Longleaf Partners International Fund

LLINX

Investment Objective

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

Fund Information

  • The Fund normally invests at least 65% of its total assets in the equity securities of international issuers, 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 $500 million.
  • The Fund is non-diversified under federal securities laws and generally invests in 15 to 25 companies.
  • Benchmark index is MSCI EAFE , though portfolio construction is 100% bottom-up.
  • Southeastern employees, related parties, and Longleaf trustees are the largest shareholder group with a collective investment of over $200 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.

MSCI World and MSCI EAFE are service marks of MSCI Barra.

Fund Facts at 6/30/14

Inception Date

October 26, 1998

Net Assets

$1.8 billion

Expense Ratio

1.23%

5yr Avg. Turnover

42%

Total Holdings

22

Wtd. Avg. Market Cap

$15.8 billion

Minimum

$10,000

Ticker

LLINX

CUSIP

54306940-5

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

Ken Siazon
Senior Analyst and Principal

Southeastern since 2006, based in Singapore
20 years investment experience
BS (Systems Engineering) University of Virginia
MBA – Harvard Business School

Scott Cobb
Senior Analyst and Principal

Southeastern since 2006, based in London
19 years investment experience
BA (History) University of Memphis
MA (Theological Studies) Covenant Theological Seminary