Longleaf Partners Small-Cap Fund (LLSCX)
Fund Facts at 3/31/13
| Inception Date | February 21, 1989 |
| Net Assets | $4.0 billion |
| Expense Ratio | 0.91% |
| 5yr Avg. Turnover | 24% |
| Total Holdings | 18 |
| Wtd. Avg. Market Cap | $3.4 billion |
| Minimum | $10,000 |
| Ticker | LLSCX |
| CUSIP | 54306920-7 |
Portfolio Managers
O. Mason Hawkins, CFA
Southeastern since 1975
G. Staley Cates, CFA
Southeastern since 1986
Fund closed to new investors since 1997.
Investment Objective
Longleaf Partners Small-Cap Fund seeks long-term capital growth by investing primarily in a limited number of small-cap companies believed to be significantly undervalued.
Fund Information
- Invests primarily in US companies with flexibility to own up to 30% in non-US holdings.
- Invests generally in companies with market capitalizations over $1 billion and up to market capitalizations found within small-cap indices ($6.7 billion at 12/31/11).
- Benchmark index is Russell 2000, though portfolio construction is 100% bottom-up.
- Southeastern employees, related parties, and Longleaf trustees are the largest shareholder group with a collective investment of over $250 million.
- The Fund's assets are held primarily by institutional clients.
- Our relationships are long-term. The average direct account tenure is between 5-10 years.
Management
Southeastern has managed all portfolios consistently for over three decades.
- We adhere to the same Governing Principles.
- We employ the same Investment Approach.
- We follow the same Investment Process.
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