Longleaf Partners Small-Cap Fund

Longleaf Partners Small-Cap Fund

Top Holdings at 12/31/17

Holding Country Industry Percent
ViaSat United States Communications Equipment 7.4
OCI Netherlands Chemicals 7.3
CenturyLink United States Diversified Telecommunication Services 6.5
Graham Holdings United States Diversified Consumer Services 6.3
Mattel United States Leisure Products 5.3
Hopewell Hong Kong Real Estate Management & Development 5.1
CNX Resources United States Oil, Gas & Consumable Fuels 4.8
Neiman Marcus United States Multiline Retail 4.7
Formula One Group United States Movies & Entertainment 4.7
Park Hotels & Resorts United States Equity Real Estate Investment Trusts (REITs) 4.7
Total 56.8

Portfolio Composition at 12/31/17

 Equities & Other 72.6
 Bonds 4.7
 Cash 22.7
Total 100.0%

Sector Composition at 12/31/17

 Consumer Discretionary 28.2
 Real Estate 13.4
 Information Technology 11.6
 Materials 7.3
 Telecommunication Services 6.5
 Energy 6.4
 Industrials 3.9
 Cash 22.7
Total 100.0%

Primary Contributors to Return

10/1/17 to 12/31/17
Holding Percent
ViaSat 1.06
CONSOL Energy* 0.87
Neiman Marcus 0.64

Primary Detractors to Return

10/1/17 to 12/31/17
Holding Percent
Eastman Kodak -0.91
CenturyLink -0.71
Formula One Group -0.55

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.