FMI is a good shop on most counts, and its funds have, most of the time, outperformed their categories. But just a heads up, to those who watch or own diversified foreign funds. FMIJX/FMIYX was a top 5* fund for a number of years, but dropped recently to 3*. Current M* performance figures are here.
Just having a rough year, that's all. I own some - not adding, not selling. Ironically, the fund should be benefitting from a strong dollar because it fully hedges currency movements.
OAKIX/OAYIX, on the other hand, is having an excellent year, after a miserable 2018. Perhaps because OAKIX is more Value, while FMIJX is Blend.
Part of the issue is that M* treats FMIJX and FMIYX as separate funds, even though they have the same portfolio. Only the ER is different. FMIJX has 4 stars. FMIYX now has only 3. But they are the same fund. M* counts only the last 3 years of performance for FMIYX since FMI created this separate share class - with the lower ER - 3 years ago. So FMIYX does not get the benefit of the superior performance in the earlier years. This anomaly is misleading to many investors.