| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| - | 14.9% | 15.7% |
Longleaf Partners International Fund returned 14.89% in Q2 2025, outperforming the benchmark as coiled spring investments partially uncoiled, reversing Q1 performance disconnect. The quarter began with sharp global sell-off driven by record US tariffs, fiscal deficit concerns, and geopolitical tensions, causing the dollar's worst quarterly performance in decades. Despite macro headwinds, the fund benefited as investors refocused on individual business fundamentals rather than macro themes. Top contributors included Glanbia recovering from Q1 overreaction to input costs, Eurofins accelerating buybacks while delivering organic growth, Canal+ trading at significant discount despite unique African assets, Melco gaining Macau market share while aggressively repurchasing shares, and Entain completing turnaround under new permanent CEO. The fund initiated three new positions in Philips, Treasury Wine Estates, and Medley while exiting Naver and Louis Hachette at fair value. With portfolio price-to-value in high-60s%, substantial opportunity remains despite markets reaching new highs.
Bottom-up concentrated fundamental investing in competitively advantaged businesses trading at significant discounts to intrinsic value, positioned to benefit when individual business performance returns to prominence over macro-driven themes.
We are optimistic about the future. The companies in our portfolio are making solid operational strides and are well-positioned for growth, despite new challenges and uncertainties caused by geopolitical tensions. While the market continues to reach new all-time highs and does not strike us as particularly attractive, with the Fund's price-to-value ratio in the high-60s%, we believe there is substantial opportunity in the portfolio today.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Jul 22 2025 | 2025 Q2 | 035420.KS, 4480.T, AC.PA, CANAL.L, ENT.L, ERF.PA, EXO.MI, GLB, HDB, JFC.PS, MLCO, PFD.L, PHG, PRX.AS, TWE.AX | Asia, Buybacks, China, Europe, tariffs, turnaround, undervaluation, value |
GLB ID CAN LN MLCO ENT LN 035420 KS PHG TWE AU 6045 JP |
Fund outperformed in Q2 as fundamental stock picking returned to prominence over macro themes. Key contributors included Glanbia recovering from input cost overreaction, Eurofins accelerating buybacks, and Canal+ trading at significant discount. Three new positions initiated while two exited at fair value. Portfolio price-to-value in high-60s offers substantial opportunity despite market highs. |
| Apr 12 2025 | 2025 Q1 | 1910.HK, AC.PA, CFR.SW, CUERVO.MX, DPZ.L, ERF.PA, GLB, GRUMA.MX, HDFCBANK.NS, HTHT, JFC.PS, LXS.DE, MILC.ST, PFD.L, PRN.L, TCEHY | AI, defense, Europe, geopolitics, international, SMID Cap, tariffs, value |
TIGO PRX LXS.DE CFR.SW GLB.L CUERVO.MX JFC.PS 1910.HK |
International fund underperformed in Q1 due to defensive positioning away from European industrials that benefited from defense spending rhetoric. Trump's comprehensive tariffs created broad market volatility, but portfolio companies remain largely insulated through domestic focus. Strong contributors like Millicom and Prosus demonstrate operational excellence, while the mid-60s% price-to-value ratio and 12% cash provide compelling opportunity amid uncertainty. |
| Jan 16 2025 | 2024 Q4 | 035420.KS, AC.PA, CUERVO.MX, DHER.DE, DOM.L, ERF.PA, EXO.MI, GLB.L, HDB, JFC.PS, MLCO, PFD.L, PRX.AS, TIGO, VIV.PA | Asia, Europe, Food, international, Media, Travel, undervalued, value | - | International fund suffered from broad market headwinds including Trump election, tariff concerns, and dollar strength, returning -11.20% in Q4 and -1.99% for 2024. Despite operational progress at portfolio companies, political instability and capital flight to US markets pressured valuations. Fund maintains concentrated approach with P/V ratio in high-60s%, viewing current dislocation as creating attractive long-term opportunities in quality businesses at discounted prices. |
| Oct 16 2024 | 2024 Q3 | 0700.HK, 1726.HK, 6498.T, AC.PA, CFR.SW, CUERVO.MX, DHER.DE, ERF.PA, GLB.L, HDB, JFC.PS, MLCO, PFD.L, PRX.AS, TCOM, TIGO, UBER | China, Concentration, Food, international, value, volatility | - | Longleaf International delivered 11.20% returns in Q3 as markets began recognizing the value disconnect in their concentrated 25-stock portfolio. China stimulus measures supported Asian coiled spring positions while European food companies like Premier Foods and Delivery Hero drove performance. Trading at low-70s% price-to-value ratio, the portfolio offers significant upside with embedded safety margins. |
| Jul 23 2024 | 2024 Q2 | AC.PA, BABA, CFR.SW, CUERVO.MX, DHER.DE, ERF.PA, EXO.MI, GLB.L, GRUMAB.MX, HDB, JFC.PS, KER.PA, MLCO, PFD.L, PRX.AS, TCOM | Concentration, Elections, fundamentals, international, Quality, value |
TIGO HDB PRX CUERVO ERF DHER |
Southeastern's concentrated international value fund underperformed in Q2 despite strong underlying business performance, pressured by election uncertainty in key markets. With portfolio companies trading at mid-60s% price-to-value ratio and strong fundamentals intact, management expects meaningful upside as markets refocus on stock-specific performance following election resolutions. |
| May 7 2024 | 2024 Q1 | 035420.KS, AC.PA, CFR.L, CUERVO.MX, ERF.PA, EXO.MI, GLB, GMAB.MX, HDB, LXS.DE, PFD.L, PRX.AS | Asia, Banking, Chemicals, consumer, Europe, Hotels, value |
GLB.L AC.PA CUERVO.MX HDFCBANK.NS 035420.KS LXS.DE |
Longleaf International returned 3.64% in Q1, driven by strong European operational performance while Asia allocation weighed on relative returns. Portfolio companies demonstrated pricing power and growing free cash flow generation. Management upgraded portfolio quality through selective additions and exits. With 4% cash and low-70s% P/V ratio, the fund is positioned for substantial upside as value recognition catalysts unfold. |
| Jan 17 2024 | 2023 Q4 | 035420.KS, 1999.HK, 4612.T, AC.PA, BABA, CFR.SW, DHER.DE, DPG.L, EXO.MI, FFH.TO, GLB, GMAB, MLCO, PFD.L, PRX.AS, WHG | Asia, Buybacks, Casinos, China, Europe, Food, Hotels, value | - | International fund delivered strong 17.42% annual returns through disciplined value investing in high-quality European and Asian businesses. New management team upgraded portfolio quality while maintaining overweight China exposure despite geopolitical headwinds. Companies trade at single-digit FCF multiples with active share buyback programs. Portfolio positioned for value growth through business execution rather than market sentiment shifts. |
| Dec 10 2023 | 2023 Q3 | 0288.HK, 1238.HK, 1999.HK, 4502.T, AC.PA, APPS.MC, BABA, CFR.L, DHER.DE, DPG.L, EXO.MI, FFH.TO, GLB.L, GRUMAB.MX, KER.PA, LAZ, LXS.DE, PFD.L, PRO4.L | Buybacks, China, Europe, international, Luxury, value |
DPG.L GLB.L CFR.SW KER.PA DHER.DE |
International value fund declined 3.94% in Q3 amid luxury sector weakness from China concerns. Portfolio companies executing value-creating actions including widespread share buybacks. Management taking advantage of price dislocations while upgrading portfolio quality. Holdings trading at mid-60s% price-to-value ratio with management teams actively crystallizing value through corporate actions. |
| Jul 19 2023 | 2023 Q2 | 0288.HK, 1999.HK, 4612.T, AC.PA, APPS.MC, BABA, CFR.TO, EXO.MI, FFH.TO, GLB.L, GRUMAB.MX, JFC.PS, JUVE.MI, KER.PA, LAZ, LXS.DE, MLCO, PFD.L, PRX.AS, TIGO | Asia, Buybacks, China, concentrated, Europe, international, value |
APPS.MC AC.PA LXS.DE 1999.HK 4613.T |
Concentrated international value fund delivered 13.82% year-to-date returns through disciplined bottom-up stock selection. European holdings outperformed while China exposure created headwinds. Portfolio companies aggressively buying back shares with Alibaba and Prosus leading capital returns. Fund's mid-60s% price-to-value ratio and active management engagement indicate significant upside potential despite macro uncertainties. |
| Apr 20 2023 | 2023 Q1 | 0001.HK, 0288.HK, AC.PA, APPS.MC, BABA, CUERVO.MX, DOM.L, ERF.PA, EXOR.MI, FFH.TO, GLB, GRUMAB.MX, HDB, JFC.PS, JUVE.MI, KER.PA, LAZ, LXS.DE, MC.PA, MLCO, PFD.L, PRX.AS, TIGO | Asia, China, concentrated, Europe, international, Luxury, Travel, value |
TIGO AC.PA CFR.SW KER.PA |
Longleaf International delivered 12.30% in Q1 2023, led by Millicom's 50% surge on acquisition interest and strong European performance. The concentrated value strategy benefits from China reopening dynamics and active management engagement across Europe and Asia. With minimal cash and systematic portfolio review against new opportunities, managers see early stages of sustained outperformance ahead. |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2025 Q2 |
CasinosMelco Resorts delivered strong Q1 results in Macau, gaining market share from 14.7% to 15.7% despite new supply competition. The company re-launched its popular House of Dancing Water show and bought back $165 million worth of shares despite high leverage, with CEO calling current prices a once in a lifetime opportunity. |
Macau Gaming Market Share Buybacks Tourism |
Sports BettingEntain completed its turnaround with new permanent CEO Stella David bringing stability and market credibility. The company showed improving trends in UK and Brazil markets with market share recapture, while BetMGM delivered market share stabilization and improved profitability outlook targeting $500 million EBITDA. |
Online Betting UK Brazil BetMGM Turnaround | |
MediaCanal+ trades at significant discount despite unique assets and dominant market positions in French-speaking Africa. The MultiChoice acquisition will enable continent-wide content negotiation and significant synergies, with final competition commission approval expected shortly followed by an investor day presentation. |
Pay-TV Africa Content Synergies Undervaluation | |
Medical DevicesPhilips initiated as new position trading at significant discount to peers despite no clear equipment quality disadvantage. New CEO Roy Jakobs has simplified product platforms, focused on cardio and IGT strengths, and restructured R&D. China should return to growth in H2 2025, removing key drag on reported organic growth. |
MRI Ultrasound China Restructuring Healthcare | |
AlcoholTreasury Wine Estates initiated below net liquidation value as luxury wine leader with crown jewel Penfolds brand. China tariffs removed in mid-2024 after devastating 180% tariff period, with company re-establishing presence in supply-constrained higher-priced categories while premiumizing portfolio globally. |
Luxury Wine Penfolds China Tariffs Premiumization Australia | |
| 2025 Q1 |
Trade PolicyUS President Trump announced reciprocal tariffs under the International Emergency Economic Powers Act, with baseline 10% tariffs on all countries and higher rates for specific nations including 34% for China and 20% for the EU. This represents a simultaneous trade war against all key economies globally and has caused sharp selloffs in equity markets. The fund has consciously repositioned to more domestically focused names to avoid geopolitical risks. |
Tariffs Trade War Geopolitics Protectionism IEEPA |
Defense SpendingEuropean politicians have made calls for investment into European rearmament via increased defense budgets following perceived threats from US policy changes. This has benefited Aerospace and Defense companies in the quarter, though the EU has a mixed track-record of converting lofty ambitions into actual spending. The rhetoric of solidarity drove positive performance in defense-related stocks. |
Rearmament Defense Budgets European Defense Military Spending Aerospace | |
Infrastructure SpendingThere have been calls for support for industrial and energy infrastructure spending, particularly in Germany, with a proposed €500 billion infrastructure blitz by new Chancellor Merz. This macro prospect of renewed investment into German industrial capabilities has benefited companies like Lanxess, though evidence of actual on-the-ground spending remains to be seen. |
Infrastructure Industrial Investment Germany Fiscal Stimulus Construction | |
AIChinese technology stocks were driven by optimism around AI developments, particularly post DeepSeek model release. Tencent is stepping up investment in AI with a multi-model strategy and its internally developed Hunyuan model is helping boost ad targeting, content creation and operational efficiency. The company's vast data from WeChat's 1.3 billion users provides advantages for AI applications. |
DeepSeek Hunyuan Machine Learning WeChat Technology | |
BuybacksSeveral portfolio companies are engaging in share buyback programs as a capital allocation strategy. Millicom has an ongoing $150 million share buyback program, Prosus continued its open-ended share buyback program, and Samsonite continues to aggressively engage in share buybacks. The fund has impressed upon Glanbia management the need for enlarging and accelerating share buybacks given current valuations. |
Share Repurchases Capital Allocation Shareholder Returns Value Creation Management Action | |
| 2024 Q4 |
ValueFund emphasizes investing in high-quality companies at heavily discounted valuations. Portfolio companies remain materially undervalued with P/V ratio in high-60s%, offering both downside protection and attractive prospective returns. Market inefficiencies create opportunities to invest in exceptional companies at deeply discounted prices. |
Undervalued Discount Margin of safety Intrinsic value P/V ratio |
TravelAccor delivered strong operational performance with further increases to company-issued EBITDA guidance. Strong recovery in revenue per available room across core geographies and ongoing demand for quality hotel assets supported value recovery. Melco benefited from Macau industry recovery with gaming revenue per visit increasing and mass gaming revenue reaching 110% of pre-COVID levels. |
Hotels RevPAR Tourism Recovery Hospitality | |
E-commerceNaver's on-platform e-commerce GMV accelerated to 10% year-over-year growth as it benefited from liquidity crisis at smaller competitors. Korea e-commerce market remains fragmented with around 50% share held by small, marginal players. Delivery Hero owns some of the world's best food delivery assets as exemplified by talabat IPO at $10 billion valuation. |
GMV Online platforms Food delivery Market share Digital commerce | |
MediaVivendi split into four parts including Canal+ (French language media), Havas (global ad agency), and legacy Vivendi with large position in Universal Music. The corporate action creates multiple opportunities for portfolio upgrades. Naver's high-margin search platform showed accelerating growth with search ads up 9.5% year-over-year. |
Content Advertising Music Search Broadcasting | |
FoodPremier Foods demonstrated strong brands leadership, successfully offsetting price deflation with volume growth and new product launches. Company has strongest brands in ambient food categories with further share gains and successful brand expansions. Becle delivered improving trends in North America on constant currency basis with growth on 2-year basis in US and large market share gains in declining Mexican market. |
Consumer staples Brand strength Market share Tequila Food brands | |
| 2024 Q3 |
ChinaChinese government introduced fiscal and monetary measures to support property sector and equity markets, exceeding market expectations. Beijing stepped in with counter-cyclical policy measures as 5% GDP growth target came under pressure. Companies in the region are beginning to re-rate as coiled springs with renewed market optimism. |
China Fiscal Policy Property GDP Stimulus |
FoodPremier Foods demonstrated exceptional execution with increased free cash flow being strategically reinvested for organic growth through marketing and new product development. Becle delivered solid quarterly results with notable top-line growth and strong double-digit cash flow growth as key input costs like agave continue to decline. |
Food FMCG Organic Growth Cash Flow Margins | |
ValueFund's price-to-value ratio in low-70s% highlights substantial discount at which holdings trade and embedded margin of safety. Market has begun to re-rate most companies as disconnect between share prices and intrinsic values becomes recognized. Companies continue to trade at attractive discounts despite ongoing value creation. |
Value Discount Intrinsic Value Re-rating Margin of Safety | |
| 2024 Q2 |
ValueThe fund maintains a concentrated portfolio of 24 holdings with a price-to-value ratio in the mid-60s%, offering meaningful upside potential. The valuation gap between the broader market and their portfolio is at a uniquely high level, reinforcing confidence in their value-oriented approach. |
Valuation Discount Upside Concentration Quality |
QualityThe portfolio features competitively advantaged businesses, many led by owner-operators. These companies have significant exposure outside their domestic markets and demonstrate structural strengths through strong underlying value growth and crystallization drivers. |
Franchises Competitive Advantage Owner-operators Resilience International | |
| 2024 Q1 |
HotelsAccor demonstrated strong operational performance as the hotel industry shifts towards the biggest and most recognized brands globally. The company is well positioned geographically as the market leader in Asia, Latin America, and the Middle East, all structural growth travel markets with strong post-Covid recoveries. |
Travel Hospitality Recovery Brands Geographic |
FoodGlanbia's key brand Optimum Nutrition grew revenues 17% and is now a $1 billion brand in a fast-growing, underpenetrated category. Becle benefited from abating agave pricing headwinds which should improve margins going forward in the spirits industry. |
Consumer Nutrition Spirits Margins Growth | |
E-commerceNaver faces increasing competition in Korean e-commerce from Chinese entrants like Alibaba and Pinduoduo, though these competitors have less than 3% market share. Naver is focused on profitable growth and increasing take rates with revenue growth much higher than GMV growth. |
Korea Competition Monetization Marketplace Digital | |
Specialty ChemicalsLANXESS faced difficult conditions in 2023 with energy prices weighing on margins and low demand from China. Management is optimistic about early stages of recovery and took opportunity to remove structural costs, positioning the company for strong operational gearing as demand recovers. |
Recovery Margins Utilization Cost Demand | |
Regional BanksHDFC Bank completed its merger with HDFC Ltd in July, creating near-term challenges as financial metrics reset. The elevated loan to deposit ratio from the wholesale funded NBFC is being addressed, with focus on lowering this ratio through deposit growth outpacing loan growth. |
India Merger Deposits Integration Banking | |
| 2023 Q4 |
ValuePortfolio focused on high-quality businesses trading at single-digit normalized FCF multiples with strong pricing power. Management emphasizes P/V ratios in high-60s% and disciplined approach to buying discounted companies with margin of safety. |
Discount Margin of Safety FCF Multiples P/V Ratio Undervaluation |
ChinaOverweight position in Hong Kong and China markets despite four-year losing streak and extreme undervaluation. Manager believes near peak pessimism with locals and insiders buying while foreigners exit due to geopolitical concerns. |
Hong Kong Geopolitical Capital Outflow Undervaluation Peak Pessimism | |
BuybacksMultiple portfolio companies executing share repurchase programs including EXOR's €1 billion buyback and Applus buying back 10% of outstanding shares. Hong Kong-listed companies hitting historical highs in buyback activity. |
Share Repurchase Capital Return EXOR Applus Hong Kong | |
HotelsAccor positioned as largest hospitality group globally outside US and China, benefiting from post-Covid recovery and taking share from independent sector. Strong visible growth trajectory with pricing power in key markets. |
Accor Post-Covid Recovery Market Share Pricing Power Growth Trajectory | |
CasinosMelco International exposure to Macau recovery with visitation reaching 85% of pre-Covid levels and Mass gaming revenue over 92% recovered. Higher margin Mass gaming on pace to exceed pre-Covid levels despite weak sentiment. |
Melco Macau Gaming Recovery Mass Gaming Pre-Covid Levels | |
FoodGRUMA corn flour and tortilla manufacturing showing consistent solid results with positive FCF generation. Premier Foods demonstrating pricing power in UK food brands with strong retail execution and value-accretive capital allocation. |
GRUMA Premier Foods Pricing Power FCF Generation UK Brands | |
| 2023 Q3 |
LuxuryLuxury holdings faced challenging quarter due to weak Chinese economy and consumer concerns in US/Europe. Companies like Richemont and Kering trading at trough valuations despite strong structural themes of emerging middle class in China and shift towards branded products remaining intact. |
Luxury China Consumer Brands Jewelry |
BuybacksManagement partners across portfolio taking action through material share buybacks at companies including Alibaba, Prosus, Kansai Paint, Man Wah, Glanbia, EXOR, Domino's Pizza Group, and Accor to address price-to-value discount. |
Buybacks Capital Allocation Value Creation Management | |
ValuePortfolio trading at price-to-value ratio in mid-60s% offering meaningful upside potential. Companies trading at discounted valuations with management teams focused on crystallizing value through various corporate actions. |
Value Discount Upside Intrinsic Value | |
| 2023 Q2 |
ValueFund focuses on concentrated portfolio of 18-22 best ideas trading at discount to intrinsic value with compelling price-to-value ratio in mid-60s%. Management teams actively using buybacks, spin-offs and divestitures to crystallize value when persistent gaps exist between price and intrinsic value. |
Value Discount Intrinsic Value Price-to-Value Buybacks |
ChinaChinese businesses faced challenges from negative geopolitical sentiment and slower-than-anticipated Covid reopening recovery with disappointing consumer spending. Property sector downturn continues with sales at 60% of pre-Covid levels, though Beijing expected to pass policy responses. |
China Reopening Property Consumer Spending Geopolitics | |
BuybacksMultiple portfolio companies actively repurchasing shares including Alibaba buying back $14 billion in last 14 months with $17 billion remaining, Prosus buying back approximately one quarter of free float in last 12 months, and Applus buying back 10% of market cap in past year. |
Share Buybacks Capital Allocation Alibaba Prosus Applus | |
TravelAccor reporting revenue-per-average-room above pre-Covid levels with strong pricing power and high occupancy rates. Business restructured during Covid taking out €200 million in structural cost savings and reorganizing into luxury/lifestyle and mid-scale/economy segments. |
Hotels REVPAR Occupancy Pricing Power Recovery | |
| 2023 Q1 |
ChinaChina is arguably the only economy of size that is easing on a regulatory, fiscal and monetary perspective, while the rest of the world is tightening. The region offers compelling upside from both an economic and valuation perspective as Asia emerges from three years of lockdown with consumer sentiment rebounding strongly. |
China Asia Reopening Consumer Valuation |
LuxuryBoth Richemont and Kering were strong performers benefiting from anticipation of China reopening, with continued strength in demand for their brands driven globally. Richemont's jewelry maisons delivered 8% like for like sales growth despite negative impacts from Russia and China lockdowns, demonstrating underlying strength. |
Luxury Richemont Kering China Jewelry | |
TravelFrench hospitality company Accor was a strong performer after reporting operational results well above market expectations. CEO Sébastien Bazin has a strong capital allocation record and is actively pursuing opportunities to grow free cash flow, strengthen the balance sheet and crystallize value across the business. |
Travel Hospitality Accor Hotels Recovery | |
ValueThe fund seeks to own a concentrated portfolio of 18-22 ideas that meet Business, People, Price investment criteria, investing with a 3-5 year investment horizon and taking advantage of short-term volatility to own high quality businesses trading temporarily at a discount. |
Value Discount Quality Concentrated Long-term |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Jul 22, 2025 | Fund Letters | Mason Hawkins | 035420 KS | Naver Corp. | Communication Services | Interactive Media & Services | Bull | New York Stock Exchange | AI, Discipline, ecommerce, Search, valuation | Login |
| Jul 22, 2025 | Fund Letters | Mason Hawkins | PHG | Koninklijke Philips N.V. | Health Care | Health Care Equipment | Bull | New York Stock Exchange | China, Margins, Medicaldevices, turnaround, valuation | Login |
| Jul 22, 2025 | Fund Letters | Mason Hawkins | TWE AU | Treasury Wine Estates Ltd | Consumer Staples | Beverages | Bull | New York Stock Exchange | buybacks, China, Premiumbrands, recovery, Wine | Login |
| Jul 22, 2025 | Fund Letters | Mason Hawkins | 6045 JP | Medley, Inc. | Industrials | Human Resource & Employment Services | Bull | New York Stock Exchange | growth, healthcare, Japan, Networkeffects, Recruitment | Login |
| Jul 22, 2025 | Fund Letters | Mason Hawkins | GLB ID | Glanbia plc | Consumer Staples | Packaged Foods | Bull | New York Stock Exchange | buybacks, Dairy, Margins, Nutrition, Protein | Login |
| Jul 22, 2025 | Fund Letters | Mason Hawkins | CAN LN | Canal+ S.A. | Communication Services | Media & Entertainment | Neutral | New York Stock Exchange | Africa, media, synergies, turnaround, valuation | Login |
| Jul 22, 2025 | Fund Letters | Mason Hawkins | MLCO | Melco Resorts & Entertainment Ltd. | Consumer Discretionary | Casinos & Gaming | Bull | NASDAQ | buybacks, Gaming, Macau, marketshare, Tourism | Login |
| Jul 22, 2025 | Fund Letters | Mason Hawkins | ENT LN | Entain plc | Consumer Discretionary | Gaming | Bull | New York Stock Exchange | Betting, iGaming, profitability, Regulation, turnaround | Login |
| Apr 1, 2025 | Fund Letters | Longleaf Partners International Fund | CFR.SW | Compagnie Financiere Richemont SA | Consumer Discretionary | Textiles, Apparel & Luxury Goods | Bull | SIX Swiss Exchange | Brand Power, Cartier, Emerging markets, Hard Luxury, Jewelry, Store of Wealth, Van Cleef, Watches | Login |
| Apr 1, 2025 | Fund Letters | Longleaf Partners International Fund | TIGO | Millicom International Cellular S.A. | Communication Services | Wireless Telecommunication Services | Bull | NASDAQ | acquisition, dividend, Free Cash Flow, Latin America, leverage, operational efficiency, Share Buyback, telecommunications | Login |
| Apr 1, 2025 | Fund Letters | Longleaf Partners International Fund | GLB.L | Glanbia plc | Consumer Staples | Food Products | Bull | London Stock Exchange | asset separation, Costco, Food Ingredients, Health Products, Share Buybacks, Sports Nutrition, Value Realization, Whey Protein | Login |
| Apr 1, 2025 | Fund Letters | Longleaf Partners International Fund | 1910.HK | Samsonite International S.A. | Consumer Discretionary | Textiles, Apparel & Luxury Goods | Bull | Hong Kong Stock Exchange | brand integrity, China, consumer sentiment, dual listing, Luggage, Margins, Share Buybacks, Travel | Login |
| Apr 1, 2025 | Fund Letters | Longleaf Partners International Fund | CUERVO.MX | Becle S.A.B. de C.V. | Consumer Staples | Distillers & Vintners | Bull | Mexican Stock Exchange | Beverages, capital allocation, growth, Mexico, Private Market Value, tariffs, tequila, USMCA | Login |
| Apr 1, 2025 | Fund Letters | Longleaf Partners International Fund | JFC.PS | Jollibee Foods Corporation | Consumer Discretionary | Restaurants | Bull | Philippine Stock Exchange | asset-light, Coffee, Franchising, Philippines, Quick Service Restaurant, ROIC, same-store sales, US Expansion | Login |
| Apr 1, 2025 | Fund Letters | Longleaf Partners International Fund | LXS.DE | Lanxess AG | Materials | Specialty Chemicals | Bull | XETRA | cost savings, debt reduction, Germany, infrastructure, Joint venture, Operational Leverage, Put Option, specialty chemicals | Login |
| Apr 1, 2025 | Fund Letters | Longleaf Partners International Fund | PRX | Prosus N.V. | Communication Services | Interactive Media & Services | Bull | Euronext Amsterdam | Acquisitions, AI, Consumer Internet, food delivery, Online Travel, Share Buyback, Tencent, WeChat | Login |
| Jul 1, 2024 | Fund Letters | Longleaf Partners International Fund | PRX | Prosus N.V. | Communication Services | Interactive Media & Services | Bull | Euronext Amsterdam | advertising, capital allocation, Consumer Internet, e-commerce, Gaming, NAV discount, Share Buybacks, technology, Tencent Exposure | Login |
| Jul 1, 2024 | Fund Letters | Longleaf Partners International Fund | TIGO | Millicom International Cellular S.A. | Communication Services | Wireless Telecommunication Services | Bull | NASDAQ | cable, EBITDA growth, Free Cash Flow, Latin America, Operational Improvement, takeover target, telecommunications, Value, Wireless | Login |
| Jul 1, 2024 | Fund Letters | Longleaf Partners International Fund | HDB | HDFC Bank Limited | Financials | Banks | Bull | NYSE | banking, credit quality, deposit growth, India, market share, net interest margin, post-merger integration, Private Sector Bank | Login |
| Jul 1, 2024 | Fund Letters | Longleaf Partners International Fund | ERF | Eurofins Scientific SE | Health Care | Life Sciences Tools & Services | Bull | Euronext Paris | Analytical Services, capital allocation, global leader, Laboratory Testing, life sciences, related party transactions, Share Buybacks, Short Attack | Login |
| Jul 1, 2024 | Fund Letters | Longleaf Partners International Fund | DHER | Delivery Hero SE | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | XETRA | activist investor, Asset Sale, food delivery, Germany, Governance, Korea, Leverage reduction, Middle East, Portfolio Rationalization | Login |
| Jul 1, 2024 | Fund Letters | Longleaf Partners International Fund | CUERVO | Becle, S.A.B. de C.V. | Consumer Staples | Distillers & Vintners | Bull | BMV | Agave Prices, Currency Tailwind, Export Business, Free Cash Flow, Jose Cuervo, margin expansion, Mexico, Spirits, tequila | Login |
| Apr 1, 2024 | Fund Letters | Longleaf Partners International Fund | HDFCBANK.NS | HDFC Bank | Financials | Banks | Bull | National Stock Exchange of India | banking, Branch Expansion, compounding, cross-selling, deposit growth, India, market share, Merger Integration | Login |
| Apr 1, 2024 | Fund Letters | Longleaf Partners International Fund | 035420.KS | Naver | Communication Services | Interactive Media & Services | Bull | Korea Exchange | digital advertising, e-commerce, Korea, marketplace, monetization, profitable growth, search engine, Take-rates | Login |
| Apr 1, 2024 | Fund Letters | Longleaf Partners International Fund | CUERVO.MX | Becle | Consumer Staples | Distillers & Vintners | Bull | Mexican Stock Exchange | Agave Pricing, family ownership, margin expansion, Mexico, premiumization, Spirits, tequila, undervalued | Login |
| Apr 1, 2024 | Fund Letters | Longleaf Partners International Fund | LXS.DE | LANXESS | Materials | Specialty Chemicals | Bull | XETRA | Cost Reduction, Cyclical Recovery, EBITDA Generation, Germany, Operational Leverage, specialty chemicals, structural improvements, Utilization Rates | Login |
| Apr 1, 2024 | Fund Letters | Longleaf Partners International Fund | GLB.L | Glanbia | Consumer Staples | Packaged Foods & Meats | Bull | London Stock Exchange | brand portfolio, consumer goods, Ingredients, margin expansion, Share Buybacks, Sports Nutrition, underpenetrated market, Value | Login |
| Apr 1, 2024 | Fund Letters | Longleaf Partners International Fund | AC.PA | Accor | Consumer Discretionary | Hotels, Resorts & Cruise Lines | Bull | Euronext Paris | brand portfolio, Emerging markets, Geographic Diversification, hospitality, Hotels, investment grade, post-COVID recovery, Share Buybacks | Login |
| Oct 1, 2023 | Fund Letters | Longleaf Partners International Fund | KER.PA | Kering | Consumer Discretionary | Textiles, Apparel & Luxury Goods | Bull | Euronext Paris | brand portfolio, Equity, fashion, france, Gucci, Luxury goods, Structural Growth, synergies, turnaround | Login |
| Oct 1, 2023 | Fund Letters | Longleaf Partners International Fund | DPG.L | Domino's Pizza Group | Consumer Discretionary | Restaurants | Bull | London Stock Exchange | CEO transition, Equity, Franchisee Model, Pizza Delivery, Restaurants, Share Buybacks, UK, value unlock | Login |
| Oct 1, 2023 | Fund Letters | Longleaf Partners International Fund | CFR.SW | Richemont | Consumer Discretionary | Textiles, Apparel & Luxury Goods | Bull | SIX Swiss Exchange | Branded Products, Cartier, China recovery, Equity, Jewelry, Luxury goods, Switzerland, Trough Valuation, Van Cleef | Login |
| Oct 1, 2023 | Fund Letters | Longleaf Partners International Fund | DHER.DE | Delivery Hero | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | XETRA | Asia, Equity, food delivery, Germany, market leadership, Middle East, Post-COVID Normalization, Profitability Focus, Prosus | Login |
| Oct 1, 2023 | Fund Letters | Longleaf Partners International Fund | GLB.L | Glanbia | Consumer Staples | Food Products | Bull | London Stock Exchange | business transformation, Dairy Divestiture, Equity, growth, Ireland, Nutrition, Performance Nutrition, Share Buybacks | Login |
| Jun 30, 2023 | Fund Letters | Longleaf Partners International Fund | APPS.MC | Applus Services | Industrials | Research & Consulting Services | Bull | Madrid Stock Exchange | Certification, Inspection, private equity, Share Buybacks, Spain, Structural Growth, takeover, Testing, Tic | Login |
| Jun 30, 2023 | Fund Letters | Longleaf Partners International Fund | AC.PA | Accor | Consumer Discretionary | Hotels, Resorts & Cruise Lines | Bull | Euronext Paris | Asia, cost savings, Europe, franchise, hospitality, Hotels, Latin America, Luxury, post-COVID recovery, restructuring, RevPAR | Login |
| Jun 30, 2023 | Fund Letters | Longleaf Partners International Fund | LXS.DE | LANXESS | Materials | Specialty Chemicals | Bull | XETRA | China exposure, Cyclical Recovery, Destocking, Energy costs, Germany, Inventory, Profit Warning, specialty chemicals | Login |
| Jun 30, 2023 | Fund Letters | Longleaf Partners International Fund | 1999.HK | Man Wah | Consumer Discretionary | Home Furnishings | Bull | Hong Kong Stock Exchange | China, dividend yield, Functional Sofas, Low-Cost Advantage, market leader, market share, Owner operator, Real Estate Weakness, Share Buybacks | Login |
| Jun 30, 2023 | Fund Letters | Longleaf Partners International Fund | 4613.T | Kansai Paint | Materials | Specialty Chemicals | Bull | Tokyo Stock Exchange | Coatings, Free Cash Flow, India, Japan, Oligopolistic, Organizational Change, Paint, Portfolio simplification, Pricing power, ROE, Share Buybacks | Login |
| Mar 31, 2023 | Fund Letters | Longleaf Partners International Fund | TIGO | Millicom International Cellular S.A. | Communication Services | Wireless Telecommunication Services | Bull | NASDAQ | Activist Investment, cable, cash flow, Latin America, M&A Target, telecommunications, undervalued, Wireless | Login |
| Mar 31, 2023 | Fund Letters | Longleaf Partners International Fund | AC.PA | Accor S.A. | Consumer Discretionary | Hotels, Restaurants & Leisure | Bull | Euronext Paris | asset monetization, business separation, france, franchise model, hospitality, Hotels, undervalued, value creation | Login |
| Mar 31, 2023 | Fund Letters | Longleaf Partners International Fund | CFR.SW | Compagnie Financière Richemont SA | Consumer Discretionary | Textiles, Apparel & Luxury Goods | Bull | SIX Swiss Exchange | brand strength, Cartier, China Reopening, Global Demand, Jewelry, Luxury goods, Switzerland, Van Cleef | Login |
| Mar 31, 2023 | Fund Letters | Longleaf Partners International Fund | KER.PA | Kering SA | Consumer Discretionary | Textiles, Apparel & Luxury Goods | Bull | Euronext Paris | brand portfolio, China Reopening, fashion, france, Global Demand, Gucci, Luxury goods, premium brands | Login |
| TICKER | COMMENTARY |
|---|---|
| GLB | Irish sports nutrition company Glanbia was a top contributor in the quarter, having been a top detractor in Q1. The volatility and uncertainty in Q1 made it a bad time to disappoint the market, and we were confident the market reaction to higher-for-longer input costs at Glanbia was a gross overreaction. In Q2 a touch more rationality started to prevail as Glanbia revealed Q1 results which were better than feared. While whey input costs remained high, they moved down from their peak levels, lending credibility to the expectation that prices will fall further as new whey production capacity comes online towards the end of the year. |
| ERF.PA | French laboratory testing business Eurofins was a top contributor in the quarter, benefitting from both a more rational market evaluation of the business, and from self-help measures being undertaken. After a volatile 2024 which included a spurious short-report attack, Eurofins is getting on with the job of delivering on their potential for strong organic growth and margin accretion, supported by bolt-on M&A and ongoing share buybacks. Eurofins accelerated their pace of buybacks, purchasing 2.6% of the share capital in Q1 alone, when the shares were heavily undervalued. |
| CANAL.L | French pay-TV operator Canal+ was a top performer in the quarter. The value the market ascribed to Canal+ became, and in our view remains, farcical. Canal+ is a turnaround story in its legacy geography of France. This business was loss-making but has since undergone a dramatic restructuring of both content and service. It now boasts a growing subscriber base, having successfully integrated the streamers onto its platform to become a super-aggregator. Canal+ is one of the most discounted stocks in the portfolio today, currently trading at half of what we believe it to be worth. |
| MLCO | Macau casino operator Melco Resorts was a top contributor for the quarter. Melco reported a strong set of Q1 results beating street expectations while founder CEO Lawrence Ho struck an upbeat tone on April and May holiday performance. Melco was the biggest market share gainer in the quarter – its Macau Gross Gaming Revenue (GGR) market share increased from 14.7% in 4Q to 15.7% in 1Q. The company also bought back US $165 million worth of shares YTD (over 7% of market cap) despite high financial leverage. |
| ENT.L | UK sports betting and online casino company Entain was a contributor during the quarter. Entain had a challenging 2024 being without a permanent CEO whilst trying to turnaround online market share losses in its key UK, US (through the BetMGM JV) and Brazilian markets. Well-respected Chair Stella David was appointed as the permanent CEO, bringing stability and market credibility. The fruits of the turnaround efforts finally started to be realized with improving trends in the UK and Brazil hinting at market share recapture. |
| 035420.KS | The dominant search and e-commerce marketplace operator in Korea was a contributor for the quarter. The company reported better than expected Q1 results with both search and e-commerce revenue growing at ~12% YoY and EBITDA growing at 21% YoY. Despite strong operating performance so far, there are legitimate long-term concerns around the terminal value of its search platform in light of increasing competition from generative AI applications. As price reached our value, we took the opportunity to exit Naver and recycle capital into more attractive opportunities. |
| PHG | We initiated a position in Dutch medical equipment manufacturer Philips during the quarter. Philips is one of the world's leading manufacturers of large medical equipment, such as MRI/CT scanners, Ultrasound and Image-Guided Therapy (IGT). Philips reached the point where it traded at a significant discount to its international peers, despite having no clear disadvantage in terms of their equipment quality or exposures. New CEO Roy Jakobs has taken decisive action, simplifying the product platforms, focusing on their key strengths in cardio and IGT, restructuring the R&D function towards a more commercial output and building a more robust supply chain. |
| TWE.AX | We initiated an investment in Australia-listed Treasury Wine Estates (TWE) during the quarter. TWE is a global wine leader with best-in-class portfolio of luxury and premium wine brands including Penfolds. China had implemented an over 180% tariff on Australian wines in late 2020 which effectively decimated TWE's (Penfolds) business in China. China tariffs were removed in mid-2024 and TWE has since been re-establishing its presence there. We were able to invest in TWE below its net liquidation value. |
| 4480.T | Japan's leading online HR platform for medical staff with around 8-10% market share. Medley benefits from strong network effects where more job hunters using the platform inherently attracts more employers to post job listings on its platform. For over a decade, nominal wage growth in Japan has been relatively flat, with the Japanese healthcare sector being no exception. However, this situation started to change over the past year, with inflation picking up and the Japanese government establishing a 4.5% wage increase target over two years (2024-25). This wage inflation negatively impacted healthcare workers' motivation to switch jobs, pressuring Medley's placement volumes and giving us an opportunity to invest in this high-quality franchise at an attractive valuation. |
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