Longleaf
Longleaf Partners Small Cap Fund
Small-cap
Mar 2025 → Mar 2026
Our archive holds 5 letters from this strategy, behind 6 investment theses and positions in 5 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.
Its investment theses
- Becle S.A.B. de C.V.Mar 2026Becle is a leading spirits company positioned for 2027+ growth, with financial strength and focus on fast-growing tequila amid potential industry consolidation.
- BecleDec 2025Becle is a leading tequila and whiskey producer with strong brands, aligned family ownership, significant tequila market share, and an attractive sub-10x FCF valuation.
- Boston BeerDec 2025Boston 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.
- GCI LibertyDec 2025GCI 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.
- Empire State Realty TrustDec 2025Empire State Realty Trust is a New York office and retail REIT with improving leasing trends, undervaluation versus peers, and multiple levers including asset sales.
- MattelDec 2025Mattel is a leading toy and IP company with powerful brands, 50% gross margins, substantial buybacks, and a robust 2026 content pipeline.