MLCMF - Longleaf Partners International Fund Q1 2025 Commentary
2025-04-13 10:29:00 ET
Summary
- Longleaf Partners International Fund returned +0.73% in the first quarter, trailing the relevant indexes.
- The reliance on a minority of stocks to drive outperformance lends a higher degree of fragility to the index performance overall.
- During the quarter we did not initiate any new positions in the portfolio.
Fund Characteristics |
P/V Ratio |
Mid-60s% |
Cash |
12.0% |
# of Holdings |
26 |
All data as of March 31, 2025 |
| Annualized Total Return |
1Q (%) |
1 Year (%) |
3 Year (%) |
5 Year (%) |
10 Year (%) |
Since Inception (%) |
International Fund |
0.73 |
-4.75 |
2.33 |
6.34 |
2.87 |
5.78 |
FTSE Developed ex North America |
6.42 |
3.38 |
5.18 |
11.40 |
5.28 |
5.71 |
Inception date 10/26/1998 |
Longleaf Partners International Fund returned +0.73% in the first quarter, trailing the relevant indexes. Index performance was driven by strong returns in the European market fuelled by the promise of debt funded fiscal stimulus by Eurozone economies, potentially benefiting local Defense, Energy, and Industrial sectors (as discussed below). There was a large dispersion in returns between large-cap vs. small and mid-cap ((SMID)), and between stimulus beneficiary sectors vs. the rest. Our overweight in Consumer sectors and underweight in European Industrials, Financials, Energy sectors largely explains the majority of our relative underperformance....
Longleaf Partners International Fund Q1 2025 Commentary