For the YTD period Loews (L) was the Fund’s primary performance detractor, down 13% after a 5% decline in the quarter. The stock fell because of pressure on its energy-related investments in Diamond Offshore, the drilling company, and to a lesser degree Boardwalk Pipeline. Loews recently announced the sale of Highmount Exploration and Production in line with our anticipated price. Through the last reported period in July, the company aggressively repurchased shares.
From Mason Hawkins (Trades, Portfolio)’ Longleaf Partners Q3 2014 Management Discussion.
