Longleaf Partners Fund seeks long-term capital growth by investing primarily
in a limited number of mid and large-cap companies 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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