The curated database of hedge funds that publish investor letters. Research by geography, strategy, and schools of thought.
| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
As of Oct 13, 2026
Longleaf Partners Global Fund declined -6.21% net of fees in the third quarter of 2026, bringing year-to-date net returns to -5.07%, trailing the MSCI World Index's 1.88% quarterly and 11.75% YTD gains, as well as the MSCI World Value Index's 3.84% quarterly and 14.74% YTD advances. The fund maintained a concentrated portfolio of 21 holdings with a price-to-value ratio in the low-50s percentage range and a cash allocation of 4.0%. Portfolio drag was concentrated in companies suffering from short-term earnings resets that the market extrapolated indefinitely, creating an extreme disconnect between underlying value progression and share prices. The macroeconomic environment was characterized by heightened volatility, irrational market sentiment, and rising interest rates serving as an emerging wildcard. The manager observed an environment that excessively punished companies reporting short-term operational headwinds or those disconnected from prevailing macroeconomic themes, while broader market benchmarks remained elevated due to narrow leadership. The strategy remains anchored in identifying companies whose long-term earnings power and balance sheets can withstand elevated interest rate regimes, with fundamental appraisal values proving significantly more resilient than quoted stock prices. Portfolio activity featured the initiation of two new positions, including Universal Music Group and an undisclosed Asian industry leader with a net cash balance sheet and aggressive share repurchase program. Capital was deployed into existing holdings exhibiting market-driven weakness, such as Canal+ and Fortune Brands Innovations, while the remaining stake in Glanbia was completely exited after exceeding appraisal value following multiple guidance upgrades. Active shareholder engagement remained a central driver, with potential M&A and corporate restructuring catalysts developing across core holdings including Mattel, IDP Education, and People Inc.
Invest with concentrated conviction in financially strong, deeply undervalued businesses led by aligned owner-operators trading at steep discounts to intrinsic value where corporate catalysts and operational execution will unlock long-term compounding.
The manager expresses high confidence in prospective returns based on a portfolio price-to-value ratio anchored in the low-50s percentage range, which has become materially more attractive throughout 2026. The defensive balance sheet strength, lower valuation multiples, and tangible downside protection across core holdings are anticipated to insulate capital against an elevated MSCI World Index. Furthermore, the fund expects active shareholder engagement and announced strategic corporate catalysts—such as pending M&A transactions and corporate restructurings—to accelerate value realization.
Moderate Conviction Bullish
Market Conviction
Growth Outlook
Risk Appetite
Capital Deployment
Forward Guidance
Language Signal
Perceived Risk
Opportunity Density
Time Horizon
Top Conviction Themes
Key Catalysts
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