Longleaf Partners Fund’s Q2 2025 Investor Letter

Longleaf Partners, managed by Southeastern Asset Management, released its “Partners Fund” second-quarter 2025 investor letter. The fund returned 5.33% in the second quarter, compared to the S&P 500’s 10.94% return and the Russell 1000 Value’s 3.79% return. The firm’s stock price performance was volatile, but its confidence in future returns grew as the quarter progressed. Since markets have recovered and portfolio holdings remain high-quality and discounted, the firm believes maintaining its current cautious stance, as reflected in the recent strong results during turbulent times, is prudent, despite not fully matching recent market highs. For more information on the fund’s best picks in 2025, please check its top five holdings.

A copy of Longleaf Partners Fund’s Q2 2025 investor letter can be downloaded here.