Longleaf Partners Small-Cap Fund

LLSCX

Investment Objective

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.

Fund Information

  • 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.
  • 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.

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.

Fund Facts at 3/31/14

Inception Date February 21, 1989
Net Assets $4.3 billion
Expense Ratio 0.91%
5yr Avg. Turnover 20%
Total Holdings 13
Wtd. Avg. Market Cap $5.1 billion
Minimum $10,000
Ticker LLSCX
CUSIP 54306920-7

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