FMI Common StockFMIMX

Morningstar Rating

Fund Research and Analysis

by Andrew Gogerty

FMI Common Stock is once again closing its doors.

This mid-blend offering will close to new investors Dec. 31, 2009. It had just reopened in February after being closed for four years, but the market's rebound in 2009 combined with continued inflows have increased assets to $870 million, up from just $429 million at the end of 2008. Read more

Kudos

Strong long-term record.

History of below-average volatility. Read more

Risks

The fund tends to lag behind its blend peers severely during growth-led rallies.

Concentrated portfolio adds to potential risk. Read more

Strategy

The fund's management team invests in companies with durable business models, recurring revenues, and strong returns on invested capital. It measures valuation relative to historical metrics such as price/earnings, price/cash flow, and price/sales, as well as its assessment of the firm's intrinsic value. Read more

Management

A five-person investment policy committee led by Ted Kellner, CEO of Fiduciary Management Inc., and Patrick English, head of equity research, makes all of the investment decisions here. Kellner has been a manager with the fund since its inception in 1981. Read more

Inside Scoop

This is a small- and mid-cap fund with a long-term focus that invests in thoroughly researched companies trading below what management considers to be their intrinsic value. Read more

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