Experience
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Longleaf Partners International 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 non-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
Fund overview (Updated 9/30/24)
Mr. Sharma is co-portfolio manager of Longleaf Partners International Fund and Longleaf Partners Asia Pacific UCITS Fund. Prior to joining Southeastern in 2010, he was a Senior Manager at American Express in New York and Senior Analyst at Capital One Finance in Boise, ID. He also carried out Equity Research internships at the State Bank of India in Mumbai, at Weitz Funds in Omaha, NE and at MFS Investment Management in London. Mr. Sharma holds a degree in Mechanical Engineering from Indian Institute of Technology, a master’s in Mechanical Engineering from Michigan State University, and a master’s in Business Administration from University of Chicago.
Mr. Woodman joined Southeastern’s London office in 2016 and is co-portfolio manager for Longleaf Partners International Fund and portfolio manager of our Concentrated European Strategy. He previously held roles as Senior Vice President of the Certification and Business Enhancement division for SGS in New York, Executive Director at Goldman Sachs in the Global Research division in London, and Vice President at Citigroup in London. Mr. Woodman received his bachelor’s degree in Geography and Environmental Science from the University of Oxford.
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.
Southeastern manages all mandates and portfolios using the same investment discipline.
at 09/30/24
| Fund Index | 1 MO | QTR | YTD | 1 YR | 3 YR | 5 YR | 10 YR | Incept † | |
|---|---|---|---|---|---|---|---|---|---|
| Total Returns | Average Annual Returns | ||||||||
| International Fund | 7.79% | 11.2% | 10.36% | 18.53% | 2.27% | 2.89% | 3.27% | 6.35% | |
| FTSE Developed ex North America Index | 0.92% | 6.96% | 11.97% | 23.89% | 4.7% | 8.07% | 5.68% | 5.93% | |
at 10/31/24
| Fund Index | 1 MO | 3 MO | YTD | 1 YR | 3 YR | 5 YR | 10 YR | Incept † | |
|---|---|---|---|---|---|---|---|---|---|
| Total Returns | Average Annual Returns | ||||||||
| International Fund | -5.29% | 5.45% | 4.52% | 17.14% | -0.8% | 0.59% | 2.59% | 6.1% | |
| FTSE Developed ex North America Index | -5.52% | -1.95% | 5.78% | 22.21% | 2.03% | 6.08% | 5.24% | 5.68% | |
† Inception date 10/26/98. Net returns for the FTSE Developed ex-North America Index are not available for calendar years 1998 – 2003; therefore the since inception and 1998 – 2003 calendar year Index returns are gross returns. All other periods presented for this index are net returns.
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, 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 Partners International 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. Investing in non-U.S. securities may entail risk due to non-US economic and political developments, exposure to non-US currencies, and different accounting and financial standards. These risks may be higher when investing in emerging markets. The total expense ratio for the Longleaf Partners International Fund is 1.27% (gross) and 1.05% (net). The expense ratio is subject to a fee waiver to the extent the Fund’s normal operating expenses exceed 1.27% of average annual net assets. Effective November 1, 2023, Southeastern has contractually committed to limit operating expenses (excluding interest, taxes, brokerage commissions and extraordinary expenses) to 1.05% 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.
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.
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 |
|---|---|---|---|---|---|---|---|---|
| 2023 | 0.3075 | 0.3075 | - | - | - | 12/20/23 | 12/21/23 | 15.90 |
| 2022 | 0.0926 | 0.0926 | - | - | - | 12/28/22 | 12/29/22 | 13.93 |
| - | - | - | - | - | 11/30/22 | 12/01/22 | - | |
| 2021 | 0.1153 | 0.161944035 | - | - | - | 12/28/21 | 12/29/21 | 17.07 |
| - | - | - | - | - | 11/30/21 | 12/01/21 | - | |
| 2020 | 0.0840 | 0.0945590598 | - | - | - | 12/28/20 | 12/29/20 | 17.30 |
| - | - | - | - | - | 11/30/20 | 12/01/20 | - | |
| 2019 | 0.1430 | 0.1598 | - | - | - | 12/26/19 | 12/27/19 | 17.70 |
| 0.4686 | - | 0.2341 | 0.2345 | - | 11/26/19 | 11/27/19 | 17.07 | |
| 2018 | 0.1968 | - | 0.2083 | - | - | 11/29/18 | 11/30/18 | 15.63 |
| 2017 | 0.1772 | 0.1817 | - | - | - | 12/27/17 | 12/28/17 | 16.58 |
| 2016 | 0.3245 | 0.3309 | - | - | - | 12/28/16 | 12/29/16 | 13.44 |
| 2015 | 0.2260 | 0.2382 | - | - | - | 12/28/15 | 12/29/15 | 12.55 |
| 0.1410 | - | 0.0960 | 0.0450 | - | 11/11/15 | 11/12/15 | 13.04 | |
| 2014 | 0.5420 | 0.5669 | - | - | - | 12/29/14 | 12/30/14 | 13.83 |
| 1.0070 | - | 0.1170 | 0.8900 | - | 11/11/14 | 11/12/14 | 15.18 | |
| 2013 | 0.0500 | 0.0681 | - | - | - | 12/27/13 | 12/30/13 | 17.91 |
| 2012 | 0.2400 | 0.2400 | - | - | - | 12/27/12 | 12/28/12 | 13.90 |
| 0.1334 | - | - | 0.1334 | - | 11/7/12 | 11/8/12 | 13.24 | |
| 2011 | 0.2150 | 0.2724 | - | - | - | 12/28/11 | 12/29/11 | 11.88 |
| 0.1200 | - | - | 0.1200 | - | 11/7/11 | 11/8/11 | 13.02 | |
| 2010 | 0.1900 | 0.2163 | - | - | - | 12/28/10 | 12/29/10 | 15.38 |
| 2009 | NONE | - | - | - | - | - | - | |
| 2008 | 0.0600 | 0.0701 | - | - | 0.0176 | 12/29/08 | 12/30/08 | 10.94 |
| 0.7400 | 0.0013 | 0.3980 | 0.3407 | - | 11/5/08 | 11/6/08 | 10.35 | |
| 2007 | 2.0710 | - | 0.0213 | 2.0497 | - | 11/6/07 | 11/7/07 | 20.26 |
| 2006 | 0.0146 | 0.0361 | - | - | - | 12/26/06 | 12/27/06 | 18.94 |
| 1.3488 | - | 0.0338 | 1.3150 | - | 11/7/06 | 11/8/06 | 18.24 | |
| 2005 | 0.1870 | - | - | 0.1870 | - | 11/8/05 | 11/9/05 | 16.81 |
| 2004 | NONE | - | - | - | - | - | - | |
| 2003 | NONE | - | - | - | - | - | - | |
| 2002 | 0.3154 | - | 0.1429 | 0.1726 | - | 11/12/02 | 11/13/02 | 9.47 |
| 2001 | 0.1300 | 0.1451 | - | - | - | 12/27/01 | 12/28/01 | 12.33 |
| 0.8510 | - | 0.4250 | 0.4260 | - | 11/13/01 | 11/14/01 | 12.44 | |
| 2000 | 0.3750 | 0.4080 | - | - | - | 12/27/00 | 12/28/00 | 12.02 |
| 2.6300 | - | 1.6000 | 1.0300 | - | 11/7/00 | 11/8/00 | 12.11 | |
| 1999 | 0.0550 | 0.0700 | - | - | - | 12/28/99 | 12/29/99 | 11.95 |
| 0.3300 | - | 0.3300 | - | - | 11/9/99 | 11/9/99 | 12.29 | |
| 1998 | 0.0051 | 0.0051 | - | - | - | 12/29/98 | 12/30/98 | 9.93 |
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 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 mid-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.
