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 |
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For further details see:
Longleaf Partners Fund Q2 2024 Commentary