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Long Leaf Shareholder Letter Q12011

Long Leaf Partners shareholder letter is out for Q1 2011. The top holdings of the fund family are listed below:

Portfolio change since 2010-12-31:

Symbol As of Date Current Shares Change from Last % of Company
PXD 2011-04-01 4,979,775 -24.23% 4.3%
TDS.S 2011-03-29 9,633,778 -3.6% 20.3%
PXD 2011-03-21 6,572,575 -28.35% 5.6%
PXD 2011-02-17 9,173,457 -18.39% 7.9%
TDS.S 2011-02-10 9,993,525 -2.48% 20.8%
LVLT 2011-02-08 537,757,880 +13.05% 31.1%
YUM 2011-02-08 30,231,270 0 6.5%
AON 2011-02-07 23,228,886 0 8.6%
CHK 2011-02-07 81,848,897 0 12.5%


Here are some brief excerpts from Long Leaf's CEO, Mason Hawkins, followed by the full document in scribd format:

The solid results reflected sound execution by our corporate management partners. The companies that most impacted the positive returns had top line and/or margin growth that drove earnings and free cash flow above expectations and created optimism going forward. Several management teams initiated additional cost reduction plans. Capital allocation moves also increased values as several companies sold or announced plans to sell pieces of their businesses at attractive prices. Many of our management partners recognized that their stocks remained significantly discounted and built value through share repurchases.

While company fundamentals drove the Funds' good performance, macro events hurt prices of a few names. The slow pace of recovery in U.S. housing weighed on cement and aggregates producers, and Middle Eastern turmoil drove up their energy costs. Additionally, uncertainty around Cemex's Egyptian operations further pressured the stock (held in Partners and International). The earthquake and tsunami in Japan created the most widespread impact as the Funds' Japanese holdings (NKSJ in Partners and International, Olympus in Small-Cap and International, and Seven Bank in International) all declined.

Long Leaf Shareholder Letter Q1 2011

About the author:

Jacob Wolinsky
My investment ideas have been inspired by many of value investors including Benjamin Graham, Charles Royce, John Neff, Joel Greenblatt, Peter Lynch, Seth Klarman,Martin Whitman and Bruce Greenwald. .I live with my wife and daughter in Monsey, NY. I can be contacted jacobwolinsky(AT)gmail.com and my blog is www.valuewalk.com

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