**Nov. 16, 2025 | 9:15 PM ET**
*Fiduciary Management Inc*
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### Comments Summary
Cavco has a significant amount of cash on its balance sheet and continues to buy back its shares.
Skechers is the third largest footwear brand in the world. The company was ultimately acquired in September 2025, leading to the exit of our 2.8% position from the portfolio.
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### Investment Philosophy
Our approach is to purchase durable business franchises that are selling at a discount to their intrinsic value.
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### Investment Process
We utilize a business owner’s approach to investing, thoroughly investigating the economics of the business and assessing its quality.
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### About Fiduciary Management Inc.
This article was written by Fiduciary Management, Inc. (“FMI”), an independent money management firm founded in 1980 and based in Milwaukee, Wisconsin. FMI’s equity investing strategies apply a value discipline with a focused approach firmly rooted in fundamental research.
As of March 31, 2024, FMI manages approximately $16.1 billion in assets under advisement (AUA), including $15.8 billion in assets under management (AUM).
For inquiries or communication, please use Fiduciary Management’s official channels.
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