As we reflect on the quarter, the amount of activity in all three portfolios was larger and more exciting than usual. Several companies owned by the Funds sold at significant discounts to their appraised values, and we added to the Funds' stakes in many of those names. In addition, each Fund acquired at least one new holding during the quarter as additional companies met our qualitative and quantitative criteria. Because the Funds had relatively little cash, we liquidated or scaled back holdings with higher price-to-value ratios (P/V) to make way for those with lower P/Vs. This positioning of the portfolios lowered the downside risk in each Fund and increased the return opportunity.
The transactions also helped the Funds' overall P/V ratios remain stable over the last three months even as the Funds delivered strong performance. The portfolio improvement was possible also because of the support of Longleaf's long-term shareholders. Many investment partners added to their stakes in the Funds during the quarter, supplementing our efforts to capture investment opportunity.
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The transactions also helped the Funds' overall P/V ratios remain stable over the last three months even as the Funds delivered strong performance. The portfolio improvement was possible also because of the support of Longleaf's long-term shareholders. Many investment partners added to their stakes in the Funds during the quarter, supplementing our efforts to capture investment opportunity.
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