Here is a partial reproduction of Morningstar’s report on the FMI (Fiduciary Management Inc.)

Large Cap Investor fund.

a. Compare the style box to that of Fidelity’s Small Cap fund (see Figure 4.5). Do the differences between the funds make sense to you?

b. Compare the turnover ratios of the two funds. What might explain the big difference in these values?

c. Compare the consistency of relative performance of the two funds. LOP5