Longleaf Partners
International Fund

Experience

Joined

Location

Education

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

Longleaf Partners International Fund

Fund overview (Updated 9/30/23)

Inception Date

10/26/1998

Minimum

$10,000

Net Assets

$701.1 Million

Ticker

LLINX

Expense Ratio (Gross/Net)

1.26% / 1.15%

CUSIP

54306940-5

Portfolio

Fund Information

  • The Fund’s objective is long-term capital growth. Current income is not an objective.
  • The Fund normally invests at least 65% of its total assets in the equity securities of non-US issuers, which could include emerging market issuers, and may achieve its exposure to non-US securities through investing in American depositary receipts (ADRs).
  • The Fund invests generally in companies with market capitalizations over $1 billion.
  • The benchmark index is FTSE Developed ex-North America, 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 18-22 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.
  • If size begins to inhibit our ability to manage the Fund, we will close to new investors.

Fund Managers

Manish
Sharma, CFA

Portfolio Manager, Principal

More about me

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.

20
2010
Singapore
BS (Mechanical Engineering)
Indian Institute of Technology
Masters (Mechanical Engineering)
Michigan State University
MBA
University of Chicago

John
Woodman

Portfolio Manager, Principal

More about me

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 has 21 years of investment experience and 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.

21
2016
London
BA (Geography and Environmental Science)
University of Oxford

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 51 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.

51
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.

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 9/30/23

Holding Country Industry Percent
Glanbia Ireland Food Products 7.0%
GRUMA Mexico Food Products 5.5%
EXOR Netherlands Financial Services 5.3%
Fairfax Financial Canada Insurance 5.2%
Accor France Hotels, Restaurants & Leisure 4.8%
Premier Foods United Kingdom Food Products 4.7%
Domino's Pizza Group (UK) United Kingdom Hotels, Restaurants & Leisure 4.5%
Alibaba China Internet & Direct Marketing Retail 4.5%
Richemont Switzerland Textiles, Apparel & Luxury Goods 4.4%
WH Group Hong Kong Food Products 4.0%
Total 49.9%
Final Holdings and Related Data at 9/30/23 Download CSV Copy to clipboard

Sector Composition

at 9/30/23

Consumer Discretionary 36.3%
Consumer Staples 23.7%
Financials 13.6%
Communication Services 8.1%
Materials 5.2%
Industrials 2.6%
Health Care 2.4%
Cash and Other 8.1%
Total 100%
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Country Composition

at 9/30/23

France 9.8%
United Kingdom 9.2%
Hong Kong 9.2%
Netherlands 9.2%
Mexico 8.0%
Ireland 7.0%
Germany 5.3%
Canada 5.1%
China 4.5%
Switzerland 4.4%
Philippines 3.9%
India 3.1%
Sweden 2.8%
Italy 2.8%
South Korea 2.6%
Spain 2.6%
Japan 2.4%
Cash and Other 8.1%
Total 100%
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View current month-end performance. 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.

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 09/30/23

Fund Index 1 MO QTR YTD 1 YR 3 YR 5 YR 10 YR 20 YR Incept †
Total Returns Average Annual Returns
International Fund -5.80% -3.94% 9.33% 29.45% 2.64% -1.21% 1.27% 3.69% 5.88%
FTSE Developed ex North America Index -3.45% -3.98% 6.97% 25.48% 5.31% 3.04% 3.85% 6.08% 5.24%
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Month-end Performance

at 11/30/23

Fund Index 1 MO 3 MO YTD 1 YR 3 YR 5 YR 10 YR 20 YR Incept †
Total Returns Average Annual Returns
International Fund 7.60% -2.87% 12.74% 13.08% -1.06% 1.01% 1.16% 3.51% 5.97%
FTSE Developed ex North America Index 9.60% 1.35% 12.28% 12.29% 3.30% 5.89% 3.93% 5.90% 5.41%
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Daily Price

at 12/08/23

Fund Ticker Inception Date Price Change % Change YTD Return
International Fund LLINX 10/26/98 15.93 0.06 0.38% 15.27%
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Calendar Year Total Returns

From 1998 to 2022

Year 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998†
Fund -18.69% -0.89% -1.22% 20.00% -7.08% 24.23% 12.20% -7.91% -14.76% 28.14% 21.23% -20.29% 13.69% 23.17% -39.60% 15.29% 17.07% 12.88% 10.21% 41.52% -16.51% 10.47% 25.93% 24.37% 9.02%
FTSE Developed ex North America -15.29% 9.93% 10.07% 21.48% -14.39% 26.50% 1.43% -0.45% -5.04% 21.47% 17.98% -12.45% 8.68% 33.41% -43.44% 12.48% 27.24% 13.47% 20.43% 39.37% -15.07% -20.96% -13.81% 30.23% 12.34%
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† 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 1.17% (gross) and 1.15% (net). The expense ratio is subject to a fee waiver to the extent the Fund’s normal operating expenses exceed 1.15% 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.

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
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

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 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.