Longleaf Partners Fund Q4’18 Investor Letter

Longleaf Partners Fund, a suite of mutual funds and UCITS funds managed by Southeastern Asset Management, declined 20.67% in the fourth quarter, taking its 2018 return to a loss of 17.98%. The S&P 500 Index fell 13.52% in the final three months and ended the year down 4.38%.

According to the fund’s letter, four primary challenges impacted its absolute and relative returns in 2018.

“First, our investment in companies based outside of the U.S. hurt performance, even though many of them have...