Longleaf Partners, managed by Southeastern Asset Management, released its fourth-quarter 2025 investor letter for “Longleaf Partners Global Fund”. A copy of the letter can be downloaded here. The Fund returned 5.27% in the quarter, compared to the MSCI World’s 3.12 % and the MSCI World Value’s 3.34% return. The Fund returned 16.72% for the year, compared to 21.09% and 20.79% returns, respectively, for the indexes. 2025 was a solid year for the Fund, celebrating Southeastern’s 50th anniversary and the 25th anniversary of the global strategy. Underweight exposure in Financials and choosing to hold cash, along with a lack of late-in-the-cycle Industrials, led to the underperformance of the Fund in the year. Please review the Fund’s top five holdings to gain insights into their key selections for 2025.
In its fourth-quarter 2025 investor letter, Longleaf Partners Global Fund highlighted Millicom International Cellular S.A. (NASDAQ:TIGO). Millicom International Cellular S.A. (NASDAQ:TIGO) is a telecommunication and media company that provides cable and mobile services in Latin America. On March 19, 2026, Millicom International Cellular S.A. (NASDAQ:TIGO) stock closed at $73.58 per share. One-month return of Millicom International Cellular S.A. (NASDAQ:TIGO) was 11.35%, and its shares gained 145.76% over the past 52 weeks. Millicom International Cellular S.A. (NASDAQ:TIGO) has a market capitalization of $12.3 billion.
Longleaf Partners Global Fund stated the following regarding Millicom International Cellular S.A. (NASDAQ:TIGO) in its fourth quarter 2025 investor letter:
“Millicom International Cellular S.A. (NASDAQ:TIGO) – Latin American telecommunications operator Millicom was a contributor for the year. The company extended its strong 2024 performance through 2025, with the share price tracking operational delivery and the visible inflection in equity FCF we flagged in prior letters. This was driven by a focused new management team and an aligned majority shareholder partner in Iliad Group (Atlas). The business exceeded its already twice-raised 2024 FCF guidance and guided to material further growth in 2025, while reaching its 2.5x leverage target and increasing dividends and buybacks. The discount to our appraisal narrowed with this positive performance and solid Colombian M&A news. What was an attractive outlier at a double-digit dividend yield earlier in the year has now aligned with peers at mid-single-digit levels. With the value gap largely closed and limited upside remaining on a risk-adjusted basis, portfolio discipline dictated our exit in the third quarter.”
Millicom International Cellular S.A. (NASDAQ:TIGO) is not on our list of 40 Most Popular Stocks Among Hedge Funds Heading Into 2026. According to our database, 28 hedge fund portfolios held Millicom International Cellular S.A. (NASDAQ:TIGO) at the end of the fourth quarter, up from 20 in the previous quarter. While we acknowledge the risk and potential of Millicom International Cellular S.A. (NASDAQ:TIGO) as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than Millicom International Cellular S.A. (NASDAQ:TIGO) and that has 10,000% upside potential, check out our report about this cheapest AI stock.
In addition, please check out our hedge fund investor letters Q4 2025 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.
