FMI International Fund (FMIJX)

The FMI International Fund seeks long-term capital appreciation through the purchase of a limited number of large capitalization foreign value stocks.  The Fund extends the core philosophy of the management company (Fiduciary Management, Inc.), buying good businesses at value prices, investing in equity securities of companies domiciled or headquartered outside of the United States.  Some of the characteristics of good businesses may include strong recurring revenue and attractive returns-on-investment capital.  A strong orientation to low absolute or relative valuation is key to the execution of the investment strategy.  As a non-diversified fund, the FMI International Fund tends to concentrate its investment on fewer companies than a diversified mutual fund.  The Fund holds approximately 15-25 stocks, with most major industry groups represented.  Many studies show the benefits of diversification drop dramatically after fifteen stocks; however, we would expect the Fund to be somewhat more volatile than a typical international value fund.

Please refer to the Prospectus for a more detailed explanation of the FMI International Fund, the management, and an Application.