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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
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