ODFL - Longleaf Partners Fund Q2 2024 Commentary
2024-07-27 14:00:00 ET
Summary
- Longleaf Partners Fund declined in the second quarter, underperforming the S&P 500 and Russell 1000 Value indices.
- With the market hitting new highs regularly, we ended the quarter with a higher-than-normal 19% cash position.
- The portfolio saw positive stock price moves post-quarter end, with focus on stock picking for long-term success and margin of safety.
- While the S&P 500 is trading at over 20 times potentially peak free cash flow (FCF), our individual investments are trading closer to 10 times FCF on margins that can improve.
Fund Characteristics
| P/V Ratio |
Low-60s% |
Cash |
19.4% |
# of Holdings |
18 |
All data as of June 30, 2024
| Annualized Total Return |
| 2Q |
| YTD |
| 1 Year |
| 3 Year |
| 5 Year |
| 10 Year |
| Since Inception |
| (%) |
| (%) |
| (%) |
| (%) |
| (%) |
| (%) |
| (%) |
| Partners Fund |
| -6.31 |
| -0.13 |
| 5.89 |
| -1.51 |
| 6.61 |
| 3.14 |
| 9.26 |
| S&P 500 |
| 4.28 |
| 15.29 |
| 24.56 |
| 10.01 |
| 15.05 |
| 12.86 |
| 10.54 |
| Russell 1000 Value |
| -2.17 |
| 6.62 |
| 13.06 |
| 5.52 |
| 9.01 |
| 8.23 |
| 9.67 |