Fund Evaluator:
FMI Large Cap Investor (FMIHX)
Follow This Fund
Best Performing in Large Blend Over the Last Year
| 67.3% | PRIMECAP Odyssey Growth (POGRX) |
| 62.4% | Vanguard PRIMECAP Core Inv (VPCCX) |
| 58.7% | Vanguard PRIMECAP Adm (VPMAX) |
| 58.6% | Vanguard PRIMECAP Inv (VPMCX) |
| 51.1% | PRIMECAP Odyssey Stock (POSKX) |
Fund Details
FMI Large Cap Investor Overview
FMI Large Cap Investor (FMIHX) is an actively managed U.S. Equity Large Blend fund. FMI Funds launched the fund in 2001.
The investment seeks long-term capital appreciation. The fund invests mainly in a limited number of large capitalization (namely, companies with more than $5 billion market capitalization at the time of initial purchase) value stocks of companies listed or traded on a national securities exchange or on a national securities association, including foreign securities traded on a national securities exchange or on a national securities association.
About FMI Large Cap Investor (FMIHX)
There are 6 members of the management team with an average tenure of 11.76 years: Jonathan Bloom (2011), Matthew Sullivan (2014), Jordan Teschendorf (2016), Benjamin Karek (2018), Dain Tofson (2019), John Brandser (2009). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: S&P 500 (TR) (1970) index with a weighting of 100% and Russell 1000 Value TR USD index with a weighting of 100%. FMI Large Cap Investor has 27 securities in its portfolio. The top 10 holdings constitute 52.3% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
FMI Large Cap Investor is part of the Equity global asset class and is within the U.S. Equity fund group. FMI Large Cap Investor has 8.9% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 89.8%. There is 8.9% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). FMI Large Cap Investor has 1.3% of the portfolio in cash.
Assets Under Management
The fund has $652 million in total assets, which is below the $6 billion average for the Large Blend category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
FMIHX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The FMI Large Cap Investor expense ratio is high compared to funds in the Large Blend category. FMI Large Cap Investor has an expense ratio of 0.84%, which is 4% higher than its category average, making the fund expense ratio grade a C. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. FMI Large Cap Investor has a portfolio turnover rate of 23%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 48% for the Large Blend category.
Recently, in the month of June 2026, FMI Large Cap Investor returned 5.0%, which earned it a grade of A, as the Large Blend category had an average return of -0.2%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
FMI Large Cap Investor has a trailing yield of 0.78%, which is above the 0.56% category average.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
FMI Large Cap Investor Grades
Year to date, the fund has returned 3.2%, 5.9 percentage points worse than the category, which translates into a grade of F. The fund has returned 3.7% over the past year (grade of F), 9.9% over the past three years (grade of F) and 6.0% per year over the past five years (grade of F) and 9.6% per year over the past 10 years (grade of F).
For more mutual fund grades, analysis and screening tools to help your investment discovery, join AAII for a $2, full-access trial. Learn more here: https://invest.aaii.com/membership.
Otherwise, for more information about FMI Large Cap Investor, including its riskiness, submit your email to unlock the rest of the article.
Gain access to exclusive AAII member-only content.
FMIHX Trailing NAV Total Returns Data as of 6/30/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| FMIHX Return (NAV) | 5.0% | 8.9% | 3.7% | 9.9% | 6.0% | 9.6% |
| FMIHX Grade | A | F | F | F | F | F |
| +/- Category | 5.2% | -5.0% | -15.8% | -8.6% | -5.5% | -4.5% |
| Large Blend Avg | -0.2% | 13.8% | 19.5% | 18.5% | 11.6% | 14.1% |
| FMIHX Tax Cost Ratio | na | na | 3.4% | 3.4% | 4.4% | 3.5% |
FMIHX Annual NAV Total ReturnsData as of 6/30/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| FMIHX Return (NAV) | 3.2% | 6.2% | 10.0% | 21.1% | -14.6% | 18.6% | 10.2% | 23.7% | -3.9% | 19.2% | 13.8% |
| FMIHX Grade | F | F | F | D | B | F | F | F | A | F | A |
| +/- Category | -5.9% | -9.7% | -12.1% | -2.6% | 2.7% | -7.9% | -7.3% | -6.1% | 2.1% | -2.1% | 3.5% |
| Large Blend Avg | 9.0% | 15.9% | 22.1% | 23.7% | -17.3% | 26.5% | 17.5% | 29.8% | -5.9% | 21.3% | 10.2% |
| Risk Measures | |
| Standard Deviation: | 13.5% |
| Total Risk Index: | 1.11 - Above Average |
| Category Risk Index: | 1.02 - Above Average |
| Category Risk Grade: | D (74% Rank) |
| Beta: | 0.78 |
| R-Squared: | 56% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Mid-Cap Value |
| Bond Investment Style: | na |
| Yield: | 0.8% |
| Dividend Distribution: | |
| Cap Gains Distribution: | |
| Total Assets: | $1067 Mil |
| Fund Total Assets: | $ 653 Mil |
| Share Class Type: | Inv |
| Portfolio Turnover: | 23% |
Management Team
| Number of Managers: 6 | |||
| Longest Tenure: 17.4 years | |||
| Average Tenure: 11.8 years | |||
| Managers (Year): Brandser John (2009), Bloom Jonathan (2011), Sullivan Matthew (2014), Teschendorf Jordan (2016), Karek Benjamin (2018), Tofson Dain (2019) | |||
Portfolio Composition (as of 3/31/26)
| # of Holdings: | 27 |
| % in Top 10 Holdings: | 52.3% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 8.9% |
Portfolio Allocation |
|
| Domestic Stock: | 89.8% |
| Foreign Stock: | 8.9% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 1.3% |
Purchase Information
| Fund Family: | FMI Funds |
| Phone Number: | 800-811-5311 |
| Website: | www.fmifunds.com |
| Status: | Open |
| Inception Date: | December 31, 2001 |
| Min. Initial Purchase: | $1,000 |
| Min. Initial IRA Purchase: | $1,000 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | na |
Expenses and Fees | |
| Expense Ratio (%): | 0.84% ( Rating : High ) |
| Category Average Expense Ratio (%): | 0.81% |
| Share Class: | FMI Large Cap Investor |
| Min. Subsequent Purchase: | $ 100 |
| Min. Subsequent IRA Purchase: | $ 100 |
