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Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Jul 22, 2025	Longleaf Partners Fund	5.3%	-0.1%	BIO, CNX, EXOR.MI, FDX, FIS, HF, IAC, KHC, MAT, MGM, PVH, REGN	Buybacks, Cash, energy, healthcare, tariffs, value	The fund maintains a low-60s% price-to-value ratio and below 10x price-to-free cash flow multiple while the market trades at well above 20x. They continue to avoid popular favorites and tilt toward where near-term emotions have led to mispricings in their favor.	FDX REGN KHC MGM DINO	View
2025 Q2	Jul 22, 2025	Longleaf Partners Global Fund	10.5%	8.1%	AMG, ANGI, BIO, CNX, DINO, ERF.PA, EXO.MI, FDX, GLB.L, IAC, KHC, MAT, PHG, PVH, REGN, RKT.L	Buybacks, global, healthcare, Spin-Offs, Trade Policy, undervalued, value	Portfolio trades at high-50s% price-to-value ratio with P/FCF below 10x versus broader market at 20x. Manager continues to avoid popular favorites and tilts toward emotional mispricings. Securities owned have stock-specific undervaluation reasons.	FDX REGN KHC LH.PA GLB.L CANAL.PA CAN LN	View
2025 Q2	Jul 22, 2025	Longleaf Partners Small-Cap Fund	2.7%	4.2%	BATRA, CNX, CUERVO.MX, DOLE, GHC, GRUMA.MX, KODK, MAT, OSCR, PCH, SAM, TRIP, WEST, WTM	Alcohol, Buybacks, real estate, small caps, undervalued, value	The 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.	PCH SAM WEST BATRA BECLE.MX OSCR PCH SAM WEST BATRA CUERVO MM OSCR	View
2024 Q1	May 7, 2024	Longleaf Partners Global Fund	14.8%	18.4%	AMG, BIO, CNX, DHER.DE, EQT, EXOR.MI, FBIN, FDX, FFH.TO, FIS, GLB.L, H, IAC, K, LYV, MLCO, PRX.AS, PVH, TIGO, WBD	Buybacks, global, Logistics, Media, Natural Gas, technology, value	Multiple portfolio companies are executing substantial share repurchase programs. CNX Resources continues share repurchase at a double-digit annualized pace, FedEx repurchased substantial stock with 6% annualized pace and authorized another $5 billion program, and FIS is using proceeds from asset sales to repurchase 10% of the company.	WBD FIS FDX CNX	View
2024 Q1	May 7, 2024	Longleaf Partners Fund	10.4%	10.3%	AMG, BIO, CHTR, CNHI, CNX, FBHS, FDX, FFH, FIS, H, IAC, K, LBRDA, LYV, MAT, RTX, WBD, WMG	Buybacks, free cash flow, Logistics, Media, Natural Gas, technology, value	Multiple portfolio companies are executing substantial share repurchase programs. FIS is repurchasing 10% of the company, CNX continues share repurchase at a double-digit annualized pace, and FedEx maintains a 6% annualized repurchase pace with another $5 billion program authorized.	WBD LBRDA FDX CNX FIS	View
2024 Q1	May 7, 2024	Longleaf Partners Small-Cap Fund	8.9%	11.5%	BATRA, CNX, DEI, GHC, GRUMAB, H, HOUS, IMKTA, KODK, MAT, OSCR, PK, SAM, WEST, WTM	Buybacks, insurance, Natural Gas, real estate, small caps, value	Fund 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.	HOUS WTM CNX OSCR	View
2026 Q1	Apr 18, 2026	Longleaf Partners Global Fund	-4.4%	-4.4%	ACI, CNX, DHER.DE, DIS, FDX, GLB, IAC, MAT, MGM, PHG, REGN, RYN	activism, Forest Products, global, Logistics, private credit, Quality, value		MAT IEL.AX DHER.DE RYN GLB FDX	View
2026 Q1	Apr 18, 2026	Longleaf Partners Small-Cap Fund	-2.7%	-2.7%	ALX, CNX, CUERVO.MX, ESRT, GLIBA, MAT, RYN, SAM, SHEN, TRIP	Alcohol, energy, private credit, real estate, small cap, Travel, value		TRIP MAT BECLE RYN ESRT SHEN SAM	View
2025 Q1	Apr 12, 2025	Longleaf Partners Fund	-5.1%	-5.1%	ACI, AMG, BIO, CNX, EXOR.MI, FDX, FIS, HFC, IAC, MAT, PVH, PYPL, RTX	Buybacks, energy, healthcare, technology, Trade Policy, value	Fund focuses on quality companies trading at significant discounts to intrinsic value with P/V ratio below 60%. Manager emphasizes value stock picking environment where nimble companies on offense are rewarded versus largest index companies.	PVH PYPL FDX CNX BIO RTX MAT IAC ACI	View
2025 Q1	Apr 12, 2025	Longleaf Partners Small-Cap Fund	1.5%	1.5%	BATRA, CNX, DOLE, GHC, GMAB, KODK, MAT, PCH, PK, SAM, WEST, WTM	Buybacks, downside protection, Outperformance, small caps, stock picking, value	The 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.	PK CNX SAM PCH GRUMAB.MX GHC	View
2025 Q1	Apr 12, 2025	Longleaf Partners Global Fund	-2.2%	-2.2%	ACI, BIO, CNX, DHER.DE, EXOR.MI, FDX, FIS, GLB.L, HFC, IAC, MAT, TIGO	Cash, global, healthcare, Logistics, Quality, tariffs, value	The fund maintains a price-to-value ratio under 60% which is highly attractive. The manager believes this is setting up to be a better environment for value stock picking where nimble companies on offense are rewarded rather than the biggest index companies continuing to go straight up.	GLB FDX CNX BIO TIGO IAC ACI	View
2023 Q3	Dec 10, 2023	Longleaf Partners Fund	10.4%	10.3%	AMG, BIO, CNH, CNX, FDX, FFH, GE, HAS, IAC, LBRDK, MAT, MGM, WBD, WMG	Buybacks, Concentration, energy, Media, Quality, value	The fund emphasizes owning high-quality businesses trading at significant discounts to intrinsic value. Portfolio trades at 13x P/E on not yet optimized earnings with a price-to-value ratio in the low-60s%, offering meaningful upside potential. Fund avoids mega-cap stocks trading at historic valuation multiples.	0GEG LN NWBD.L IAC AMAT WMG CNX	View
2023 Q3	Dec 10, 2023	Longleaf Partners Global Fund	14.8%	18.4%	0001.HK, CFR.SW, CNX, DHER.DE, FBHS, FDX, FIS, GE, GLB, HAS, IAC, MAT, MGM, PRX.AS, WBD, WMG	Concentration, discount, global, Quality, value	The fund emphasizes trading at 12.5x P/E on not yet optimized earnings versus mega-cap stocks at 29x P/E. Portfolio has price-to-value ratio in low-60s% offering meaningful upside potential. Fund owns high-quality businesses at discounted valuations.	NWBD.L DHER.DE IAC AMAT CNX	View
2023 Q3	Dec 10, 2023	Longleaf Partners Small-Cap Fund	8.9%	11.5%	BATRA, CNX, DOOR, ESRT, GHC, GRUMAB, KODK, LUMN, MAT, OSCAR, SAM, WEST, WTM	consumer, discount, energy, Entertainment, Quality, small caps, value	Small-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.	WEST OSCR AMAT SAM CNX	View
2024 Q3	Oct 16, 2024	Longleaf Partners Fund	10.4%	10.3%	AMG, BIO, CNX, FDX, FIS, IAC, K, LYV, MAT, MGM, PVH, PYPL	Buybacks, gaming, Logistics, Natural Gas, payments, value	Multiple portfolio companies are executing significant share repurchase programs. PayPal repurchased nearly 10% of its shares on an annualized basis, leading to stronger FCF per share growth. MGM continues to execute significant share buybacks, further boosting FCF per share. CNX Resources directs free cash flow to value accretive share repurchase.	FDX MGM PYPL CNX K	View
2024 Q3	Oct 16, 2024	Longleaf Partners Small-Cap Fund	8.9%	11.5%	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	Fund 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.	WEST HOUS CNX OSCR	View
2024 Q3	Oct 16, 2024	Longleaf Partners Global Fund	14.8%	18.4%	0700.HK, AMG, CNX, DHER.DE, ERF.PA, EXO.MI, FDX, FIS, GLB.L, IAC, K, MGM, ODFL, PRX.AS, SAIA, TCOM, TIGO, UBER, WMG	Buybacks, E-Commerce, gaming, global, Logistics, Natural Gas, value	The fund focuses on companies with durable competitive advantages trading at historically high valuation gaps versus the index. The price-to-value ratio remains in the high-60s%, indicating substantial room for price appreciation. Management emphasizes building a unique portfolio in a time of high valuations for the largest companies globally.	MGM FDX PRX.AS ERF.PA CNX K DHER.DE	View
2025 Q3	Oct 15, 2025	Longleaf Partners Fund	-0.3%	-0.4%	ACI, ANGI, BIO, CNX, EXOR.MI, FDX, FIS, H, HFC, IAC, KHC, MAT, MGM, PCH, PVH, REGN, RYN	AI, Bubble, Buybacks, FCF, spinoffs, undervalued, value	Fund focuses on companies trading at significant discounts to intrinsic value with P/V ratio in low-60s%. Manager emphasizes buying undervalued assets with growing free cash flow per share while avoiding overvalued market segments.	BIO REGN PCH RYN ACI FDX MGM IAC KHC MAT CNX	View
2025 Q3	Oct 15, 2025	Longleaf Partners Global Fund	2.6%	10.9%	4613.T, ACI, CANAL.PA, CNX, DHER.DE, EXOR.MI, GLB.L, IAC, KHC, MAT, MGM, PCH, PHG, PVH, RYN	AI, Buybacks, consumer, energy, FCF, global, Timberland, value	Fund focuses on investments grounded in real assets and brands producing growing free cash flow, trading at less than 10x FCF today with potential to reach mid-teens FCF multiples. Portfolio P/V ratio in high-50s% indicates significant discount to intrinsic value estimates.	PVH 4613 JP	View
2025 Q3	Oct 15, 2025	Longleaf Partners Small-Cap Fund	2.0%	6.4%	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	Fund 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.	TRIP US MAT US WFG US CNX US	View
2023 Q3	Oct 10, 2023	Cove Street Capital Small Cap Value Fund	3.7%	-6.0%	AMSWA, ANGI, CCF, CNX, CVLT, DLHC, ECVT, HCCI, HNRG, IAC, LFCR, MGM, SSP, VMD, VSAT	Concentration, cybersecurity, energy, healthcare, Media, small caps, value	The fund focuses on concentrated investments in specific companies at specific values, seeking to capitalize on opportunities in small cap equities that are less affected by market fads. The manager emphasizes finding good businesses that grow with CEOs who understand value per share math.	AMSWA DLHC SSP IAC 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	View
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	View
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	View
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	View
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
2023 Q4	Aug 1, 2024	Cove Street Capital Small Cap Value Fund	3.7%	-6.0%	AVD, CJREF, CNX, DLHC, HNGR, LFCR, LTRPA, OUT, SSP, VSAT, VTS	Agriculture, concentrated, energy, Media, small cap, Travel, value	Manager holds three energy-related stocks including Hallador Energy, CNX Resources, and Vitesse Energy. Believes demand for carbon energy is stickier than many expect and sufficient alternatives are harder to produce than anticipated, creating higher and steadier profit fundamentals for domestic energy sources.		View
2024 Q2	Jul 23, 2024	Longleaf Partners Fund	10.4%	10.3%	AMG, BIO, CHTR, CNHI, CNX, FDX, FIS, IAC, K, MAT, MGM, OD, PVH, RTX	Buybacks, Concentration, free cash flow, Logistics, Margins, value	The fund emphasizes trading at low-60s% price-to-value ratio with significant margin of safety. Portfolio companies trade at approximately 10 times free cash flow on margins that can improve, while S&P 500 trades at over 20 times potentially peak free cash flow.	MAT CNHI BIO FDX	View
2024 Q2	Jul 23, 2024	Longleaf Partners Small-Cap Fund	8.9%	11.5%	BATRA, CNX, DEA, GHC, GRUMA, HOWE, KODK, MAT, OSCR, PCH, PK, WEST, WTM	energy, healthcare, materials, real estate, small caps, value	Fund 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.	PCH MAT HOUS KODK OSCR	View
2024 Q2	Jul 23, 2024	Longleaf Partners Global Fund	14.8%	18.4%	AC.PA, AMG, BIO, CFR.SW, CNX, DHER.DE, ENT.L, ERF.PA, EXOR.MI, FDX, FIS, GLB.L, IAC, K, MAT, MGM, PRX.AS, TIGO, VIV.PA, WBD	Buybacks, Europe, free cash flow, global, Margins, technology, valuation, value	The fund trades at a low-60s% price-to-value ratio with holdings at roughly 10 times free cash flow on margins that can improve, while the FTSE Developed trades at 20 times potentially peak free cash flow. This positions investments for growth even in tougher economic times, especially on a relative basis. The valuation gap between the broader market and the portfolio is at a uniquely high level.	DHER.DE ERF.PA BIO FDX PRX.AS MILL.ST	View
2023 Q2	Jul 19, 2023	Longleaf Partners Fund	10.4%	10.3%	AMG, CNH, CNX, FBHS, FDX, FFH, FI, FIS, GE, H, HAS, IAC, K, LBRDK, LYV, MAT, MGM, PVH, WBD, WMG	concentrated, consumer discretionary, Media, Mega Cap, technology, value	Fund maintains concentrated portfolio of 18-22 best ideas trading at discount to intrinsic value. Portfolio ended quarter with compelling P/V ratio in mid-60s%, indicating significant future upside potential. Fund seeks businesses run by capable management teams whose stock prices are trading temporarily at discount.	NWBD.L IAC LLYVA	View
2023 Q2	Jul 19, 2023	Longleaf Partners Global Fund	14.8%	18.4%	AMG, CNX, ERF.PA, EXOR.MI, FDX, FI, FIS, GE, H, HAS, IAC, K, LYV, MGM, MLCO, PRX.AS, PVH, TIGO, WBD, WMG	Buybacks, concentrated, discount, global, Media, value	The fund holds significant positions in media companies including Warner Bros Discovery, Live Nation Entertainment, and IAC. Warner Bros Discovery remains dramatically undervalued despite near-term streaming uncertainty, while Live Nation benefited from strong concert demand acceleration in 2023.	NWBD.L TIGO IAC LLYVA	View
2023 Q2	Jul 19, 2023	Longleaf Partners Small-Cap Fund	8.9%	11.5%	BATRA, CNX, ESRT, GMK, H, HOUS, KODK, LUMN, LXS.DE, MAT, OSCR, SAM, WEST, WTM	concentrated, Consumer Staples, Defensive, real estate, small cap, value	Fund 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.	LUMN SAM LXS.DE HOUS BATRA OSCR	View
2023 Q1	Apr 20, 2023	Longleaf Partners Small-Cap Fund	8.9%	11.5%	BATRA, CNX, GRUMA, H, HOUS, KODK, LNXSF, LUMN, MAT, OSCR, WEST, WTM	Banking, Concentration, small caps, technology, value	Fund 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.	LUMN ^HSI OSCR	View
2025 Q1	Mar 31, 2025	Riverwater Sustainable Value Strategy	-	-	AGM, AM, CG, CIEN, CNX, COOP, IDCC, LMNR, PNFP, RRC, STE	Defensive, Energy Transition, Quality, Regional Banks, small caps, Trade Policy, value	The manager increased exposure to energy transition by adding Range Resources and Antero Midstream Corp. Both companies play critical roles in energy and electrification, with electrification expected to see significant demand growth in coming years and decades. Range is a low-cost natural gas producer while Antero specializes in transporting, gathering and processing natural gas.	AM RRC PNFP COOP LMNR	View
2023 Q4	Jan 17, 2024	Longleaf Partners Fund	10.4%	10.3%	AMG, BIO, CNHI, CNX, FBHS, FDX, FFH, FIS, GE, H, IAC, K, LBRDK, LUMN, LYV, MAT, MGM, PVH, RTX, WBD	Buybacks, financials, Logistics, Quality, Travel, value	Fund focuses on Business, People, Price discipline, seeking hidden quality companies trading at discounts. Portfolio differs meaningfully from value indices, with ~50% not found in benchmark indices. Manager believes their differentiated approach positions them well versus Quality at Higher Price strategies and Value ETFs.	^HSI MGM FFH FDX PVH NWBD.L	View
2023 Q4	Jan 17, 2024	Longleaf Partners Small-Cap Fund	8.9%	11.5%	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	The 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.	WEST ^HSI ESRT GRUMAB KNF OSCR	View
2023 Q4	Jan 17, 2024	Longleaf Partners Global Fund	14.8%	18.4%	AMG, BIO, CNX, DHER.DE, ERF.PA, EXOR.MI, FBHS, FDX, FFH.TO, FIS, GE, K, LUMN, LYV, MAT, MGM, MLCO, PVH, TIGO, WBD	Banking, Buybacks, global, portfolio, Quality, returns, value	Manager emphasizes their differentiated approach to value investing, focusing on Business, People, Price rather than traditional value ETF strategies or quality at higher prices. They believe value is positioned for outperformance in the 2020s similar to previous decades when interest rates normalized.		View
2024 Q4	Jan 16, 2025	Longleaf Partners Fund	-1.3%	8.8%	ACI, AMG, BIO, CNX, DINO, EXO, FBIN, FDX, FFH, FIS, IAC, K, LBRDK, LYV, MAT, MGM, PYPL, RTX, WBD, WMG	Buybacks, energy, Media, Natural Gas, payments, technology, value	Fund operates with high-60s% price-to-value ratio and 10x price/earnings power multiple, dramatically different than the market. Manager emphasizes appraisal-driven research and fundamental analysis to identify undervalued opportunities.		View
2024 Q4	Jan 16, 2025	Longleaf Partners Small-Cap Fund	-1.6%	9.7%	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	Fund 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.	GRUMAB WEST HOUS GHC KODK LLYVA OSCR CNX	View
2024 Q4	Jan 16, 2025	Longleaf Partners Global Fund	-6.7%	10.5%	0700.HK, 4613.T, AC.PA, ACI, AMG, BIO, CFR.SW, CMCSA, CNX, ENT.L, ERF.PA, EXO.MI, FBIN, FDX, FFH.TO, FIS, H, HFC, IAC, K, LYV, MGM, MLCO, PRX.AS, PVH, RKT.L, TCOM, TIGO, WBD, WMG	Buybacks, global, inflation, Media, Natural Gas, Spin-Offs, Trump, value	Fund trades at low-60s% price-to-value ratio with sub-10x price/earnings power multiple, dramatically different than the market. Manager emphasizes fundamental, appraisal-driven research and finding mispriced value outside of the US at the moment.		View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 28, 2026	Fund Letters	Longleaf Partners Fund	CNX Resources	Energy	Oil, Gas & Consumable Fuels	Bull	NYSE	Carbon Reduction, energy, natural gas, Operational Execution, share repurchase, technology investments, Undrilled Assets	View Pitch
Apr 28, 2026	Fund Letters	Longleaf Partners Global Fund	CNX Resources	Energy	Oil, Gas & Consumable Fuels	Bull	NYSE	Appalachian Basin, Carbon Reduction, energy, natural gas, share repurchase, technology investments, Undrilled Assets, Value	View Pitch
Apr 28, 2026	Fund Letters	Longleaf Partners Small-Cap Fund	CNX Resources	Energy	Oil, Gas & Consumable Fuels	Bull	NYSE	Appalachian Basin, Carbon Reduction, energy, natural gas, Operational Execution, share repurchase, technology, Undrilled Assets	View Pitch
Apr 13, 2026	Fund Letters	Longleaf Partners Fund	CNX Resources Corporation	Energy	Oil, Gas & Consumable Fuels	Bull	NYSE	Appalachian Basin, Commodity Exposure, energy, Free Cash Flow, hedging strategy, Low-cost producer, methane capture, natural gas	View Pitch
Apr 13, 2026	Fund Letters	Longleaf Partners Small-Cap Fund	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	View Pitch
Apr 13, 2026	Fund Letters	Longleaf Partners Global Fund	CNX Resources Corporation	Energy	Oil, Gas & Consumable Fuels	Bull	NYSE	Appalachian Basin, Coal Mine Methane, energy, Free Cash Flow, hedging strategy, Low-cost producer, natural gas	View Pitch
Apr 13, 2026	Fund Letters	Longleaf Partners Global Fund	CNX Resources	Energy	Oil, Gas & Consumable Fuels	Bull	NYSE	Appalachian Basin, energy, Free Cash Flow, Hedging, natural gas, Pipeline Integration, Share Buybacks, Value	View Pitch
Apr 13, 2026	Fund Letters	Longleaf Partners Fund	CNX Resources	Energy	Oil & Gas Exploration & Production	Bull	NYSE	Appalachian Basin, energy, hedging strategy, natural gas, Pipeline Integration, Share Buybacks, value creation	View Pitch
Apr 13, 2026	Fund Letters	Longleaf Partners Small-Cap Fund	CNX Resources	Energy	Oil, Gas & Consumable Fuels	Bull	NYSE	Appalachian Basin, commodity, energy, Free Cash Flow, Hedging, natural gas, Share Buybacks, Value	View Pitch
Apr 13, 2026	Fund Letters	Longleaf Partners Small-Cap Fund	CNX Resources	Energy	Oil, Gas & Consumable Fuels	Bull	NYSE	Appalachian Basin, energy, Free Cash Flow, hedging strategy, natural gas, share repurchases, Value Growth	View Pitch
Apr 13, 2026	Fund Letters	Longleaf Partners Fund	CNX Resources	Energy	Oil & Gas Exploration & Production	Bull	NYSE	Appalachian Basin, energy, Free Cash Flow, hedging strategy, low-cost structure, natural gas, share repurchase	View Pitch
Apr 13, 2026	Fund Letters	Longleaf Partners Small-Cap Fund	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	View Pitch
Apr 13, 2026	Fund Letters	Longleaf Partners Global Fund	CNX Resources	Energy	Oil, Gas & Consumable Fuels	Bull	NYSE	Appalachian Basin, energy, Free Cash Flow, hedging strategy, Low-cost producer, natural gas, Share Buybacks	View Pitch
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

BSD Shareholders of CNX

This report provides a detailed summary of investor holdings for a specified stock ticker, highlighting key metrics such as fund name, total assets under management (AUM), invested value, portfolio weight, and shares owned. It also tracks changes in share ownership during the last quarter, including the percentage of shares bought or sold and the percentage of outstanding shares owned. The data is generated using an API that processes investor holdings and calculates these values for each fund. This report helps investors and analysts monitor the stock positions of major funds, identify investment trends, and assess the influence of large investors on individual stocks.

Filing Date: September 30, 2025

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.

CNX

CNX

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BSD Shareholders of CNX

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