Longleaf Partners International Fund seeks long-term capital growth by
investing primarily in a limited number of international or foreign companies of all
sizes believed to be significantly undervalued. We are value investors. The Funds seek to achieve superior long-term performance by
acquiring equity securities of financially strong, well-managed companies run by
capable managements at market prices significantly below our assessment of their
business value. We sell stocks when they approach our appraisal. We view equity
investments as ownership in a business enterprise.
We determine business or intrinsic value through financial analysis and
established disciplines which we have consistently applied over three decades.
Equities purchased at prices substantially less than their intrinsic worth
protect capital from significant permanent loss of capital, and also
appreciate substantially once the market recognizes the company's economic value.
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