FMI International Fund Institutional Class
FMIYX
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- FMI International Fund Institutional Class (FMIYX) is a no-load mutual fund that seeks long-term capital appreciation by investing primarily in a limited number of large capitalization value stocks of non-U.S. companies, typically holding 25-40 stocks across most major industry groups; the fund emphasizes good businesses with high recurring revenue, attractive returns on invested capital, above-average growth or improving profitability prospects, and low absolute and relative valuations. Generally hedging a significant portion of its foreign stock investments against currency fluctuations, the fund allocates heavily to non-U.S. equities (approximately 84%), with key sector exposures including industrials (37.58%), consumer defensive (13.69%), and healthcare (11.35%), and top regional focuses in the United Kingdom (36.27%), Eurozone (24.40%), and Japan (9.59%). The Institutional Class shares, with a minimum initial investment of $100,000 and a net expense ratio of 0.80%, are available to U.S. investors through daily pricing. Managed by Fiduciary Management, Inc. (FMI), an independent Milwaukee, Wisconsin-based money management firm founded in 1980, the fund benefits from FMI's value-oriented equity strategies applied across domestic and international separate accounts and mutual funds, with total firm assets under management of approximately $12.5 billion as of September 30, 2025. FMI's Portfolio Management Committee oversees investment decisions, drawing on ideas generated by its research team, while the firm also advises related funds such as the Investor Class (FMIJX), FMI International Fund II – Currency Unhedged (FMIFX Institutional Class), FMI Large Cap Fund, FMI Common Stock Fund, and FMI Global Fund. Recent fund updates as of September 30, 2025, reflect portfolio adjustments amid elevated valuations following stock rallies and basket buying, with top holdings including Ferguson Enterprises Inc. (5.55%), Booking Holdings Inc. (5.23%), Unilever PLC (4.34%), Ashtead Group PLC (4.10%), and Sodexo SA (4.09%), alongside geographic shifts such as Britain at 32.9%, France at 10.8%, and Japan at 9.1%; the fund maintained its focus on downside protection and strong absolute returns through full market cycles. The prospectus was updated effective January 31, 2025, reaffirming principal strategies without noted structural changes, acquisitions, partnerships, or new offerings. No major funding rounds, strategic alliances, or operational shifts have been publicly reported for FMI or the fund in the last 1-2 years.