Longleaf Partners Fund

Longleaf Partners Fund

Top Holdings at 12/31/16

Holding Country Industry Percent
Level 3 Communications United States Diversified Telecommunication Services 9.7
FedEx United States Air Freight & Logistics 9.5
Alphabet United States Internet Software & Services 6.4
CONSOL Energy United States Oil, Gas & Consumable Fuels 6.1
CK Hutchison Hong Kong Industrial Conglomerates 6.1
Wynn Resorts United States Hotels, Restaurants & Leisure 5.9
CNH Industrial Netherlands Machinery 5.8
Scripps Networks United States Media 4.8
United Technologies United States Aerospace & Defense 4.8
LafargeHolcim Switzerland Construction Materials 4.8
Total 63.9

Portfolio Composition at 12/31/16

 Equities & Other 81.9
 Bonds 0.0
 Cash 18.1
Total 100.0%

Sector Composition at 12/31/16

 Industrials 26.2
 Consumer Discretionary 14.2
 Energy 10.6
 Telecommunication Services 9.7
 Materials 8.2
 Information Technology 6.4
 Real Estate 4.1
 Financials 2.5
 Cash 18.1
Total 100.0%

Primary Contributors to Return

10/1/16 to 12/31/16
Holding Percent
Level 3 Communications 1.45
CNH Industrial 0.97
Scripps Network 0.60

Primary Detractors to Return

10/1/16 to 12/31/16
Holding Percent
Cheung Kong Property -0.79
CK Hutchison -0.75
Wynn Resorts -0.68

View current month-end performance Returns reflect reinvested capital gains and dividends but not the deduction of taxes an investor would pay on distributions or share redemptions. The performance data quoted represents past performance and is no guarantee of future results. The return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the past performance quoted.

Before investing in any Longleaf Partners fund, you should carefully consider the Fund’s investment objectives, risks, charges, and expenses. The Prospectus and Summary Prospectus contain this and other important information. Please read the Prospectus and Summary Prospectus carefully before investing.

The above holdings do not represent all of the securities purchased, sold, or recommended for the Fund. Discussion of particular investments is not a recommendation to buy or sell any security and holdings are subject to change.

The information above contains links to sites not controlled or maintained by Longleaf or Southeastern. The links do not imply any endorsement or verification of the information on those websites.