Longleaf
Longleaf Partners Small Cap Fund
Small-cap
Mar 2025 → Jun 2026
Our archive holds 6 letters from this strategy, behind 6 investment theses and positions in 13 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
- TrimmedLiberty Capital CorpJun 2026
We trimmed our holding earlier in the quarter when the stock was trading well in the wake of the news.
We had trimmed our position when energy stocks were riding highest in the wake of the Iran War, but we added back to CNX at better prices recently.
Also held
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.