Summary

• FMI International Equity - Unhedged portfolio generally consists of 25-40 companies and is diversified across industries.
• Fluidra estimates that about half of its business comes from repair/replacement sales, around a third comes from outfitting newly built pools, and the remainder comes from pool remodels.
• The CRO industry continues to consolidate as trials are becoming more complex, patients are harder to find and enroll, and sponsors are ever mindful of the need for incremental efficiency.

Investment Philosophy:

Purchase durable business franchises that are selling at a discount to their intrinsic value.

Investment Process:

We utilize a business owner's approach to investing, thoroughly investigating the economics of the business and the