Longleaf Partners Fund seeks long-term capital growth. The Fund seeks to achieve this objective by investing primarily in a limited number of mid- and large-cap U.S. companies we believe to be significantly undervalued. Current income is not an objective.
- The Fund primarily owns common stock or securities convertible into common stock but may purchase other types of securities.
- 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 invests generally in companies with market capitalizations over $5 billion.
- Benchmark index is S&P 500, though portfolio construction is 100% bottom-up.
- The Fund is non-diversified under federal securities laws and generally invests in 15 to 25 companies.
- Southeastern employees, related parties, and Longleaf trustees are the largest shareholder group with a collective investment of over $425 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.
The total expense ratio for the Longleaf Partners Fund is 0.97% (gross) and 0.79% (net). The Longleaf Partners Fund’s expense ratio is subject to a fee waiver to the extent the Fund’s normal annual operating expenses exceed 0.79% of average annual net assets.
Fund Facts at 6/30/19
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
Southeastern since 1975
G. Staley Cates, CFA
Southeastern since 1986
Ross Glotzbach, CFA
CEO and Head of Research, Principal
Southeastern since 2004