Longleaf Partners Fund's semi-annual report to June 2026
- From
- Southeastern Asset Management
- Filed
- 4 Sept 2026
- Sector
- US equities, concentrated portfolio
Read the original at sec.gov (opens in a new tab)
This is the view as filed on 4 Sept 2026, not a statement of what the author thinks today.
About this letter
Longleaf Partners Funds Trust, whose funds are managed by Southeastern Asset Management, filed this semi-annual report on form N-CSRS on 4 September 2026. The filing covers three funds, the Partners, Global and Small-Cap funds, and this record concerns the Longleaf Partners Fund over the six months from 1 January to 30 June 2026.
Its summary is brief and is not a letter. It states the cost of a hypothetical $10,000 investment over the half-year, $39 or an annualised 0.79%, then gives three sentences of commentary and named lists of notable contributors and detractors. A ten-year chart compares the fund with the S&P 500 and the Russell 1000 Value. The holdings section shows consumer staples and consumer discretionary as the largest sectors at 18.8% each, net assets of about $1.06 billion and 33% turnover. Unaudited financial statements, including a full portfolio of investments, follow later in the filing.
Why read it
A short, candid example of a manager arguing that a weak stretch has made its holdings cheaper, measured on price to value and price to free cash flow.
What to notice
- 1
The fund lost 0.77% in the first half of 2026, while the S&P 500 gained 10.21% and the Russell 1000 Value 16.23%.
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…
“The broader market has grown highly speculative, and we are grateful for your patience.”
Companies discussed
- FedEx
- People Inc.
- Fortune Brands Innovations
- The Magnum Ice Cream Company
- Mattel
- Albertsons Companies
- Regeneron Pharmaceuticals
- Rayonier
Topics
- valuation discount
- free cash flow
- 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.
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