Longleaf Partners Fund

Longleaf Partners Fund

Top Holdings at 12/31/17

Holding Country Industry Percent
CenturyLink United States Diversified Telecommunication Services 8.1
FedEx United States Air Freight & Logistics 7.6
CK Hutchison Hong Kong Industrial Conglomerates 7.0
LafargeHolcim Switzerland Construction Materials 6.4
CK Asset Holdings Hong Kong Real Estate Management & Development 6.1
Fairfax Financial Canada Insurance 5.8
Mattel United States Leisure Products 5.2
United Technologies United States Aerospace & Defense 4.9
Alphabet United States Internet Software & Services 4.8
CNX Resources United States Oil, Gas & Consumable Fuels 4.8
Total 60.7

Portfolio Composition at 12/31/17

 Equities & Other 76.9
 Bonds 0.0
 Cash 23.1
Total 100.0%

Sector Composition at 12/31/17

 Industrials 25.5
 Energy 8.4
 Telecommunication Services 8.1
 Consumer Discretionary 7.8
 Materials 6.4
 Real Estate 6.1
 Financials 5.8
 Information Technology 4.8
 Health Care 4.0
 Cash 23.1
Total 100.0%

Primary Contributors to Return

10/1/17 to 12/31/17
Holding Percent
CONSOL Energy* 0.94
FedEx 0.75
Alphabet 0.56

Primary Detractors to Return

10/1/17 to 12/31/17
Holding Percent
CenturyLink -0.52
Allergan -0.20
Chesapeake Energy -0.17

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.