| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 9.54% | -2.72% | -2.72% |
Longleaf Partners Small-Cap Fund declined 2.72% in Q1 2026, underperforming during a period characterized as weird market dynamics followed by broader selloffs. The fund's concentrated 16-position portfolio with 13.1% cash maintains a price-to-value ratio in the high-50s, suggesting attractive absolute return potential. Key contributors included Boston Beer and Shenandoah Telecommunications, while detractors included Mattel, Tripadvisor, and Becle due to short-term earnings volatility that the manager believes doesn't reflect underlying value changes. The Iran War and growing systemic private credit risk created market complications, though the manager sees the portfolio as positioned to benefit from potential credit stress given limited exposure to weak balance sheets. Active engagement efforts intensified with board improvements at Tripadvisor. The manager remains constructive on the opportunity set, noting that many portfolio companies experienced abnormally large price-to-value mismatches during the quarter, with stock price declines significantly exceeding actual value deterioration.
Southeastern maintains a concentrated value approach focused on quality businesses trading at significant discounts to intrinsic value, with active engagement to unlock shareholder value.
The manager remains optimistic about the portfolio's positioning despite near-term uncertainties. With a price-to-value ratio in the high-50s%, they see the portfolio as attractively priced. They believe the portfolio is well-positioned to benefit from potential private credit stress and continue to see unique opportunities driven by companies on offense with Southeastern's help.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Apr 18 2026 | 2026 Q1 | ALX, CNX, CUERVO.MX, ESRT, GLIBA, MAT, RYN, SAM, SHEN, TRIP | Alcohol, energy, private credit, real estate, small cap, Travel, value |
SAM SHEN ESRT RYN BECLE MAT TRIP |
Southeastern's small-cap fund declined 2.72% amid weird market dynamics and geopolitical uncertainty. The concentrated 16-position portfolio trades at high-50s% of estimated value, with active engagement driving board improvements at Tripadvisor. Management sees the portfolio positioned to benefit from potential private credit stress while maintaining conviction in quality businesses trading at significant discounts. |
| Jan 14 2026 | 2025 Q4 | ALX, CLW, CNX, CUERVO.MX, ESRT, GHC, GLIBA, GRUMA.MX, MAT, PCH, RYN, SAM, SHEN, TRIP, WTM | Alcohol, Media, real estate, small cap, Telecommunications, undervalued, value |
GLIBA GHC MAT OSCR SAM CLW ESRT ALX PK |
Southeastern's Small-Cap Fund delivered 7.56% returns in 2025 while maintaining disciplined value approach during market environment favoring unprofitable companies. Portfolio features quality holdings with strong balance sheets, 15.8% cash for deployment, and significantly reduced leverage versus historical periods. Manager expects inevitable reversion to favor undervalued, cash-generating businesses over current market speculation. |
| Oct 15 2025 | 2025 Q3 | BECLE.MX, CLW, CNX, GHC, GRUMAB.MX, H, KODK, MAT, OSCR, PCH, PK, RYN, TRIP, WEST, WTM | Alcohol, Buybacks, energy, FCF, insurance, small cap, Timberland, value |
CNX US WFG US MAT US TRIP US |
Longleaf Small-Cap trails markets amid late-cycle excess but maintains defensive positioning with 13.2% cash and high-60s P/V ratio. Portfolio focused on undervalued companies with shareholder-friendly management teams actively repurchasing shares. Manager identifies market warning signs but remains optimistic about long-term double-digit return potential given significant valuation discounts and improving portfolio quality. |
| Jul 22 2025 | 2025 Q2 | BATRA, CNX, CUERVO.MX, DOLE, GHC, GRUMA.MX, KODK, MAT, OSCR, PCH, SAM, TRIP, WEST, WTM | Alcohol, Buybacks, real estate, small caps, undervalued, value |
OSCR CUERVO MM BATRA WEST SAM PCH OSCR BECLE.MX BATRA WEST SAM PCH |
Longleaf Small-Cap Fund underperformed in Q2 amid market speculation but maintains disciplined value approach with portfolio trading at attractive high-60s price-to-value ratio. Overweight alcohol and real estate sectors with aligned management teams executing buybacks and asset sales. Added two new positions, exited Howard Hughes, holding 11% cash for measured deployment despite elevated market valuations. |
| Apr 12 2025 | 2025 Q1 | BATRA, CNX, DOLE, GHC, GMAB, KODK, MAT, PCH, PK, SAM, WEST, WTM | Buybacks, downside protection, Outperformance, small caps, stock picking, value |
GHC GRUMAB.MX PCH SAM CNX PK |
Longleaf Small-Cap Fund outperformed significantly in Q1 with 1.5% returns versus Russell 2000's -9.48% decline, demonstrating strong downside protection through value discipline. The concentrated 19-stock portfolio trades at attractive high-60s% price-to-value ratio. Management remains optimistic about 2025 despite policy uncertainties, with portfolio companies positioned to capitalize on opportunities while maintaining defensive cash cushion. |
| Jan 16 2025 | 2024 Q4 | BATRA, CNX, DOLE, GHC, GRUMA.MX, HHH, HOUS, KODK, LLYVA, MAT, OSCR, PCH, PK, WEST, WTM | Buybacks, Cash, Concentration, Natural Gas, small cap, Trump, value |
CNX OSCR LLYVA KODK GHC HOUS WEST GRUMAB |
Southeastern's small-cap fund returned 9.69% in 2024 through concentrated value investing, holding 18 positions at high-60s% price-to-value discount. CNX Resources drove performance while housing and coffee holdings detracted. With 12.6% cash and strong on-deck opportunities, management sees substantial upside from current portfolio positioning despite elevated broader market valuations. |
| Oct 16 2024 | 2024 Q3 | BATRA, CNX, DOLE, GHC, GRUMA, H, HHH, HOUS, IMKTA, KODK, LLYVA, LMCA, MAT, OSCR, PCH, PK, SAM, WEST, WMT | Buybacks, Coffee, healthcare, Natural Gas, real estate, small caps, value |
OSCR CNX HOUS WEST |
Longleaf Small-Cap delivered 8.92% in Q3 with strong performance from Oscar Health, CNX Resources, and Anywhere Real Estate. Multiple holdings show near-term value realization potential including strategic alternatives and takeover speculation. Portfolio trades at low-70s P/V ratio with substantial upside. Manager welcomes volatility to enhance portfolio with quality, undervalued small-cap businesses. |
| Jul 23 2024 | 2024 Q2 | BATRA, CNX, DEA, GHC, GRUMA, HOWE, KODK, MAT, OSCR, PCH, PK, WEST, WTM | energy, healthcare, materials, real estate, small caps, value |
OSCR KODK HOUS MAT PCH |
Small-cap value fund trading at low-60s% price-to-value ratio with over 50% of portfolio positioned for corporate events in next 6-12 months. Despite Q2 underperformance, fund actively deployed capital with three new positions and reduced cash below 10%. Management sees improving environment for stock pickers as rates stabilize. |
| May 7 2024 | 2024 Q1 | BATRA, CNX, DEI, GHC, GRUMAB, H, HOUS, IMKTA, KODK, MAT, OSCR, PK, SAM, WEST, WTM | Buybacks, insurance, Natural Gas, real estate, small caps, value |
OSCR CNX WTM HOUS |
Longleaf Small-Cap outperformed in Q1 with 6.85% return driven by Oscar Health, CNX Resources, and White Mountains. Fund maintains concentrated value approach with 17 holdings trading at mid-60s price-to-value ratio. Cash at 17% reflects disciplined approach in fully priced market while research team works on pipeline opportunities. |
| Jan 17 2024 | 2023 Q4 | ARE, CNX, DEI, ESRT, GHC, GRUMAB, H, IMKTA, KNF, KODK, LUMN, MAS, MAT, OHI, PK, SAM, WEST, WTM | Buybacks, Hotels, Quality, real estate, small caps, value |
OSCR KNF GRUMAB ESRT ^HSI WEST |
Southeastern's small-cap fund delivered 20% returns in 2023 through disciplined value investing in competitively advantaged businesses. Oscar Health's 275% surge and successful spinout investments like Knife River drove performance. With 14.6% cash and process improvements implemented, the fund is positioned to capitalize on expected 2024 volatility in a normalizing interest rate environment favoring bottom-up stock pickers. |
| Dec 10 2023 | 2023 Q3 | BATRA, CNX, DOOR, ESRT, GHC, GRUMAB, KODK, LUMN, MAT, OSCAR, SAM, WEST, WTM | consumer, discount, energy, Entertainment, Quality, small caps, value |
CNX SAM AMAT OSCR WEST |
Longleaf Small-Cap Fund outperformed in Q3 as small-caps trade at steep discounts while mega-caps reach historic valuations. Strong performance from CNX Resources, Boston Beer, and Mattel offset weakness in Oscar Health and Westrock Coffee. Portfolio trades at low-60s% price-to-value ratio with 21 quality holdings positioned for relative outperformance. |
| Jul 19 2023 | 2023 Q2 | BATRA, CNX, ESRT, GMK, H, HOUS, KODK, LUMN, LXS.DE, MAT, OSCR, SAM, WEST, WTM | concentrated, Consumer Staples, Defensive, real estate, small cap, value |
OSCR BATRA HOUS LXS.DE SAM LUMN |
Concentrated small-cap value fund with defensive portfolio of stable, branded businesses trading at mid-60s% P/V ratio. Strong Q2 performance driven by Oscar Health turnaround and Liberty Braves spin-out catalyst. Positioned for outperformance as mega-cap tech faces potential correction while quality small-caps with pricing power and strong balance sheets drive differentiated returns. |
| Apr 20 2023 | 2023 Q1 | BATRA, CNX, GRUMA, H, HOUS, KODK, LNXSF, LUMN, MAT, OSCR, WEST, WTM | Banking, Concentration, small caps, technology, value |
OSCR ^HSI LUMN |
Southeastern's small-cap value fund outperformed in Q1 with concentrated portfolio trading at significant discount to intrinsic value. Oscar Health and Hyatt drove returns while avoiding banking crisis fallout. Managers trimmed positions and added new consumer brands opportunity, maintaining conviction in beginning stages of longer-term outperformance through disciplined value investing approach. |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2026 Q1 |
Private CreditThe manager sees growing systemic private credit risk as a complicating factor in markets. They believe potential private credit stress could expose weaker balance sheets and excess leverage, positioning their portfolio to benefit as it has little direct exposure to either. |
Credit Stress Leverage Balance Sheet |
Real EstateThe fund holds Empire State Realty Trust and Alexander's, two New York real estate companies with irreplaceable assets. ESRT declined with other real estate companies due to AI-driven job loss fears and travel trends impacting their Observatory business, while Alexander's announced a strategic asset sale. |
Commercial Real Estate New York REITs | |
EnergyEnergy was the biggest driver of the value index with leveraged, unhedged oil-focused companies performing well. The manager notes CNX with its hedged earnings stream versus other lower-quality energy companies, and sees the Iran War as potentially positive for Alaska and their GCI Liberty investment. |
Natural Gas Oil Energy Transition | |
AlcoholThe fund holds Boston Beer and Becle in the spirits/alcoholic beverage space. Industry sentiment appears to be leveling off after two years of headwinds from consumption habit changes. Industry consolidation looks to be on the horizon with Pernod Ricard and Brown-Forman discussing a merger. |
Beverages Consolidation Consumer | |
TravelThe fund holds Tripadvisor in the digital travel space. Macro travel trends worsened in the quarter, and international travel trends continued to impact ESRT's Observatory business. The legacy Tripadvisor business has been worse than initially expected. |
Online Travel Tourism Digital | |
| 2025 Q4 |
Healthcare ITCareCloud helps smaller U.S. health practices manage data and collect payments. High switching costs lock in practices but also lock out competitors. Most RCMs have high fixed costs and too few clients, creating consolidation opportunities for CareCloud to buy cheaply and cut costs. |
Healthcare IT RCM EHR Consolidation Switching Costs |
CementICG owns cement plants in Kazakhstan and Tajikistan with significant energy and transport cost advantages. Newest dry process plants with heat recovery versus competitors' older wet process plants. Strategic locations 100km closer to customers than competitors. |
Cement Energy Efficiency Transport Kazakhstan Cost Advantage | |
ConstructionCTR Holdings builds structural frames and handles finishing work in Singapore. Most projects are public with stable government payments guaranteeing cash flow. Company had significant net cash and signed project backlog. |
Construction Singapore Government Contracts Cash Flow Backlog | |
| 2025 Q3 |
ValueFund focuses on investments grounded in real assets and brands producing growing free cash flow, trading at 10-12x FCF today with potential to reach mid-teens FCF multiples. Portfolio P/V ratio in high-60s% indicates significant discount to intrinsic value. |
FCF P/V Discount Intrinsic Multiple |
BuybacksMultiple portfolio companies actively repurchasing shares at discounted prices including CNX Resources, Gruma, Mattel planning $340 million in 2H25, and TripAdvisor engaging in accretive share repurchases. |
Repurchase Accretive Discounted Capital Allocation | |
EnergyCNX Resources represents 6.1% portfolio weight with Deep Utica resource potential and integrated low-cost approach. Company's hedges maturing should drive premium 10-15x FCF multiple and stock price over $50 per share. |
Natural Gas Hedges Resources FCF Premium | |
AlcoholBecle position initiated at deeply discounted prices during tough industry conditions. Manager believes closer to bottom than top of negative sentiment for alcohol industry, with Beckmann family aligned as controlling owners. |
Spirits Discounted Sentiment Family Control | |
| 2025 Q2 |
AlcoholThe fund has an overweight to the alcohol industry with Boston Beer and Becle. There is market debate about whether current weak industry trends are cyclical versus structural factors, with the manager leaning toward cyclical explanations. |
Beverages Cyclical Trends |
Commercial Real EstateThe fund remains overweight Real Estate with diversified exposure by type and location. The manager has made portfolio changes to improve positioning and notes a strong track record in this industry with aligned partners executing share repurchases and value-creating asset sales. |
REITs Asset Sales Diversified | |
BuybacksMultiple holdings are executing share repurchases including Boston Beer at accretive prices and real estate holdings implementing value-creating moves. The manager views these as tangible offensive actions by aligned management teams. |
Share Repurchases Value Creation Capital Allocation | |
CoffeeThe fund owns Westrock Coffee, a coffee producer facing internal and external challenges. The manager continues to like the outlook for overall coffee demand and expects improved cash flow from a new facility in Conway, AR. |
Demand Production Facilities | |
| 2025 Q1 |
ValueThe fund emphasizes value investing discipline and downside protection. The portfolio's price-to-value ratio in the high-60s% is attractive and improved materially after quarter end. The fund continues to focus on companies trading below intrinsic value with substantial opportunity in the current portfolio. |
Value Downside Protection Price-to-Value Intrinsic Value Margin of Safety |
Small CapsThe fund focuses exclusively on small-cap stocks and outperformed during a difficult quarter for small-cap equities. The portfolio looks extremely different than the average small-cap index, which the managers believe will be beneficial over the long-term. |
Small Cap Russell 2000 Outperformance Index Differentiation | |
BuybacksShare repurchases are highlighted as a key value creation mechanism. Boston Beer Company is noted as one of the larger share repurchasers in the portfolio, with management taking action to increase value per share through buybacks. |
Share Repurchases Value Creation Capital Allocation | |
| 2024 Q4 |
ValueFund operates with concentrated value investing approach, holding 18 positions at high-60s% price-to-value ratio and 11x price/earnings power multiple. Portfolio grouped into companies where value per share growth has turned the corner (75%), those expected to turn within 18 months (15%), and recent additions. Management emphasizes fundamental appraisal-driven research and patient capital deployment. |
Value Investing Price-to-Value Appraisal Margin of Safety Concentrated |
Natural GasCNX Resources was top performer for quarter and year, consistently delivering operational results while maintaining focus on growing value per share. Company leveraged low-cost structure and disciplined hedging strategy to deliver free cash flow across price environments. Management continues focusing on long-term FCF and value per share growth. |
Natural Gas CNX Resources Hedging Free Cash Flow Energy | |
Small CapsFund specifically targets small-cap opportunities with 18 concentrated holdings. Portfolio construction emphasizes quality partners with financial flexibility who can figure out paths to growth and improved shareholder returns. Approach benefits from surfacing acquisition and corporate action candidates in small-cap universe. |
Small Cap Concentrated Corporate Actions Acquisition Candidates Quality | |
BuybacksMultiple portfolio companies engaged in meaningful share repurchase programs. CNX Resources maintained double-digit annualized share buyback pace, while Graham Holdings used substantial free cash flow for meaningful share repurchase at compelling single-digit FCF multiples. Buybacks viewed as value-creating when executed at discounted prices. |
Share Repurchase Capital Allocation Value Creation Free Cash Flow Discounted Prices | |
| 2024 Q3 |
Small CapsFund focuses on small-cap stocks with 19 holdings and P/V ratio in low-70s%. Manager welcomes volatile small-cap environment that presents attractive opportunities to enhance portfolio with undervalued, high-quality businesses. Holdings consist of competitively advantaged businesses with strong balance sheets. |
Small Cap Value Volatility Quality Undervalued |
ValuePortfolio trades at price-to-value ratio in low-70s%, offering substantial room for price appreciation. Manager focuses on undervalued, high-quality businesses with strong balance sheets and proactive management teams focused on growing value per share. |
Value Undervalued Price Appreciation Quality Balance Sheets | |
Natural GasCNX Resources was a top performer delivering solid operations and continued growth in value per share. Company's low-cost structure and hedging strategy position it to deliver free cash flow in variety of price environments, with FCF directed to value accretive share repurchase. |
Natural Gas Free Cash Flow Hedging Share Repurchase Low Cost | |
| 2024 Q2 |
Small CapsFund focuses exclusively on small-cap investments with 19 holdings and P/V ratio in low-60s%. Manager believes environment becoming increasingly favorable for bottom-up stock pickers as Treasury rates stabilize at historical norms. Over 50% of portfolio NAV is in investments with heightened odds of value-realizing corporate events in next 6-12 months. |
Small Cap Value Corporate Actions Stock Picking Bottom-up |
ValuePortfolio trades at price-to-value ratio in low-60s% with focus on competitively entrenched businesses with robust balance sheets. Manager emphasizes buying companies below intrinsic value and waiting for value realization through corporate actions or operational improvements. |
Value Investing Price-to-Value Intrinsic Value Margin of Safety | |
BuybacksMultiple portfolio companies actively repurchasing shares including Mattel increasing share repurchase program and PotlatchDeltic buying back stock at significant discount to private market net asset value. Anywhere Real Estate buying back debt at discounts to strengthen balance sheet. |
Share Repurchases Capital Allocation Debt Buybacks | |
| 2024 Q1 |
ValueFund focuses on carefully constructed portfolio that looks very little like any index, seeking 60 cent dollars while maintaining investment discipline in a fully priced market. Portfolio companies are growing their value per share while management partners take action to realize value via discounted share buybacks. |
Value investing Discounted Appraisal Margin of safety Price to value |
BuybacksManagement partners continue to take action to realize value via discounted share buybacks and other intelligent actions. CNX Resources has funded continued share repurchase at a double-digit annualized pace with strong balance sheet. |
Share repurchase Capital allocation Share buybacks Value realization | |
Natural GasCNX Resources operates in tough natural gas price environment but came into year more hedged than peers. EQT decided to recombine its pipeline business with upstream business, validating CNX's earlier decision to do this in 2020 at better time and price. |
Natural gas Appalachian basin Pipeline Upstream Hedging | |
| 2023 Q4 |
ValueThe fund emphasizes their Business, People, Price discipline and differentiated approach to value investing. They focus on hidden quality companies with management teams that will take steps to get that quality recognized by the market over the medium to long term. The fund believes they are well positioned for the return of value investing as interest rates normalize. |
Quality Buybacks Earnings Small Caps Growth |
Commercial Real EstateThe fund discusses significant challenges in commercial real estate, particularly office properties. They note that 40%+ of office real estate loans are underwater and express concerns about potential problems in bank loan books. Despite these headwinds, they see opportunities in high-quality real estate companies trading below their values. |
Office REITs Real Estate Services Property Management | |
HotelsThe fund holds positions in hotel operators and hotel REITs, benefiting from the post-COVID travel recovery. They note that Hyatt consistently reported strong results and guided mid-to-high single-digit RevPAR growth driven by continued recovery in Asia Pacific and ongoing improvements in group and business demand. |
Travel Lodging REITs Entertainment | |
| 2023 Q3 |
Small CapsSmall-cap stocks remained out of favor as they continue to be viewed as more volatile, cyclical businesses, while a small handful of US mega-cap stocks have dominated markets. This wide valuation gap has created a compelling opportunity to own high-quality small-cap businesses trading at a steep discount. |
Value Discount Quality Opportunity |
Natural GasCNX Resources benefited from rising energy prices and strong operational execution. The company remains highly discounted as the market does not give credit for its longer-term undrilled assets or new technology investments, which include methods to reduce carbon on a net basis. |
Energy Carbon Technology Assets | |
BeveragesBoston Beer Company saw strong growth from Twisted Tea, which is finally offsetting Truly Seltzer that peaked during the 2020 seltzer fad. The company is rationalizing Truly costs to optimize margins and has been opportunistically buying back discounted shares. |
Growth Brands Margins Buybacks | |
ToymakersMattel contributed on the back of the Barbie movie success. The movie is emblematic of CEO Ynon Kreiz's plan to monetize the strong intellectual property that the company owns, with Barbie representing a cultural phenomenon beyond just a toy. |
Media Brands Entertainment IP | |
| 2023 Q2 |
ValueFund maintains concentrated portfolio of 18-22 ideas trading at discount to intrinsic value. Portfolio P/V ratio in mid-60s% indicates significant upside potential. Management emphasizes buying high quality businesses at temporary discounts with 3-5 year investment horizon. |
Value Discount Intrinsic Value P/V Ratio |
Small CapsRussell 2000 has been relatively weaker in 2023 as investors fled to mega-cap growth. Fund's differentiated small-cap positioning expected to drive future outperformance as market dynamics shift away from mega-cap concentration. |
Small Caps Russell 2000 Differentiated | |
ResiliencePortfolio built as unique, diversified and relatively defensive collection of stable businesses with strong brands - tortillas, beverages, insurance, sports - largely out of economic crosshairs. Management partners navigate challenging markets with strong balance sheets and pricing power. |
Defensive Stable Brands Balance Sheets | |
| 2023 Q1 |
ValueFund focuses on concentrated portfolio of 18-22 best ideas meeting Business, People, Price investment criteria. Managers invest with 3-5 year horizon taking advantage of short-term volatility to own high quality businesses trading at discount. Portfolio has low-60s% P/V ratio indicating significant discount to intrinsic value. |
Value Discount Intrinsic |
Small CapsFund specifically targets US small-cap value opportunities with weighted average market cap of $3.4 billion. Managers see compelling opportunity set emerging in small-cap space and are taking advantage of price dislocation to invest in high-quality small-cap businesses. |
Small Cap Opportunity Dislocation | |
BankingFund has no direct exposure to banks and historically had difficulty owning banks given high leverage and lack of transparency. Banking crisis following Silicon Valley Bank collapse created market dislocation. Managers suspect this will ultimately create compelling investment opportunities but continue to stick to discipline. |
Banks Crisis Dislocation |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Apr 18, 2026 | Fund Letters | Longleaf Partners Small-Cap Fund | TRIP | TripAdvisor Inc | Travel Services | Interactive Media & Services | Neutral | NASDAQ | asset separation, Board Governance, Digital Experiences, Online Travel, strategic options, TheFork, turnaround, Viator | Login |
| Apr 18, 2026 | Fund Letters | Longleaf Partners Small-Cap Fund | SAM | Boston Beer Company | Beverages - Brewers | Brewers | Bull | NASDAQ | alcoholic beverages, brand portfolio, Brewers, consumer staples, M&A Target, Ready-to-Drink, share repurchase | Login |
| Apr 18, 2026 | Fund Letters | Longleaf Partners Small-Cap Fund | SHEN | Shenandoah Telecommunications | Telecom Services | Diversified Telecommunication Services | Bull | NASDAQ | Asset Securitization, capital allocation, FCF inflection, Fiber Optic, infrastructure, Rural Markets, telecommunications | Login |
| Apr 18, 2026 | Fund Letters | Longleaf Partners Small-Cap Fund | ESRT | Empire State Realty Trust | REIT - Diversified | Office REITs | Bull | New York Stock Exchange | asset disposition, cash flow growth, Empire State Building, Leasing, Manhattan real estate, Observatory Business, Office REITs | Login |
| Apr 18, 2026 | Fund Letters | Longleaf Partners Small-Cap Fund | RYN | Rayonier Inc | REIT - Specialty | Specialized REITs | Bull | New York Stock Exchange | asset sales, balance sheet, inflation hedge, merger, Natural Resources, REITs, share repurchase, timberland | Login |
| Apr 18, 2026 | Fund Letters | Longleaf Partners Small-Cap Fund | BECLE | Becle SAB de CV | Other | Distillers & Vintners | Bull | NASDAQ | Distribution Strategy, financial strength, industry consolidation, M&A, Mexico, premium brands, Spirits, tequila | Login |
| Apr 18, 2026 | Fund Letters | Longleaf Partners Small-Cap Fund | MAT | Mattel Inc | Leisure | Leisure Products | Bull | NASDAQ | brand portfolio, direct-to-consumer, entertainment, FCF Generation, IP Licensing, Mobile Gaming, share repurchase, Toys | Login |
| Jan 14, 2026 | Fund Letters | Ross Glotzbach | GLIBA | GCI Liberty, Inc. | Communication Services | Wireless Telecommunication Services | Bull | NASDAQ | broadband, Freecashflow, Scarcity, Spin, Telecom | Login |
| Jan 14, 2026 | Fund Letters | Ross Glotzbach | GHC | Graham Holdings Company | Consumer Discretionary | Education Services | Bull | New York Stock Exchange | Balancesheet, conglomerate, Education, healthcare, media | 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 | OSCR | Oscar Health, Inc. | Health Care | Managed Health Care | Bull | New York Stock Exchange | Healthinsurance, Membership, Regulation, valuation | Login |
| Jan 14, 2026 | Fund Letters | Ross Glotzbach | SAM | Boston Beer Company, Inc. | Consumer Staples | Brewers | Bear | New York Stock Exchange | Alcohol, Beverages, buybacks, innovation, Pricing | Login |
| Jan 14, 2026 | Fund Letters | Ross Glotzbach | CLW | Clearwater Paper Corporation | Materials | Paper & Forest Products | Bull | New York Stock Exchange | buybacks, Cyclicality, Freecashflow, Packaging, valuation | Login |
| Jan 14, 2026 | Fund Letters | Ross Glotzbach | ESRT | Empire State Realty Trust, Inc. | Real Estate | Office REIT | Bull | New York Stock Exchange | Assetsales, Leasing, Office, realestate, valuation | Login |
| Jan 14, 2026 | Fund Letters | Ross Glotzbach | ALX | Alexander’s, Inc. | Real Estate | Retail REIT | Bull | New York Stock Exchange | Assetvalue, Leasing, Office, realestate, valuation | Login |
| Jan 14, 2026 | Fund Letters | Ross Glotzbach | PK | Park Hotels & Resorts Inc. | Real Estate | Hotel & Resort REIT | Bear | New York Stock Exchange | Assetsales, Hotels, Leisure, Macro, Travel | Login |
| Oct 15, 2025 | Fund Letters | Ross Glotzbach | TRIP US | TripAdvisor, Inc. | Consumer Discretionary | Interactive Media & Services | Bull | NASDAQ | Activism, buybacks, growth, Online, recovery, Travel, valuation | Login |
| Oct 15, 2025 | Fund Letters | Ross Glotzbach | CNX US | CNX Resources Corp. | Energy | Oil & Gas Exploration & Production | Bull | NYSE | buybacks, energy, FCF, Gas, growth, management, valuation | Login |
| Oct 15, 2025 | Fund Letters | Ross Glotzbach | WFG US | White Mountains Insurance Group, Ltd. | Materials | Insurance | Bull | NYSE | capital allocation, growth, Insurance, M&A, management, Value | Login |
| Oct 15, 2025 | Fund Letters | Ross Glotzbach | MAT US | Mattel, Inc. | Consumer Discretionary | Toys & Games | Bull | NASDAQ | buybacks, growth, Ip, media, tariffs, Toys, valuation | Login |
| Jul 22, 2025 | Fund Letters | Ross Glotzbach | OSCR | Oscar Health, Inc. | Health Care | Managed Health Care | Bull | New York Stock Exchange | Balance_Sheet, Healthinsurance, Insurtech, Regulation, underwriting | Login |
| Jul 22, 2025 | Fund Letters | Ross Glotzbach | CUERVO MM | Becle, S.A.B. de C.V. | Consumer Staples | Distillers & Vintners | Bull | New York Stock Exchange | brands, Family_Ownership, Spirits, tequila, valuation | Login |
| Jul 22, 2025 | Fund Letters | Ross Glotzbach | BATRA | Atlanta Braves Holdings, Inc. | Communication Services | Entertainment | Bull | NASDAQ | — | Login |
| Jul 22, 2025 | Fund Letters | Ross Glotzbach | WEST | Westrock Coffee Company | Consumer Staples | Food & Beverage Processing | Bull | NASDAQ | Capacity, cashflow, Coffee, Execution, Insider_Buying | Login |
| Jul 22, 2025 | Fund Letters | Ross Glotzbach | SAM | Boston Beer Company, Inc. | Consumer Staples | Brewers | Bull | New York Stock Exchange | Balance_Sheet, Beer, brands, buybacks, Margins | Login |
| Jul 22, 2025 | Fund Letters | Ross Glotzbach | PCH | PotlatchDeltic Corporation | Real Estate | Timber REITs | Bull | NASDAQ | Asset_Value, dividends, Housing, realestate, Timber | Login |
| Jul 1, 2025 | Fund Letters | Longleaf Partners Small-Cap Fund | PCH | PotlatchDeltic | Real Estate | Specialized REITs | Bull | NASDAQ | Disciplined Management, Dividend Payer, Housing Market Exposure, Timberland REIT, undervalued | Login |
| Jul 1, 2025 | Fund Letters | Longleaf Partners Small-Cap Fund | BATRA | Atlanta Braves Holdings | Communication Services | Movies & Entertainment | Bull | NASDAQ | Mixed-Use Development, Professional sports, real estate development, Sports Franchise, Sum-of-Parts Valuation | Login |
| Jul 1, 2025 | Fund Letters | Longleaf Partners Small-Cap Fund | WEST | Westrock Coffee | Consumer Staples | Packaged Foods & Meats | Bull | NASDAQ | Business Diversification, cash flow generation, Coffee Producer, Facility Expansion, insider buying | Login |
| Jul 1, 2025 | Fund Letters | Longleaf Partners Small-Cap Fund | SAM | Boston Beer Company | Consumer Staples | Brewers | Bull | NYSE | Alcohol Industry, Beverage Company, margin expansion, net cash position, share repurchase, takeover target | Login |
| Jul 1, 2025 | Fund Letters | Longleaf Partners Small-Cap Fund | OSCR | Oscar Health | Health Care | Health Care Technology | Bull | NYSE | ACA Marketplace, Aligned Management, Differentiated Offering, health insurance, Healthcare Technology | Login |
| Jul 1, 2025 | Fund Letters | Longleaf Partners Small-Cap Fund | BECLE.MX | Becle | Consumer Staples | Distillers & Vintners | Bull | Mexican Stock Exchange | family ownership, Heritage Brands, market share, Mexican Company, Spirits, tequila, US Market Exposure | Login |
| Apr 1, 2025 | Fund Letters | Longleaf Partners Small-Cap Fund | CNX | CNX Resources | Energy | Oil & Gas Exploration & Production | Bull | NYSE | Coal Mine Methane, energy, Free Cash Flow, government incentives, hedging strategy, low-cost structure, natural gas | Login |
| Apr 1, 2025 | Fund Letters | Longleaf Partners Small-Cap Fund | GHC | Graham Holdings | Communication Services | Publishing | Bull | NYSE | defensive, Diversified, Education, healthcare, media, net cash, Value Growth | Login |
| Apr 1, 2025 | Fund Letters | Longleaf Partners Small-Cap Fund | GRUMAB.MX | Gruma | Consumer Staples | Packaged Foods & Meats | Bull | BMV | consumer staples, Corn Flour, EBITDA growth, Food Products, market leader, Tortillas, US Business | Login |
| Apr 1, 2025 | Fund Letters | Longleaf Partners Small-Cap Fund | PK | Park Hotels & Resorts | Real Estate | Hotel & Resort REITs | Bull | NYSE | financial position, Hotel, REIT, RevPAR Growth, San Francisco, takeover target, Transaction Activity, travel demand | Login |
| Apr 1, 2025 | Fund Letters | Longleaf Partners Small-Cap Fund | PCH | PotlatchDeltic | Real Estate | Specialized REITs | Bull | NASDAQ | Disciplined Management, dividend, Housing, Mill, Tariff Winner, timberland, undervalued | Login |
| Apr 1, 2025 | Fund Letters | Longleaf Partners Small-Cap Fund | SAM | Boston Beer Company | Consumer Staples | Brewers | Bull | NYSE | Alcohol, Beverage, growth drivers, margin pressure, share repurchase, Truly Brand, turnaround | Login |
| Jan 1, 2025 | Fund Letters | Longleaf Partners Small-Cap Fund | LLYVA | Liberty Live | Communication Services | Entertainment | Bull | NASDAQ | antitrust, corporate actions, Live entertainment, Live Nation, margin expansion, Revenue Growth, Value Realization | Login |
| Jan 1, 2025 | Fund Letters | Longleaf Partners Small-Cap Fund | OSCR | Oscar Health | Health Care | Health Care Technology | Bull | NYSE | Aca, health insurance, Healthcare Technology, insider buying, membership growth, operating margins, regional expansion | Login |
| Jan 1, 2025 | Fund Letters | Longleaf Partners Small-Cap Fund | KODK | Eastman Kodak | Information Technology | Technology Hardware, Storage & Peripherals | Bull | NYSE | Balance Sheet Value, Convertible Preferred, Corporate Restructuring, Imaging Technology, Pension Asset, Value Realization | Login |
| Jan 1, 2025 | Fund Letters | Longleaf Partners Small-Cap Fund | GHC | Graham Holdings | Communication Services | Media | Bull | NYSE | capital allocation, Diversified Media, Education Services, Free Cash Flow, healthcare, Pension De-risking, share repurchases | Login |
| Jan 1, 2025 | Fund Letters | Longleaf Partners Small-Cap Fund | HOUS | Anywhere Real Estate | Real Estate | Real Estate Management & Development | Bear | NYSE | Commission Structure, franchise model, housing market, Interest rates, leverage, NAR Settlement, Real Estate Brokerage | Login |
| Jan 1, 2025 | Fund Letters | Longleaf Partners Small-Cap Fund | WEST | Westrock Coffee | Consumer Staples | Food Products | Bull | NASDAQ | capacity expansion, Coffee Processing, Conway Facility, Free Cash Flow, leverage, operational challenges, Private-label | Login |
| Jan 1, 2025 | Fund Letters | Longleaf Partners Small-Cap Fund | CNX | CNX Resources | Energy | Oil, Gas & Consumable Fuels | Bull | NYSE | Appalachian Basin, energy, Free Cash Flow, hedging strategy, natural gas, share repurchases, Value Growth | Login |
| Jan 1, 2025 | Fund Letters | Longleaf Partners Small-Cap Fund | GRUMAB | Gruma | Consumer Staples | Food Products | Bull | BMV | Competition Authority, Corn Flour, market dominance, Mexican Peso, Mission Brand, Tortillas, US operations | Login |
| Oct 1, 2024 | Fund Letters | Longleaf Partners Small-Cap Fund | WEST | Westrock Coffee | Consumer Staples | Food Products | Bull | NASDAQ | Brand Behind Brand, capacity expansion, Co-Manufacturing, Coffee, consumer staples, Free Cash Flow, Private-label, turnaround | Login |
| Oct 1, 2024 | Fund Letters | Longleaf Partners Small-Cap Fund | HOUS | Anywhere Real Estate | Real Estate | Real Estate Services | Bull | NYSE | Cyclical, franchise model, Free Cash Flow, housing market, Interest Rate Sensitive, Real Estate Brokerage, Value | Login |
| Oct 1, 2024 | Fund Letters | Longleaf Partners Small-Cap Fund | CNX | CNX Resources | Energy | Oil, Gas & Consumable Fuels | Bull | NYSE | Appalachian Basin, energy, Free Cash Flow, hedging strategy, Low-cost producer, natural gas, share repurchase, Value | Login |
| Oct 1, 2024 | Fund Letters | Longleaf Partners Small-Cap Fund | OSCR | Oscar Health | Health Care | Health Care Services | Bull | NYSE | growth, health insurance, Healthcare services, Healthcare Technology, margin expansion, regional expansion, SaaS platform | Login |
| Jul 1, 2024 | Fund Letters | Longleaf Partners Small-Cap Fund | OSCR | Oscar Health | Health Care | Health Care Technology | Bull | NYSE | Aca, Free Cash Flow, health insurance, Healthcare Technology, market share gains, political risk, software platform, Value | Login |
| Jul 1, 2024 | Fund Letters | Longleaf Partners Small-Cap Fund | KODK | Eastman Kodak | Information Technology | Technology Hardware, Storage & Peripherals | Bull | NYSE | asset monetization, Bond-like Security, Catalyst, Convertible Preferred, Hidden-Assets, Maturity 2026, Overfunded Pension | Login |
| Jul 1, 2024 | Fund Letters | Longleaf Partners Small-Cap Fund | MAT | Mattel | Consumer Discretionary | Leisure Products | Bull | NASDAQ | Barbie, Consumer Discretionary, Entertainment Revenue, FCF growth, IP Portfolio, Media Entertainment, share repurchases, Toys | Login |
| Jul 1, 2024 | Fund Letters | Longleaf Partners Small-Cap Fund | HOUS | Anywhere Real Estate | Real Estate | Real Estate Services | Bull | NYSE | Debt Buybacks, Franchisor, Free Cash Flow, housing market, Index Removal, NAR Settlement, Real Estate Brokerage, turnaround | Login |
| Jul 1, 2024 | Fund Letters | Longleaf Partners Small-Cap Fund | PCH | PotlatchDeltic | Real Estate | Specialized REITs | Bull | NASDAQ | Alternative Land Use, housing market, Lumber Mills, net asset value, REIT, Solar Development, Tax-Efficient Dividend, timberland | Login |
| Apr 1, 2024 | Fund Letters | Longleaf Partners Small-Cap Fund | OSCR | Oscar Health | Health Care | Health Care Technology | Bull | NYSE | cash flow, growth, health insurance, healthcare, margin expansion, SaaS, technology platform | Login |
| Apr 1, 2024 | Fund Letters | Longleaf Partners Small-Cap Fund | CNX | CNX Resources | Energy | Oil, Gas & Consumable Fuels | Bull | NYSE | Appalachian Basin, commodity, energy, Free Cash Flow, Hedging, natural gas, Share Buybacks, Value | Login |
| Apr 1, 2024 | Fund Letters | Longleaf Partners Small-Cap Fund | HOUS | Anywhere Real Estate | Real Estate | Real Estate Services | Bull | NYSE | Brokerage, Commission, Cyclical, Franchisor, Free Cash Flow, housing market, NAR Settlement, Real Estate | Login |
| Apr 1, 2024 | Fund Letters | Longleaf Partners Small-Cap Fund | WTM | White Mountains Insurance Group | Financials | Multi-line Insurance | Bull | NYSE | acquisition, California, conglomerate, contrarian, defensive, Homeowners Insurance, Insurance, net cash | Login |
| Jan 1, 2024 | Fund Letters | Longleaf Partners Small-Cap Fund | OSCR | Oscar Health | Health Care | Health Care Technology | Bull | NYSE | Cost control, EBITDA growth, Health Care Technology, health insurance, Management Change, operational efficiency, turnaround | Login |
| Jan 1, 2024 | Fund Letters | Longleaf Partners Small-Cap Fund | ^HSI | Hyatt Hotels | Consumer Discretionary | Hotels, Resorts & Cruise Lines | Bull | NYSE | Asia-Pacific, Group Travel, Hotels, RevPAR Growth, share repurchase, strategic acquisition, Travel Recovery | Login |
| Jan 1, 2024 | Fund Letters | Longleaf Partners Small-Cap Fund | KNF | Knife River | Materials | Construction Materials | Bull | NYSE | Cash Flow Improvement, construction materials, Contracting, Management Focus, operational optimization, spinoff, value unlock | Login |
| Jan 1, 2024 | Fund Letters | Longleaf Partners Small-Cap Fund | WEST | Westrock Coffee | Consumer Staples | Packaged Foods & Meats | Neutral | NASDAQ | B2B Supplier, capacity expansion, Coffee Processing, cyclical headwinds, Flavors and Ingredients, Single Serve, Volume Pressure | Login |
| Jan 1, 2024 | Fund Letters | Longleaf Partners Small-Cap Fund | GRUMAB | GRUMA | Consumer Staples | Packaged Foods & Meats | Bull | BMV | consumer staples, Corn Flour, debt reduction, defensive business model, Free Cash Flow, share repurchase, Tortilla Manufacturing | Login |
| Jan 1, 2024 | Fund Letters | Longleaf Partners Small-Cap Fund | ESRT | Empire State Realty Trust | Real Estate | Office REITs | Bull | NYSE | Leasing Success, NYC Real Estate, Office REITs, operational excellence, real estate recovery, Tenant Replacement, value creation | Login |
| Oct 1, 2023 | Fund Letters | Longleaf Partners Small-Cap Fund | OSCR | Oscar Health | Health Care | Health Care Technology | Bull | NYSE | health insurance, healthcare, Healthcare Technology, Price-to-Value Gap, software platform, technology, Venture Capital | Login |
| Oct 1, 2023 | Fund Letters | Longleaf Partners Small-Cap Fund | CNX | CNX Resources | Energy | Oil, Gas & Consumable Fuels | Bull | NYSE | Appalachian Basin, Carbon Reduction, energy, natural gas, Operational Execution, share repurchase, technology, Undrilled Assets | Login |
| Oct 1, 2023 | Fund Letters | Longleaf Partners Small-Cap Fund | AMAT | Mattel | Consumer Discretionary | Leisure Products | Bull | NASDAQ | Barbie, brand monetization, Consumer Discretionary, Cultural Phenomenon, entertainment, Intellectual Property, media, Toys | Login |
| Oct 1, 2023 | Fund Letters | Longleaf Partners Small-Cap Fund | SAM | Boston Beer Company | Consumer Staples | Beverages | Bull | NYSE | Beverages, brand portfolio, consumer staples, Hard Seltzer, Margin Optimization, net cash, share repurchase, Twisted Tea | Login |
| Oct 1, 2023 | Fund Letters | Longleaf Partners Small-Cap Fund | WEST | Westrock Coffee | Consumer Staples | Food Products | Bull | NASDAQ | B2b, Beverages, Coffee, Food Products, Higher Value Products, manufacturing, Plant Expansion, Private-label | Login |
| Jun 30, 2023 | Fund Letters | Longleaf Partners Small-Cap Fund | OSCR | Oscar Health | Health Care | Health Care Technology | Bull | NYSE | Cost control, Efficiency Improvement, health insurance, Healthcare Technology, Management Change, Operational Turnaround, software platform | Login |
| Jun 30, 2023 | Fund Letters | Longleaf Partners Small-Cap Fund | BATRA | Liberty Braves Group | Communication Services | Entertainment | Bull | NASDAQ | entertainment, Real Estate, spinoff, Sports Franchise, Stadium Assets, Take-out Candidate, Tracking stock, Value Catalyst | Login |
| Jun 30, 2023 | Fund Letters | Longleaf Partners Small-Cap Fund | HOUS | Anywhere Real Estate | Real Estate | Real Estate Services | Bull | NYSE | Cost control, Cyclical Recovery, franchise model, Free Cash Flow, Housing Market Recovery, Real Estate Brokerage, transaction volumes | Login |
| Jun 30, 2023 | Fund Letters | Longleaf Partners Small-Cap Fund | LXS.DE | Lanxess | Materials | Specialty Chemicals | Bear | XETRA | China exposure, Destocking, German Company, Operational Restructuring, Position exit, Profit Warning, specialty chemicals | Login |
| Jun 30, 2023 | Fund Letters | Longleaf Partners Small-Cap Fund | SAM | Boston Beer Company | Consumer Staples | Brewers | Bull | NYSE | alcoholic beverages, brand portfolio, craft beer, Cyclical Recovery, Hard Seltzer, Samuel Adams, Twisted Tea, value opportunity | Login |
| Jun 30, 2023 | Fund Letters | Longleaf Partners Small-Cap Fund | LUMN | Lumen Technologies | Communication Services | Integrated Telecommunication Services | Bear | NYSE | Asset-backed securities, Bond Investment, Equity Exit, Hard assets, Management Disappointment, risk management, strategic pivot, telecommunications | Login |
| Mar 31, 2023 | Fund Letters | Longleaf Partners Small-Cap Fund | OSCR | Oscar Health | Health Care | Health Care Technology | Bull | NYSE | CEO transition, Consumer healthcare, EBITDA Positive, Equity Compensation, health insurance, Health Technology, SaaS, turnaround | Login |
| Mar 31, 2023 | Fund Letters | Longleaf Partners Small-Cap Fund | ^HSI | Hyatt Hotels Corporation | Consumer Discretionary | Hotels, Restaurants & Leisure | Bull | NYSE | asset sales, capital allocation, Franchising, Group Properties, hospitality, Hotels, post-COVID recovery, Share Buybacks | Login |
| Mar 31, 2023 | Fund Letters | Longleaf Partners Small-Cap Fund | LUMN | Lumen Technologies | Communication Services | Diversified Telecommunication Services | Bear | NYSE | debt reduction, Enterprise Services, Fiber, legacy business, revenue decline, strategic separation, telecommunications, turnaround | Login |
| TICKER | COMMENTARY |
|---|---|
| SAM | Alcoholic beverage company Boston Beer was a contributor for the quarter as industry data improved compared to last year. Sentiment around the industry appears to be leveling off after two years of headwinds from changes in consumption habits. The company reported solid first quarter results that were highlighted by continued improvement in gross margins. Recent innovation Sun Cruiser is growing volumes rapidly as the brand expands nationwide to take advantage of the sizable runway remaining in the ready-to-drink tea space. The company also continues to make progress in fixing problems at Twisted Tea, their largest brand. Boston Beer remains both an active share repurchaser and attractive acquisition target as alcohol industry consolidation looks to be on the horizon. |
| SHEN | Telecom company Shenandoah was a contributor for the quarter. The company reported a solid set of results that helped the market wake up to these off-the-radar assets that we started buying last year. While parts of this unique company are technically legacy telecom, Shenandoah made the wise call to focus on building out its fiber business years ago. This led to decreased short-term earnings power and a higher leverage ratio on reported EBITDA, but the company built a substantial amount of value with this capital allocation decision. Now a strong majority of its value comes from this great, growing business. Shenandoah also wisely securitized most of its fiber assets in the 4th quarter to improve the balance sheet. The company is now getting closer to FCF positive in 2027, and earnings growth should continue to be strong thereafter. |
| ESRT | Empire State Realty declined with other real estate companies as fears about AI-driven job losses hit the sector. International travel trends also continued to impact their Observatory business. In spite of these headwinds, ESRT reported solid leasing results and should be able to grow cash flow this year. Both companies still have irreplaceable assets driven by aligned partners. Their divergent stock price moves led to us trimming Alexander's and adding to ESRT as the quarter went on. |
| ALX | Alexander's announced a great sale of a non-core, non-income-generating asset in Queens that puts the company further on offense. Both companies still have irreplaceable assets driven by aligned partners. Their divergent stock price moves led to us trimming Alexander's and adding to ESRT as the quarter went on. |
| RYN | Timberland companies Rayonier and PotlatchDeltic completed their merger in the quarter to become our largest single position in the Fund. While the combination of the pre-merger-close price move up in PotlatchDeltic and the post-merger-close price move down in Rayonier did not combine to make this a large detractor, it is worth noting the post-merger weakness we believe did not line up with the solid value creation opportunity at a company like this. While some of the sell-off was likely short-term/technical (index rebalancing), timberland remains a great and long-term store of value. Interest rate moves and housing market sentiment can impact perception in the short term, but this asset class has historically been an inflation hedge that has performed well in a variety of environments. Post-merger, Rayonier has a strong balance sheet and the ability to go on offense. We believe that targeted asset sales and share repurchase can drive value per share growth from here. |
| CUERVO.MX | Spirits company Becle detracted after the company reported a quarter that the stock market did not like. This short-term earnings volatility (on a business that is 200+ years old) was driven by a shift in distribution that is the right thing to do for the long-term. While this means that reported revenues will be down a few percent in 2026, this sets the company up for growth in 2027 and beyond. As mentioned above on Boston Beer, industry trends did not get worse, but there remains debate about spirits consumption going forward. The biggest industry news came late in the quarter when it was confirmed that Pernod Ricard and Brown-Forman were discussing a merger. The industry is ripe for consolidation, and now this could be kicking off. Becle will be poised to act from a position of financial strength while being focused on the still fastest growing part of the spirits industry, tequila. We added to our position in the quarter after the stock declined. |
| MAT | Children's toy, media, and consumer products creator Mattel was a detractor in the quarter. The stock fell due to an unexpected $150 million (15% of EBITDA) in incremental spending on initiatives including mobile gaming, Brick Shop (Mattel's competitor to LEGO), and direct to consumer marketing. CEO Ynon Kreiz cited a one-year payback on this spend, but the market remains in show-me mode and the price declined proportionate to the 2026 earnings per share guidance reduction. This was compounded by 4Q results that missed expectations, especially in the US. To the positive, the company committed to $1.5 billion in share repurchase over the next 3 years, which equates to 33% of shares outstanding at today's price. 2026 should have demonstrated the true FCF power of Mattel given traction on IP initiatives including two new movies (Masters of the Universe and Matchbox), two new mobile game launches, and licensing momentum with Toy Story 5 and KPop Demon Hunters. Unfortunately, this was delayed, and we are focused on what we can do to improve this situation. |
| TRIP | Digital experiences, dining and travel company Tripadvisor was a detractor for the quarter. As previously mentioned, we were pleased to see board improvement at the company. Unfortunately, this came after a disappointing quarter and a lack of board urgency up to this point. The legacy Tripadvisor business has been worse than we first thought a year ago. However, it has gone from only ~20% of our value then to now closer to 10%, while Viator and TheFork have grown. Macro travel trends got worse in the quarter as well. To the positive, we believe that the company is now acting on what is important to realize value per share. There are a variety of strategic options available to this company, and we look forward to how this year develops. |
| CNX | CNX, with its more hedged earnings stream vs. other, lower-quality energy companies, only saw its stock price increase 5% in the quarter, but we think the long-term value of safe, USA natural gas went up more than that. |
| GLIBA | We were surprised that the market has not yet connected the dots on how positive the Iran War can be for Alaska and by extension our investment in GCI Liberty. |
| 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 | |||
