Summary

• FMI All Cap Equity has a strong orientation to low absolute and relative valuation, which are key to the execution of our investment strategy.
• We are long-term investors, a typical holding period for our companies is three to five years, and portfolio turnover averages 20-40% per annum.
• In March, Sunbelt Rental Holdings made its primary stock listing in the U.S., with a secondary listing in London, UK.
• Plexus is an electronic manufacturing services company that, over the past decade, has deliberately shifted toward high-complexity, low-volume products in niche markets.

Investment Philosophy:

Purchase durable business franchises that are selling at a discount to their intrinsic value.

Investment Process:

We utilize a business owner's approach to investing, thoroughly investigating the economics of the business and the

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