Commentary

Commentary

03_SAM Interview Highlights - Partnership Investing-HD 1080p

Partnership Investing

Partnership is core to all that we do - within our firm, with our investors, and with company management teams.

Disclaimer

The statements and opinions expressed are those of the speaker and are as of the date of this report.

Information regarding portfolio holdings of the Longleaf Partners Funds can be found here:

Partners Fund
Small-Cap Fund
International Fund
Global Fund

Returns quoted reflect reinvested capital gains and dividends but not the deduction of taxes an investor would pay on distributions or share redemptions. Performance data quoted represents past performance; past performance does not guarantee future results. The investment 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 of the Longleaf Partners Funds may be lower or higher than the performance quoted. Performance data current to the most recent month-end may be obtained here.

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

The Longleaf Partners funds are subject to stock market risk, meaning stocks in the Fund may fluctuate in response to developments at individual companies or due to general market and economic conditions. Also, because the Funds generally invest in 15 to 25 companies, share value could fluctuate more than if a greater number of securities were held. Mid-cap stocks held by the Funds may be more volatile than those of larger companies. With respect to the Small-Cap Fund, smaller company stocks may be more volatile with less financial resources than those of larger companies. With respect to the International and Global Funds, investing in non-U.S. securities may entail risk due to non-US economic and political developments, exposure to non-US currencies, and different accounting and financial standards. These risks may be higher when investing in emerging markets. The total expense ratios for the Longleaf Partners Funds are: Longleaf Partners Fund 0.95%, Longleaf Small-Cap Fund 0.91%, Longleaf Partners International Fund 1.33%, Longleaf Partners Global 1.52%. The Partners and Small-Cap Funds' expense ratios are subject to a fee waiver to the extent a Fund's normal annual operating expenses exceed 1.5% of average annual net assets. The Longleaf International Fund's expense ratio is subject to a fee waiver to the extent the Fund's normal annual operating expenses exceed 1.75% of average annual net assets. The Longleaf Global Fund's expense ratio is subject to a fee waiver to the extent the Fund's normal annual operating expenses exceed 1.65% of average annual net assets. Beginning May 1, 2016, Southeastern has agreed to waive fees and/or reimburse expenses so that Global Fund Total Annual Fund Operating Expenses (excluding interest, taxes, brokerage commissions and extraordinary expenses) do not exceed 1.2% of average net assets on an annualized basis. This voluntary waiver or reimbursement may be discontinued at any time.

Please see the Disclosures in the November 14, 2017 webcast transcript for definitions of certain terms and acronyms used during the presentation.

Funds distributed by ALPS Distributors, Inc.

 

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