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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 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 |
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| 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 |
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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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| 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 |
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| 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 |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 28, 2026 | Fund Letters | Longleaf Partners Small-Cap Fund | 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 | View Pitch |
| Apr 28, 2026 | Fund Letters | Longleaf Partners Small-Cap Fund | 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 | View Pitch |
| Jan 16, 2026 | Fund Letters | Ross Glotzbach | Empire State Realty Trust, Inc. | Real Estate | Office REIT | Bull | New York Stock Exchange | Assetsales, Leasing, Office, realestate, 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. | ||||||||