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 Jul 1, 2025
In 2Q25, the Longleaf Partners International Fund returned +14.89%, outperforming the FTSE Developed ex North America Index, which returned +12.63%. The quarter marked a fundamental performance reversal from Q1 as several key 'coiled spring' holdings uncoiled. Top contributors in the quarter included Glanbia, Eurofins, Canal+, Melco Resorts, and Entain, with no material detractors reported. Portfolio activity was robust: the fund initiated three new positions (Koninklijke Philips, Treasury Wine Estates, and Medley) and exited two (Naver and Louis Hachette). Despite the broader market trading at all-time highs, the manager remains constructive and sees significant opportunity in the portfolio, which currently trades at an attractive price-to-value ratio in the high-60s%.
A bottom-up, concentrated, fundamental approach to value investing. The fund aims to identify and invest in competitively advantaged, deeply discounted businesses where near-term operational issues, complex corporate actions, or temporary macro headwinds obscure strong long-term value-generation potential.
The manager is optimistic about the future, noting that portfolio companies are making solid operational strides and are well-positioned for growth despite geopolitical tensions. Although broader markets are reaching new all-time highs and are not viewed as particularly attractive, the fund's price-to-value ratio in the high-60s% points to substantial, idiosyncratic opportunities within the portfolio today.
High 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
Every insight in this database connects to the original source. Read the actual thesis, see the actual concerns, and make your own call.
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