Longleaf Partners, managed by Southeastern Asset Management, released its “Partners Fund” first quarter 2025 investor letter. A copy of the letter can be downloaded here. The fund returned -5.14% in the first quarter, compared to the S&P 500’s -4.27% return and Russell 1000 Value’s 2.14% return. The firm’s stock price performance was volatile, but its confidence in future returns grew as the quarter progressed. The firm invested in quality companies that it thinks are strong and resilient to difficult circumstances. The portfolio has significantly outperformed the index,...
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