0001145549-24-006358.txt : 20240215 0001145549-24-006358.hdr.sgml : 20240215 20240215093936 ACCESSION NUMBER: 0001145549-24-006358 CONFORMED SUBMISSION TYPE: NPORT-P PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20231231 FILED AS OF DATE: 20240215 DATE AS OF CHANGE: 20240215 PERIOD START: 20240930 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FMI FUNDS INC CENTRAL INDEX KEY: 0001023391 ORGANIZATION NAME: IRS NUMBER: 391861095 STATE OF INCORPORATION: MD FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: NPORT-P SEC ACT: 1940 Act SEC FILE NUMBER: 811-07831 FILM NUMBER: 24642478 BUSINESS ADDRESS: STREET 1: 790 NORTH WATER STREET, SUITE 2100 CITY: MILWAUKEE STATE: WI ZIP: 53202 BUSINESS PHONE: 414-226-4545 MAIL ADDRESS: STREET 1: 790 NORTH WATER STREET, SUITE 2100 CITY: MILWAUKEE STATE: WI ZIP: 53202 FORMER COMPANY: FORMER CONFORMED NAME: FMI FOCUS FUND DATE OF NAME CHANGE: 19960921 0001023391 S000067413 International Fund II - Currency Unhedged C000216767 International Fund II - Currency Unhedged Institutional Class FMIFX NPORT-P 1 primary_doc.xml NPORT-P false 0001023391 XXXXXXXX S000067413 C000216767 FMI Funds Inc 811-07831 0001023391 549300LLBZ5DPX7B5F83 790 North Water Street Suite 2100 Milwaukee 53202 414-226-4545 FMI International Fund II - Currency Unhedged S000067413 549300MF3JX1BB78YW31 2024-09-30 2023-12-31 N 78137296.170000000000 76944.200000000000 78060351.970000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 168768.090000000000 N Koninklijke Philips NV H1FJE8H61JGM1JSGM897 Koninklijke Philips NV N/A 85400.000000000000 NS 1998546.200000000000 2.5602577359 Long EC CORP NL N 2 N N N Schlumberger NV 213800ZUA17OK3QLGM62 Schlumberger NV 806857108 33100.000000000000 NS USD 1722524.000000000000 2.2066567169 Long EC CORP US N 1 N N N Rexel SA 969500N6AVPA51648T62 Rexel SA N/A 111950.000000000000 NS 3072599.520000000000 3.9361845578 Long EC CORP FR N 2 N N N Genpact Ltd 529900OSEC6Q0L4L5B35 Genpact Ltd N/A 58100.000000000000 NS USD 2016651.000000000000 2.5834510723 Long EC CORP US N 1 N N N Smith & Nephew PLC 213800ZTMDN8S67S1H61 Smith & Nephew PLC N/A 128100.000000000000 NS 1759716.620000000000 2.2543026973 Long EC CORP GB N 2 N N N First American Treasury Obliga 549300UU586IAH2B8H03 First American Treasury Obligations Fund 31846V328 2654062.080000000000 NS USD 2654062.080000000000 3.4000129554 Long STIV RF US N 1 N N N Ferguson PLC 213800DU1LGY3R2S2X42 Ferguson PLC N/A 28000.000000000000 NS 5362769.120000000000 6.8700293871 Long EC CORP GB N 2 N N N Booking Holdings Inc FXM8FAOHMYDIPD38UZ17 Booking Holdings Inc 09857L108 950.000000000000 NS USD 3369859.000000000000 4.3169918082 Long EC CORP US N 1 N N N Sanwa Holdings Corp 5299003X6BCA4ROO5A70 Sanwa Holdings Corp N/A 23710.000000000000 NS 358448.890000000000 0.4591945603 Long EC CORP JP N 2 N N N Yokogawa Electric Corp 529900MV0U7C9WWF4L22 Yokogawa Electric Corp N/A 61000.000000000000 NS 1159486.330000000000 1.4853716397 Long EC CORP JP N 2 N N N Roche Holding AG 549300U41AUUVOAAOB37 Roche Holding AG N/A 9850.000000000000 NS 2863331.630000000000 3.6680998199 Long EC CORP CH N 2 N N N Sony Group Corp 529900R5WX9N2OI2N910 Sony Group Corp N/A 40700.000000000000 NS 3851559.640000000000 4.9340792641 Long EC CORP JP N 2 N N N Ashtead Group PLC 2138007UTBN8X9K1A235 Ashtead Group PLC N/A 22450.000000000000 NS 1560434.280000000000 1.9990100488 Long EC CORP GB N 2 N N N Howden Joinery Group PLC 213800KC1LJOJTY3JP45 Howden Joinery Group PLC N/A 182700.000000000000 NS 1891448.370000000000 2.4230589823 Long EC CORP GB N 2 N N N SAP SE 529900D6BF99LW9R2E68 SAP SE N/A 13300.000000000000 NS 2047153.110000000000 2.6225261075 Long EC CORP DE N 2 N N N DBS Group Holdings Ltd 5493007FKT78NKPM5V55 DBS Group Holdings Ltd N/A 68200.000000000000 NS 1724698.340000000000 2.2094421771 Long EC CORP SG N 2 N N N DKSH Holding AG 549300HUUUNHO6FJUS42 DKSH Holding AG N/A 24150.000000000000 NS 1677743.150000000000 2.1492897581 Long EC CORP CH N 2 N N N Coca-Cola Europacific Partners 549300LTH67W4GWMRF57 Coca-Cola Europacific Partners PLC N/A 30000.000000000000 NS USD 2002200.000000000000 2.5649384732 Long EC CORP GB N 1 N N N Diageo PLC 213800ZVIELEA55JMJ32 Diageo PLC N/A 63500.000000000000 NS 2304741.130000000000 2.9525118345 Long EC CORP GB N 2 N N N Lloyds Banking Group PLC 549300PPXHEU2JF0AM85 Lloyds Banking Group PLC N/A 2675800.000000000000 NS 1622970.090000000000 2.0791221780 Long EC CORP GB N 2 N N N Fresenius Medical Care AG 549300CP8NY40UP89Q40 Fresenius Medical Care AG N/A 34675.000000000000 NS 1449698.690000000000 1.8571511061 Long EC CORP DE N 2 N N N Barry Callebaut AG 213800Y5RWKLDPUTT265 Barry Callebaut AG N/A 675.000000000000 NS 1139520.890000000000 1.4597947117 Long EC CORP CH N 2 N N N NOF Corp N/A NOF Corp N/A 26700.000000000000 NS 1324550.990000000000 1.6968293847 Long EC CORP JP N 2 N N N Samsung Electronics Co Ltd 9884007ER46L6N7EI764 Samsung Electronics Co Ltd Y74718118 76000.000000000000 NS 3662174.610000000000 4.6914656642 Long EP CORP KR N 2 N N N Ryanair Holdings PLC 635400BR2ROC1FVEBQ56 Ryanair Holdings PLC 783513203 18000.000000000000 NS USD 2400480.000000000000 3.0751590781 Long EC CORP IE N 1 N N N Techtronic Industries Co Ltd 549300HZW2SBE758OK89 Techtronic Industries Co Ltd N/A 153000.000000000000 NS 1823009.000000000000 2.3353840381 Long EC CORP HK N 2 N N N Smiths Group PLC 213800MJL6IPZS3ASA11 Smiths Group PLC N/A 46700.000000000000 NS 1048200.320000000000 1.3428075759 Long EC CORP GB N 2 N N N Greggs PLC 213800I71QMUFJ64IW20 Greggs PLC N/A 81000.000000000000 NS 2685099.250000000000 3.4397734346 Long EC CORP GB N 2 N N N Arch Capital Group Ltd 549300AYR4P8AFKDCE43 Arch Capital Group Ltd N/A 20450.000000000000 NS USD 1518821.500000000000 1.9457015779 Long EC CORP BM N 1 N N N Weir Group PLC/The 549300KDR56WHY9I3D10 Weir Group PLC/The N/A 83000.000000000000 NS 1994364.960000000000 2.5549013163 Long EC CORP GB N 2 N N N Sodexo SA 969500LCBOG12HXPYM84 Sodexo SA N/A 34000.000000000000 NS 3742998.610000000000 4.7950060633 Long EC CORP FR N 2 N N N Safran SA 969500UIC89GT3UL7L24 Safran SA N/A 17600.000000000000 NS 3103056.850000000000 3.9752022271 Long EC CORP FR N 2 N N N B&M European Value Retail SA 213800UK7ZRLY2K1X530 B&M European Value Retail SA L1175H106 627700.000000000000 NS 4475781.910000000000 5.7337454893 Long EC CORP GB N 2 N N N Unilever PLC 549300MKFYEKVRWML317 Unilever PLC N/A 48100.000000000000 NS 2328567.520000000000 2.9830348714 Long EC CORP GB N 2 N N N 2024-01-23 FMI Funds Inc /s/ John S. Brandser FMI Funds Inc President XXXX NPORT-EX 2 fif2-v2.htm NPORT-EX

FMI International Fund II - Currency Unhedged
  
Schedule of Investments
  
as of December 31, 2023 (Unaudited)
  

LONG-TERM INVESTMENTS - 96.0%
COMMON STOCKS - 91.3%
  
Shares
    
Value
Bermuda - 4.5%
    
Miscellaneous Commercial Services - 2.6%
          
Genpact Ltd.
  
58,100
   $
  2,016,651
           
$–
Multi-Line Insurance - 1.9%
          
Arch Capital Group Ltd.(a)
  
20,450
    
   1,518,822
Total Bermuda
    
   3,535,473
             
Britain - 24.5%
    
Beverages: Alcoholic - 2.9%
          
Diageo PLC
  
63,500
    
   2,304,741
           
$–
Beverages: Non-Alcoholic - 2.6%
          
Coca-Cola Europacific Partners PLC
  
30,000
    
   2,002,200
           
$–
Electrical Products - 1.3%
          
Smiths Group PLC
  
46,700
    
   1,048,200
           
$–
Electronics/Appliances - 2.4%
          
Howden Joinery Group PLC
  
182,700
    
   1,891,448
           
$–
Finance/Rental/Leasing - 2.0%
          
Ashtead Group PLC
  
22,450
    
   1,560,434
           
$–
Food: Specialty/Candy - 3.4%
          
Greggs PLC
  
81,000
    
   2,685,099
           
$–
Household/Personal Care - 3.0%
          
Unilever PLC
  
48,100
    
   2,328,568
           
$–
Major Banks - 2.1%
          
Lloyds Banking Group PLC
  
2,675,800
    
   1,622,970
           
$–
Medical Specialties - 2.2%
          
Smith & Nephew PLC
  
128,100
    
   1,759,717
           
$–
Trucks/Construction/Farm Machinery - 2.6%
          
Weir Group PLC
  
83,000
    
   1,994,365
Total Britain
    
 19,197,742
             
Curacao - 2.2%
    
Contract Drilling - 2.2%
          
Schlumberger Ltd.
  
33,100
    
   1,722,524
             
France - 12.7%
    
Aerospace & Defense - 4.0%
          
Safran S.A.
  
17,600
    
   3,103,057
           
$–
Restaurants - 4.8%
          
Sodexo S.A.
  
34,000
    
   3,742,999
           
$–
Wholesale Distributors - 3.9%
          
Rexel S.A.
  
111,950
    
   3,072,600
Total France
    
   9,918,656
             
Germany - 4.5%
    
Medical/Nursing Services - 1.9%
          
Fresenius Medical Care AG & Co. KGaA
  
34,675
    
   1,449,699
           
$–
Packaged Software - 2.6%
          
SAP SE
  
13,300
    
   2,047,153
Total Germany
    
   3,496,852
             
Hong Kong - 2.3%
    
Tools & Hardware - 2.3%
          
Techtronic Industries Co. Ltd.
  
153,000
    
   1,823,009
             
Ireland - 3.1%
    
Airlines - 3.1%
          
Ryanair Holdings PLC - SP - ADR(a)
  
18,000
    
   2,400,480
             
Japan - 8.6%
    
Building Products - 0.5%
          
Sanwa Holdings Corp.
  
23,710
    
   358,449
           
$–
Chemicals: Specialty - 1.7%
          
NOF Corp.
  
26,700
    
   1,324,551
           
$–
Computer Processing Hardware - 4.9%
          
Sony Group Corp.
  
40,700
    
   3,851,560
           
$–
Electronic Equipment/Instruments - 1.5%
          
Yokogawa Electric Corp.
  
61,000
    
   1,159,486
Total Japan
    
   6,694,046
             
Jersey - 6.8%
    
Wholesale Distributors - 6.8%
          
Ferguson PLC
  
28,000
    
   5,362,768
             
Luxembourg - 5.7%
    
Discount Stores - 5.7%
          
B&M European Value Retail S.A.
  
627,700
    
   4,475,781
             
Netherlands - 2.6%
    
Medical Specialties - 2.6%
          
Koninklijke Philips N.V.(a)
  
85,400
    
   1,998,546
             
Singapore - 2.2%
    
Major Banks - 2.2%
          
DBS Group Holdings Ltd.
  
68,200
    
   1,724,698
             
Switzerland - 7.3%
    
Food: Specialty/Candy - 1.5%
          
Barry Callebaut AG
  
675
    
   1,139,521
           
$–
Medical Distributors - 2.1%
          
DKSH Holding AG
  
24,150
    
   1,677,743
           
$–
Pharmaceuticals: Major - 3.7%
          
Roche Holding AG
  
9,850
    
   2,863,332
Total Switzerland
    
   5,680,596
             
United States - 4.3%
    
Other Consumer Services - 4.3%
          
Booking Holdings Inc.(a)
  
950
    
   3,369,859
TOTAL COMMON STOCKS (Cost $59,965,283)
    
 71,401,030
             
PREFERRED STOCK - 4.7%
          
South Korea - 4.7%
    
Telecommunications Equipment — 4.7%
          
Samsung Electronics Co. Ltd.
  
76,000
    
   3,662,175
TOTAL PREFERRED STOCK (Cost $3,294,592)
    
   3,662,175
TOTAL LONG-TERM INVESTMENTS (Cost $63,259,875)
    
 75,063,205
       
SHORT-TERM INVESTMENT - 3.6%
          
Money Market Fund - 3.6%
        
 
First American Treasury Obligations Fund - Class X, 5.29%(b)
  
2,816,853
    
   2,816,853
TOTAL SHORT-TERM INVESTMENT (Cost $2,816,853)
    
   2,816,853
             
TOTAL INVESTMENTS - 99.6% (Cost $66,076,728)
    
77,880,058
Other Assets in Excess of Liabilities - 0.4%
    
305,663
TOTAL NET ASSETS - 100.0%
         $
78,185,721
     
Percentages are stated as a percent of net assets.
    

          PLC - Public Limited Company
SP - ADR – Sponsored American Depositary Receipt

(a)
Non-income producing security.
(b)
The rate shown represents the 7-day effective yield as of December 31, 2023.
FMI International Fund II - Currency Unhedged

Summary of Fair Value Exposure at December 31, 2023 (Unaudited)
 
The Fund has adopted fair valuation accounting standards that establish an authoritative definition of fair value and set out a hierarchy for measuring fair value.  These standards require additional disclosures about the various inputs used to develop the measurements of fair value. The fair value hierarchy is categorized into three levels based on the  inputs as follows:
 
Level 1 – Quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity can access at the measurement date.
 
Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.
 
Level 3 – Unobservable inputs for the asset or liability.
 
The following table summarizes the Fund’s investments as of December 31, 2023, based on the inputs used to value  them:

   
Level 1
    
Level 2
    
Level 3
    
Total
  
Investments:
                        
  Common Stocks
                        
        Bermuda
    
3,535,473
      
–
      
–
      
3,535,473
  
        Britain
    
2,002,200
      
17,195,542
      
–
      
19,197,742
  
        Curacao
    
1,722,524
      
–
      
–
      
1,722,524
  
        France
    
–
      
9,918,656
      
–
      
9,918,656
  
        Germany
    
–
      
3,496,852
      
–
      
3,496,852
  
        Hong Kong
    
–
      
1,823,009
      
–
      
1,823,009
  
        Ireland
    
2,400,480
      
–
      
–
      
2,400,480
  
        Japan
    
–
      
6,694,046
      
–
      
6,694,046
  
        Jersey
    
–
      
5,362,768
      
–
      
5,362,768
  
        Luxembourg
    
–
      
4,475,781
      
–
      
4,475,781
  
        Netherlands
    
–
      
1,998,546
      
–
      
1,998,546
  
        Singapore
    
–
      
1,724,698
      
–
      
1,724,698
  
        Switzerland
    
–
      
5,680,596
      
–
      
5,680,596
  
        United States
    
3,369,859
      
–
      
–
      
3,369,859
  
  Common Stocks - Total
  
$
13,030,536
    
$
58,370,494
    
$
–
    
$
71,401,030
  
  Preferred Stock
  
$
–
    
$
3,662,175
    
$
–
    
$
3,662,175
  
  Money Market Fund
    
2,816,853
      
–
      
–
      
2,816,853
  
Total Investments
  
$
15,847,389
    
$
62,032,669
    
$
–
    
$
77,880,058
  
                                 
   
Refer to the Schedule of Investments for industry classifications.