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Longleaf

Mar 2025 → Sep 2026 · Publishes quarterly · 4 funds

Our archive holds 22 letters from Longleaf, behind 32 investment theses and positions in 47 companies. Every quote below is copied verbatim from the letter it came from.

Writes about

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22
Letters
47
Companies
23
Moves
32
Theses

4 strategies

Longleaf publishes a letter per strategy. Each one has its own page with what it holds, what it bought and what it wrote.

Returns as reported in each strategy’s latest letter, extracted automatically and not verified by us; one share class, in its own currency. Not investment advice. Past performance does not predict future returns.

What they bought and sold · 23 moves

  • New positionAbbott Laboratories
    September 2026
    “Abbott Labs – This diversified healthcare company is a new holding (owned previously in the 2010s) and is off to a strong start for us.”
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  • TrimmedAvantor, Inc.
    September 2026
    “We trimmed our position as the stock approached our value.”
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  • TrimmedTripAdvisor, Inc.
    September 2026
    “Thus, the stock at quarter end was a lower weight for us.”
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  • New positionUniversal Music Group N.V.
    September 2026
    “New investments Abbott Labs and Universal Music Group have great, growing businesses and owner operators on the case.”
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  • ExitedGlanbia plc
    September 2026
    “We exited our remaining position in Glanbia after strong execution and a second guidance upgrade drove the share price above our appraisal value.”
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  • AddedFortune Brands Innovations, Inc.
    September 2026
    “While we had trimmed our position into Q2’s stock price strength, we added later in Q3.”
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  • ExitedDelivery Hero SE
    September 2026
    “Combine the two groups plus our profitable exit of Delivery Hero, and we get underlying results more in the plus mid/high-single-digits range, which makes more sense for the non-AI part of the stock market this year.”
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  • AddedCNX Resources
    June 2026
    “but we added back to CNX at better prices recently.”
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  • TrimmedRegeneron Pharmaceuticals
    June 2026
    “We trimmed some of our holding when the market was running hotter on Regeneron’s pipeline prospects earlier this year.”
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  • ExitedMenicon
    June 2026
    “We exited our positions in Delivery Hero, as discussed above, and Menicon, which was a smaller position that had approached fair value.”
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  • TrimmedGlanbia
    June 2026
    “the narrowing P/V margin of safety led us to reduce our position during the quarter”
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  • AddedIDP Education
    June 2026
    “We added to our investment in the quarter as the stock price pulled back to highly attractive levels.”
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  • TrimmedLiberty Capital Corp
    June 2026
    “We trimmed our holding earlier in the quarter when the stock was trading well in the wake of the news.”
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  • ExitedDelivery Hero
    June 2026
    “we exited our investment as the stock reached our value during the quarter.”
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  • ExitedFedEx Freight
    June 2026
    “We also sold the small position in FedEx Freight that we received, as its price was above our appraisal.”
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  • ExitedFedEx Freight
    June 2026
    “We also sold the small position in FedEx Freight that we received, as its price was above our appraisal.”
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  • ExitedBio-Rad Laboratories, Inc.
    June 2026
    “We exited our position in Bio- Rad after another disappointing operational quarter led us to conclude that our money would be better invested in the new holding.”
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  • AddedJollibee Foods
    June 2026
    “In our view, the recent share price weakness does not change the long-term opportunity, and we added to our position in the quarter.”
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  • ExitedLouis Hachette
    June 2025
    “We exited two positions, Naver and Louis Hachette.”
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  • New positionTreasury Wine Estates
    June 2025
    “We initiated an investment in Australia-listed Treasury Wine Estates (TWE) during the quarter.”
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  • New positionKoninklijke Philips
    June 2025
    “We initiated a position in Dutch medical equipment manufacturer Philips during the quarter.”
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  • ExitedNaver
    June 2025
    “As price reached our value, we took the opportunity to exit Naver and recycle capital into more attractive opportunities.”
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  • New positionMedley
    June 2025
    “Medley - Japan's leading online HR platform for medical staff with around 8-10% market share.”
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Companies held · 47

Every company Longleaf has disclosed a position in across our archive, with the letter that last mentioned it.

Theses · 32

Letter archive · 22

2026

2025

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