OSCR - Longleaf Partners Small-Cap Fund Q1 2024 Commentary
2024-04-24 08:00:00 ET
Summary
- 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 Small-Cap Fund returned 6.85% in the first quarter, ahead of our benchmark index and absolute annual return goal of inflation plus 10%.
- While small-cap indices underperformed relative to large cap (which were once again driven by a few mega-cap growth companies), we are pleased with the results of our carefully constructed portfolio that looks very little like any index.
- While our cash ended the quarter at a higher-than-usual level of 17%, our on-deck list remains healthy and our price-to-value ratio is still in the mid-60s.
Fund Characteristics
| P/V Ratio |
| Mid-60s% |
| Cash |
| 16.5% |
| # of Holdings |
| 17 |
All data as of March 31, 2024
| Annualized Total Return |
| Since |
| 1Q |
| 1 Year |
| 3 Year |
| 5 Year |
| 10 Year |
| Inception |
| (%) |
| (%) |
| (%) |
| (%) |
| (%) |
| (%) |
| Small-Cap Fund |
| 6.85 |
| 23.16 |
| 1.03 |
| 5.37 |
| 5.88 |
| 9.88 |
| Russell 2000 |
| 5.18 |
| 19.71 |
| -0.10 |
| 8.10 |
| 7.57 |
| 9.24 |
| Russell 2000 Value |
| 2.90 |
| 18.75 |
| 2.21 |
| 8.16 |
| 6.87 |
| 9.99 |