Fund Evaluator:
FMI Common Stock Investor (FMIMX)
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Best Performing in Mid-Cap Blend Over the Last Year
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Fund Details
FMI Common Stock Investor Overview
FMI Common Stock Investor (FMIMX) is an actively managed U.S. Equity Mid-Cap Blend fund. FMI Funds launched the fund in 1981.
The investment seeks long-term capital appreciation. The fund invests mainly in small- to medium-capitalization companies (namely, companies with less than $7 billion market capitalization at the time of initial purchase) listed or traded on a national securities exchange or on a national securities association. Under normal market conditions, the fund invests 80% of its net assets in common stocks, including for purposes of this limitation common stocks of foreign companies which the fund principally invests in through ADRs or American Depositary Shares ADSs. ADRs and ADSs are dollar-denominated securities of foreign issuers traded in the U.S.
About FMI Common Stock Investor (FMIMX)
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: Russell 2000 TR USD index with a weighting of 100% and Russell 2000 Value TR USD index with a weighting of 100%. FMI Common Stock Investor has 30 securities in its portfolio. The top 10 holdings constitute 45.7% 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 Common Stock Investor is part of the Equity global asset class and is within the U.S. Equity fund group. FMI Common Stock Investor has 0.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 98.6%. There is 0.0% 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 Common Stock Investor has 1.4% of the portfolio in cash.
Assets Under Management
The fund has $573 million in total assets, which is below the $1 billion average for the Mid-Cap 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.
FMIMX 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 Common Stock Investor expense ratio is high compared to funds in the Mid-Cap Blend category. FMI Common Stock Investor has an expense ratio of 0.96%, which is 2% lower 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 Common Stock Investor has a portfolio turnover rate of 35%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 51% for the Mid-Cap Blend category.
Recently, in the month of June 2026, FMI Common Stock Investor returned 7.2%, which earned it a grade of A, as the Mid-Cap Blend category had an average return of 4.1%. 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 Common Stock Investor has a trailing yield of 0.27%, which is below the 0.47% 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 Common Stock Investor Grades
Year to date, the fund has returned 16.0%, 0.7 percentage points better than the category, which translates into a grade of C. The fund has returned 15.6% over the past year (grade of D), 12.8% over the past three years (grade of D) and 10.8% per year over the past five years (grade of A) and 12.0% per year over the past 10 years (grade of B).
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FMIMX 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 |
|
| FMIMX Return (NAV) | 7.2% | 15.3% | 15.6% | 12.8% | 10.8% | 12.0% |
| FMIMX Grade | A | B | D | D | A | B |
| +/- Category | 3.1% | 0.9% | -6.5% | -1.9% | 2.6% | 1.0% |
| Mid-Cap Blend Avg | 4.1% | 14.4% | 22.0% | 14.7% | 8.2% | 11.0% |
| FMIMX Tax Cost Ratio | na | na | 3.0% | 1.5% | 2.0% | 1.7% |
FMIMX Annual NAV Total ReturnsData as of 6/30/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| FMIMX Return (NAV) | 16.0% | 2.1% | 10.4% | 24.9% | -5.9% | 30.6% | 5.8% | 24.8% | -8.7% | 13.8% | 20.2% |
| FMIMX Grade | C | F | D | A | A | A | F | F | B | D | A |
| +/- Category | 0.7% | -5.8% | -3.2% | 8.5% | 9.2% | 6.3% | -7.5% | -3.7% | 1.6% | -2.3% | 5.6% |
| Mid-Cap Blend Avg | 15.3% | 8.0% | 13.5% | 16.4% | -15.1% | 24.3% | 13.3% | 28.5% | -10.3% | 16.1% | 14.6% |
| Risk Measures | |
| Standard Deviation: | 16.1% |
| Total Risk Index: | 1.32 - Above Average |
| Category Risk Index: | 1.03 - Above Average |
| Category Risk Grade: | D (73% Rank) |
| Beta: | 0.84 |
| R-Squared: | 46% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Small-Cap Blend |
| Bond Investment Style: | na |
| Yield: | 0.3% |
| Dividend Distribution: | |
| Cap Gains Distribution: | |
| Total Assets: | $1900 Mil |
| Fund Total Assets: | $ 573 Mil |
| Share Class Type: | Inv |
| Portfolio Turnover: | 35% |
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: | 30 |
| % in Top 10 Holdings: | 45.7% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 0.0% |
Portfolio Allocation |
|
| Domestic Stock: | 98.6% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 1.4% |
Purchase Information
| Fund Family: | FMI Funds |
| Phone Number: | 800-811-5311 |
| Website: | www.fmifunds.com |
| Status: | Open |
| Inception Date: | December 18, 1981 |
| 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 (%): | 0.96% ( Rating : High ) |
| Category Average Expense Ratio (%): | 0.98% |
| Share Class: | FMI Common Stock Investor |
| Min. Subsequent Purchase: | $ 100 |
| Min. Subsequent IRA Purchase: | $ 100 |
