Longleaf Partners, managed by Southeastern Asset Management, released its third-quarter 2026 investor letter for its “Small-Cap Fund”. The fund had a difficult quarter, returning -9.24% in the third quarter versus -7.23% for the Russell 2000 and -4.91% for the Russell 2000 Value Index, despite delivering 12.3% annualized returns over the prior three years. Management acknowledges the poor stock-price performance but believes underlying value per share has held up, especially in the...
Longleaf Partners Small-Cap Fund’s Q3 2026 Investor Letter
