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LongLeaf has three mutual funds; its flagship fund Long Leaf Partner’s fund, Long Leaf International Fund, and Long Leaf small cap fund.
Below is some more information regarding the three funds.
Partners Fund:
Returns:
As of 5/31/10
| YEAR-TO-DATE | ONE YEAR | FIVE YEARS | TEN YEARS | |
| PARTNERS FUND | 4.94% | 31.72% | 0.18% | 5.41% |
| S & P 500 INDEX | (1.50)% | 20.99% | 0.31% | (0.82)% |
| As of 3/31/10 | ||
| DIRECTV | satellite broadcaster | 9.6% |
| Dell | information technology | 7.6% |
| Chesapeake Energy | natural gas exploration & production | 7.2% |
| Walt Disney | entertainment and broadcasting | 7.1% |
| Yum! Brands | franchisor/owner-Taco Bell, KFC, Pizza Hut | 6.2% |
| Pioneer Natural Resources | oil & gas exploration & production | 5.8% |
| NipponKoa | Japanese non-life insurance | 4.7% |
| Liberty Media Interactive | tv, internet, & catalog retail | 4.7% |
| Cemex | cement company | 4.6% |
| Philips | electronics, medical, & lighting | 4.2% |
| Total | 61.7% |
LongLeaf International Fund: 45% of the funds equities are Asian equities.
Returns:
As of 5/31/10
| YEAR-TO-DATE | ONE YEAR | FIVE YEARS | TEN YEARS | |
| INTL FUND | (7.25)% | 8.11% | 0.87% | 5.91% |
| MSCI EAFE INDEX | (12.36)% | 6.38% | 1.35% | 0.65% |
Top ten holdings:
| As of 3/31/10 | ||
| NipponKoa Insurance | non-life insurance | 8.3% |
| Fairfax Financial Holdings | property/casualty insurance | 8.1% |
| Accor | corporate services & hotels | 7.9% |
| Cheung Kong | ports, real estate, & telecom | 7.8% |
| ACS Actividades | construction, infrastructure, & energy | 6.4% |
| Genting Berhad | casino operator | 6.0% |
| Hochtief AG | global infrastructure construction | 5.0% |
| Yum! Brands | franchisor/owner- Taco Bell, KFC, Pizza Hut | 4.9% |
| Olympus | medical imaging & cameras | 4.8% |
| Willis Group | insurance broker | 4.8% |
| Total | 64% |
Small Cap Fund:
Returns:
As of 5/31/10
| YEAR-TO-DATE | ONE YEAR | FIVE YEARS | TEN YEARS | |
| SMALL-CAP FUND | 8.68% | 42.53% | 4.21% | 9.01% |
| RUSSELL 2000 INDEX | 6.29% | 33.62% | 2.77% | 4.71% |
Top ten holdings:
| As of 3/31/10 | ||
| tw telecom | telecommunications provider | 9.9% |
| Pioneer Natural Resources | oil & gas exploration & production | 7.9% |
| Fair Isaac | credit scoring software | 6.8% |
| Fairfax Financial Holdings | property/casualty insurance | 6.7% |
| Dillard’s | department store retailer | 6.1% |
| Service Corp International | funeral home/ cemetery operator | 4.9% |
| Wendy's/Arby's | fast food restaurant operator | 4.6% |
| Washington Post | education & media | 4.6% |
| Texas Industries | construction materials | 4.5% |
| DineEquity | developer/franchisor of restaurants | 4.4% |
| Total | 60.4% |
Below is the full meeting divided by segment. The audio files can be viewed in wma format or mp3 format. Some of the audio files are accompanied by a slide show.
| Subject and Speaker | |||
| Introduction and update Lee Harper (10 Minutes) | Windows Media Audio | MP3 Audio | Slide Presentation |
| Performance Update and Governance Initiative Mason Hawkins (14 Minutes) | Windows Media Audio | MP3 Audio | Slide Presentation |
| Research Team Update Staley Cates (9 Minutes) | Windows Media Audio | MP3 Audio | |
| Investment Case for Cheung Kong Ken Siazon (8 Minutes) | Windows Media Audio | MP3 Audio | Slide Presentation |
| Investment Case for Accor Scott Cobb (17 Minutes) | Windows Media Audio | MP3 Audio | |
| Investment Case for Aon Jason Dunn (11 Minutes) | Windows Media Audio | MP3 Audio | |
| Dell Mason Hawkins, Staley Cates (10 Minutes) | Windows Media Audio | MP3 Audio | |
| Daiwa Mason Hawkins (1 Minutes) | Windows Media Audio | MP3 Audio | |
| Level 3 Mason Hawkins, Staley Cates (3 Minutes) | Windows Media Audio | MP3 Audio | |
| Opportunities in pharmaceutical companies Mason Hawkins, (4 Minutes) | Windows Media Audio | MP3 Audio | |
| Cash levels and market opportunity Mason Hawkins, Staley Cates (2 Minutes) | Windows Media Audio | MP3 Audio | |
| Opportunities in real estate Mason Hawkins, Staley Cates (3 Minutes) | Windows Media Audio | MP3 Audio | |
| Long-term results more important than short term & analyst compensation Mason Hawkins, Staley Cates (9 Minutes) | Windows Media Audio | MP3 Audio | |
| Currency hedging change Mason Hawkins (1 Minutes) | Windows Media Audio | MP3 Audio | |
| Current P/V Ratios Mason Hawkins (2 Minutes) | Windows Media Audio | MP3 Audio | |
| Is focus greater on winning or on not losing? Mason Hawkins (2 Minutes) | Windows Media Audio | MP3 Audio | |
| How broadly do you examine people at a company? Mason Hawkins, Staley Cates (2 Minutes) | Windows Media Audio | MP3 Audio | |
| Do we anticipate getting fully invested? Staley Cates (2 Minutes) | Windows Media Audio | MP3 Audio | |
| Which Fund is best opportunity? Mason Hawkins (1 Minutes) |
The full link is here http://www.longleafpartners.com/news/annual_presentation_2010.cfm
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