# EDGAR Filing Document

**Accession Number:** 0000764532
**File Stem:** 0000764532-23-000004
**Filing Date:** 2023-2
**Character Count:** 10944
**Document Hash:** d63dadaa4708d4f221940f9c382a4f8c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000764532-23-000004.hdr.sgml**: 20230214

**ACCESSION NUMBER**: 0000764532-23-000004

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230214

**DATE AS OF CHANGE**: 20230214

**EFFECTIVENESS DATE**: 20230214

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FIDUCIARY MANAGEMENT INC /WI/
- **CENTRAL INDEX KEY:** 0000764532
- **IRS NUMBER:** 391346018
- **STATE OF INCORPORATION:** WI
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-01526
- **FILM NUMBER:** 23623469

**BUSINESS ADDRESS:**
- **STREET 1:** 100 EAST WISCONSIN AVENUE
- **STREET 2:** SUITE 2200
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202
- **BUSINESS PHONE:** 4142264545

**MAIL ADDRESS:**
- **STREET 1:** 100 EAST WISCONSIN AVENUE
- **STREET 2:** SUITE 2200
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 12-31-2022

**Check here if Amendment** [ ] **Amendment Number:** 

**This Amendment (Check only one.):** [ ] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** FIDUCIARY MANAGEMENT INC /WI/<br>**Address:** 100 EAST WISCONSIN AVENUE<br>SUITE 2200<br>MILWAUKEE, WI 53202

**Form 13F File Number:** 028-01526

**CRD Number (if applicable):** 000109149

**SEC File Number (if applicable):** 801-15164

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

**Person Signing this Report on Behalf of Reporting Manager:**

**Name:** Jessica Taske<br>**Title:** Vice President<br>**Phone:** 414-226-4545

**Signature, Place, and Date of Signing:**

Jessica Taske  Milwaukee, WI  02-14-2023<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[x] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s).)

[ ] **13F COMBINATION REPORT.** (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 0

**Form 13F Information Table Entry Total:** 70

**Form 13F Information Table Value Total:** $9871591243

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

**NONE**

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| Alphabet Inc - Cl A | COM | 02079K305 |  | 272438535 | 3087822 | SH |  | SOLE |  | 2459299 | 0 | 628523 |
| Applied Ind. Tech. | COM | 03820C105 |  | 78462371 | 622569 | SH |  | SOLE |  | 543276 | 0 | 79293 |
| AptarGroup Inc. | COM | 038336103 |  | 54206832 | 492879 | SH |  | SOLE |  | 429946 | 0 | 62933 |
| Arch Capital Group | COM | G0450A105 |  | 303717837 | 4837812 | SH |  | SOLE |  | 4252316 | 0 | 585496 |
| Arrow Electronics Inc. | COM | 042735100 |  | 75154773 | 718703 | SH |  | SOLE |  | 623176 | 0 | 95527 |
| Avery Dennison Corp. | COM | 053611109 |  | 229246274 | 1266554 | SH |  | SOLE |  | 1010813 | 0 | 255741 |
| AZEK Co. | COM | 05478C105 |  | 28385150 | 1396907 | SH |  | SOLE |  | 1218319 | 0 | 178588 |
| B European Value | COM | 05590Y100 |  | 341635 | 17270 | SH |  | SOLE |  | 17270 | 0 | 0 |
| Beacon Roofing | COM | 073685109 |  | 92695334 | 1755926 | SH |  | SOLE |  | 1531623 | 0 | 224303 |
| Berkshire Hath. Cl B | COM | 084670702 |  | 410299514 | 1328260 | SH |  | SOLE |  | 1058747 | 0 | 269513 |
| BJ's Wholesale Club | COM | 05550J101 |  | 92353406 | 1395910 | SH |  | SOLE |  | 1218337 | 0 | 177573 |
| Blackrock Inc. | COM | 09247X101 |  | 159892439 | 225636 | SH |  | SOLE |  | 180555 | 0 | 45081 |
| Booking Holdings Inc | COM | 09857L108 |  | 471404221 | 233915 | SH |  | SOLE |  | 202040 | 0 | 31875 |
| Carlisle Cos. Inc. | COM | 142339100 |  | 264407312 | 1122034 | SH |  | SOLE |  | 919628 | 0 | 202406 |
| CarMax Inc. | COM | 143130102 |  | 200452985 | 3292051 | SH |  | SOLE |  | 2621767 | 0 | 670284 |
| CDW Corp | COM | 12514G108 |  | 267039067 | 1495347 | SH |  | SOLE |  | 1191405 | 0 | 303942 |
| Charles Schwab Corp | COM | 808513105 |  | 386381268 | 4640659 | SH |  | SOLE |  | 3699426 | 0 | 941233 |
| Dollar General Corp | COM | 256677105 |  | 340992471 | 1384741 | SH |  | SOLE |  | 1103665 | 0 | 281076 |
| Dollar Tree | COM | 256746108 |  | 244556408 | 1729047 | SH |  | SOLE |  | 1378684 | 0 | 350363 |
| Donaldson Co. Inc. | COM | 257651109 |  | 113130126 | 1921694 | SH |  | SOLE |  | 1677145 | 0 | 244549 |
| Eaton Corp | COM | G29183103 |  | 177796099 | 1132820 | SH |  | SOLE |  | 904291 | 0 | 228529 |
| Ferguson PLC | COM | G3421J106 |  | 304258338 | 2396301 | SH |  | SOLE |  | 1910565 | 0 | 485736 |
| FirstCash Inc. | COM | 33768G107 |  | 104926704 | 1207303 | SH |  | SOLE |  | 1048654 | 0 | 158649 |
| Five Below Inc. | COM | 33829M101 |  | 89094548 | 503729 | SH |  | SOLE |  | 439109 | 0 | 64620 |
| Fortune Brands Innov. | COM | 34964C106 |  | 58440777 | 1023302 | SH |  | SOLE |  | 892616 | 0 | 130686 |
| Fresenius Med. Care | COM | 358029106 |  | 88212356 | 5398553 | SH |  | SOLE |  | 4297334 | 0 | 1101219 |
| Gates Industrial | COM | G39108108 |  | 45769310 | 4011333 | SH |  | SOLE |  | 3494432 | 0 | 516901 |
| Genpact Ltd. | COM | G3922B107 |  | 208350417 | 4498066 | SH |  | SOLE |  | 4117975 | 0 | 380091 |
| Henry Schein Inc. | COM | 806407102 |  | 148521060 | 1859535 | SH |  | SOLE |  | 1621172 | 0 | 238363 |
| Houlihan Lokey Inc. | COM | 441593100 |  | 97107658 | 1114131 | SH |  | SOLE |  | 972264 | 0 | 141867 |
| Insight Enterprises | COM | 45765U103 |  | 113767946 | 1134616 | SH |  | SOLE |  | 989680 | 0 | 144936 |
| Interpublic Group | COM | 460690100 |  | 128444226 | 3856026 | SH |  | SOLE |  | 3346426 | 0 | 509600 |
| iShares Russell 2000 | COM | 464287655 |  | 2570764 | 14744 | SH |  | SOLE |  | 14744 | 0 | 0 |
| iShares S 500 | COM | 464287200 |  | 18857411 | 49081 | SH |  | SOLE |  | 44374 | 0 | 4707 |
| iShares S 600 | COM | 464287804 |  | 556294 | 5878 | SH |  | SOLE |  | 4338 | 0 | 1540 |
| iShares TR Russell 3000 | COM | 464287689 |  | 1014025 | 4595 | SH |  | SOLE |  | 4595 | 0 | 0 |
| ITT Inc. | COM | 45073V108 |  | 28844837 | 355670 | SH |  | SOLE |  | 309467 | 0 | 46203 |
| JPMorgan Chase | COM | 46625H100 |  | 174650499 | 1302390 | SH |  | SOLE |  | 1039500 | 0 | 262890 |
| KBR Inc. | COM | 48242W106 |  | 68615712 | 1299540 | SH |  | SOLE |  | 1144378 | 0 | 155162 |
| Kennedy-Wilson Hld. | COM | 489398107 |  | 13052911 | 829810 | SH |  | SOLE |  | 740345 | 0 | 89465 |
| Koninklijke Philips NV | COM | 500472303 |  | 130230904 | 8687852 | SH |  | SOLE |  | 6902306 | 0 | 1785546 |
| LCI Industries | COM | 50189K103 |  | 43987802 | 475801 | SH |  | SOLE |  | 414693 | 0 | 61108 |
| LGI Homes Inc | COM | 50187T106 |  | 51126960 | 552127 | SH |  | SOLE |  | 481055 | 0 | 71072 |
| Manpowergroup Inc. | COM | 56418H100 |  | 34757816 | 417712 | SH |  | SOLE |  | 364537 | 0 | 53175 |
| Masco Corp | COM | 574599106 |  | 245610909 | 5262715 | SH |  | SOLE |  | 4195312 | 0 | 1067403 |
| Micron Technology Inc | COM | 595112103 |  | 197920200 | 3959988 | SH |  | SOLE |  | 3158285 | 0 | 801703 |
| Northern Trust Corp | COM | 665859104 |  | 212262644 | 2398719 | SH |  | SOLE |  | 1912126 | 0 | 486593 |
| nVent Electric PLC | COM | G6700G107 |  | 102441686 | 2662898 | SH |  | SOLE |  | 2320973 | 0 | 341925 |
| Omnicom Group | COM | 681919106 |  | 222813186 | 2731558 | SH |  | SOLE |  | 2180125 | 0 | 551433 |
| Paccar Inc. | COM | 693718108 |  | 206075829 | 2082205 | SH |  | SOLE |  | 1661207 | 0 | 420998 |
| Plexus Corp | COM | 729132100 |  | 116869501 | 1135427 | SH |  | SOLE |  | 986156 | 0 | 149271 |
| Primerica Inc. | COM | 74164M108 |  | 90582419 | 638714 | SH |  | SOLE |  | 556895 | 0 | 81819 |
| Progressive Corp. | COM | 743315103 |  | 142713687 | 1100252 | SH |  | SOLE |  | 878179 | 0 | 222073 |
| Robert Half Int'l. Inc. | COM | 770323103 |  | 104081695 | 1409748 | SH |  | SOLE |  | 1224972 | 0 | 184776 |
| SAP | COM | 803054204 |  | 211591301 | 2050502 | SH |  | SOLE |  | 1624237 | 0 | 426265 |
| Simpson Mfg. Co. | COM | 829073105 |  | 74450905 | 839735 | SH |  | SOLE |  | 731606 | 0 | 108129 |
| Skechers USA | COM | 830566105 |  | 123574464 | 2945756 | SH |  | SOLE |  | 2557292 | 0 | 388464 |
| SLB | COM | 806857108 |  | 248927509 | 4656332 | SH |  | SOLE |  | 4099159 | 0 | 557173 |
| Smith  Nephew PLC | COM | 83175M205 |  | 167718658 | 6237213 | SH |  | SOLE |  | 4927237 | 0 | 1309976 |
| Sodexo | COM | 833792104 |  | 338288 | 17730 | SH |  | SOLE |  | 17730 | 0 | 0 |
| Sony Group Corp. | COM | 835699307 |  | 264658135 | 3469561 | SH |  | SOLE |  | 2748243 | 0 | 721318 |
| SPDR S 600 Small Cap | COM | 78468R853 |  | 556214 | 15045 | SH |  | SOLE |  | 15045 | 0 | 0 |
| TJX Companies Inc. | COM | 872540109 |  | 123405233 | 1550317 | SH |  | SOLE |  | 1238900 | 0 | 311417 |
| TriMas Corp. | COM | 896215209 |  | 79233457 | 2856289 | SH |  | SOLE |  | 2490145 | 0 | 366144 |
| Triton International | COM | G9078F107 |  | 33345988 | 484821 | SH |  | SOLE |  | 422412 | 0 | 62409 |
| Unilever PLC ADR | COM | 904767704 |  | 245254649 | 4870996 | SH |  | SOLE |  | 3841316 | 0 | 1029680 |
| UnitedHealth Group | COM | 91324P102 |  | 285656212 | 538791 | SH |  | SOLE |  | 429289 | 0 | 109502 |
| White Mountains Ins. | COM | G9618E107 |  | 49780173 | 35197 | SH |  | SOLE |  | 30785 | 0 | 4412 |
| Woodward Inc. | COM | 980745103 |  | 29848143 | 308955 | SH |  | SOLE |  | 269509 | 0 | 39446 |
| Zions Bancorporation | COM | 989701107 |  | 73366826 | 1492409 | SH |  | SOLE |  | 1301510 | 0 | 190899 |

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