<SEC-DOCUMENT>0000319902-15-000002.txt : 20150204 <SEC-HEADER>0000319902-15-000002.hdr.sgml : 20150204 <ACCEPTANCE-DATETIME>20150204151405 ACCESSION NUMBER: 0000319902-15-000002 CONFORMED SUBMISSION TYPE: 13F-HR PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20141231 FILED AS OF DATE: 20150204 DATE AS OF CHANGE: 20150204 EFFECTIVENESS DATE: 20150204 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FIDUCIARY MANAGEMENT ASSOCIATES LLC CENTRAL INDEX KEY: 0000319902 IRS NUMBER: 061656168 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 13F-HR SEC ACT: 1934 Act SEC FILE NUMBER: 028-01267 FILM NUMBER: 15575074 BUSINESS ADDRESS: STREET 1: 55 W MONROE STREET 2: SUITE 2550 CITY: CHICAGO STATE: IL ZIP: 60603 BUSINESS PHONE: 3129306850 MAIL ADDRESS: STREET 1: 55 WEST MONROE STREET 2: SUITE 2550 CITY: CHICAGO STATE: IL ZIP: 60603 FORMER COMPANY: FORMER CONFORMED NAME: FIDUCIARY MANAGEMENT ASSOCIATES INC DATE OF NAME CHANGE: 19990406 FORMER COMPANY: FORMER CONFORMED NAME: BLOCK INVESTMENT MANAGEMENT SERVICES INC DATE OF NAME CHANGE: 19810130 </SEC-HEADER> <DOCUMENT> <TYPE>13F-HR <SEQUENCE>1 <FILENAME>primary_doc.xml <TEXT> <XML> <?xml version="1.0" encoding="UTF-8"?> <edgarSubmission xmlns="http://www.sec.gov/edgar/thirteenffiler" xmlns:com="http://www.sec.gov/edgar/common"> <headerData> <submissionType>13F-HR</submissionType> <filerInfo> <liveTestFlag>LIVE</liveTestFlag> <flags> <confirmingCopyFlag>false</confirmingCopyFlag> <returnCopyFlag>false</returnCopyFlag> <overrideInternetFlag>false</overrideInternetFlag> </flags> <filer> <credentials> <cik>0000319902</cik> <ccc>XXXXXXXX</ccc> </credentials> </filer> <periodOfReport>12-31-2014</periodOfReport> </filerInfo> </headerData> <formData> <coverPage> <reportCalendarOrQuarter>12-31-2014</reportCalendarOrQuarter> <filingManager> <name>FIDUCIARY MANAGEMENT ASSOCIATES LLC</name> <address> <com:street1>55 WEST MONROE</com:street1> <com:street2>SUITE 2550</com:street2> <com:city>CHICAGO</com:city> <com:stateOrCountry>IL</com:stateOrCountry> <com:zipCode>60603</com:zipCode> </address> </filingManager> <reportType>13F COMBINATION REPORT</reportType> <form13FFileNumber>028-01267</form13FFileNumber> <otherManagersInfo> <otherManager> <cik>0000907692</cik> <name>SEI INVESTMENTS MANAGEMENT CORP</name> </otherManager> </otherManagersInfo> <provideInfoForInstruction5>N</provideInfoForInstruction5> </coverPage> <signatureBlock> <name>Candice L. 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<otherManager>0</otherManager> <votingAuthority> <Sole>17800</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>PRESTIGE BRANDS HOLDINGS INC</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>74112D101</cusip> <value>24854</value> <shrsOrPrnAmt> <sshPrnamt>715840</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <otherManager>0</otherManager> <votingAuthority> <Sole>572060</Sole> <Shared>0</Shared> <None>143780</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>PROSPERITY BANCSHARES INC</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>743606105</cusip> <value>590</value> <shrsOrPrnAmt> <sshPrnamt>10660</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <otherManager>0</otherManager> <votingAuthority> <Sole>10660</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>QUANTA SERVICES INC</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>74762E102</cusip> <value>485</value> <shrsOrPrnAmt> <sshPrnamt>17090</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <otherManager>0</otherManager> <votingAuthority> <Sole>17090</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>QUINTILES TRANSNATIONAL HOLDINGS INC</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>74876Y101</cusip> <value>691</value> <shrsOrPrnAmt> <sshPrnamt>11730</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <otherManager>0</otherManager> <votingAuthority> <Sole>11730</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>REXNORD CORP</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>76169B102</cusip> <value>21120</value> <shrsOrPrnAmt> <sshPrnamt>748680</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <otherManager>0</otherManager> <votingAuthority> <Sole>611330</Sole> <Shared>0</Shared> <None>137350</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>ROGERS CORP</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>775133101</cusip> <value>16593</value> <shrsOrPrnAmt> <sshPrnamt>203744</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <otherManager>0</otherManager> <votingAuthority> <Sole>162754</Sole> <Shared>0</Shared> <None>40990</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>ROSETTA RESOURCES INC</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>777779307</cusip> <value>10542</value> <shrsOrPrnAmt> <sshPrnamt>472510</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <otherManager>0</otherManager> <votingAuthority> <Sole>377520</Sole> <Shared>0</Shared> <None>94990</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>SENSIENT TECHNOLOGIES CORP</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>81725T100</cusip> <value>16857</value> <shrsOrPrnAmt> <sshPrnamt>279362</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <otherManager>0</otherManager> <votingAuthority> <Sole>223287</Sole> <Shared>0</Shared> <None>56075</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>SIGNATURE BANK/NEW YORK NY</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>82669G104</cusip> <value>680</value> <shrsOrPrnAmt> <sshPrnamt>5400</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <otherManager>0</otherManager> <votingAuthority> <Sole>5400</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>SNYDERS-LANCE INC</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>833551104</cusip> <value>15854</value> <shrsOrPrnAmt> <sshPrnamt>518965</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <otherManager>0</otherManager> <votingAuthority> <Sole>414645</Sole> <Shared>0</Shared> <None>104320</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>SOLARWINDS INC</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>83416B109</cusip> <value>661</value> <shrsOrPrnAmt> <sshPrnamt>13260</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <otherManager>0</otherManager> <votingAuthority> <Sole>13260</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>STANCORP FINANCIAL GROUP INC</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>852891100</cusip> <value>25361</value> <shrsOrPrnAmt> <sshPrnamt>363025</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <otherManager>0</otherManager> <votingAuthority> <Sole>292130</Sole> <Shared>0</Shared> <None>70895</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>STEEL DYNAMICS INC</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>858119100</cusip> <value>489</value> <shrsOrPrnAmt> <sshPrnamt>24780</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <otherManager>0</otherManager> <votingAuthority> <Sole>24780</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>STERIS CORP</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>859152100</cusip> <value>16221</value> <shrsOrPrnAmt> <sshPrnamt>250130</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <otherManager>0</otherManager> <votingAuthority> <Sole>201680</Sole> <Shared>0</Shared> <None>48450</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>STIFEL FINANCIAL CORP</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>860630102</cusip> <value>17024</value> <shrsOrPrnAmt> <sshPrnamt>333680</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <otherManager>0</otherManager> <votingAuthority> <Sole>267160</Sole> <Shared>0</Shared> <None>66520</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>SUMMIT HOTEL PROPERTIES INC</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>866082100</cusip> <value>728</value> <shrsOrPrnAmt> <sshPrnamt>58530</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <otherManager>0</otherManager> <votingAuthority> <Sole>58530</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>SUPERIOR ENERGY SERVICES</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>868157108</cusip> <value>491</value> <shrsOrPrnAmt> <sshPrnamt>24360</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <otherManager>0</otherManager> <votingAuthority> <Sole>24360</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>SVB FINANCIAL GROUP</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>78486Q101</cusip> <value>709</value> <shrsOrPrnAmt> <sshPrnamt>6110</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <otherManager>0</otherManager> <votingAuthority> <Sole>6110</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>TCF FINANCIAL CORP</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>872275102</cusip> <value>24405</value> <shrsOrPrnAmt> <sshPrnamt>1535890</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <otherManager>0</otherManager> <votingAuthority> <Sole>1226720</Sole> <Shared>0</Shared> <None>309170</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>TEAM HEALTH HOLDINGS INC</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>87817A107</cusip> <value>670</value> <shrsOrPrnAmt> <sshPrnamt>11650</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <otherManager>0</otherManager> <votingAuthority> <Sole>11650</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>TEXAS CAPITAL BA</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>88224Q107</cusip> <value>16759</value> <shrsOrPrnAmt> <sshPrnamt>308458</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <otherManager>0</otherManager> <votingAuthority> <Sole>246376</Sole> <Shared>0</Shared> <None>62082</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>UIL HOLDINGS CORP</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>902748102</cusip> <value>28500</value> <shrsOrPrnAmt> <sshPrnamt>654580</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <otherManager>0</otherManager> <votingAuthority> <Sole>522800</Sole> <Shared>0</Shared> <None>131780</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>UNIVERSAL ELECTRONICS INC</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>913483103</cusip> <value>18552</value> <shrsOrPrnAmt> <sshPrnamt>285290</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <otherManager>0</otherManager> <votingAuthority> <Sole>227870</Sole> <Shared>0</Shared> <None>57420</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>VAIL RESORTS INC</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>91879Q109</cusip> <value>21456</value> <shrsOrPrnAmt> <sshPrnamt>235446</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <otherManager>0</otherManager> <votingAuthority> <Sole>189405</Sole> <Shared>0</Shared> <None>46041</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>VERINT SYSTEMS INC</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>92343X100</cusip> <value>24473</value> <shrsOrPrnAmt> <sshPrnamt>419913</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <otherManager>0</otherManager> <votingAuthority> <Sole>337913</Sole> <Shared>0</Shared> <None>82000</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>WEBSTER FINANCIAL CORP</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>947890109</cusip> <value>24581</value> <shrsOrPrnAmt> <sshPrnamt>755645</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <otherManager>0</otherManager> <votingAuthority> <Sole>603335</Sole> <Shared>0</Shared> <None>152310</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>WESCO INTERNATIONAL INC</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>95082P105</cusip> <value>20792</value> <shrsOrPrnAmt> <sshPrnamt>272830</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <otherManager>0</otherManager> <votingAuthority> <Sole>219550</Sole> <Shared>0</Shared> <None>53280</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>WILLIAMS-SONOMA INC</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>969904101</cusip> <value>680</value> <shrsOrPrnAmt> <sshPrnamt>8990</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <otherManager>0</otherManager> <votingAuthority> <Sole>8990</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>WINTRUST FINANCIAL CORP</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>97650W108</cusip> <value>24196</value> <shrsOrPrnAmt> <sshPrnamt>517460</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <otherManager>0</otherManager> <votingAuthority> <Sole>413110</Sole> <Shared>0</Shared> <None>104350</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>WOLVERINE WORLD WIDE INC</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>978097103</cusip> <value>19882</value> <shrsOrPrnAmt> <sshPrnamt>674636</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <otherManager>0</otherManager> <votingAuthority> <Sole>542236</Sole> <Shared>0</Shared> <None>132400</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>WR GRACE & CO</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>38388F108</cusip> <value>593</value> <shrsOrPrnAmt> <sshPrnamt>6220</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <otherManager>0</otherManager> <votingAuthority> <Sole>6220</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>XYLEM INC/NY</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>98419M100</cusip> <value>574</value> <shrsOrPrnAmt> <sshPrnamt>15070</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <otherManager>0</otherManager> <votingAuthority> <Sole>15070</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> </informationTable> </XML> </TEXT> </DOCUMENT> </SEC-DOCUMENT>