FIDUCIARY MANAGEMENT ASSOCIATES LLC Historic Performance

Each row is the share positions in stocks (USA and Foreign) the firm reported on Form 13F at that quarter end, one line per ticker, and how their share prices moved over the 3, 6 and 12 months after it, as the plain average of those stocks. Price only; dividends are not included yet. A stock that split is restated by the ratio in its own Form 8-K; one with no close within ten days of both ends, or an unexplained price jump, is left out. This is how the reported holdings moved, not the firm's own return: positions change between filings, and options, bonds and short positions are not in it. A dash marks a window that has not ended yet. A quarter whose holdings or closes are not on disk yet says so; the closes held here start at 2013-01-02.