Longleaf Partners
Small-Cap Fund

Portfolio
Performance
Resources
Distributions

Experience

Joined

Location

Education

Longleaf Partners Small-Cap Fund seeks to generate superior long-term investment returns and minimize the risk of permanent capital loss by investing primarily in a concentrated number of small-cap US companies that meet our Business, People, Price investment criteria.

We invest with a three-to-five-year investment horizon and take advantage of short-term volatility to own high quality businesses, run by capable management teams, whose stock prices we believe are trading temporarily at a discount. Our extensive, global network allows us to engage with our management partners to help drive long-term value creation.

1 (800) 445-9469

Longleaf Partners Small-Cap Fund

Fund overview (Updated 9/30/24)

Inception Date

2/21/1989

Minimum

$10,000

Net Assets

$0.7 Billion

Ticker

LLSCX

Expense Ratio (Gross/Net)

1.07% / 0.95%

CUSIP

54306920-7

Current Quarter Documents

Portfolio

Fund Information

  • The Fund’s objective is long-term capital growth. Current income is not an objective.
  • The Fund generally invests in companies with market capitalizations over $1 billion with at least 80% of its assets in companies whose market capitalizations at the time of purchase are considered small cap, as defined in the prospectus.
  • The Fund may invest up to 30% of its assets in non-U.S. securities, which could include emerging market issuers, and may achieve its exposure to non-U.S. securities through investing in American depositary receipts (ADRs).
  • The Fund primarily owns common stock or securities convertible into common stock but may purchase other types of securities.
  • The benchmark index is Russell 3000, though portfolio construction is 100% bottom-up and benchmark-agnostic.
  • If we cannot find qualifying investment opportunities, we will hold cash.
  • The Fund is non-diversified under federal securities laws and generally invests in 15-25 companies.
  • Southeastern employees, related parties and Longleaf trustees are the largest shareholder group.
  • The Fund’s assets are held primarily by institutional clients.
  • Our relationships are long-term. The average direct account tenure is between 5-10+ years.

Fund Managers

Ross
Glotzbach, CFA

CEO and Head of Research

More about me
Southeastern is different because we are focused on a single investment discipline – we are long-term, concentrated, engaged value investors.

Mr. Glotzbach serves as CEO and Head of Research. He is a co-portfolio manager on Longleaf Partners, Small-Cap and Global Funds, as well as the Longleaf Partners Global UCITS Fund. Mr. Glotzbach is a member of Southeastern’s Executive Committee. Prior to joining Southeastern in 2004, he was a Corporate Finance Analyst at Stephens Inc. in Little Rock, AR. Mr. Glotzbach graduated from Princeton University with a bachelor’s degree in Economics.

21
2004
Memphis
BA (Economics)
Princeton University

O. Mason
Hawkins, CFA

Chairman

More about me
You want to pursue a career in investing for the intellectual challenge, for the reward of being correct about your investment decisions and for the opportunity to help others.

Chairman Mason Hawkins founded Southeastern in 1975. He is a co-portfolio manager on the Longleaf Partners, Small-Cap, International and Global Funds, as well as the Longleaf Partners Global UCITS Fund. Mr. Hawkins is a member of Southeastern’s Executive Committee. Prior to Southeastern’s founding, he served as Director of Research for both Atlantic National Bank in Jacksonville, FL and First Tennessee Investment Management in Memphis. Mr. Hawkins graduated with a bachelor’s degree in Finance from the University of Florida and received his master’s in Business Administration in Finance from the University of Georgia.

52
1975
Memphis
BA (Finance)
University of Florida
MBA (Finance)
University of Georgia

Investment Discipline

Southeastern manages all mandates and portfolios using the same investment discipline.

Our Investment Approach

We are long-term, concentrated, engaged value investors.

Our Approach

The Investment Process

We are fundamental, bottom-up business appraisers.

Our Process

Risk Management

We seek to minimize the risk of permanent capital loss.

Risk Management

Performance

Quarter-end Performance

at 09/30/24

Fund Index 1 MO QTR YTD 1 YR 3 YR 5 YR 10 YR Incept †
Total Returns Average Annual Returns
Small-Cap Fund 2.17% 8.92% 11.45% 23.55% 3.28% 6.47% 6.01% 9.87%
Russell 3000 Index 2.07% 6.23% 20.63% 35.19% 10.29% 15.26% 12.83% 10.88%
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Month-end Performance

at 11/30/24

Fund Index 1 MO 3 MO YTD 1 YR 3 YR 5 YR 10 YR Incept †
Total Returns Average Annual Returns
Small-Cap Fund 8.08% 9.07% 18.98% 27.31% 6.09% 6.83% 6.09% 10.03%
Russell 3000 Index 6.65% 8.06% 27.71% 34.49% 10.54% 15.23% 12.89% 11.00%
Russell 2000 Index 10.97% 10.13% 21.58% 36.43% 4.96% 9.90% 9.05% 9.51%
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† Inception date is 2/21/89.

Returns reflect reinvested capital gains and dividends but not the deduction of taxes an investor would pay on distributions or share redemptions. The performance data quoted represents past performance and is no guarantee of future results. The return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, shares may be worth more or less than their original cost. Current performance may be lower or higher than the past performance quoted.

Before investing in any Longleaf Partners fund, you should carefully consider the Fund’s investment objectives, risks, charges, and expenses.  The Prospectus and Summary Prospectus contain this and other important information. Please read the Prospectus and Summary Prospectus carefully before investing.

Risks
The Longleaf Small-Cap Fund is subject to stock market risk, meaning stocks in the Fund may fluctuate in response to developments at individual companies or due to general market and economic conditions. Also, because the Fund generally invests in 15 to 25 companies, share value could fluctuate more than if a greater number of securities were held.  Smaller company stocks may be more volatile with less financial resources than those of larger companies. The total expense ratio for the Longleaf Partners Small-Cap Fund is 1.07% (gross)/0.95% (net).  Effective September 1, 2021, Southeastern has contractually committed to limit operating expenses (excluding interest, taxes, brokerage commissions and extraordinary expenses) to 0.95% of average net assets per year.  This agreement is in effect through at least April 30, 2025 and may not be terminated before that date without Board approval.

* Fund was managed by a different portfolio manager prior to 3/31/91.

Environmental, Social and Governance (ESG) or sustainable investing may result in the Fund forgoing otherwise attractive opportunities, which may result in underperformance when compared to funds that do not consider ESG factors.

Russell® is a trademark of Russell Investment Group.

Resources

Resources

Distributions

Distributions

Most of Longleaf’s distributions historically have been long-term gains, reflecting Southeastern’s successful results and long investment horizon. Per share amounts are rounded. For tax return preparation, please use your Form 1099-DIV or see the Sources of Distribution.

Year Total Net Income ST Gains LT Gains Return of Capital Record Date Ex-Date Reinvest NAV
2024 0.0305 0.0305 - - - 12/19/24 12/20/24 27.62
2023 0.2349 0.2349 - - - 12/20/23 12/21/23 24.63
2022 0.2513 0.2513 - - - 12/28/22 12/29/22 21.03
- - - - - 11/30/22 12/01/22 -
2021 0.2168 0.2168 - - - 12/28/21 12/29/21 26.25
- - - - - 11/30/21 12/01/21 -
2020 0.5724 0.555850869 - - 0.016549131 12/238/20 12/29/20 23.75
0.8225 - - 0.8225 - 11/30/20 12/01/20 23.63
2019 0.6175 $0.5968 - 0.0207 - 12/26/19 12/27/19 24.11
1.4974 - - 1.4974 - 11/26/19 11/27/19 24.02
2018 0.7636 0.7636 - - - 12/27/18 12/28/18 22.01
3.2415 - 0.2712 2.9703 - 11/29/18 11/30/18 25.26
2017 0.4541 0.4541 - - - 12/27/17 12/28/17 27.74
1.8729 - - 1.8729 - 11/15/17 11/16/17 27.52
2016 0.0959 0.0639 - 0.0320 - 12/28/19 12/29/16 27.72
4.8550 - 0.1350 4.7200 - 11/16/16 11/16/16 27.22
2015 0.0400 - - 0.0400 - 12/29/15 12/29/15 27.39
1.5550 - - 1.5550 - 11/11/15 11/12/15 26.94
2014 6.0200 - - 6.0200 - 11/11/14 11/12/14 30.05
2013 4.9600 - 0.2560 4.7040 - 11/6/13 11/7/13 30.88
2012 0.0300 0.0300 - - - 12/27/12 12/28/12 28.54
2.0190 - 0.1440 1.8750 - 11/7/12 11/8/12 27.62
2011 0.0100 0.0047 0.0053 - - 12/28/11 12/29/11 25.31
1.7700 - - 1.7700 - 11/7/11 11/8/11 25.47
2010 0.1100 0.1100 - - - 12/28/10 12/29/10 26.70
2009 NONE - - - - - -
2008 0.1300 0.0840 - - 0.0460 12/29/08 12/30/08 14.21
0.4400 0.0009 - 0.4391 - 11/5/08 11/6/08 14.23
2007 0.2000 0.1435 - 0.0565 - 12/26/06 12/27/07 27.12
3.9570 - 0.3170 3.6400 - 11/6/07 11/7/07 28.94
2006 0.5570 0.5193 - 0.0377 - 12/26/06 12/27/06 30.43
2.3270 - 0.0770 2.2500 - 11/6/06 11/7/06 29.94
2005 0.5700 0.5700 - - - 12/27/05 12/28/05 27.17
5.2700 - - 5.2700 - 11/8/05 11/9/05 26.57
2004 0.4250 0.4250 - - - 12/28/04 12/29/04 29.88
2.7000 - - 2.7000 - 11/10/04 11/11/04 29.25
2003 0.4350 0.4350 - - - 12/26/03 12/29/03 28.82
2002 0.0184 - - 0.0184 - 11/12/02 11/13/02 19.93
2002 0.5250 0.5250 - - - 12/24/02 12/26/02 20.52
2001 0.2400 0.2372 - 0.0028 - 12/27/02 12/28/01 21.87
1.8436 - 0.0086 1.8350 - 11/13/01 11/14/01 20.89
2000 0.0486 0.0452 - 0.0034 - 12/27/00 12/28/00 22.60
0.1118 - 0.1031 0.0086 - 11/7/00 11/8/00 21.79
1999 0.0780 0.0780 - - - 12/28/99 12/29/99 20.14
2.5400 - 0.2150 2.3250 - 11/8/99 11/9/99 20.12
1998 0.1650 0.1650 - - - 12/29/98 12/30/98 21.50
2.7700 - 0.0560 2.7140 - 11/17/98 11/18/98 21.27
1997 0.8660 0.1800 0.3890 0.2970 - 12/30/97 12/31/97 22.18
1996 1.0286 0.0236 0.0210 0.9840 - 12/26/96 12/27/96 17.82
1995 1.2840 0.1180 0.0270 1.1390 - 12/26/95 12/27/95 14.43
1994 0.7000 - 0.1200 0.5800 - 12/20/94 12/21/94 13.10
1993 0.1693 - - 0.1693 - 12/28/93 12/29/93 13.33
1992 NONE - - - - - -
1991 0.0600 0.0600 - - - 12/26/91 12/27/91 10.27
1990 0.2620 0.2620 - - - 12/27/90 12/28/90 8.38
0.3255 0.1000 0.2255 - - 6/28/90 6/29/90 11.78
1989 0.0525 0.0525 - - - 12/27/89 12/28/89 12.70
0.3600 - 0.3600 - - 11/2/89 11/3/89 12.69
0.0900 0.0900 - - - 7/28/89 7/31/89 12.76

General Mutual Fund Distribution Information

All mutual funds must distribute earned income and realized capital gains annually to shareholders.

Tax treatment is the same whether shareholders receive cash or reinvested shares.

A fund's NAV declines by the distribution amount, but the decline is unrelated to performance since shareholders receive the difference in cash or additional shares.

Accurately tracking returns requires increasing the number of shares to account for reductions in NAV when distributions occur.

Capital gains reflect appreciation over the full period that the Fund held a security. Distributed gains have no relationship to either that year's Fund performance (a Fund could pay a distribution in a flat return year) or an individual's fund investment (all shareholders as of the distribution date receive the payout regardless of their purchase date or price).

Longleaf Distribution Information

Longleaf generally pays capital gains and income distributions in mid to late December.

Most Longleaf shareholders reinvest their distributions, thereby maintaining account balances while owning more fund shares.

Longleaf generally posts capital gain distribution estimates on the website by mid-October.

Tax reporting information is mailed with 1099-DIV forms by early February.

Longleaf may penalize those who sell fund shares to avoid a distribution since they place a larger tax burden on remaining owners and potentially disrupt the fund's investment strategy.

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