Longleaf
Longleaf Partners Global Fund
Global
Mar 2025 → Jun 2026
Our archive holds 5 letters from this strategy, behind 2 investment theses and positions in 14 companies. Every quote below is copied verbatim from the letter it came from.
5 letters in 2 years — follow all of Longleaf for every strategy.
What it bought and sold
but we added back to CNX at better prices recently.
We trimmed some of our holding when the market was running hotter on Regeneron’s pipeline prospects earlier this year.
- ExitedMeniconJun 2026
We exited our positions in Delivery Hero, as discussed above, and Menicon, which was a smaller position that had approached fair value.
the narrowing P/V margin of safety led us to reduce our position during the quarter
- AddedIDP EducationJun 2026
We added to our investment in the quarter as the stock price pulled back to highly attractive levels.
we exited our investment as the stock reached our value during the quarter.
We also sold the small position in FedEx Freight that we received, as its price was above our appraisal.
In our view, the recent share price weakness does not change the long-term opportunity, and we added to our position in the quarter.
Also held
Its investment theses
- Canal+Jun 2026Canal+ is a scaled pay-TV operator with premium content and distribution, underappreciated MultiChoice synergies, and attractive future FCF growth.
- Canal+Dec 2025Canal+ is a French pay-TV operator with improving economics, tax overhang resolution, and growing FCF that the market has yet to reflect.