The Magnum Ice Cream Company N.V. (MICC) Climbed Due to Market Recognition

Longleaf Partners, managed by Southeastern Asset Management, released its second-quarter 2026 investor letter for its “Partners Fund”. A copy of the letter can be downloaded here. The letter states that the portfolio holdings are attractive now based on both P/V and P/FCF metrics. However, the Fund returned 3.87% in the quarter, significantly lagging the S&P 500’s 15.20% return and the Russell 1000 Value Index’s 13.87% gain. An underweight in Information Technology (IT) primarily contributed to the underperformance.  The market’s preference for overvalued stocks in Industrials...