Longleaf
Longleaf Partners Small Cap Fund
Small-cap
Mar 2025 → Sep 2026
Our archive holds 7 letters from this strategy, behind 12 investment theses and positions in 18 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−13.9%index +13.7%
- 1Y−12.9%index +16.2%
- 3Y · /yr+4.0%index +17.7%
- 5Y · /yr+0.1%index +6.3%
- 10Y · /yr+3.8%index +9.8%
- Inception · /yr+9.1%index +9.5%
Index: Russell 2000
| YTD | 1Y | 3Yper year | 5Yper year | 10Yper year | Since inceptionper year | |
|---|---|---|---|---|---|---|
| Longleaf Partners Small Cap Fund | −13.9% | −12.9% | +4.0% | +0.1% | +3.8% | +9.1% |
| Russell 2000 | +13.7% | +16.2% | +17.7% | +6.3% | +9.8% | +9.5% |
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
Thus, the stock at quarter end was a lower weight for us.
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
- Atlanta Braves Holdings, Inc.
- Alexander's, Inc.
- Mattel, Inc.
- Empire State Realty Trust, Inc.
- Rayonier, Inc.
- Graham Holdings Company
- White Mountains Insurance Group Ltd.
- CNX Resources Corporation
- Shenandoah Telecommunications Company
- Gruma, S.A.B. de C.V.
- Liberty Capital Corporation
- Clearwater Paper
- Rayonier
- People Inc.
- White Mountains Insurance Group
- Becle
- Atlanta Braves Holdings
- Empire State Realty Trust
- Boston Beer
- MGM Resorts International
- Tripadvisor
- Mattel
Its investment theses
- Mattel, Inc.Sep 2026Mattel is a toy, media and consumer products company with increasing takeover interest that could unlock value after an ill-conceived earnings reset.
- Empire State Realty Trust, Inc.Sep 2026Empire State Realty Trust owns NYC real estate and an observatory business, with valuation supported by a healthy office market, well-laddered debt, and potential activism.
- TripAdvisor, Inc.Sep 2026TripAdvisor is a digital travel company with asset monetization potential, though execution issues have recently weighed on its core Viator business.
- Shenandoah Telecommunications CompanySep 2026Shenandoah Telecommunications is a broadband operator with a differentiated footprint, improving fiber penetration, strong NPS, and insider alignment.
- Gruma, S.A.B. de C.V.Sep 2026Gruma is a global tortilla and corn flour company with strong international growth, durable execution, and meaningful share repurchases.
- Clearwater Paper CorporationSep 2026Clearwater Paper is a packaging company benefiting from industry price increases, improving demand, and a stronger balance sheet.
- 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.