FMI Common Stock Fund Institutional Class is a mutual fund focused on achieving long-term capital appreciation by investing primarily in small- to medium-capitalization U.S. companies. Managed by Fiduciary Management, Inc., the fund emphasizes value investing, seeking to identify businesses with high recurring revenue, strong returns on invested capital, and above-average growth or improving profitability prospects. The fund typically maintains a concentrated portfolio of 30 to 40 holdings, representing major industry groups such as industrials, consumer defensive, healthcare, technology, and financial services. Emphasizing low absolute and relative valuations, the fund is designed for institutional investors, with a minimum initial investment requirement and a management fee reflecting its institutional class status. FMI Common Stock Fund Institutional Class is recognized for its disciplined research-driven approach and its targeted exposure to the dynamic small- and mid-cap segment of the equity market, offering diversification potential and a focus on companies poised for sustainable growth within their sectors.