Longleaf Partners, managed by Southeastern Asset Management, released its first-quarter 2026 investor letter for its “Small-Cap Fund”. A copy of the letter can be downloaded here. 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...
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