Longleaf Partners Small-Cap Fund’s Q1 2023 Investor Letter

Longleaf Partners, managed by Southeastern Asset Management, released its “Small-Cap Fund” first-quarter 2023 investor letter. A copy of the same can be downloaded here. The fund delivered 4.24% in the first quarter compared to a 2.74% return for the Russell 2000 Index and -0.66% for the Russell 2000 Value Index. The two dominant market factors, banking collapse and rebound in tech/growth businesses, in the quarter had not directly impacted the portfolio as the return drivers varied meaningfully from the Index.  In addition, please check the fund’s top five holdings to know its best picks in 2023.