MLCMF - Longleaf Partners Global Fund Q1 2025 Commentary
2025-04-13 12:48:00 ET
Summary
- Performance in the first half of the quarter was impacted by a cluster of companies with over 10% stock price moves.
- It was a good time to be underweight the historically high US weighting in the global index.
- We initiated one new position in the portfolio during the quarter, a leading healthcare company with a net cash balance sheet and great owner-partners.
- Our still higher than usual cash position at quarter end has been coming down in April as we have put money to work with the goal of improving our margin of safety.
Fund Characteristics |
P/V Ratio |
High-50s% |
Cash |
7.8% |
# of Holdings |
21 |
| All data as of March 31, 2025 |
Annualized Total Return |
1Q |
1 Year |
3 Year |
5 Year |
10 Year |
Since Inception |
(%) |
(%) |
(%) |
(%) |
(%) |
(%) |
Global Fund |
-2.21 |
-0.30 |
2.16 |
9.73 |
4.21 |
4.91 |
FTSE Developed |
-1.47 |
6.78 |
7.39 |
15.85 |
9.35 |
10.24 |
FTSE Developed Value |
5.48 |
7.56 |
6.29 |
14.04 |
7.01 |
7.96 |