Longleaf
Longleaf Partners Fund
Mar 2025 → Jun 2026
Our archive holds 6 letters from this strategy, behind 4 investment theses and positions in 12 companies. Every quote below is copied verbatim from the letter it came from.
6 letters in 2 years — follow all of Longleaf for every strategy.
What it bought and sold
we added back to CNX at better prices recently.
We also sold the small position in FedEx Freight that we received, as its price was above our appraisal.
We trimmed some of our holding when the market was running hotter on Regeneron’s pipeline prospects earlier this year.
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.
Also held
Its investment theses
- Magnum Ice Cream Company N.V.Jun 2026Magnum 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.
- FedExJun 2026FedEx is becoming a higher-return logistics business with better cash conversion, lower costs, and undervalued free cash flow potential.
- Rayonier, Inc.Mar 2026Rayonier is a timberland owner with inflation-hedging assets, a strong balance sheet, and value-creation levers like asset sales and buybacks post-merger.
- AlbertsonsSep 2025Albertsons 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.