Longleaf
Longleaf Partners Fund
Mar 2025 → Sep 2026
Our archive holds 7 letters from this strategy, behind 5 investment theses and positions in 16 companies. Every quote below is copied verbatim from the letter it came from.
7 letters in 2 years · follow all of Longleaf for every strategy.
Performance
as of Sep 30, 2026 · net of fees · USD
- YTD−3.1%index +12.8%
- 1Y+0.1%index +15.7%
- 3Y · /yr+5.4%index +22.9%
- 5Y · /yr+1.9%index +13.8%
- 10Y · /yr+4.6%index +15.3%
- Inception · /yr+8.9%index +10.9%
Index: S&P 500
| YTD | 1Y | 3Yper year | 5Yper year | 10Yper year | Since inceptionper year | |
|---|---|---|---|---|---|---|
| Longleaf Partners Fund | −3.1% | +0.1% | +5.4% | +1.9% | +4.6% | +8.9% |
| S&P 500 | +12.8% | +15.7% | +22.9% | +13.8% | +15.3% | +10.9% |
Disclaimer
These figures are copied from the manager’s latest letter, as of Sep 30, 2026. They were extracted automatically, have not been verified by HF Best Ideas and may contain errors. They cover a single share class, in the currency and fee basis stated above; other share classes and your own returns will differ. This is not investment advice, nor an offer to buy or sell any fund. Past performance does not predict future returns.
Read full disclosures →What it bought and sold
We trimmed our position as the stock approached our value.
While we had trimmed our position into Q2’s stock price strength, we added later in Q3.
Abbott Labs – This diversified healthcare company is a new holding (owned previously in the 2010s) and is off to a strong start for us.
New investments Abbott Labs and Universal Music Group have great, growing businesses and owner operators on the case.
we added back to CNX at better prices recently.
- ExitedFedEx FreightJun 2026
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
- Rayonier, Inc.
- Mattel, Inc.
- MGM Resorts International
- CNX Resources Corporation
- Magnum Ice Cream Company N.V. (The)
- Albertsons Companies, Inc.
- EXOR N.V.
- Regeneron Pharmaceuticals, Inc.
- People Inc.
- Fortune Brands Innovations, Inc.
- Tripadvisor, Inc.
- Avantor, Inc.
- Fortune Brands
- People, Inc.
- FedEx Corporation
- Magnum Ice Cream Company N.V.
Its investment theses
- Mattel, Inc.Sep 2026Mattel is a toy, media and consumer products company whose depressed valuation could re-rate as acquisition interest and activist pressure increase.
- 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.