Browse the world's most comprehensive database of hedge fund investor letters, sorted by recent quarter. Access primary source research from leading institutional managers.
Browse the world's most comprehensive archive of hedge fund manager letters. Access primary source research from leading institutional managers, sorted by reporting period.
Longleaf Partners Small-Cap Fund posted a -2.47% return in the second quarter of 2026, lagging a momentum-driven rally fueled by extreme speculative multiple expansion in artificial intelligence and tech names. Holding an 11.7% cash buffer across 16 high-conviction positions trading in the mid-50s price-to-value range, the manager remains patient, leaning into corporate actions and buybacks rather than chasing expensive speculative market trends.
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Longleaf Partners Small-Cap Fund posted a -2.47% return in the second quarter of 2026, lagging a momentum-driven rally fueled by extreme speculative multiple expansion in artificial intelligence and tech names. Holding an 11.7% cash buffer across 16 high-conviction positions trading in the mid-50s price-to-value range, the manager remains patient, leaning into corporate actions and buybacks rather than chasing expensive speculative market trends.
