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.
- 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.
Fund Facts at 12/31/16
O. Mason Hawkins, CFA
Chairman and Chief Executive Officer, Principal
Southeastern since 1975
G. Staley Cates, CFA
Southeastern since 1986