Longleaf Partners
Asia Pacific UCITS Fund

Experience

Joined

Location

Education

Longleaf Partners Asia Pacific UCITS 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 global 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.

+44 (0) 20 7479 4200

Longleaf Partners Asia Pacific UCITS Fund

Fund overview (Updated 09/30/22)

Net Assets

$68.0 million

Total Holdings

21

Wtd. Avg. Market Cap

$39.2 billion

Expense Ratio

1.53

USD Inception Date

02/12/14

USD Bloomberg Ticker

LPAPIUS

GBP Inception Date

15/09/17

GBP Bloomberg Ticker

LPAPIGB

Portfolio

Fund Information

  • The Fund’s objective is long-term capital growth. Current income is not an objective.
  • The Fund generally invests in companies across Asia, Japan, Australia, and New Zealand geographies. Country weightings are a by-product of the location of qualifying investments.
  • The Fund generally invests in companies with market capitalizations of over US$1 billion.
  • The Fund is actively managed. It uses the MSCI AC Asia Pacific Index (USD) (Ticker: M1AP) as a ‘comparator benchmark’ to compare the performance of the Fund against, but which is not used to constrain portfolio composition or as a target for the performance of the Fund. Portfolio construction is 100% bottom-up and benchmark-agnostic.
  • The Fund generally holds 18-22 companies.
  • If we cannot find qualifying investments opportunities, we will hold cash.
  • Southeastern employees and related parties are significant owners with a collective investment of over $35 million.
  • The Fund’s assets are held primarily by institutional clients.

Fund Managers

Ken
Siazon

Head of Asia, Principal

More about me
We actively recycle capital from more fully valued investments to new qualifying investments, which we believe represent the highest and best use of our capital today. We continuously strive to maximize risk-adjusted returns for the future for us and our investment partners.

Mr. Siazon heads our Asian research. He is co-portfolio manager for Longleaf Partners International Fund and the lead portfolio manager for Longleaf Partners Asia Pacific UCITS Fund. Prior to joining the company in 2006, he worked with Lehman Brothers in Singapore, Tokyo and Hong Kong, JP Morgan in Hong Kong and New York, Ford Motor Company in Tokyo and Fuji Bank in Tokyo. Mr. Siazon received his bachelor’s degree in Systems Engineering from the University of Virginia and holds a master’s in Business Administration from Harvard Business School.

33
2006
Singapore
BS (Systems Engineering)
University of Virginia
MBA
Harvard Business School

Manish
Sharma, CFA

Senior Analyst, Principal

More about me

Mr. Sharma is a co-portfolio manager of 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.

19
2010
Singapore
BS (Mechanical Engineering)
Indian Institute of Technology
Masters (Mechanical Engineering)
Michigan State University
MBA
University of Chicago

Investment Discipline

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

Our Investment Approach

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

The Investment Process

We are fundamental, bottom-up business appraisers.

Risk Management

We seek to minimize the risk of permanent capital loss.

Top 10 Holdings

at 30/9/22

Holding Country Industry Percent
Jollibee Philippines Hotels, Restaurants & Leisure 9.2%
Baidu China Interactive Media & Services 6.7%
L Occitane Hong Kong Personal Products 6.1%
Huazhu China Hotels, Restaurants & Leisure 5.9%
Alibaba China Internet & Direct Marketing Retail 4.9%
Tongcheng Travel China Hotels, Restaurants & Leisure 4.8%
HDFC India Diversified Financial Services 4.8%
CK Asset Holdings Hong Kong Real Estate Management & Development 4.6%
WH Group Hong Kong Food Products 4.5%
Hitachi Japan Industrial Conglomerates 4.4%
Total 55.9%
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Primary Contributors to Return

From 1/7/22 to 30/9/22

Holding Percent
Jollibee 0.3%
Melco International 0.2%
HDFC 0.1%

Primary Detractors to Return

From 1/7/22 to 30/9/22

Holding Percent
Alibaba -1.8%
Man Wah -1.8%
Baidu -1.7%

Portfolio Composition

at 30/9/22

Equities & Other 89.3%
Bonds 0.0%
Cash 10.7%
Total 100%
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Sector Composition

at 30/9/22

Consumer Discretionary 45.1%
Communication Services 12.4%
Consumer Staples 13.9%
Industrials 8.5%
Financials 4.8%
Real Estate 4.6%
Cash 10.7%
Total 100%
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Country Composition

at 30/9/22

Hong Kong 33.6%
China 26.2%
Japan 10.2%
Philippines 9.2%
India 4.8%
Singapore 2.3%
Netherlands 2.3%
Australia 0.7%
Cash 10.7%
Total 100%
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The above holdings do not represent all of the securities purchased, sold, or recommended for the Fund. Discussion of particular investments is not a recommendation to buy or sell any security and holdings are subject to change.

Performance

Calendar Year Total Returns

From 2014 to 2021

Past performance does not predict future returns.

Class I USD

Year 2021 2020 2019 2018 2017 2016 2015 2014†
Fund -14.70% 10.97% 18.58% -21.45% 37.94% 12.29% -2.74% -1.30%
Index -1.46% 19.71% 19.36% -13.52% 31.67% 4.89% -1.96% -1.39%
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Class I GBP

Year 2021 2020 2019 2018 2017†
Fund -13.77% 7.50% 14.04% -16.94% 7.75%
Index -0.55% 16.01% 14.75% -8.14% 8.18%
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Additional Performance Data

Past performance does not predict future returns. The following performance is additional to, and should be read only in conjunction with, the performance data presented above.

Quarter-end Performance

at 30/09/22

Fund Index 1 MO QTR YTD 1 YR 3 YR 5 YR 10 YR Incept †
Total Returns Average Annual Returns
Asia Pacific UCITS Fund(Class I USD) -9.16% -11.98% -22.12% -26.39% -6.62% -5.87% N/A 0.27%
MSCI AC Asia Pacific Index -11.88% -11.18% -26.39% -27.75% -1.68% -0.62% N/A 2.32%
Asia Pacific UCITS Fund(Class I GBP) -5.50% -4.01% -5.60% -11.13% -3.57% -2.45% N/A -2.22%
MSCI AC Asia Pacific Index(GBP) -8.15% -3.37% -10.69% -12.73% 1.61% 3.10% N/A 3.25%
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Month-end Performance

at 31/10/22

Fund Index 1 MO 3 MO YTD 1 YR 3 YR 5 YR 10 YR Incept †
Total Returns Average Annual Returns
Asia Pacific UCITS Fund(Class I USD) -12.24% -19.86% -31.66% -37.56% -12.00% -8.41% N/A -1.38%
MSCI AC Asia Pacific Index -1.95% -14.41% -27.83% -29.17% -3.70% -1.84% N/A 2.04%
Asia Pacific UCITS Fund(Class I GBP) -15.60% -15.97% -20.33% -26.37% -8.73% -5.97% N/A -5.37%
MSCI AC Asia Pacific Index(GBP) -4.94% -9.54% -15.10% -15.68% 0.12% 1.00% N/A 2.18%
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Daily Price

at 28/11/22

Fund Ticker Inception Date Price Change % Change
Asia Pacific UCITS Fund(Class I USD) LPAPIUS ID 02/12/14 10.52 0.03 0.29%
Asia Pacific UCITS Fund(Class I GBP) LPAPIGB ID 15/09/17 8.76 0.13 1.51%
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† Inception dates are 2/12/14 (Class I USD) and 15/9/17 (Class I GBP).

Risk/Reward Profile: As this Fund has such a broad selection of investment choices, there are many factors that could affect performance. These could include changes in the performance of different industrial sectors and individual securities. The performance of the Class I GBP Shares may also be affected by the exchange rates with U.S. Dollars, the currency in which the Fund is denominated. Because the Fund generally invests in 20 to 25 companies, each holding could have a greater impact on the Fund’s performance than if a greater number of securities were held. Because the Fund invests in companies located in the Asia Pacific Region, negative events related to the Asia Pacific Region could have a greater adverse impact on performance than in a more geographically diversified Fund. Investment in China and other emerging markets may expose the Fund to more social, political, regulatory, and currency risks than securities in developed markets. A party with whom the Fund contracts with regard to the Fund’s assets may fail to meet its obligations or become bankrupt which may expose the Fund to a financial loss. Derivatives may fluctuate in value rapidly and certain derivatives may introduce leverage which may result in losses that are greater than the original amount invested. Losses to the Fund may occur as a result of human error, system and/ or process failures, inadequate procedures or controls. The value of the shares may go down as well as up and investors may not get back the amount invested. For a more detailed explanation of these and other risks please refer to the Prospectus under the “Risk Factors and Special Considerations” section.

This is a marketing communication. Please refer to the link below for the Prospectus and other offering documentation before making any final investment decision. A Prospectus is available for the Fund and Key Investor Information Document (“KIIDs”) are available for each share class of the Fund. The Fund’s Prospectus can be obtained under Resources and is available in English. The KIIDs can be obtained from this website and are available in one of the official languages of each of the EU Member States into which each share class has been notified for marketing under the Directive 2009/65/EC (THE “UCITS Directive”). Full information on associated risks can be found in the Prospectus and KIIDs. In addition, a summary of investor rights is available on this website. The summary is available in English. The Fund is currently notified for marketing into a number of EU Member States under the UCITS Directive. KBA Consulting Management Limited (“KBA”), the management company, can terminate such notifications for any share class of the Fund at any time using the process contained in Article 93a of the UCITS Directive.

Southeastern Asset Management International (UK) Limited is authorized and regulated by the Financial Conduct Authority in the United Kingdom.

MSCI World, MSCI EAFE and MSCI All Country Asia Pacific are service marks of MSCI Barra.

Resources