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 3/31/17
Current Quarter Documents
Please find our current Fund Factsheet, Shareholder Letter and Quarterly Fund-Specific Commentary. The Quarterly Fund Commentary reviews performance, portfolio changes and opportunities within each fund. You can also find our fund commentary for all previous quarters here.
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