Investment Objective

Longleaf Partners Fund seeks long-term capital growth. The Fund seeks to achieve this objective by investing primarily in a limited number of mid- and large-cap U.S. companies we believe to be significantly undervalued. Current income is not an objective.

Fund Information

  • The Fund primarily owns common stock or securities convertible into common stock but may purchase other types of securities.
  • The Fund may invest up to 30% of its assets in non-U.S. securities, which could include emerging market issuers, and may achieve its exposure to non-U.S. securities through investing in American depositary receipts (ADRs).
  • The Fund invests generally in companies with market capitalizations over $5 billion.
  • Benchmark index is S&P 500, though portfolio construction is 100% bottom-up.
  • The Fund is non-diversified under federal securities laws and generally invests in 15 to 25 companies.
  • Southeastern employees, related parties, and Longleaf trustees are the largest shareholder group with a collective investment of over $500 million.
  • The Fund's assets are held primarily by institutional clients.
  • Our relationships are long-term. The average direct account tenure is between 5-10 years.

Management

Southeastern has managed all portfolios consistently for over three decades.

We adhere to the same Governing Principles.
We employ the same Investment Approach.
We follow the same Investment Process.

Fund Facts at 3/31/14

Inception Date April 8, 1987
Net Assets $8.2 billion
Expense Ratio 0.91%
5yr Avg. Turnover 26%
Total Holdings 14
Wtd. Avg. Market Cap $44.9 billion
Minimum $10,000
Ticker LLPFX
CUSIP 54306910-8

Fund Managers

O. Mason Hawkins, CFA
Chairman & Chief Executive Officer

Southeastern since 1975
42 years investment experience
BA (Finance) University of Florida
MBA (Finance) University of Georgia

G. Staley Cates, CFA
President & Chief Investment Officer

Southeastern since 1986
29 years investment experience
BBA (Finance) University of Texas