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Longleaf

Mar 2025 → Mar 2026 · Publishes quarterly · 4 funds

Our archive holds 16 letters from Longleaf, behind 16 investment theses. Every quote below is copied verbatim from the letter it came from.

Longleaf’s own letters page
16
Letters
0
Companies
0
Moves
16
Theses

Theses · 16

  • 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.

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  • 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.

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  • 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.

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  • 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.

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  • 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.

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  • 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.

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  • 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.

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  • 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.

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  • 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.

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  • Canal+
    June 2025

    Canal+ is a significantly undervalued turnaround story with strong market positions and growth potential, particularly in Africa, that will be better recognized post-MultiChoice deal completion.

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  • Glanbia
    June 2025

    Glanbia is expected to reach a turning point in H1 with improving margins in Performance Nutrition, potential resolution of underperforming brands, and the strategic sale of its Dairy Nutrition business, leading to a reassessment of its undervalued core divisions.

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  • Medley
    June 2025

    Medley’s dominant platform, strong network effects, and asset-light model position it for long-term growth in Japan’s healthcare HR space—especially as temporary wage inflation headwinds create a rare buying opportunity at attractive valuations.

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Letter archive · 16

2026

2025

Funds · 4

  • Longleaf Partners Fund5
  • Longleaf Partners Small Cap Fund5
  • Longleaf Partners Global Fund4
  • Longleaf Partners International Fund2

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