Longleaf
Longleaf Partners International Fund
International Mid-cap
Mar 2025 → Jun 2025
Our archive holds 2 letters from this strategy, behind 7 investment theses and positions in 16 companies. Every quote below is copied verbatim from the letter it came from.
2 letters in a year · follow all of Longleaf for every strategy.
What it bought and sold
- ExitedLouis HachetteJun 2025
We exited two positions, Naver and Louis Hachette.
We initiated an investment in Australia-listed Treasury Wine Estates (TWE) during the quarter.
We initiated a position in Dutch medical equipment manufacturer Philips during the quarter.
As price reached our value, we took the opportunity to exit Naver and recycle capital into more attractive opportunities.
Medley - Japan's leading online HR platform for medical staff with around 8-10% market share.
Also held
Its investment theses
- Canal+Jun 2025Canal+ 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.
- GlanbiaJun 2025Glanbia 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.
- MedleyJun 2025Medley’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.
- PhilipsJun 2025Koninklijke Philips is a leading Dutch medical equipment manufacturer trading at a discount due to past challenges, but shows potential for recovery and growth under new leadership.
- Treasury Wine EstatesJun 2025Treasury Wine is an undervalued global leader in luxury wine brands, poised for growth as it re-establishes its presence in China following the removal of tariffs.
- GlanbiaMar 2025Glanbia’s undervaluation relative to its asset-rich divisions presents a compelling breakup opportunity, with strategic divestitures and accelerated share buybacks potentially unlocking substantial hidden value.
- LanxessMar 2025Lanxess is poised for significant upside potential due to strong demand, a valuable but undervalued stake in the Envalior JV, and upcoming debt reduction opportunities from a guaranteed exit in 2026.