Longleaf Partners
Global UCITS Fund

Experience

Joined

Location

Education

Longleaf Partners Global 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 Global UCITS Fund

Fund overview (Updated 30/9/19)

Net Assets

$0.2 billion

Total Holdings

17

Wtd. Avg. Market Cap

$73.6 billion

Class I

Expense Ratio

1.20%

USD Inception Date

4/1/10

EUR Inception Date

20/5/10

GBP Inception Date

13/11/13

USD Bloomberg Ticker

LLPSOUG

EUR Bloomberg Ticker

LLPSOUE

GBP Bloomberg Ticker

LLPSOGI

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 of over US$3 billion.
  • The benchmark index is MSCI World, though portfolio construction is 100% bottom-up and benchmark-agnostic.
  • If we cannot find qualifying investment opportunities, we will hold cash.
  • The Fund generally holds 18-22 companies.
  • The Fund’s assets are held primarily by institutional clients.
  • If size begins to inhibit our ability to manage the Fund, we will close to new investors.

Fund Managers

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 and oversees the company with 47 years of investment experience. 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 the 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.

47
1975
Memphis
BA (Finance)
University of Florida
MBA (Finance)
University of Georgia

G. Staley
Cates, CFA

Vice-Chairman

More about me
We want to be a kind of researcher’s nirvana, which we think starts with analysts being able to look at any idea anywhere in the world.

Mr. Cates serves as Vice-Chairman of Southeastern and has 33 years of investment experience. He is a co-portfolio manager on the Longleaf Partners, Small-Cap, International and Global Funds, as well as the Longleaf Global UCITS Fund. Mr. Cates is a member of Southeastern’s Executive Committee. Prior to joining the company in 1986, he worked as a Research Associate at Morgan, Keegan & Co. in Memphis. Mr. Cates graduated from the University of Texas with a bachelor’s degree in Business Administration.

33
1986
Memphis
BA (Business Administration)
University of Texas

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 and has 16 years of investment experience. 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.

16
2004
Memphis
BA (Economics)
Princeton University

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
CenturyLink United States Diversified Telecommunication Services 9.1%
EXOR Netherlands Diversified Financial Services 8.1%
General Electric United States Industrial Conglomerates 6.8%
FedEx United States Air Freight & Logistics 5.6%
CK Hutchison Hong Kong Industrial Conglomerates 5.5%
LafargeHolcim Switzerland Construction Materials 4.7%
Melco International Hong Kong Hotels, Restaurants & Leisure 4.6%
CNH Industrial Netherlands Machinery 4.6%
Comcast United States Media 4.5%
Fairfax Financial Canada Insurance 4.4%
Total 57.9%
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Primary Contributors to Return

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

Holding Percent
CenturyLink 0.58%
Alphabet 0.40%
Melco International 0.40%

Primary Detractors to Return

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

Holding Percent
General Electric -1.21%
FedEx -0.65%
OCI -0.63%

Portfolio Composition

at 30/9/19

Equities & Other 82.7%
Bonds 0.0%
Cash 17.3%
Total 100%
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Sector Composition

at 30/9/19

Industrials 31.7%
Communication Services 17.2%
Financials 12.5%
Materials 8.7%
Consumer Discretionary 4.6%
Real Estate 4.1%
Energy 3.9%
Cash 17.3%
Total 100%
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Country Composition

at 30/9/19

US 37.3%
Netherlands 16.7%
Hong Kong 14.2%
Switzerland 4.7%
Canada 4.4%
Japan 3.1%
Denmark 2.3%
Cash 17.3%
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

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
Global UCITS Fund(Class I USD) 1.70% -3.30% 7.80% -9.87% 4.46% 3.26% 5.42%
MSCI World Index(USD) 2.13% 0.54% 17.61% 1.83% 10.21% 7.18% 8.62%
Global UCITS Fund(Class I EUR) 2.57% 0.87% 13.31% -3.99% 5.34% 6.15% 7.84%
MSCI World Index(EUR) 3.16% 5.02% 23.32% 8.49% 11.33% 10.39% 11.64%
Global UCITS Fund(Class I GBP) 0.67% -0.15% 11.75% -4.39% 6.23% 9.05% 8.16%
MSCI World Index(GBP) 0.93% 3.83% 21.55% 7.76% 12.16% 13.23% 12.34%
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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
Global UCITS Fund(Class I USD) 5.26% 0.86% 13.48% 2.03% 6.09% 3.84% 5.92%
MSCI World Index(USD) 2.55% 2.59% 20.60% 12.69% 11.86% 7.58% 8.82%
Global UCITS Fund(Class I EUR) 2.90% 0.13% 16.60% 3.66% 5.38% 6.09% 8.10%
MSCI World Index(EUR) 0.21% 2.38% 23.57% 14.45% 11.20% 10.11% 11.55%
Global UCITS Fund(Class I GBP) -0.07% -5.26% 11.66% 0.75% 3.89% 8.23% 8.02%
MSCI World Index(GBP) -2.35% -2.93% 18.70% 11.28% 9.71% 12.25% 11.71%
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Daily Price

at 08/11/19

Fund Ticker Inception Date Price Change % Change
Global UCITS Fund(Class I USD) LLPSOUG 04/01/10 18.44 0.04 0.22%
Global UCITS Fund(Class I EUR) LLPSOUE 20/05/10 16.52 0.07 0.43%
Global UCITS Fund(Class I GBP) LLPSOGI 13/11/13 14.33 0.07 0.49%
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Calendar Year Total Returns

From 2010 to 2018

Class I USD

Year 2018 2017 2016 2015 2014 2013 2012 2011 2010†
Fund -15.57% 23.62% 16.64% -10.28% -1.25% 36.69% 13.73% -16.14% 10.30%
Index -8.71% 22.40% 7.51% -0.87% 4.94% 26.68% 15.83% -5.54% 9.79%
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Class I EUR

Year 2018 2017 2016 2015 2014 2013 2012 2011 2010†
Fund -11.98% 8.42% 20.15% -0.34% 12.28% 31.07% 11.34% -13.45% 10.44%
Index -4.11% 7.51% 10.73% 10.42% 19.50% 21.20% 14.04% -2.38% 11.82%
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Class I GBP

Year 2018 2017 2016 2015 2014 2013† 2012 2011 2010
Fund -10.51% 12.77% 39.14% -5.28% 4.84% 1.76% N/A N/A N/A
Index -3.04% 11.81% 28.24% 4.87% 11.46% 0.30% N/A N/A N/A
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† Inception date is 4/1/10 (Class I USD), 20/5/10 (Class I EUR), and 13/11/13 (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.

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