Fund closed to new investors since 1997.
Longleaf Partners Small-Cap Fund seeks long-term capital growth.The Fund seeks to achieve this objective by investing primarily in a limited number of small-cap U.S. companies we believe to be significantly undervalued. Current income is not an objective.
- The Fund normally invests at least 80% of its net assets plus any borrowings for investment purposes in the equity securities, including convertible securities, of a limited number of companies whose market capitalizations at the time of purchase are considered small cap.
- The Fund invests generally in companies with market capitalizations over $1 billion and up to market capitalizations found within small-cap indices.
- 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 is non-diversified under federal securities laws and generally invests in 15 to 25 companies.
- Benchmark index is Russell 2000 , 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 $250 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
Ross Glotzbach, CFA
Head of Research, Principal
Southeastern since 2004