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...