FUND LAUNCH DATE
FUND BASE CURRENCY
FUND TYPE
Fund AUM
Join Jonathan Bloom, CFA as he reviews Q2 2026, discussing top performers, new additions, and market insight.
Jonathan T. Bloom, CFA, Partner, PMC, CIO, Fiduciary Management, Inc.
introduces the fund's investment philosophy, process, and strategy.
Watch
The Fiduciary Management, Inc. (FMI) US Small Cap Equity (UCITS) invests in durable, high-quality businesses purchased at attractive valuations. The focus is on recurring revenue characteristics, strong returns on capital, prudent balance sheets and management alignment. The portfolio is run pari passu with FMI's long-standing US Small Cap Equity Composite strategy, first established in 1980.
A concentrated, fundamentals-driven US small-cap strategy applied consistently for over four decades.
The approach seeks to compound capital through disciplined stock selection and patient ownership.
The Fund centres on ownership of companies able to sustain and grow intrinsic value over time. The philosophy is rooted in three principles:
Capital preservation is implicit in both idea selection and position sizing.
Quality advantage
A strong emphasis on businesses that reinvest capital efficiently.
Portfolio differentiation
A small portfolio, intentionally distinct from its benchmark.
Time-horizon value
Willingness to look beyond short-term sentiment drives opportunity.
Alignment & continuity
Employee ownership reinforces discipline and consistency.
Idea Generation
Industry mapping, company engagements, research networks and proprietary screening.
Fundamental Research
Portfolio Management Committee
A structured weekly session assessing conviction, valuation, risk and position sizing.
Portfolio Construction
Core positions typically initiate at 1 - 3% and scale based on conviction.
Sell Discipline
Trim or exit when valuation is reached, thesis deteriorates or a superior idea emerges.
Investment ideas undergo critical challenge through:
The discipline seeks to reduce irrecoverable loss of capital.
A concentrated set of businesses with identifiable cashflow predictability, attractive reinvestment options and strong governance alignment.
Sector allocations reflect bottom-up selection rather than macro positioning.
Illustrative exposures include industrial services, specialty financials, niche consumer, medical and service-based franchises.
| Fund Launch Date | 13th April 2026 |
| AUM as of 22nd October 2026 | $11M |
| Fund Base Currency | USD |
| Fund Type | UCITS |
| Number of holdings | Generally 30 - 40 |
| Benchmark | Russell 2000 Index |
| SFDR Classification | Article 6 |
| I USD Accum. *NAV | $10.822 |
| Registered for Sale | France, Finland, Spain, Switzerland and United Kingdom |
*The Net Asset Value is calculated as of 22nd October 2026 and is likely to have high volatility owing to its composition and the portfolio management techniques used.
| Share Class | I USD Accumulating |
| Bloomberg | FIMUSIU |
| ISIN (Class I Accumulating) | IE000JEIRAR2 |
| Share Class | Currency | Bloomberg Ticker | ISIN | Mgmt Fee* | NAV* |
|---|---|---|---|---|---|
| Class I Accumulating | USD | FIMUSIU:ID | IE000JEIRAR2 | 0.95% | $10.822 |
| Class I Accumulating | GBP | FMUSIGA:ID | IE000V8KFWN0 | 0.95% | £10.9 |
| Total Ongoing Charges | 0.95% |
| Subscription Fee | Up to 3% |
| Redemption Fee | None |
| Management Fee* | 0.95% less expenses |
| Minimum Initial Investment | $1,000 |
| Minimum Subsequent Investment | $1,000 |
| FMI US Small Cap Equity Composite | Russell 2000 Index | |
|---|---|---|
| 1 Month | -1.34 | 0.98 |
| QTD | 0.70 | -2.08 |
| 1 year | 10.66 | 26.46 |
| 3 years | 12.73 | 17.46 |
| 5 years | 10.28 | 6.85 |
| 10 years | 11.66 | 10.55 |
| Fund Life* | 13.01 | 10.68 |
*FMI US Small Cap Equity Composite Inception: 01/01/1980
Performance data to 30th June 2026
Past Performance does not predict future returns.
*The performance charts above are for the Fiduciary Management US Small Cap Equity Composite, launched in 01/01/1980, which pursues an identical strategy to the Fiduciary Management US Small Cap Equity UCITS Fund. The returns reported above are based on the aggregate NAV of the Fund, which may differ from your actual investment returns. Source: FMI, Refinitiv.
For comparative purposes only and as per the prospectus, the Fiduciary US Small Cap Equity UCITS Fund. is actively managed in reference Russell 2000 Index [Ticker: RUT] (the "Benchmark").
Note: Graph is provided for illustrative purposes only and should not be relied on to formulate an investment decision.
Holdings disclosure: The holdings described herein are presented to illustrate examples of the securities that the UCITS fund has bought, the diversity of areas in which the UCITS fund may invest and the UCITS fund's approach. They may not be representative of the UCITS fund's current or future investments, and the performance of these investments is not necessarily indicative of the performance of all investments made by the UCITS fund. UCITS fund holdings are as of the date given, are subject to change at any time and are not recommendations to buy or sell a security.
| Holding | Sector | Weighting % |
|---|---|---|
| Insight Enterprises | Technology | 6.8 |
| Aramark | Consumers Disc. | 5.4 |
| Hayward Holdings | Industrials | 5.2 |
| Valvoline Inc. | Consumer Disc. | 5.1 |
| OneMain Holdings Inc. | Financials | 4.7 |
| # of Holdings | 27 |
| P/E 1 Year Forward | 17.6x |
| Price / Sales | 1.9x |
| EV / EBITDA | 13.1x |
| Active Share (%) | 98.92 |
| 1 Year Trailing Turnover | 43.3% |
| Median Market Cap (m) | 6,919 |
| Sharpe ratio | 0.56 |
| Beta | 0.73 |
A long-tenured team with shared accountability for fundamental research, risk assessment and portfolio construction. Supported by a broader analyst group with deep sector coverage. Employee ownership reinforces alignment with investor outcomes.
Jonathan T. Bloom, CFA
Partner, PMC, CIO
Benjamin D Karek, CFA
Partner, PMC, DOR, Senior Analyst
ESG considerations are applied where financially material, particularly in governance quality, capital allocation discipline and risk oversight. Proxy voting policies and engagement objectives reflect long-term shareholder alignment.
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For further information on the fund's investment policy and specific fund risk information, please refer to the Key Investor Information Document (KIID). The prospectus is also available on this site.
Investment in the funds described on this website carries a substantial degree of risk and places your capital at risk. The price and value of investments can go down as well as up. You may not get back the original amount invested and you may lose all of your investment. Investment in the funds described on this website is not suitable for all investors. If you are in any doubt as to the suitability of an investment in a fund for you, you should consult an independent financial advisor. In any event, you should only invest in a fund once you have carefully read and understood the prospectus for the fund. The information on this website does not constitute, and should not be construed as, investment advice or a recommendation to buy, sell or otherwise transact in any security including, but not limited to, shares in the funds.
The information and/or the investment opportunity is not intended for US investors.
Thu 9th Jul 2026
Tue 19th May 2026
Mon 30th Mar 2026
FMI U.S. Small Cap Equity (UCITS)
CACEIS Investor Services Ireland Limited
4th Floor, One George's Quay Plaza
George's Quay
Dublin 2
Ireland
T: + 353 1 4406555
E: Dublin_TA_Customer_Support@caceis.com
W: www.caceis.com
Aravis Capital
123 Pall Mall
St James's
London
SW1Y 5EA
UK
T: + 44 020 3813 3110
E: james.alexander@araviscapital.com
W: www.araviscapital.com
Carne Global Fund Managers (Ireland),
3rd Floor, 55 Charlemont Place,
Dublin 2, Ireland
T: +353 1 489 6800
W: www.carnegroup.com
Our team has a wide variety of experience which is put to use every day to help our clients reach their objectives.
Company Information
Aravis Funds (Ireland) ICAV is authorised and regulated by the Central Bank of Ireland.
Aravis Capital Limited is authorised and regulated by the Financial Conduct Authority (FRN 1015146). Aravis Capital Limited is registered in England and Wales (no. 09919517), its registered office is 123 Pall Mall, St James’, London, SW1Y 5EA.
This Website is issued by Aravis Capital Limited and is for information purposes only, it is not an offer or solicitation to invest in any Aravis associated fund.
Regulatory Information
Aravis Capital Ltd is authorised and regulated by the Financial Conduct Authority (FRN: 1015146). Registered in England and Wales (no. 09919517), registered office 123 Pall Mall, St James', London, SW1Y 5EA.
Aravis Funds (Ireland) ICAV is authorised and regulated by the Central Bank of Ireland.
Eligibility and Restrictions
Investment Risks and Disclaimers
Required Documentation
Before making any investment decision, investors should carefully read:
Aravis Funds (Ireland) ICAV - Interim Financial Statements | 30 June 2026 