Longleaf Partners Fund's annual report on 2024
- From
- Southeastern Asset Management
- Filed
- 11 Mar 2025
- Sector
- US equities, concentrated portfolio
Read the original at sec.gov (opens in a new tab)
This is the view as filed on 11 Mar 2025, not a statement of what the author thinks today.
About this letter
This annual certified shareholder report on form N-CSR was filed on 11 March 2025 by Longleaf Partners Funds Trust, whose funds are run by Southeastern Asset Management in Memphis. One filing covers four funds, the Partners, Global, International and Small-Cap funds; this record concerns the Longleaf Partners Fund and its year from 1 January to 31 December 2024.
The Partners Fund's section is a short summary rather than a letter. It gives the cost of a hypothetical $10,000 investment, $82 or 0.79%, a few sentences of commentary from the managers, and named lists of notable contributors and detractors. A ten-year chart and table compare the fund with the S&P 500 and the Russell 1000 Value, followed by sector weightings, net assets of about $1.27 billion, 38% turnover and the top ten holdings. The full portfolio of investments, financial statements and the auditor's report appear later in the filing.
Why read it
Shows what a concentrated equity manager reports after a year well behind the market: high cash, 17 holdings and a long-term record to weigh.
What to notice
- 1
The fund returned 8.80% for 2024, against 25.02% for the S&P 500 and 14.37% for the Russell 1000 Value.
Continue the investment thesis
See the 4 remaining takeaways on what this investor is arguing and why, and every analysis across the Letters & Theses library.
Checking what you can open…
“we improved the portfolio qualitatively and quantitatively through disciplined buying and selling”
Companies discussed
- CNX Resources
- Kellanova
- Fidelity National Information Services
- RTX
- PayPal
- Warner Bros. Discovery
- MGM Resorts
- IAC
Topics
- concentration
L3VLUP does not host this document. It belongs to Southeastern Asset Management and is a public SEC filing; the notes above are L3VLUP’s reading of it.
More from Southeastern Asset Management
The same argument, elsewhere
- Sequoia Fund's discussion of its 2025 performance · Ruane, Cunniff & Goldfarb
- Sequoia Fund's discussion of its 2024 performance · Ruane, Cunniff & Goldfarb