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| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
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.
As of Jul 1, 2025
The Longleaf Partners International Fund was managed by Southeastern Asset Management, Inc., an employee-owned global investment management firm founded in 1975 by O. Mason Hawkins. The fund operated from October 26, 1998, until December 19, 2025, when it was merged into the Longleaf Partners Global Fund. Under the leadership of Chairman O. Mason Hawkins (who received Institutional Investor's Lifetime Achievement Award in 2005) and CEO Ross Glotzbach, the fund maintained approximately $573 million in net assets and delivered strong performance including +21.7% year-to-date returns through Q3 2025. The fund was officially closed following shareholder approval of the merger on December 18, 2025.
Southeastern Asset Management follows a value-oriented, long-term, bottom-up stock selection process. The firm views equity investments as ownership in a business enterprise, requiring companies to trade at 60% or less of appraisal value to qualify for investment. The International Fund normally invested at least 65% of total assets in equity securities of non-U.S. issuers, maintaining a concentrated portfolio of 18-22 best ideas with a 3-5 year investment horizon. Portfolio turnover is generally less than 50%, emphasizing partnerships with companies exhibiting strong businesses, prudent capital allocation by trustworthy management, and purchasable at meaningful discounts to intrinsic value.
Lead Portfolio Manager
High Conviction Bullish
Market Conviction
High-conviction positioning: Longleaf Partners International Fund delivered a strong 14.89% return in Q2, outperforming its benchmark by capturing a performance reversal driven by solid company fundamentals. T...
Growth Outlook
Market outlook remains moderate conviction: Longleaf Partners International Fund delivered a strong 14.89% return in Q2, outperforming its benchmark by capturing a performance reversal driven by solid company fundamentals. T...
Risk Appetite
Risk appetite posture is above average conviction: Longleaf Partners International Fund delivered a strong 14.89% return in Q2, outperforming its benchmark by capturing a performance reversal driven by solid company fundamentals. T...
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. Longleaf Partners International Fund delivered a strong 14.89% return in Q2, outperforming its benchmark by capturing a performance reversal driven by solid company fundamentals. T...
Forward Guidance
Forward guidance signal: Longleaf Partners International Fund delivered a strong 14.89% return in Q2, outperforming its benchmark by capturing a performance reversal driven by solid company fundamentals. T...
Language Signal
Tone analysis indicates above average conviction language: Longleaf Partners International Fund delivered a strong 14.89% return in Q2, outperforming its benchmark by capturing a performance reversal driven by solid company fundamentals. T...
Perceived Risk
Perceived risk level is evaluated as moderate conviction. Longleaf Partners International Fund delivered a strong 14.89% return in Q2, outperforming its benchmark by capturing a performance reversal driven by solid company fundamentals. T...
Opportunity Density
Opportunity density index indicates high conviction actionable entry points. Longleaf Partners International Fund delivered a strong 14.89% return in Q2, outperforming its benchmark by capturing a performance reversal driven by solid company fundamentals. T...
Time Horizon
Investment time horizon reflects a high conviction orientation. Longleaf Partners International Fund delivered a strong 14.89% return in Q2, outperforming its benchmark by capturing a performance reversal driven by solid company fundamentals. T...
Top Conviction Themes
Key Catalysts
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