Mason Hawkins's all three Longleaf Funds compounded at an annualized rate much higher than his absolute goal of inflation plus 10%. He wrote: "Although we never know when the price of a company will begin to reflect value, the recent good performance was not altogether unexpected given where we began the year. Price-to-value ratios (P/V) were near or below long-term averages, the Funds were much more fully invested, and value growth expected from our holdings was higher than normal given the quality of the businesses we owned and the management teams running them. While the P/Vs have risen a bit with the recent performance, they are still attractive, and the other factors thatmade us optimistic are still in place. We believe the opportunity remains to compound at inflation plus 10% rates over the next five years."
"Cash levels rose across the three Funds as we scaled back several overweighted
positions, and exited a long-time Partners Fund holding, Waste Management, as well as Deltic Timber in the Small-Cap Fund."
Read the complete report
"Cash levels rose across the three Funds as we scaled back several overweighted
positions, and exited a long-time Partners Fund holding, Waste Management, as well as Deltic Timber in the Small-Cap Fund."
Read the complete report
