.                                                                                                                                                                                                                                                                 | SECTION 14A SAY-ON-PAY VOTES |              0 |                0 |  |  |  |  |
| SAFRAN SA                                | F4035A557 | 05/22/2025     | APPROVAL OF THE FIXED, VARIABLE AND EXCEPTIONAL COMPONENTS OF THE TOTAL COMPENSATION AND BENEFITS PAID DURING OR AWARDED FOR 2024 TO THE CHAIRMAN OF THE BOARD OF DIRECTORS                                                                                                                                                    | SECTION 14A SAY-ON-PAY VOTES |            950 |                0 | FOR         | 950                                      | FOR                         |  |
| SAFRAN SA                                | F4035A557 | 05/22/2025     | APPROVAL OF THE FIXED, VARIABLE AND EXCEPTIONAL COMPONENTS OF THE TOTAL COMPENSATION AND BENEFITS PAID DURING OR AWARDED FOR 2024 TO THE CHIEF EXECUTIVE OFFICER                                                                                                                                                               | SECTION 14A SAY-ON-PAY VOTES |            950 |                0 | FOR         | 950                                      | FOR                         |  |
| SCHLUMBERGER LIMITED (SCHLUMBERGER N.V.) | 806857108 | 04/02/2025     | Advisory approval of our executive compensation.                                                                                                                                                                                                                                                                               | SECTION 14A SAY-ON-PAY VOTES |         738258 |                2 | FOR         | 738258                                   | FOR                         |  |
| SIEMENS AG                               | D69671218 | 02/13/2025     | APPROVE REMUNERATION REPORT                                                                                                                                                                                                                                                                                                    | SECTION 14A SAY-ON-PAY VOTES |           2625 |                0 | FOR         | 2625                                     | FOR                         |  |
| SIMPSON MANUFACTURING CO., INC.          | 829073105 | 05/06/2025     | Approve, on an advisory basis, the compensation of the Company's named executive officers.                                                                                                                                                                                                                                     | SECTION 14A SAY-ON-PAY VOTES |         239828 |             1317 | FOR         | 239828                                   | FOR                         |  |
| SMITH  NEPHEW PLC                        | 83175M205 | 04/30/2025     | To approve the Directors' Remuneration Report, other than the part containing the Directors' Remuneration Policy, in the form set out in the 2024 Annual Report (pages 136-173 of the 2024 Annual Report).                                                                                                                     | SECTION 14A SAY-ON-PAY VOTES |        1638631 |            11252 | FOR         | 1638631                                  | FOR                         |  |
| SMITH  NEPHEW PLC                        | G82343164 | 04/30/2025     | TO APPROVE THE DIRECTORS' REMUNERATION REPORT                                                                                                                                                                                                                                                                                  | SECTION 14A SAY-ON-PAY VOTES |           2173 |                0 | FOR         | 2173                                     | FOR                         |  |
| SMITHS GROUP PLC                         | G82401111 | 11/13/2024     | APPROVAL OF DIRECTORS REMUNERATION REPORT                                                                                                                                                                                                                                                                                      | SECTION 14A SAY-ON-PAY VOTES |          40095 |                0 | FOR         | 40095                                    | FOR                         |  |
| SYSCO CORPORATION                        | 871829107 | 11/15/2024     | To approve, by advisory vote, the compensation paid to Sysco's named executive officers, as disclosed in Sysco's 2024 proxy statement.                                                                                                                                                                                         | SECTION 14A SAY-ON-PAY VOTES |        1352854 |              894 | AGAINST     | 1352854                                  | AGAINST                     |  |
| THE BOEING COMPANY                       | 097023105 | 04/24/2025     | Approve, on an Advisory Basis, Named Executive Officer Compensation.                                                                                                                                                                                                                                                           | SECTION 14A SAY-ON-PAY VOTES |              0 |                0 |  |  |  |  |
| THE CHARLES SCHWAB CORPORATION           | 808513105 | 05/22/2025     | Advisory approval of named executive officer compensation                                                                                                                                                                                                                                                                      | SECTION 14A SAY-ON-PAY VOTES |        2226883 |               23 | AGAINST     | 2226883                                  | AGAINST                     |  |
| THE MARCUS CORPORATION                   | 566330106 | 05/07/2025     | To approve, by advisory vote, the compensation of our named executive officers.                                                                                                                                                                                                                                                | SECTION 14A SAY-ON-PAY VOTES |              0 |                0 |  |  |  |  |
| THE PROGRESSIVE CORPORATION              | 743315103 | 05/09/2025     | Cast an advisory vote to approve our executive compensation program.                                                                                                                                                                                                                                                           | SECTION 14A SAY-ON-PAY VOTES |         412480 |                9 | FOR         | 412480                                   | FOR                         |  |
| THE TIMKEN COMPANY                       | 887389104 | 05/02/2025     | Approval, on an advisory basis, of our named executive officer compensation.                                                                                                                                                                                                                                                   | SECTION 14A SAY-ON-PAY VOTES |         301592 |                0 | AGAINST     | 301592                                   | AGAINST                     |  |
| TRIMAS CORPORATION                       | 896215209 | 05/14/2025     | Approval, on a non-binding advisory basis, of the compensation paid to the Company's Named Executive Officers.                                                                                                                                                                                                                 | SECTION 14A SAY-ON-PAY VOTES |           2593 |                0 | ABSTAIN     | 2593                                     | AGAINST                     |  |
| UBER TECHNOLOGIES, INC.                  | 90353T100 | 05/05/2025     | Advisory vote to approve 2024 named executive officer compensation.                                                                                                                                                                                                                                                            | SECTION 14A SAY-ON-PAY VOTES |              0 |                0 |  |  |  |  |
| UNILEVER PLC                             | 904767704 | 04/30/2025     | To approve the Directors' Remuneration Report.                                                                                                                                                                                                                                                                                 | SECTION 14A SAY-ON-PAY VOTES |        1725857 |             6155 | FOR         | 1725857                                  | FOR                         |  |
| UNILEVER PLC                             | G92087165 | 04/30/2025     | APPROVE REMUNERATION REPORT                                                                                                                                                                                                                                                                                                    | SECTION 14A SAY-ON-PAY VOTES |          16690 |                0 | FOR         | 16690                                    | FOR                         |  |
| UNITEDHEALTH GROUP INCORPORATED          | 91324P102 | 06/02/2025     | Advisory approval of the Company's executive compensation.                                                                                                                                                                                                                                                                     | SECTION 14A SAY-ON-PAY VOTES |         227930 |                2 | AGAINST     | 227930                                   | AGAINST                     |  |
| UPSTART HOLDINGS, INC.                   | 91680M107 | 05/23/2025     | The approval, on an advisory basis, of the compensation of our named executive officers.                                                                                                                                                                                                                                       | SECTION 14A SAY-ON-PAY VOTES |              0 |                0 |  |  |  |  |
| VALVOLINE INC.                           | 92047W101 | 01/28/2025     | Non-binding Advisory Resolution Approving our Executive Compensation.                                                                                                                                                                                                                                                          | SECTION 14A SAY-ON-PAY VOTES |         864151 |           200370 | AGAINST     | 864151                                   | AGAINST                     |  |
| WEIR GROUP PLC (THE)                     | G95248137 | 04/24/2025     | THAT THE DIRECTORS' REMUNERATION REPORT (EXCLUDING THE DIRECTORS' REMUNERATION POLICY) CONTAINED ON PAGES 113 TO 147 OF THE ANNUAL REPORT AND FINANCIAL STATEMENTS OF THE COMPANY FOR THE YEAR ENDED 31 DECEMBER 2024 BE APPROVED                                                                                              | SECTION 14A SAY-ON-PAY VOTES |          27580 |                0 | FOR         | 27580                                    | FOR                         |  |
| WHITE MOUNTAINS INSURANCE GROUP, LTD.    | G9618E107 | 05/22/2025     | Approval of the advisory resolution on executive compensation                                                                                                                                                                                                                                                                  | SECTION 14A SAY-ON-PAY VOTES |          19873 |              673 | FOR         | 19873                                    | FOR                         |  |
| ZIONS BANCORPORATION                     | 989701107 | 05/02/2025     | Approval, on a nonbinding advisory basis, of the compensation paid to the Bank's named executive officers with respect to fiscal year ended Dec. 31, 2024.                                                                                                                                                                     | SECTION 14A SAY-ON-PAY VOTES |         611354 |                0 | FOR         | 611354                                   | FOR                         |  |
| ZIONS BANCORPORATION                     | 989701107 | 05/02/2025     | To recommend, by non-binding vote, the frequency of the shareholder non-binding vote to approve executive compensation.                                                                                                                                                                                                        | SECTION 14A SAY-ON-PAY VOTES |         611354 |                0 | 1 YEAR      | 611354                                   | FOR                         |  |

## N-PX: Signature Block

**Reporting Person:** FIDUCIARY MANAGEMENT INC /WI/

**By (Signature):** Jessica Taske

**By (Printed Signature):** Jessica Taske

**By (Title):** Vice President

**Date:** 08/27/2025