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Longleaf
Longleaf 2007 Annual Report
Submitted on 02/14/2008Mason Hawkins of Longleaf Partners says "The recent volatility gave long term investors terrific opportunities to persue. Falling prices are not necessarily worrisome for the investor who knows that he will be a net buyer of common stocks over next five years. As patient, long term investors we know that as appraisals remain intact returns should be delayed not lost."
Longleaf added Citadel Broadcasting, Limited Brands, Sun Microsystems, UBS and Walgreen to their portfolio.
Longleaf reduces Fairfax stake
Submitted on 02/14/2008Southeastern Asset Management has sold about some of their stake in Fairfax Financial, and now owns 3,015,922 shares.
Longleaf fund seeks group cash to buy stocks
Submitted on 12/13/2007Longleaf Partners Fund, appealed to its shareholders for $2 billion to invest in a few beaten-down stocks, said it is turning to owners of other funds in the group for fresh contributions.
The fund, the flagship of deep-value stock investor Mason Hawkins, said in a letter on the Longleaf Web site that the move to tap shareholders of the International and Small-Cap funds for cash was due to the availability of new investment opportunities.
Longleaf 1Q 2007 Shareholder letter
Submitted on 05/25/2007During the quarter Longleaf purchased two new qualifying ideas in the Small-Cap Fund (Trend Micro Inc and Worthington Industries, Inc.) and one in International (EnCana Corp). Longleaf team were hopeful that the worldwide market declines in late February might linger and signal increasing volatility. The socalled ""correction'' was brief and somewhat slight, however, and yielded relatively little opportunity. Positive performance combined with few 60-cent dollar additions resulted in the price-to-value ratio of each Fund rising slightly during the quarter. The Partners Fund and International Fund have one new position's worth of cash. While Small-Cap's cash level is higher, several buy orders are waiting for prices to cooperate.
Longleaf 2006 Annual Report
Submitted on 02/26/2007In 2006, Mason Hawking's patience and commitments began to pay off. Many of the companies that had been the most discounted over the last few years were among the strongest performers.
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