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Longleaf Partners Small-Cap Fund’s Q1 2026 Investor Letter

Longleaf Partners, managed by Southeastern Asset Management, released its first-quarter 2026 investor letter for its “Small-Cap Fund”. The Fund returned -2.72% in the quarter, outperforming the Russell 3000’s -3.96% return and lagging the Russell 2000 Index’s 0.89% and the Russell 2000 Value Index’s 4.96% gains. The market experienced significant sector-wide movements in the quarter driven by perceptions surrounding AI outcomes, alongside complications from the conflict in Iran and escalating private credit risks. In addition, please check the Fund’s top five holdings to know...