| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 9.2% | -0.3% | -0.4% |
| 2025 |
|---|
| 2.9% |
Southeastern's Partners Fund returned 2.93% in 2025, underperforming the S&P 500's 17.88% as momentum-driven markets favored growth over value. The fund's low-60s P/V ratio and 9.5% cash position reflect defensive positioning for late-cycle conditions. Key contributors included HF Sinclair, Mattel, and Regeneron, while detractors included Kraft Heinz, PayPal, and PVH. The manager emphasizes portfolio quality improvements through targeted moves, including significant share buybacks at holdings like Mattel ($600M) and MGM (40% over five years). Portfolio positioning mirrors 1999 with 45% weighting in defensive sectors and cash, contrasting with riskier 2007/2021 allocations. Holdings show materially lower leverage than previous cycles, with bond spreads half the levels of 2007/2021. Management increased position limits from 6.5% to 8% for enhanced engagement. The firm expects 2026 opportunities as excessive speculation in AI, crypto, and IPOs unwinds, favoring their portfolio of FCF-generating companies with strong management partners.
Southeastern maintains a concentrated portfolio of undervalued, quality companies with strong management teams, positioned defensively for late-cycle market conditions while expecting superior returns when speculation unwinds.
Manager expects 2026 to offer compelling opportunities as market cycle turns and excessive speculation unwinds. Positioned for outperformance when tide goes out on current fads. Confident in portfolio of undervalued, FCF-generating companies run by great management partners.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Jan 14 2026 | 2025 Q4 | ACI, AMG, ANGI, AVTR, CNX, DINO, DIS, EXO.MI, FDX, H, IAC, KHC, MAT, MGM, PCH, PVH, PYPL, REGN, RTX, RYN | Buybacks, Cash, Defensive, Leverage, Quality, value |
KHC DINO MAT REGN IAC MGM PYPL PVH ANGI |
Southeastern's value-focused Partners Fund underperformed in 2025's momentum market but maintains defensive positioning with quality holdings, strong balance sheets, and active share buybacks. Portfolio positioned like 1999 with 45% in defensive sectors plus cash, expecting outperformance when current speculation in AI and crypto inevitably unwinds and fundamentals matter again. |
| Oct 15 2025 | 2025 Q3 | ACI, ANGI, BIO, CNX, EXOR.MI, FDX, FIS, H, HFC, IAC, KHC, MAT, MGM, PCH, PVH, REGN, RYN | AI, Bubble, Buybacks, FCF, spinoffs, undervalued, value |
CNX MAT KHC IAC MGM FDX ACI RYN PCH REGN BIO |
Longleaf Partners trails in Q3 as value discipline clashes with AI-driven market speculation. Portfolio trades at low-60s% P/V ratio with strong FCF generators executing shareholder-friendly actions. Manager sees parallels to 2000 bubble and expects current 10x FCF multiple to re-rate higher as corporate actions unlock value. |
| Jul 22 2025 | 2025 Q2 | BIO, CNX, EXOR.MI, FDX, FIS, HF, IAC, KHC, MAT, MGM, PVH, REGN | Buybacks, Cash, energy, healthcare, tariffs, value |
DINO MGM KHC REGN FDX |
Longleaf Partners maintains a concentrated value portfolio trading at low-60s% price-to-value ratio with 18.2% cash, significantly undervalued versus market multiples above 20x. Strong stock-specific opportunities across energy, healthcare, and consumer sectors driven by share buybacks and operational improvements. Portfolio positioned for solid returns despite elevated market valuations and speculation in lower quality stocks. |
| Apr 12 2025 | 2025 Q1 | ACI, AMG, BIO, CNX, EXOR.MI, FDX, FIS, HFC, IAC, MAT, PVH, PYPL, RTX | Buybacks, energy, healthcare, technology, Trade Policy, value |
ACI IAC MAT RTX BIO CNX FDX PYPL PVH |
Longleaf Partners Fund's Q1 underperformance masks improving fundamentals with P/V ratio below 60% and strong post-Liberation Day outperformance. Portfolio companies are actively buying back shares while the fund deploys 20% cash into quality businesses trading at significant discounts. Management sees favorable environment emerging for value stock picking over index concentration. |
| Jan 16 2025 | 2024 Q4 | ACI, AMG, BIO, CNX, DINO, EXO, FBIN, FDX, FFH, FIS, IAC, K, LBRDK, LYV, MAT, MGM, PYPL, RTX, WBD, WMG | Buybacks, energy, Media, Natural Gas, payments, technology, value | - | Longleaf Partners underperformed in 2024 with 8.80% returns versus S&P 500's 25.02%, but maintains high conviction in concentrated value portfolio trading at high-60s% price-to-value ratio. Strong contributors included CNX Resources and acquired Kellanova, while exits from Warner Bros. Discovery reflect quality focus. Elevated market valuations present risks, but Trump administration should benefit M&A activity. |
| Oct 16 2024 | 2024 Q3 | AMG, BIO, CNX, FDX, FIS, IAC, K, LYV, MAT, MGM, PVH, PYPL | Buybacks, gaming, Logistics, Natural Gas, payments, value |
K CNX PYPL MGM FDX |
Longleaf Partners outperformed with 10.42% quarterly returns as the market recognized value in concentrated holdings. Strong contributors included acquired Kellanova, natural gas producer CNX Resources, and PayPal executing buybacks. Elevated 23% cash from trimming winners provides deployment optionality. Price-to-value ratio in low-70s% indicates substantial upside potential in quality companies with competitive advantages. |
| Jul 23 2024 | 2024 Q2 | AMG, BIO, CHTR, CNHI, CNX, FDX, FIS, IAC, K, MAT, MGM, OD, PVH, RTX | Buybacks, Concentration, free cash flow, Logistics, Margins, value |
FDX BIO CNHI MAT |
Longleaf Partners declined 6.31% in Q2 but maintains high conviction in concentrated portfolio trading at low-60s% price-to-value ratio versus S&P 500 at elevated valuations. Fund holds 19% cash after market highs, owns competitively entrenched businesses with strong balance sheets actively repurchasing shares, positioned for double-digit returns. |
| May 7 2024 | 2024 Q1 | AMG, BIO, CHTR, CNHI, CNX, FBHS, FDX, FFH, FIS, H, IAC, K, LBRDA, LYV, MAT, RTX, WBD, WMG | Buybacks, free cash flow, Logistics, Media, Natural Gas, technology, value |
FIS CNX FDX LBRDA WBD |
Longleaf delivered 6.60% returns through concentrated value investing in quality companies executing share buybacks and operational improvements. Strong performance from FIS, CNX Resources, and FedEx offset media sector headwinds. Cash elevated at 16% reflects disciplined approach in fully priced market while maintaining healthy pipeline of potential investments. |
| Jan 17 2024 | 2023 Q4 | AMG, BIO, CNHI, CNX, FBHS, FDX, FFH, FIS, GE, H, IAC, K, LBRDK, LUMN, LYV, MAT, MGM, PVH, RTX, WBD | Buybacks, financials, Logistics, Quality, Travel, value |
NWBD.L PVH FDX FFH MGM ^HSI |
Longleaf delivered 24.49% returns in 2023 through differentiated value investing focused on hidden quality companies. Strong performance from travel and logistics holdings, successful exits at full value, and significant shareholder returns via buybacks drove results. With 13% cash and partial positions ready to fill, the fund is positioned to capitalize on expected 2024 volatility. |
| Dec 10 2023 | 2023 Q3 | AMG, BIO, CNH, CNX, FDX, FFH, GE, HAS, IAC, LBRDK, MAT, MGM, WBD, WMG | Buybacks, Concentration, energy, Media, Quality, value |
CNX WMG AMAT IAC NWBD.L 0GEG LN |
Longleaf Partners outperformed in Q3 despite declining 1.82%, maintaining focus on quality businesses trading at deep discounts. Portfolio trades at 13x P/E with price-to-value in low-60s% while avoiding overvalued mega-caps. Strong performance from energy and media holdings, with management teams executing and deploying capital through buybacks. Managers increasingly confident as valuation gaps widen. |
| Jul 19 2023 | 2023 Q2 | AMG, CNH, CNX, FBHS, FDX, FFH, FI, FIS, GE, H, HAS, IAC, K, LBRDK, LYV, MAT, MGM, PVH, WBD, WMG | concentrated, consumer discretionary, Media, Mega Cap, technology, value |
LLYVA IAC NWBD.L |
Concentrated value fund delivered 17.42% YTD returns through disciplined bottom-up stock picking. Portfolio trades at compelling mid-60s% P/V ratio with strong management teams driving operational progress. Active portfolio management added seven new positions while exiting disappointing investments. Positioned for differentiated returns as mega-cap tech faces headwinds while quality businesses trade at discounts. |
| Apr 20 2023 | 2023 Q1 | FDX, GE, LUMN, MGM, PVH, WBD | concentrated, consumer discretionary, financials, industrials, Media, value |
NWBD.L 0GEG LN MGM FDX PVH LUMN |
Longleaf Partners outperformed in Q1 2023 by avoiding banks during the SVB crisis and benefiting from recovery in previously beaten-down holdings like Warner Bros Discovery and MGM Resorts. The concentrated value fund initiated five new positions while maintaining discipline on position sizing and leverage exposure. |
| Sep 2 2023 | 2022 Q4 | AMG, CNHI, CNX, DEI, GE, IAC, LUMEN SS, PVH, WBD | - | - |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2025 Q4 |
Live SportsMario Gabelli emphasizes live entertainment and sports as major investment themes, citing massive viewership numbers and global interest. He recommends multiple sports-related investments including Atlanta Braves Holdings, Madison Square Garden Sports, Manchester United, and Rogers Communications for their sports assets. |
Sports Entertainment Media Broadcasting Teams |
MediaGabelli discusses media companies including Fox and Versant Media Group as attractive investments. He highlights Fox's sports broadcasting rights and Versant's strong EBITDA generation potential after being spun off from Comcast. |
Broadcasting Content Television Streaming Networks | |
Natural GasNational Fuel Gas is recommended based on its substantial mineral ownership in the Appalachian Basin and strategic location near population centers. Gabelli sees the value of gas reserves as unappreciated by the market. |
Utilities Energy Infrastructure Pipelines Distribution | |
AIGabelli acknowledges AI's transformative impact but warns of potential disappointment for investors. He compares the AI boom to historical technological revolutions with speculative solutions that may unfold unexpectedly, including potential 'Deep Seek' moments that could rattle markets. |
Technology Innovation Disruption Semiconductors Software | |
AerospaceAlbany International is highlighted for its aerospace composites business, particularly lightweight composite parts for aircraft engines. The company is exploring strategic alternatives and potential spin-offs to unlock value in the high-growth engineered composites segment. |
Defense Manufacturing Components Aviation Composites | |
| 2025 Q3 |
ValueFund focuses on companies trading at significant discounts to intrinsic value with P/V ratio in low-60s%. Manager emphasizes buying undervalued assets with growing free cash flow per share while avoiding overvalued market segments. |
Undervalued Discount Intrinsic Value P/V Ratio FCF |
BuybacksMultiple portfolio companies are aggressively repurchasing shares including Mattel buying 5% of shares outstanding, PVH purchasing teens percentage, and Albertsons at high single digit pace. Management views share repurchases as value-creating given depressed valuations. |
Share Repurchase Capital Return Value Creation Opportunistic Accretive | |
AIManager expresses skepticism about AI-related market excess, noting that AI stocks have accounted for 75% of S&P 500 returns since ChatGPT launch. Compares current AI hype to previous bubble periods with circular FOMO arms race dynamics. |
ChatGPT Magnificent 7 Bubble Overvaluation FOMO | |
SpinoffsFund benefits from corporate separations including IAC's spin-off of Angi, upcoming FedEx Freight separation expected to unlock value, and Kraft Heinz planned split into two businesses. These transactions are viewed as value realization catalysts. |
Corporate Separation Value Unlock Business Split Catalyst Realization | |
| 2025 Q2 |
ValueThe fund maintains a low-60s% price-to-value ratio and below 10x price-to-free cash flow multiple while the market trades at well above 20x. They continue to avoid popular favorites and tilt toward where near-term emotions have led to mispricings in their favor. |
Undervalued Mispricing Discount Margin of Safety P/V Ratio |
BuybacksMultiple portfolio companies are actively repurchasing shares including Mattel, PVH, and Regeneron. MGM is highlighted as one of their larger share repurchasers with further value realization anticipated. |
Share Repurchase Capital Allocation Value Creation Insider Buying | |
EnergyEnergy stocks experienced significant volatility driven by war in Iran and US government actions. The fund remains pleased with value-creating actions from CNX and HF Sinclair from their positions of strength, with normalized refining spreads coming into view. |
Refining Energy Infrastructure Fossil Fuels Volatility | |
| 2025 Q1 |
ValueFund focuses on quality companies trading at significant discounts to intrinsic value with P/V ratio below 60%. Manager emphasizes value stock picking environment where nimble companies on offense are rewarded versus largest index companies. |
Value Discount Intrinsic |
BuybacksMultiple portfolio companies actively repurchasing shares including Mattel committing to high-single-digit percentage buybacks in 2025, CNX buying more shares, and RTX repurchasing material amounts during operational improvements. |
Buybacks Repurchase Capital | |
Trade PolicySignificant discussion of tariff impacts across portfolio with Trump 2.0 policies creating uncertainty. Companies like Mattel diversified supply chains years ago while PVH was placed on China's restricted list due to trade tensions. |
Tariffs Trade China | |
| 2024 Q4 |
ValueFund operates with high-60s% price-to-value ratio and 10x price/earnings power multiple, dramatically different than the market. Manager emphasizes appraisal-driven research and fundamental analysis to identify undervalued opportunities. |
Price-to-value Appraisal Undervalued Fundamental Intrinsic value |
BuybacksMultiple portfolio companies engaged in significant share repurchases including CNX at double-digit annualized pace, FIS repurchasing 10% of shares, PayPal at 10% annualized basis, and MGM opportunistically buying back discounted shares. |
Share repurchases Capital allocation Shareholder returns Value per share Stock buybacks | |
Natural GasCNX Resources was a top performer maintaining focus on growing value per share with strong balance sheet, disciplined hedging strategy, and low-cost structure delivering free cash flow across price environments. |
CNX Resources Hedging Free cash flow Deep Utica Gas prices | |
PaymentsPayPal delivered strong results with gross margin dollars growing mid-high single digits, effective cost management contributing to double-digit FCF growth, and improved leadership under CEO Alex Chriss. |
Digital payments Gross margins Cost management FCF growth Leadership | |
| 2024 Q3 |
BuybacksMultiple portfolio companies are executing significant share repurchase programs. PayPal repurchased nearly 10% of its shares on an annualized basis, leading to stronger FCF per share growth. MGM continues to execute significant share buybacks, further boosting FCF per share. CNX Resources directs free cash flow to value accretive share repurchase. |
Share Repurchase FCF Capital Allocation Value Creation |
ValueThe fund maintains a price-to-value ratio in the low-70s%, indicating substantial room for price appreciation. The manager emphasizes the historically high valuation gap between their portfolio and the index. They own companies with durable competitive advantages trading below intrinsic value. |
Price-to-Value Intrinsic Value Valuation Gap Margin of Safety | |
Natural GasCNX Resources delivered solid operations and continued growth in value per share. The company's low-cost structure and hedging strategy position it to deliver free cash flow in various price environments. Natural gas prices may firm up as fall and winter approach. |
Natural Gas Hedging Low-cost Seasonal | |
| 2024 Q2 |
ValueThe fund emphasizes trading at low-60s% price-to-value ratio with significant margin of safety. Portfolio companies trade at approximately 10 times free cash flow on margins that can improve, while S&P 500 trades at over 20 times potentially peak free cash flow. |
Margin of Safety Price-to-Value Free Cash Flow Undervalued Discount |
BuybacksMultiple portfolio companies are actively repurchasing shares including FedEx becoming a significant share repurchaser, Bio-Rad using strong balance sheet to repurchase shares opportunistically, and CNH committed to returning 100% of free cash flow through dividends and buybacks. |
Share Repurchase Capital Return Free Cash Flow Opportunistic Value Creation | |
LogisticsFedEx was the top contributor with strong cost management and potential value unlock from strategic review of Freight segment. The company's less-than-truckload operations are underappreciated with potential spin-off or sale that could unlock substantial value. |
FedEx Freight Cost Management Strategic Review Value Unlock | |
| 2024 Q1 |
BuybacksMultiple portfolio companies are executing substantial share repurchase programs. FIS is repurchasing 10% of the company, CNX continues share repurchase at a double-digit annualized pace, and FedEx maintains a 6% annualized repurchase pace with another $5 billion program authorized. |
Share Repurchase Capital Return Value Creation Management Actions Capital Allocation |
ValueThe fund focuses on discounted investments trading below intrinsic value. Portfolio P/V ratio remains in the high-60s, companies are growing value per share in aggregate, and the manager emphasizes finding high-quality 60 cent dollars in a fully priced market. |
Intrinsic Value Discount Price to Value Margin of Safety Undervalued | |
Natural GasCNX Resources operates in a tough natural gas price environment but came into the year more hedged than peers with a strong balance sheet. The company continues executing well operationally while focusing on growing long-term free cash flow. |
Gas Producers Hedging Appalachian Basin Energy Commodity Prices | |
MediaWarner Bros Discovery faced challenges with lack of 2024 guidance and mixed performance from Warner Bros Studio. Liberty Broadband's Charter investment showed disappointing subscriber and cash flow metrics, though competitive trends may improve as fixed wireless capacity limitations emerge. |
Streaming Advertising Content Broadband Entertainment | |
LogisticsFedEx demonstrated material progress in its DRIVE cost reduction program while beating consensus estimates. The company is approximately halfway through its cost cutting program with more room to go that remains unappreciated by the market. |
Shipping Cost Reduction Operational Efficiency Global Logistics Transportation | |
| 2023 Q4 |
ValueFund focuses on Business, People, Price discipline, seeking hidden quality companies trading at discounts. Portfolio differs meaningfully from value indices, with ~50% not found in benchmark indices. Manager believes their differentiated approach positions them well versus Quality at Higher Price strategies and Value ETFs. |
Value investing Hidden quality Discount Margin of safety Differentiated |
BuybacksMultiple portfolio companies executed significant share repurchase programs. PVH bought back over 10% of shares, MGM authorized $2 billion buyback representing 15% of company, and Fairfax continued discounted share repurchases. Management partners took steps to realize value per share via discounted share buybacks. |
Share repurchases Capital allocation Discounted buybacks Value creation Management | |
TravelHospitality companies MGM Resorts and Hyatt outperformed expectations as post-COVID travel rebound continued through 2023. MGM saw double-digit revenue growth and strong Las Vegas bookings, while Hyatt reported consistent strong results with mid-to-high single-digit RevPAR growth driven by Asia Pacific recovery. |
Hospitality Post-COVID recovery RevPAR Las Vegas Asia Pacific | |
LogisticsFedEx was a top contributor driven by strong pricing power amid inflation and effective cost control at Ground business. Company beat guidance in first half with margin improvements despite weak overall revenues. Ground business comprises majority of appraisal value. |
Pricing power Cost control Ground business Margins Freight | |
| 2023 Q3 |
ValueThe fund emphasizes owning high-quality businesses trading at significant discounts to intrinsic value. Portfolio trades at 13x P/E on not yet optimized earnings with a price-to-value ratio in the low-60s%, offering meaningful upside potential. Fund avoids mega-cap stocks trading at historic valuation multiples. |
Valuation Discount Margin of Safety Price-to-Value Undervalued |
MediaSignificant exposure to media companies including Warner Music Group, Warner Bros Discovery, and Mattel. Focus on companies with strong intellectual property that can be monetized across multiple platforms. Streaming pricing power emerging as digital service providers implement price increases. |
Entertainment Streaming Content IP Pricing Power | |
Natural GasCNX Resources was the top performer, benefiting from rising energy prices and strong operational execution. Company remains highly discounted as market doesn't credit longer-term undrilled assets or new technology investments including carbon reduction methods. |
Energy Gas Producers Carbon Technology | |
BuybacksMultiple portfolio companies taking advantage of price disconnects through meaningful share repurchase programs. CNX Resources and MGM Resorts specifically mentioned as using share buybacks to add value during periods of price weakness. |
Share Repurchase Capital Allocation Value Creation | |
| 2023 Q2 |
ValueFund maintains concentrated portfolio of 18-22 best ideas trading at discount to intrinsic value. Portfolio ended quarter with compelling P/V ratio in mid-60s%, indicating significant future upside potential. Fund seeks businesses run by capable management teams whose stock prices are trading temporarily at discount. |
Value Discount Intrinsic Value P/V Ratio Undervalued |
MediaSignificant exposure to media companies including Warner Bros Discovery, Live Nation Entertainment, and IAC. Warner Bros Discovery remains dramatically undervalued despite near-term streaming uncertainty. Live Nation benefited from strong concert demand tailwinds and accelerating 2023 performance. |
Media Streaming Entertainment Content Broadcasting | |
AIManager views mega-cap tech AI darlings as similarly primed for precipitous decline, comparing current environment to early stages of dotcom bubble. Believes these stocks face peak margins with increased competition and regulation ahead. |
AI Technology Mega Cap Bubble Competition | |
| 2023 Q1 |
MediaWarner Bros Discovery was the top contributor as management executes integration plan with strong track record of growing free cash flow per share. Industry price rationality emerging across streaming world. |
Streaming Media Entertainment |
CasinosMGM Resorts showed strong performance with double-digit revenue growth and strong 2023 bookings in Las Vegas. Macau business coming back strongly with renewed licenses. |
Gaming Travel Entertainment | |
LogisticsFedEx rebounded after maintaining strong pricing power despite weak revenues. DRIVE program will improve operations and enable double-digit operating income margins through consolidation. |
Logistics Transportation | |
ApparelPVH performed strongly under CEO Stefan Larsson who is streamlining operations and growing margins. Tommy Hilfiger and Calvin Klein are strong global brands with significant upside potential. |
Apparel Consumer |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Jan 14, 2026 | Fund Letters | Ross Glotzbach | KHC | The Kraft Heinz Company | Consumer Staples | Packaged Foods | Bull | NASDAQ | management, Packagedfoods, Split, turnaround, valuation | Login |
| Jan 14, 2026 | Fund Letters | Ross Glotzbach | DINO | HF Sinclair Corporation | Energy | Oil & Gas Refining & Marketing | Bull | New York Stock Exchange | infrastructure, Insiderbuying, refining, Spreads, valuation | Login |
| Jan 14, 2026 | Fund Letters | Ross Glotzbach | MAT | Mattel, Inc. | Consumer Discretionary | Leisure Products | Bull | NASDAQ | brands, buybacks, Intellectualproperty, Margins, Toys | Login |
| Jan 14, 2026 | Fund Letters | Ross Glotzbach | ANGI | Angi Inc. | Communication Services | Interactive Media & Services | Bull | NASDAQ | Execution, marketplace, turnaround, valuation | Login |
| Jan 14, 2026 | Fund Letters | Ross Glotzbach | REGN | Regeneron Pharmaceuticals, Inc. | Health Care | Biotechnology | Bull | NASDAQ | Biotech, buybacks, Immunology, pipeline, valuation | Login |
| Jan 14, 2026 | Fund Letters | Ross Glotzbach | IAC | IAC Inc. | Communication Services | Interactive Media & Services | Bull | NASDAQ | buybacks, Holdingcompany, Simplification, spinoff, valuation | Login |
| Jan 14, 2026 | Fund Letters | Ross Glotzbach | MGM | MGM Resorts International | Consumer Discretionary | Casinos & Gaming | Bull | New York Stock Exchange | Assetrecycling, buybacks, cashflow, Gaming, Vegas | Login |
| Jan 14, 2026 | Fund Letters | Ross Glotzbach | PYPL | PayPal Holdings, Inc. | Financials | Transaction & Payment Processing Services | Bull | NASDAQ | buybacks, Freecashflow, Margins, Networks, Payments | Login |
| Jan 14, 2026 | Fund Letters | Ross Glotzbach | PVH | PVH Corp. | Consumer Discretionary | Apparel Retail | Bull | New York Stock Exchange | Apparel, brands, buybacks, Margins, turnaround | Login |
| Oct 15, 2025 | Fund Letters | Ross Glotzbach | MGM | MGM Resorts International | Consumer Discretionary | Casinos & Gaming | Bull | NYSE | asset monetization, balance sheet, Casinos, FCF, Las Vegas, Online betting | Login |
| Oct 15, 2025 | Fund Letters | Ross Glotzbach | BIO | Bio-Rad Laboratories, Inc. | Health Care | Life Sciences Tools & Services | Bull | NYSE | buybacks, life sciences, Margins, net cash, Optionality, recovery, Sartorius | Login |
| Oct 15, 2025 | Fund Letters | Ross Glotzbach | CNX | CNX Resources Corporation | Energy | Oil & Gas Exploration & Production | Bull | NYSE | buybacks, deleveraging, Free Cash Flow, Integration, natural gas, Utica, valuation | Login |
| Oct 15, 2025 | Fund Letters | Ross Glotzbach | FDX | FedEx Corporation | Industrials | Air Freight & Logistics | Bull | NYSE | efficiency, Margins, Pricing, restructuring, SOTP, spin-off, Volumes | Login |
| Oct 15, 2025 | Fund Letters | Ross Glotzbach | ACI | Albertsons Companies, Inc. | Consumer Staples | Food Retail | Bull | NYSE | buybacks, Competition, deleveraging, FCF, grocery, Real Estate, resilience | Login |
| Oct 15, 2025 | Fund Letters | Ross Glotzbach | RYN | Rayonier Inc. | Real Estate | Specialized REITs (Timber) | Bull | NYSE | asset sales, buybacks, Housing, merger, NAV, REIT, Timber | Login |
| Oct 15, 2025 | Fund Letters | Ross Glotzbach | MAT | Mattel, Inc. | Consumer Discretionary | Leisure Products | Bull | NASDAQ | buybacks, Content-pipeline, EPS growth, Licensing, Margins, tariffs, Toys | Login |
| Oct 15, 2025 | Fund Letters | Ross Glotzbach | PCH | PotlatchDeltic Corporation | Real Estate | Specialized REITs (Timber) | Bull | NASDAQ | Hbu, Mills, Optimization, REIT, synergy, Timber, valuation | Login |
| Oct 15, 2025 | Fund Letters | Ross Glotzbach | REGN | Regeneron Pharmaceuticals, Inc. | Health Care | Biotechnology | Bull | NASDAQ | Biotech, buybacks, Catalysts, EPS growth, Franchises, net cash, pipeline | Login |
| Oct 15, 2025 | Fund Letters | Ross Glotzbach | KHC | The Kraft Heinz Company | Consumer Staples | Packaged Foods & Meats | Bull | NASDAQ | Branded-foods, capital allocation, Catalysts, EBITDA, multiple expansion, Portfolio-separation, valuation | Login |
| Oct 15, 2025 | Fund Letters | Ross Glotzbach | IAC | IAC Inc. | Communication Services | Interactive Media & Services | Bull | NASDAQ | asset monetization, buybacks, Catalysts, discount, spin-off, Sum-of-parts | Login |
| Jul 1, 2025 | Fund Letters | Longleaf Partners Fund | DINO | HF Sinclair | Energy | Oil, Gas & Consumable Fuels | Bull | NYSE | Bull, energy infrastructure, Fossil Fuels, insider buying, Middle East, Non-refining Assets, refining | Login |
| Jul 1, 2025 | Fund Letters | Longleaf Partners Fund | KHC | Kraft Heinz | Consumer Staples | Food Products | Bull | NASDAQ | Berkshire Hathaway, brand portfolio, Bull, Food Products, premium brands, Quality Mix Shift, strategic alternatives | Login |
| Jul 1, 2025 | Fund Letters | Longleaf Partners Fund | MGM | MGM Resorts | Consumer Discretionary | Hotels, Restaurants & Leisure | Bull | NYSE | Bull, financial position, Gaming, hospitality, Recession Fears, share repurchases, Value Realization | Login |
| Jul 1, 2025 | Fund Letters | Longleaf Partners Fund | REGN | Regeneron | Health Care | Biotechnology | Bull | NASDAQ | Bear, biotechnology, Clinical trials, Eylea, net cash, pipeline, share repurchases | Login |
| Jul 1, 2025 | Fund Letters | Longleaf Partners Fund | FDX | FedEx | Industrials | Air Freight & Logistics | Bull | NYSE | Bear, Express, Freight, Logistics, separation, Tariff Threats, value unlock | Login |
| Apr 1, 2025 | Fund Letters | Longleaf Partners Fund | BIO | Bio-Rad Laboratories Inc | Health Care | Life Sciences Tools & Services | Bull | NYSE | capital allocation, diagnostics, government funding, Hidden-Assets, life sciences, net cash, Research Tools, Sartorius Stake | Login |
| Apr 1, 2025 | Fund Letters | Longleaf Partners Fund | PYPL | PayPal Holdings Inc | Information Technology | IT Services | Bull | NASDAQ | CEO transition, digital payments, Fintech, Growth Optimization, High Quality Business, market overreaction, operational improvements, platform | Login |
| Apr 1, 2025 | Fund Letters | Longleaf Partners Fund | PVH | PVH Corp | Consumer Discretionary | Textiles, Apparel & Luxury Goods | Bull | NYSE | Apparel Brands, brand portfolio, China Restrictions, Consumer Discretionary, Free Cash Flow Multiple, geopolitical risk, share repurchases, Value Gap | Login |
| Apr 1, 2025 | Fund Letters | Longleaf Partners Fund | CNX | CNX Resources Corporation | Energy | Oil, Gas & Consumable Fuels | Bull | NYSE | Appalachian Basin, Commodity Exposure, energy, Free Cash Flow, hedging strategy, Low-cost producer, methane capture, natural gas | Login |
| Apr 1, 2025 | Fund Letters | Longleaf Partners Fund | ACI | Albertsons Companies Inc | Consumer Staples | Food & Staples Retailing | Bull | NYSE | cash generation, consumer staples, defensive, Grocery Retailer, real estate value, share repurchases, Value Realization | Login |
| Apr 1, 2025 | Fund Letters | Longleaf Partners Fund | IAC | IAC Inc | Communication Services | Interactive Media & Services | Bull | NASDAQ | Corporate Restructuring, Digital Holding Company, Interactive Media, Management Transition, portfolio optimization, spin-off, value unlocking | Login |
| Apr 1, 2025 | Fund Letters | Longleaf Partners Fund | MAT | Mattel Inc | Consumer Discretionary | Leisure Products | Bull | NASDAQ | brand portfolio, capital allocation, Consumer Discretionary, Gaming, media company, share repurchases, supply chain diversification, Toy Manufacturer | Login |
| Apr 1, 2025 | Fund Letters | Longleaf Partners Fund | RTX | RTX Corporation | Industrials | Aerospace & Defense | Bull | NYSE | Aerospace, Contrarian Investment, Defense, Engine Issues, industry tailwinds, Operational Turnaround, share repurchases, Value Realization | Login |
| Apr 1, 2025 | Fund Letters | Longleaf Partners Fund | FDX | FedEx Corporation | Industrials | Air Freight & Logistics | Bull | NYSE | cash flow growth, Corporate Separation, European Turnaround, Express Delivery, Freight, Logistics, market share gains, operational efficiency | Login |
| Oct 1, 2024 | Fund Letters | Longleaf Partners Fund | MGM | MGM Resorts | Consumer Discretionary | Casinos & Gaming | Bull | NYSE | asset sales, Casinos, Free Cash Flow, Gaming, hospitality, Las Vegas, Online-Gaming, Share Buybacks | Login |
| Oct 1, 2024 | Fund Letters | Longleaf Partners Fund | FDX | FedEx | Industrials | Air Freight & Logistics | Bull | NYSE | Air Freight, cost savings, Freight Operations, Less-than-truckload, Logistics, spin-off, value unlocking | Login |
| Oct 1, 2024 | Fund Letters | Longleaf Partners Fund | K | Kellanova | Consumer Staples | Packaged Foods & Meats | Bull | NYSE | acquisition, brand portfolio, Mars, Packaged Foods, Snacks, spin-off, Value recognition | Login |
| Oct 1, 2024 | Fund Letters | Longleaf Partners Fund | CNX | CNX Resources | Energy | Oil & Gas Exploration & Production | Bull | NYSE | Appalachian Basin, energy, Free Cash Flow, hedging strategy, low-cost structure, natural gas, share repurchase | Login |
| Oct 1, 2024 | Fund Letters | Longleaf Partners Fund | PYPL | PayPal | Information Technology | Data Processing & Outsourced Services | Bull | NASDAQ | Cost management, digital payments, Fintech, Free Cash Flow Growth, gross margin expansion, leadership transition, share repurchase | Login |
| Jul 1, 2024 | Fund Letters | Longleaf Partners Fund | FDX | FedEx Corporation | Industrials | Air Freight & Logistics | Bull | NYSE | Cost management, FCF, Freight, Logistics, Ltl, share repurchases, spin-off, Transportation | Login |
| Jul 1, 2024 | Fund Letters | Longleaf Partners Fund | CNHI | CNH Industrial NV | Industrials | Agricultural & Farm Machinery | Bull | NYSE | Agricultural Equipment, Consolidating Market, Exor, FCF Return, Food Security, market share gains, Precision Technology | Login |
| Jul 1, 2024 | Fund Letters | Longleaf Partners Fund | BIO | Bio-Rad Laboratories Inc | Health Care | Life Sciences Tools & Services | Bull | NYSE | diagnostics, life sciences, margin expansion, post-COVID recovery, Research Tools, Sartorius, share repurchases | Login |
| Jul 1, 2024 | Fund Letters | Longleaf Partners Fund | MAT | Mattel Inc | Consumer Discretionary | Leisure Products | Bull | NASDAQ | Barbie, Consumer Discretionary, entertainment, FCF growth, Media Revenue, share repurchases, Toys | Login |
| Apr 1, 2024 | Fund Letters | Longleaf Partners Fund | WBD | Warner Bros Discovery | Communication Services | Movies & Entertainment | Neutral | NASDAQ | advertising, Content Creation, deleveraging, entertainment, Free Cash Flow, media, Merger Integration, Streaming | Login |
| Apr 1, 2024 | Fund Letters | Longleaf Partners Fund | FIS | Fidelity National Information Services | Information Technology | Data Processing & Outsourced Services | Bull | NASDAQ | Bank Software, Data Processing, Defensive growth, Financial infrastructure, financial technology, Free Cash Flow, Share Buybacks | Login |
| Apr 1, 2024 | Fund Letters | Longleaf Partners Fund | CNX | CNX Resources | Energy | Oil & Gas Exploration & Production | Bull | NYSE | Appalachian Basin, energy, hedging strategy, natural gas, Pipeline Integration, Share Buybacks, value creation | Login |
| Apr 1, 2024 | Fund Letters | Longleaf Partners Fund | LBRDA | Liberty Broadband | Communication Services | Cable & Satellite | Bear | NASDAQ | broadband, cable, Charter Communications, Fixed wireless, holding company, Share Buybacks, Subscriber Metrics | Login |
| Apr 1, 2024 | Fund Letters | Longleaf Partners Fund | FDX | FedEx | Industrials | Air Freight & Logistics | Bull | NYSE | capital allocation, Cost Reduction, Free Cash Flow, Logistics, Operational Turnaround, Share Buybacks, Transportation | Login |
| Jan 1, 2024 | Fund Letters | Longleaf Partners Fund | FFH | Fairfax Financial Holdings Limited | Financials | Insurance | Bull | TSX | combined ratio, Dividend Growth, fixed income, Insurance, Share Buybacks, underwriting | Login |
| Jan 1, 2024 | Fund Letters | Longleaf Partners Fund | MGM | MGM Resorts International | Consumer Discretionary | Hotels, Restaurants & Leisure | Bull | NYSE | entertainment, Gaming, hospitality, Las Vegas, Share Buybacks, Travel Recovery | Login |
| Jan 1, 2024 | Fund Letters | Longleaf Partners Fund | ^HSI | Hyatt Hotels Corporation | Consumer Discretionary | Hotels, Restaurants & Leisure | Bull | NYSE | Asia-Pacific, Business Travel, hospitality, Hotels, RevPAR Growth, Share Buybacks | Login |
| Jan 1, 2024 | Fund Letters | Longleaf Partners Fund | PVH | PVH Corp | Consumer Discretionary | Textiles, Apparel & Luxury Goods | Bull | NYSE | Apparel, brand portfolio, Consumer brands, fashion, margin expansion, Share Buybacks | Login |
| Jan 1, 2024 | Fund Letters | Longleaf Partners Fund | FDX | FedEx Corporation | Industrials | Air Freight & Logistics | Bull | NYSE | Freight, Ground Delivery, Logistics, Pricing power, Share Buybacks, Transportation | Login |
| Jan 1, 2024 | Fund Letters | Longleaf Partners Fund | NWBD.L | Warner Bros Discovery | Communication Services | Entertainment | Bull | NASDAQ | Content, entertainment, Leveraged, media, Streaming, turnaround | Login |
| Oct 1, 2023 | Fund Letters | Longleaf Partners Fund | WMG | Warner Music Group | Communication Services | Entertainment | Bull | NASDAQ | Audio Streaming, Digital Service Providers, Growth Recovery, Music Entertainment, Pricing power, Streaming | Login |
| Oct 1, 2023 | Fund Letters | Longleaf Partners Fund | AMAT | Mattel | Consumer Discretionary | Leisure Products | Bull | NASDAQ | brand monetization, Consumer brands, Cultural Phenomenon, Intellectual Property, Media Entertainment, Toys | Login |
| Oct 1, 2023 | Fund Letters | Longleaf Partners Fund | IAC | IAC | Communication Services | Interactive Media & Services | Bull | NASDAQ | asset monetization, Digital Holding Company, Hidden-Assets, Merger Synergies, net cash, share repurchase | Login |
| Oct 1, 2023 | Fund Letters | Longleaf Partners Fund | CNX | CNX Resources | Energy | Oil, Gas & Consumable Fuels | Bull | NYSE | Carbon Reduction, energy, natural gas, Operational Execution, share repurchase, technology investments, Undrilled Assets | Login |
| Oct 1, 2023 | Fund Letters | Longleaf Partners Fund | NWBD.L | Warner Bros Discovery | Communication Services | Entertainment | Bull | NASDAQ | Content Creation, entertainment, Free Cash Flow, Media Conglomerate, Pricing power, Streaming | Login |
| Oct 1, 2023 | Fund Letters | Longleaf Partners Fund | 0GEG LN | General Electric | Industrials | Industrial Conglomerates | Neutral | NYSE | business separation, business transformation, exit strategy, industrial conglomerate, Operational Improvement, Value Realization | Login |
| Jun 30, 2023 | Fund Letters | Longleaf Partners Fund | LLYVA | Live Nation Entertainment | Communication Services | Entertainment | Bull | NYSE | Concerts, contrarian, entertainment, Equity, live events, Ticketing, Value | Login |
| Jun 30, 2023 | Fund Letters | Longleaf Partners Fund | IAC | IAC | Communication Services | Interactive Media & Services | Bull | NASDAQ | digital media, Equity, holding company, Internet, Share Buybacks, turnaround, Value | Login |
| Jun 30, 2023 | Fund Letters | Longleaf Partners Fund | NWBD.L | Warner Bros Discovery | Communication Services | Entertainment | Bull | NASDAQ | entertainment, Equity, Free Cash Flow, media, Streaming, turnaround, undervalued | Login |
| Mar 31, 2023 | Fund Letters | Longleaf Partners Fund | NWBD.L | Warner Bros Discovery | Communication Services | Movies & Entertainment | Bull | NASDAQ | Content, deleveraging, entertainment, FCF growth, Integration, media, Streaming, turnaround | Login |
| Mar 31, 2023 | Fund Letters | Longleaf Partners Fund | 0GEG LN | General Electric | Industrials | Industrial Conglomerates | Bull | NYSE | Aviation, Breakup, industrial conglomerate, Power generation, spinoff, Sum-of-parts, turnaround, Value Realization | Login |
| Mar 31, 2023 | Fund Letters | Longleaf Partners Fund | MGM | MGM Resorts | Consumer Discretionary | Casinos & Gaming | Bull | NYSE | BetMGM, Casinos, Gaming, Las Vegas, Macau, Online betting, Share Buybacks, Travel Recovery | Login |
| Mar 31, 2023 | Fund Letters | Longleaf Partners Fund | FDX | FedEx | Industrials | Air Freight & Logistics | Bull | NYSE | Air Freight, Cost control, DRIVE Program, Ground Delivery, Logistics, operational efficiency, Pricing power, Share Buybacks | Login |
| Mar 31, 2023 | Fund Letters | Longleaf Partners Fund | PVH | PVH Corp | Consumer Discretionary | Apparel, Accessories & Luxury Goods | Bull | NYSE | Apparel, brand value, Calvin Klein, Fashion Brands, FCF growth, margin expansion, Operational Turnaround, Tommy Hilfiger | Login |
| Mar 31, 2023 | Fund Letters | Longleaf Partners Fund | LUMN | Lumen Technologies | Communication Services | Diversified Telecommunication Services | Bear | NYSE | debt reduction, Enterprise Services, fiber network, legacy business, operational challenges, strategic separation, telecommunications, turnaround | Login |
| TICKER | COMMENTARY |
|---|---|
| CNX | Other investees like Albertsons and CNX strongly built value per share with outsized share repurchase during the year in a way that is not yet recognized by the market. |
| DIS | During the year we purchased ten new holdings: Regeneron, Angi (although this was a spin-off from existing holding IAC), Fortune Brands, Walt Disney, Avantor, PotlatchDeltic, Rayonier and the noted new positions for this quarter. |
| IAC | IAC, MGM Resorts and Angi – The related group of IAC, MGM Resorts and Angi contributed strongly in aggregate this year. Digital holding company IAC has signaled its plans to dispose of all assets besides People Inc. and an approximate 25% stake in MGM. Chairman Barry Diller is focused on closing the valuation disconnect as no value has been ascribed by the markets to IAC's assets beyond MGM for too long. Share repurchase and increasing the stake in MGM are the main capital allocation options, and the company is already acting on both. One specific simplification move IAC made this year was the spinoff of Angi, the home services marketplace. |
| KHC | For example, while Kraft Heinz was a detractor this year, we were thrilled when Steve Cahillane, a great CEO partner from our successful Kellogg's investment, was announced as Kraft's CEO at the end of the year. Kraft Heinz – Global food and beverage producer Kraft was a detractor for 2025. The market is overly focused on the lack of near term growth in North America and not focusing enough on the value-creating potential of the company's upcoming split into two businesses: the higher-growth Global Taste Elevation Co. which contains the Heinz brand and should garner a teens EBITDA multiple, and the stable remaining company comprised largely of North American grocery products, which can trade at the same multiple to tal Kraft currently trades today. This would result in a combined stock price over $40 per share. We are also extremely pleased with Steve Cahillane being named CEO. We got to know Steve during our successful investment in Kellanova / Kellogg's, and we believe Steve is the perfect operator to lead Global Taste Elevation and help decide who should lead North American Grocery. |
| MAT | Mattel – Children's toy, media, and consumer products creator Mattel was a contributor for the quarter and the year. The company is in its strongest position in over 10 years, and there are multiple ways to win. Over 80% of Mattel's value comes from growing power brands like Hot Wheels, Barbie, and UNO. Mattel has a strong balance sheet which allowed material stock repurchases of $600 million in 2025, and we believe additional share repurchase will come at these discounted prices in 2026. Fundamentally, the toy business continues to grow and gross margins remain strong at 50%. Mattel has a promising owned IP (intellectual property) outlook for 2026 with the Masters of the Universe and Matchbox movies, along with two video games, being released. |
| MGM | IAC, MGM Resorts and Angi – The related group of IAC, MGM Resorts and Angi contributed strongly in aggregate this year. Casino operator MGM Resorts had a relatively weaker 2025 in Las Vegas due to difficult comparisons after multiple years of strength. A significant turnaround at BetMGM plus strong performances at non-Las Vegas 'regional' properties and Macau helped steady the consolidated business throughout the year. The general market narrative for most of the year has been that Las Vegas has peaked for various reasons. We, and IAC, believe Vegas cannot be replicated anywhere in the world, and MGM has a great position as the market leader. Management has corrected some pricing mistakes while making moves to narrow their focus. A recent sale of one of their lower-quality properties for a higher multiple than where the consolidated business trades, as well as withdrawing their New York City casino bid, freed up more capital for a management team who has repurchased over 40% of their shares at extremely attractive prices over the past five years. |
| PYPL | PayPal – Digital payments platform PayPal was a detractor in 2025. While the company made real operational progress stabilizing and growing transaction margin dollars, expanding profit margins through improved cost discipline, accelerating FCF generation, and returning substantial capital through buybacks the market remained focused on the lack of further acceleration in Branded checkout volume, which grew in the mid-single-digit range while investors were hoping for high-single-digit growth. Increased reinvestment in marketing and technology combined with macro pressure on discretionary spending further weighed on sentiment. Despite the stock's underperformance, PayPal's scale, two-sided network, and deep transaction-level data across hundreds of millions of consumers and tens of millions of merchants remain underappreciated assets that provide meaningful long-term optionality. |
| REGN | Regeneron – Healthcare company Regeneron was a detractor in the first half of the year but ended up as a contributor for the quarter and full year. It did not initially feel great, but our phased buy-in has worked well so far. We continue to like the company's strong position in allergic diseases (DUPIXENT) and oncology (LIBTAYO and others). We believe the market focuses too much on EYLEA, a retinal disease medication which is less than 20% of the company's value. The company has a net cash balance sheet and great owner-partners. Unlike most others in its industry, it has sworn off large M&A and was a material share repurchaser in 2025. We still are not paying much (or anything depending on how you do the math) for the company's sizeable pipeline value. After some initial pipeline disappointment in the first part of the year, there were more positives as the year went on. The P/V remains low, and we are excited for Regeneron to be a meaningful position entering the year. |
| RTX | During the year we purchased ten new holdings: Regeneron, Angi (although this was a spin-off from existing holding IAC), Fortune Brands, Walt Disney, Avantor, PotlatchDeltic, Rayonier and the noted new positions for this quarter. We exited six holdings: RTX, Affiliated Managers Group, Angi, HF Sinclair, Hyatt and the aforementioned new holding. |
| RYN | We wrote last quarter about the merger of Rayonier and PotlatchDeltic, which should close in the first quarter of 2026 and put the company on offense. During the year we purchased ten new holdings: Regeneron, Angi (although this was a spin-off from existing holding IAC), Fortune Brands, Walt Disney, Avantor, PotlatchDeltic, Rayonier and the noted new positions for this quarter. |
| PVH | PVH – Branded apparel company PVH was a detractor for the quarter and the year. The company's shares experienced considerable price fluctuations, while our appraisal stayed flattish, which was disappointing. This is a company that will likely always have more quarterly earnings volatility than others. The good news is that the long-run earnings per share power remains intact at over $10 per share. While CEO Stefan Larsson has a strong record turning around multiple brands, the turnaround has taken longer than expected. This is a company that is sensitive to consumer trends, but its brands resonate with a more price conscious buyer. PVH has numerous levers to pull to improve margins above the 10% level that the market doubts. PVH was one of our larger share repurchasers in 2025, and we believe this will continue at these prices in 2026. |
| ANGI | IAC, MGM Resorts and Angi – The related group of IAC, MGM Resorts and Angi contributed strongly in aggregate this year. One specific simplification move IAC made this year was the spinoff of Angi, the home services marketplace. We purchased more Angi shares post-spin at a depressed price and then sold our position as evidence of their multi-year turnaround heading down the right path caused the stock to reach our appraisal. During the year we purchased ten new holdings: Regeneron, Angi (although this was a spin-off from existing holding IAC), Fortune Brands, Walt Disney, Avantor, PotlatchDeltic, Rayonier and the noted new positions for this quarter. We exited six holdings: RTX, Affiliated Managers Group, Angi, HF Sinclair, Hyatt and the aforementioned new holding. |
| AMG | We exited six holdings: RTX, Affiliated Managers Group, Angi, HF Sinclair, Hyatt and the aforementioned new holding. |
| AVTR | During the year we purchased ten new holdings: Regeneron, Angi (although this was a spin-off from existing holding IAC), Fortune Brands, Walt Disney, Avantor, PotlatchDeltic, Rayonier and the noted new positions for this quarter. |
| DINO | Energy infrastructure company HF Sinclair was a contributor for the year. We timed our purchases well last year and earlier this year on oil price weakness and worse than expected refining spreads. More normalized refining spreads came into view as the year went on, and the company's non-refining assets (which are over half of our appraisal) did well. The P/V gap closed, the previously strong insider buying stopped and the value per share growth was limited, so we moved on at a profit. We exited six holdings: RTX, Affiliated Managers Group, Angi, HF Sinclair, Hyatt and the aforementioned new holding. |
| EXO.MI | Exor – European holding company Exor had a disappointing stock market performance in the quarter and year, with the share price correcting in 2025. This is despite a series of capital allocation and portfolio moves that fundamentally enhanced intrinsic value per share and continue to give us confidence in the leadership of CEO John Elkann. Exor executed a partial sale of Ferrari early in the year at all-time highs, roughly 40% above year end levels, and redeployed the proceeds into Exor's own shares at a sizable holding company discount, via an efficient one-time Dutch auction. Alongside that move, Exor increased its stake in Philips at good prices to roughly a 19% stake from 15% earlier in the year and supported the complex sale of CNH's spinoff Iveco Group's two separate businesses. Yet the market's cooling toward Ferrari and a weak stock market year for both Stellantis and CNH (despite value per share at both not moving much) have weighed on Exor's quoted price. With expectations around Ferrari reset after the company held its lukewarmly received November 2025 Capital Markets Day, and multiple self-help levers progressing across Exor's other major holdings, we see 2026 offering us a compelling opportunity for the holding company discount to narrow meaningfully from today's elevated levels. |
| FDX | As of December 31, 2025, the top ten holdings for the Longleaf Partners Fund: IAC, 6.9%; Mattel, 6.1%; Regeneron, 6.0%, CNX Resources, 6.0%; Exor, 6.0%; Kraft Heinz, 5.5%; Albertsons, 5.4%: Undisclosed, 4.9%; FedEx, 4.8% and Rayonier, 4.7%. |
| H | We exited six holdings: RTX, Affiliated Managers Group, Angi, HF Sinclair, Hyatt and the aforementioned new holding. |
| ACI | Other investees like Albertsons and CNX strongly built value per share with outsized share repurchase during the year in a way that is not yet recognized by the market. As of December 31, 2025, the top ten holdings for the Longleaf Partners Fund: IAC, 6.9%; Mattel, 6.1%; Regeneron, 6.0%, CNX Resources, 6.0%; Exor, 6.0%; Kraft Heinz, 5.5%; Albertsons, 5.4%: Undisclosed, 4.9%; FedEx, 4.8% and Rayonier, 4.7%. |
| PCH | We wrote last quarter about the merger of Rayonier and PotlatchDeltic, which should close in the first quarter of 2026 and put the company on offense. During the year we purchased ten new holdings: Regeneron, Angi (although this was a spin-off from existing holding IAC), Fortune Brands, Walt Disney, Avantor, PotlatchDeltic, Rayonier and the noted new positions for this quarter. |
| Ticker | Put/Call | Amount Bought | Shares Bought | % Change | Weight % |
|---|---|---|---|---|---|
| No Recent Buys Data | |||||
| Ticker | Put/Call | Amount Sold | Shares Sold | % Change | Weight % | Status |
|---|---|---|---|---|---|---|
| No Recent Sells Data | ||||||
| Industry | Prev Quarter % | Current Quarter % | Change |
|---|---|---|---|
| No industry data available | |||
