Longleaf Partners Fund’s Q1 2026 Investor Letter

Longleaf Partners, managed by Southeastern Asset Management, released its first-quarter 2026 investor letter. The Fund returned -4.46% in the quarter, compared to the S&P 500’s -4.33% and the Russell 1000 Value Index’s 2.10% return. The year began similarly to the second half of 2025, with rising stocks and penalization for caution. February was marked by unusual sector-wide movements influenced by perceived AI outcomes. Complications arose from the Iran War and increasing private credit risks. The Fund initially lagged the market, but performance improved as conditions worsened. The fund ended the quarter with a P/V of mid-50s%, which bodes well for promising future returns. In addition, please check the Fund’s top five holdings to know its best picks in 2026.

A copy of Longleaf Partners Fund’s Q1 2026 Investor Letter is available to download here.

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