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 4212

Longleaf Partners Asia Pacific UCITS Fund

Fund overview (Updated 30/9/19)

Net Assets

$97.0 million

Total Holdings

22

Wtd. Avg. Market Cap

$25.1 billion

Expense Ratio

1.48%

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 benchmark index is MSCI All Country Asia Pacific, though 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 $30 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.

30
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.

16
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 30/9/19

Holding Country Industry Percent
Melco International Hong Kong Hotels, Restaurants & Leisure 7.6%
MinebeaMitsumi Japan Machinery 7.0%
MGM China Hong Kong Hotels, Restaurants & Leisure 6.4%
Baidu, Inc. China Interactive Media & Services 5.7%
CK Asset Holdings Hong Kong Real Estate Management & Development 5.6%
Hitachi Ltd. Japan Electronic Equipment, Instruments & Components 4.8%
CK Hutchison Hong Kong Industrial Conglomerates 4.8%
Hyundai MOBIS South Korea Auto Components 4.8%
Bharti Infratel India Diversified Telecommunication Services 4.7%
Toyota Motor Japan Automobiles 4.7%
Total 56.1%
Download CSV Copy to clipboard

Primary Contributors to Return

From 1/7/19 to 30/9/19

Holding Percent
Man Wah 1.17%
Melco International 0.56%
Toyota Motor 0.31%

Primary Detractors to Return

From 1/7/19 to 30/9/19

Holding Percent
SpeedCast International -3.14%
SoftBank -0.81%
New World Development -0.75%

Portfolio Composition

at 30/9/19

Equities & Other 95.3%
Bonds 0.0%
Cash 4.7%
Total 100%
Download CSV Copy to clipboard

Sector Composition

at 30/9/19

Consumer Discretionary 34.6%
Communication Services 17.7%
Industrials 17.4%
Real Estate 9.9%
Consumer Staples 7.2%
Information Technology 4.8%
Financials 3.7%
Cash 4.7%
Total 100%
Download CSV Copy to clipboard

Country Composition

at 30/9/19

Hong Kong 43.5%
Japan 28.6%
China 9.2%
India 5.9%
South Korea 4.8%
Australia 3.3%
Cash 4.7%
Total 100%
Download CSV Copy to clipboard

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

Quarter-end Performance

at 30/09/19

Fund Index 1 MO QTR YTD 1 YR 3 YR 5 YR Incept †
Total Returns Average Annual Returns
Asia Pacific UCITS Fund(Class I USD) 4.15% -5.79% 7.36% -5.57% 3.96% N/A 4.80%
MSCI AC Asia Pacific Index 2.64% -1.37% 9.04% -2.91% 6.39% N/A 4.89%
Asia Pacific UCITS Fund(Class I GBP) 3.15% -2.68% 11.29% 0.20% N/A N/A -0.19%
MSCI AC Asia Pacific Index(GBP) 1.43% 1.87% 12.70% 2.74% N/A N/A 5.71%
Download CSV Copy to clipboard

Month-end Performance

at 31/10/19

Fund Index 1 MO QTR YTD 1 YR 3 YR 5 YR Incept †
Total Returns Average Annual Returns
Asia Pacific UCITS Fund(Class I USD) 4.86% 0.31% 12.59% 12.01% 5.62% N/A 5.73%
MSCI AC Asia Pacific Index 4.35% 3.74% 13.79% 12.02% 8.08% N/A 5.72%
Asia Pacific UCITS Fund(Class I GBP) -0.49% -5.78% 10.75% 10.50% N/A N/A -0.41%
MSCI AC Asia Pacific Index(GBP) -0.63% -1.84% 11.99% 10.61% N/A N/A 5.17%
Download CSV Copy to clipboard

Daily Price

at 08/11/19

Fund Ticker Inception Date Price Change % Change
Asia Pacific UCITS Fund(Class I USD) LPAPIUS ID 02/12/14 13.53 0.00 0.00%
Asia Pacific UCITS Fund(Class I GBP) LPAPIGB ID 15/09/17 10.53 0.02 0.19%
Download CSV Copy to clipboard

Calendar Year Total Returns

From 2014 to 2018

Class I USD

Year 2018 2017 2016 2015 2014†
Fund -21.45% 37.94% 12.29% -2.74% -1.30%
Index -13.52% 31.67% 4.89% -1.96% -1.39%
Download CSV Copy to clipboard

Class I GBP

Year 2018 2017†
Fund -16.94% 7.75%
Index -8.14% 8.18%
Download CSV Copy to clipboard

† Inception dates are 2/12/14 (Class I USD) and 15/9/17 (Class I GBP).

Current performance may be lower or higher than the performance quoted. Past performance is no guarantee of future results, fund prices fluctuate, and the value of an investment at redemption may be worth more or less than the purchase price. Prospective investors should review the Prospectus, including the risk factors, before making a decision to invest. The Key Investor Information Document and Full Prospectus, (including any supplements), are available from Southeastern Asset Management International (UK) Limited at [email protected] or 44(0)20 7479 4212. Southeastern Asset Management International (UK) Limited is authorized and regulated by the Financial Conduct Authority in the United Kingdom.

MSCI World and MSCI EAFE are service marks of MSCI Barra.

Resources