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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2024 Q1 | May 7, 2024 | Longleaf Partners Global Fund | 14.8% | 18.4% | CNX, FDX, FIS, WBD | - | View | ||
| 2024 Q1 | May 7, 2024 | Longleaf Partners Fund | 10.4% | 10.3% | CNX, FDX, FIS, LBRDA, WBD | - | View | ||
| 2024 Q1 | May 7, 2024 | Longleaf Partners Small-Cap Fund | 8.9% | 11.5% | CNX, HOUS, OSCR, WTM | - | View | ||
| 2025 Q1 | Apr 12, 2025 | Longleaf Partners Fund | -5.1% | -5.1% | ACI, BIO, CNX, FDX, IAC, MAT, PVH, PYPL, RTX | - | View | ||
| 2025 Q1 | Apr 12, 2025 | Longleaf Partners Global Fund | -2.2% | -2.2% | ACI, BOL, CNX, FDX, GMKKY, IAC, TIGO | - | View | ||
| 2023 Q3 | Dec 10, 2023 | Longleaf Partners Fund | 10.4% | 10.3% | CNX, GE, IAC, MAT, WBD, WMG | - | View | ||
| 2023 Q3 | Dec 10, 2023 | Longleaf Partners Global Fund | 14.8% | 18.4% | CNX, DHE GR, GE, IAC, MAT, WBD | - | View | ||
| 2023 Q3 | Dec 10, 2023 | Longleaf Partners Small-Cap Fund | 8.9% | 11.5% | CNX, MAT, OSCR, SAM, WEST | - | View | ||
| 2024 Q3 | Oct 16, 2024 | Longleaf Partners Fund | 10.4% | 10.3% | CNX, FDX, K, MGM, PYPL | - | View | ||
| 2024 Q3 | Oct 16, 2024 | Longleaf Partners Small-Cap Fund | 8.9% | 11.5% | CNX, HOUS, OSCR, WEST | - | View | ||
| 2024 Q3 | Oct 16, 2024 | Longleaf Partners Global Fund | 14.8% | 18.4% | CNX, DHER GR, ERF FP, FDX, K, MGM, PROSY | - | View | ||
| 2025 Q3 | Oct 15, 2025 | Longleaf Partners Fund | -0.3% | -0.4% | ACI, BIO, CNX, EXO NA, FDX, FIS, IAC, KHC, MAT, PCH, PVH, REGN, RYN | Capital Allocation, free cash flow, Market cycles, Quality Companies, Value Investing | Longleaf reiterates its focus on long-term value and high free cash flow per share growth amid market froth driven by AI hype and mega-cap valuations. The fund holds concentrated positions in cash-generative firms like CNX, Kraft Heinz, and FedEx, emphasizing operational discipline and capital allocation. Management expects re-rating potential as fundamentals outweigh speculation. | BIO REGN PCH RYN ACI FDX MGM IAC KHC MAT CNX |
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| 2025 Q3 | Oct 15, 2025 | Longleaf Partners Global Fund | 2.6% | 10.9% | 4613 JP, ACI, CAN LN, CNX, EXO NA, GLB LN, IAC, MAT, PCH, PHG, PVH, RYN | Compounding, free cash flow, Global Equities, Quality, Value Investing | Longleafs Global Fund emphasizes owning real-asset and cash-flow-generating businesses while avoiding speculative overvaluation driven by AI exuberance. Management sees opportunity in undervalued holdings such as timber, media, and consumer companies trading at low free cash flow multiples. The portfolio remains positioned for durable compounding through disciplined capital allocation and improving fundamentals. | PVH 4613 JP |
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| 2025 Q3 | Oct 15, 2025 | Longleaf Partners Small-Cap Fund | 2.0% | 6.4% | CLW, CNX, CUERVO* MM, GHC, GRUMAB MM, MAT, OSCR, PCH, RYN, TRIP, WTM | Compounding, free cash flow, Share repurchase, small caps, Value Investing | Longleafs Small-Cap Fund focuses on undervalued, high-quality small-cap franchises generating strong free cash flow. The team notes speculative excess in unprofitable small caps but remains confident in holdings such as Gruma, Becle, and White Mountains, which have multiple catalysts for value realization. Management sees substantial upside from disciplined ownership and shareholder alignment. | TRIP US MAT US WFG US CNX US |
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| 2023 Q3 | Oct 10, 2023 | Cove Street Capital Small Cap Value Fund | 3.7% | -6.0% | AMSWA, CCF, CNX, CVLT, DLHC, ECVT, HCCI, HNRG, IAC, LFCR, MGM, SSP, VSAT | - | View | ||
| 2025 Q4 | Jan 14, 2026 | Longleaf Partners Fund | -0.3% | -0.4% | ACI, AMG, ANGI, AVTR, CNX, DINO, DIS, EXO.MI, FDX, H, IAC, KHC, MAT, MGM, PCH, PVH, PYPL, REGN, RTX, RYN | Buybacks, Cash, Defensive, Leverage, Quality, value | Fund focuses on undervalued companies trading below intrinsic value with P/V ratio in low-60s%. Manager emphasizes buying quality companies at discounts and waiting for market recognition of value. Multiple portfolio companies engaged in significant share repurchases including Mattel ($600M), Regeneron, MGM (40% over 5 years), and PVH. Manager views buybacks as value-creating at current discounted prices. Holdings include Mattel with strong IP portfolio (Hot Wheels, Barbie, UNO) and upcoming movie releases, plus IAC's digital assets. Focus on companies with valuable content and intellectual property. | ANGI PVH PYPL MGM IAC REGN MAT DINO KHC |
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| 2025 Q4 | Jan 14, 2026 | Longleaf Partners Global Fund | 5.3% | 16.7% | ANGI, AVTR, BIO, CNH, CNX, DHER.DE, EXOR.MI, F, FI, GLAN.L, GRUMA.MX, IAC, JFC.PS, KHC, MAT, MGM, PHG, REGN, STLA, TIGO, UNH | Buybacks, FCF, global, Holdings, Media, Quality, value | The fund maintains a concentrated portfolio of undervalued stocks trading at low P/V ratios in the low-60s%. Management emphasizes finding defensive growers like consumer staples and timberland companies at better prices, similar to their successful positioning in 1999. They focus on companies with strong free cash flow generation and quality management partners. Multiple portfolio companies are actively repurchasing shares at attractive prices. MGM has repurchased over 40% of shares in five years, Glanbia added to buyback programs, and Exor executed efficient share repurchases via Dutch auction. The fund views these as value-creating capital allocation moves. Canal+ renewed exclusive UEFA Champions League rights for 2027-2031 at better economics than feared, reinforcing subscriber base quality. The company made operational progress across European and African platforms following the MultiChoice merger, though remains underfollowed as a French media company on London Stock Exchange. | AVTR BIO ANGI MGM KHC IAC TIGO GLB LN CAN LN |
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| 2025 Q4 | Jan 14, 2026 | Longleaf Partners Small-Cap Fund | 1.1% | 7.6% | 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 | Fund focuses on undervalued companies trading below intrinsic value with P/V ratios in low-60s%. Manager emphasizes buying quality companies at discounted prices when market favors unprofitable, lower quality stocks. Significant exposure to alcoholic beverage companies including Becle (tequila/whiskey manufacturer) and Boston Beer. Alcohol industry faces consumption headwinds but companies have strong brands and pricing power. Holdings in Empire State Realty and Alexander's provide exposure to New York real estate. Despite political concerns about Mayor Mamdani, on-the-ground leasing trends outpace weak stock performance. Graham Holdings diversified conglomerate includes broadcast television assets that could benefit from increased M&A activity. Kaplan education segment returning to growth after multi-year turnaround. | PK ALX ESRT CLW SAM OSCR MAT GHC GLIBA |
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| 2025 Q4 | Jan 14, 2026 | Riverwater Partners Small Cap Strategy | 0.0% | 0.0% | ADEA, AMD, ATMU, ATRC, BHST, BKH, CNX, DIS, HSTM, ITGR, KGS, LEU, LMNR, LOPE, MOD, NPKI, PLMR, STKL, VECO, WRBY | AI, financials, healthcare, infrastructure, Natural Gas, nuclear, Quality, small caps | Natural gas stocks benefited from AI theme as potential winners in powering data centers. CNX Resources was the top contributor driven by weather-related price increases and strong company execution. The manager remains encouraged by structural demand drivers for natural gas supporting higher volumes over time. Centrus Energy was positioned at the nexus of U.S. national security, nuclear energy independence, and next-generation reactor deployment. The company benefited from structural shift away from Russian nuclear fuel supply toward domestic enrichment, with rising demand from advanced reactors, SMRs, and nuclear power supporting AI-driven data center load growth. NPK International was added as a way to participate in multi-year infrastructure buildout required to support grid expansion, electrification, and energy system upgrades. The company provides composite matting solutions for utility and energy-related end markets with advantages over traditional timber mats. The manager avoided speculative AI investments but played the theme through picks-and-shovels approach via semicap equipment and utility infrastructure buildout. Natural gas stocks benefited as potential winners in powering data centers. Warby Parker has a call option on smart glasses and AI-enabled eyewear through its partnership with Google. | ITGR HSTM WRBY ADEA NPKI KGS BHST LMNR LOPE LEU CNX |
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| 2022 Q4 | Sep 2, 2023 | Longleaf Partners Fund | 10.4% | 10.3% | AMG, CNHI, CNX, DEI, GE, IAC, LUMEN SS, PVH, WBD | - | View | ||
| 2022 Q4 | Sep 2, 2023 | Longleaf Partners Global Fund | 14.8% | 18.4% | AMG, CNX, GE, IAC, LUMN, TIGO, WBD | - | View | ||
| 2024 Q4 | Jan 16, 2025 | Longleaf Partners Fund | -1.3% | 8.8% | CNX, DINO, FIS, IAC, K, LBRDK/A, MGM, PYPL, RTX, WBD | - | View | ||
| 2024 Q4 | Jan 16, 2025 | Longleaf Partners Small-Cap Fund | -1.6% | 9.7% | 3G3B GR, CNX, GHC, KODK, LLYVA, OSCR, WEST | - | View | ||
| 2024 Q4 | Jan 16, 2025 | Longleaf Partners Global Fund | -6.7% | 10.5% | CNX, ERF FP, FIS, IAC, K, MGM, PRX NA, TIGO, VIV FP, WBD | - | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Jan 16, 2026 | Fund Letters | Adam Peck | CNX Resources Corporation | Energy | Oil & Gas Exploration & Production | Bull | New York Stock Exchange | buybacks, energy, Freecashflow, Naturalgas, Volumes | View Pitch |
| Nov 29, 2025 | Fund Letters | Ross Glotzbach | CNX Resources Corporation | Energy | Oil & Gas Exploration & Production | Bull | NYSE | buybacks, deleveraging, Free Cash Flow, Integration, natural gas, Utica, valuation | View Pitch |
| Manager Name | Fund Name | Fund AUM | Invested Value | Portfolio Weight | Shares Owned | Shares Bought / Sold During Quarter | % Bought / Sold During Quarter | % of Shares Outstanding Owned |
|---|---|---|---|---|---|---|---|---|
| No investor data available. | ||||||||