FRFHF - Longleaf Partners Fund Commentary Q1 2021

• Longleaf Partners Funds is a suite of mutual funds and UCITS funds that Southeastern Asset Management, the investment advisor to the Longleaf Partners Funds, created in 1987 as a way for Southeastern employees to invest alongside their clients.
• Longleaf Partners Fund added 18.22% in the first quarter, nearly tripling the S&P 500’s 6.18% return.
• The Fund’s average 17% cash position was the only meaningful relative drag on returns, with stock selection within the Communications Services, Consumer Discretionary and Financials sectors driving outperformance.
• In the quarter, we sold DuPont, as its share price went to our appraised value. We initiated a position in a cash-flow generative healthcare company with a strong balance sheet and aligned board and management team with a history of long-term value creation.

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