Victory Capital Management Inc. — Sycamore Mid Cap Value Equity on FTI Consulting, Inc.

FTI Consulting produced resilient revenue but first-quarter EPS fell well below expectations because of higher SG&A expenses that management expects to persist through 2026. Its Economic Consulting segment also lost market share in U.S. antitrust consulting, with a recovery potentially requiring multiple quarters. Positively, the board added $307 million to the repurchase authorization and management maintained full-year guidance. Sycamore is reviewing rather than reaffirming its thesis.