MDEVF - Longleaf Partners Global UCITS Fund Q1 2022 Commentary

• 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 Global UCITS Fund declined 5.02% in the first quarter, roughly in line with the MSCI World’s 5.15% decline.
• The Fund saw a continuation of China/Hong Kong exposure weighing on absolute and relative returns.
• We are close to fully invested with approximately 8% cash, and our on-decklist is growing longer amid market volatility.
• We believe our companies in Asia and Europe are well positioned to navigatethe challenges facing each region today.

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