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Longleaf

Mar 2025 → Jun 2026 · Publishes quarterly · 4 funds

Our archive holds 19 letters from Longleaf, behind 19 investment theses and positions in 25 companies. Every quote below is copied verbatim from the letter it came from.

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Longleaf’s own letters page
19
Letters
25
Companies
11
Moves
19
Theses

4 strategies

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

What they bought and sold · 11 moves

  • 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.”
    Read the letter
  • 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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Companies held · 25

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

Theses · 19

  • Magnum Ice Cream Company N.V.
    June 2026

    Magnum Ice Cream Company N.V. is a global ice cream business with expected 3-5% revenue growth, margin expansion, and meaningful free cash flow power.

    Read the full thesis
  • FedEx
    June 2026

    FedEx is becoming a higher-return logistics business with better cash conversion, lower costs, and undervalued free cash flow potential.

    Read the full thesis
  • Canal+
    June 2026

    Canal+ is a scaled pay-TV operator with premium content and distribution, underappreciated MultiChoice synergies, and attractive future FCF growth.

    Read the full thesis
  • Rayonier, Inc.
    March 2026

    Rayonier is a timberland owner with inflation-hedging assets, a strong balance sheet, and value-creation levers like asset sales and buybacks post-merger.

    Read the full thesis
  • Becle S.A.B. de C.V.
    March 2026

    Becle is a leading spirits company positioned for 2027+ growth, with financial strength and focus on fast-growing tequila amid potential industry consolidation.

    Read the full thesis
  • Becle
    December 2025

    Becle is a leading tequila and whiskey producer with strong brands, aligned family ownership, significant tequila market share, and an attractive sub-10x FCF valuation.

    Read the full thesis
  • Boston Beer
    December 2025

    Boston Beer is a branded alcohol innovator addressing brand pressures, launching growth products, led again by founder Jim Koch, with net cash and buybacks at around 1x revenue.

    Read the full thesis
  • GCI Liberty
    December 2025

    GCI Liberty is an Alaskan communications provider with irreplicable assets, top broadband positions, near-term FCF, strong sponsorship by John Malone, and a discount to peers.

    Read the full thesis
  • Canal+
    December 2025

    Canal+ is a French pay-TV operator with improving economics, tax overhang resolution, and growing FCF that the market has yet to reflect.

    Read the full thesis
  • Empire State Realty Trust
    December 2025

    Empire State Realty Trust is a New York office and retail REIT with improving leasing trends, undervaluation versus peers, and multiple levers including asset sales.

    Read the full thesis
  • Mattel
    December 2025

    Mattel is a leading toy and IP company with powerful brands, 50% gross margins, substantial buybacks, and a robust 2026 content pipeline.

    Read the full thesis
  • Albertsons
    September 2025

    Albertsons is a defensive yet growing company poised for growth post-merger uncertainty, with strong returns on capital and upsides not reflected in its current share price.

    Read the full thesis

Letter archive · 19

2026

2025

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