Longleaf Partners Small-Cap Fund

Longleaf Partners Small-Cap Fund

Top Holdings at 9/30/17

Holding Country Industry Percent
Level 3 Communications United States Diversified Telecommunication Services 7.4
OCI Netherlands Chemicals 6.3
Graham Holdings United States Diversified Consumer Services 6.1
ViaSat United States Communications Equipment 5.9
CONSOL Energy United States Oil, Gas & Consumable Fuels 5.0
Hopewell Hong Kong Real Estate Management & Development 5.0
Formula One Group United States Movies & Entertainment 4.8
Eastman Kodak United States Technology Hardware, Storage & Peripherals 4.8
Wynn Resorts United States Hotels, Restaurants & Leisure 4.3
Park Hotels United States Equity Real Estate Investment Trusts (REITs) 4.1
Total 53.7

Portfolio Composition at 9/30/17

 Equities & Other 68.2
 Bonds 3.9
 Cash 27.9
   
Total 100.0%

Sector Composition at 9/30/17

 Consumer Discretionary 25.9
 Information Technology 10.7
 Materials 10.2
 Real Estate 9.1
 Telecommunication Services 7.4
 Energy 5.2
 Industrials 3.6
 Cash 27.9
   
Total 100.0%

Primary Contributors to Return

7/1/17 to 9/30/17
Holding Percent
Scripps Networks 0.92
Deltic Timber 0.62
CONSOL Energy 0.60

Primary Detractors to Return

7/1/17 to 9/30/17
Holding Percent
Level 3 Communications -0.84
Eastman Kodak -0.25
Sonic -0.14

View current month-end performance Returns reflect reinvested capital gains and dividends but not the deduction of taxes an investor would pay on distributions or share redemptions. The performance data quoted represents past performance and is no guarantee of future results. The return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the past performance quoted.

Before investing in any Longleaf Partners fund, you should carefully consider the Fund’s investment objectives, risks, charges, and expenses. The Prospectus and Summary Prospectus contain this and other important information. Please read the Prospectus and Summary Prospectus carefully before investing.

The above holdings do not represent all of the securities purchased, sold, or recommended for the Fund. Discussion of particular investments is not a recommendation to buy or sell any security and holdings are subject to change.

The information above contains links to sites not controlled or maintained by Longleaf or Southeastern. The links do not imply any endorsement or verification of the information on those websites.