Longleaf Partners
Global UCITS Fund

Experience

Joined

Location

Education

Longleaf Partners Global UCITS Fund seeks to generate superior long-term investment returns and minimize the risk of permanent capital loss by investing primarily in a concentrated number of global companies that meet our Business, People, Price investment criteria.

We invest with a three-to-five-year investment horizon and take advantage of short-term volatility to own high quality businesses, run by capable management teams, whose stock prices we believe are trading temporarily at a discount. Our extensive, global network allows us to engage with our management partners to help drive long-term value creation.

+44 (0) 20 7479 4200

Longleaf Partners Global UCITS Fund

Fund overview (Updated 31/12/23)

Net Assets

$16.7 Million

Class I

Expense Ratio (Gross/Net)

1.52% / 1.15%

USD Inception Date

4/1/10

EUR Inception Date

20/5/10

GBP Inception Date

13/11/13

USD Bloomberg Ticker

LLPSOUG

EUR Bloomberg Ticker

LLPSOUE

GBP Bloomberg Ticker

LLPSOGI

Portfolio

Fund Information

  • The Fund’s objective is long-term capital growth. Current income is not an objective.
  • The Fund generally invests in companies with market capitalizations of over US$3 billion.
  • The Fund is actively managed. It uses the FTSE Developed Index (USD) (FactSet Ticker: I01018) as a ‘comparator benchmark’ to compare the performance of the Fund against, but which is not used to constrain portfolio composition or as a target for the performance of the Fund. Portfolio construction is 100% bottom-up and benchmark-agnostic.
  • If we cannot find qualifying investment opportunities, we will hold cash.
  • The Fund generally holds 18-22 companies.
  • The Fund’s assets are held primarily by institutional clients.
  • If size begins to inhibit our ability to manage the Fund, we will close to new investors.

Fund Managers

O. Mason
Hawkins, CFA

Chairman

More about me
You want to pursue a career in investing for the intellectual challenge, for the reward of being correct about your investment decisions and for the opportunity to help others.

Chairman Mason Hawkins founded Southeastern in 1975 and oversees the company with 51 years of investment experience. He is a co-portfolio manager on the Longleaf Partners, Small-Cap, International and Global Funds, as well as the Longleaf Partners Global UCITS Fund. Mr. Hawkins is a member of Southeastern’s Executive Committee. Prior to Southeastern’s founding, he served as Director of Research for both Atlantic National Bank in Jacksonville, FL and First Tennessee Investment Management in Memphis. Mr. Hawkins graduated with a bachelor’s degree in Finance from the University of Florida and received his master’s in Business Administration in Finance from the University of Georgia.

51
1975
Memphis
BA (Finance)
University of Florida
MBA (Finance)
University of Georgia

G. Staley
Cates, CFA

Vice-Chairman

More about me
We want to be a kind of researcher’s nirvana, which we think starts with analysts being able to look at any idea anywhere in the world.

Mr. Cates serves as Vice-Chairman of Southeastern and has 37 years of investment experience. He is a co-portfolio manager on the Longleaf Partners, Small-Cap and Global Funds, as well as the Longleaf Global UCITS Fund. Mr. Cates is a member of Southeastern’s Executive Committee. Prior to joining the company in 1986, he worked as a Research Associate at Morgan, Keegan & Co. in Memphis. Mr. Cates graduated from the University of Texas with a bachelor’s degree in Business Administration.

37
1986
Memphis
BA (Business Administration)
University of Texas

Ross
Glotzbach, CFA

CEO and Head of Research

More about me
Southeastern is different because we are focused on a single investment discipline – we are long-term, concentrated, engaged value investors.

Mr. Glotzbach serves as CEO and Head of Research and has 20 years of investment experience. He is a co-portfolio manager on Longleaf Partners, Small-Cap and Global Funds, as well as the Longleaf Partners Global UCITS Fund. Mr. Glotzbach is a member of Southeastern’s Executive Committee. Prior to joining Southeastern in 2004, he was a Corporate Finance Analyst at Stephens Inc. in Little Rock, AR. Mr. Glotzbach graduated from Princeton University with a bachelor’s degree in Economics.

20
2004
Memphis
BA (Economics)
Princeton University

Investment Discipline

Southeastern manages all mandates and portfolios using the same investment discipline.

Our Investment Approach

We are long-term, concentrated, engaged value investors.

The Investment Process

We are fundamental, bottom-up business appraisers.

Risk Management

We seek to minimize the risk of permanent capital loss.

Top 10 Holdings

at 31/12/2023

Holding Country Industry Percent
EXOR Netherlands Financial Services 6.2%
Kellanova United States Food Products 5.1%
Affiliated Managers Group United States Capital Markets 5.1%
FedEx United States Air Freight & Logistics 5.1%
CNX Resources United States Oil, Gas & Consumable Fuels 4.9%
Live Nation Entertainment United States Entertainment 4.8%
IAC United States Interactive Media & Services 4.7%
MGM Resorts United States Hotels, Restaurants & Leisure 4.6%
Bio-Rad United States Life Sciences Tools & Services 4.5%
Warner Bros Discovery United States Entertainment 4.4%
Total 49.4%
Final Holdings and Related Data at 30/9/23 Download CSV Copy to clipboard

Sector Composition

at 31/12/2023

Consumer Discretionary 26.2%
Communication Services 21.4%
Financials 17.6%
Consumer Staples 9.1%
Health Care 7.3%
Industrials 6.4%
Energy 4.9%
Cash 7.1%
Total 100%
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Country Composition

at 31/12/2023

United States 60.0%
Netherlands 10.4%
France 4.8%
Sweden 4.3%
Switzerland 4.3%
Ireland 4.0%
Canada 2.4%
Germany 2.2%
Hong Kong 0.5%
Cash 7.1%
Total 100%
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The above holdings do not represent all of the securities purchased, sold, or recommended for the Fund. Discussion of particular investments is not a recommendation to buy or sell any security and holdings are subject to change.

Performance

Calendar Year Total Returns

From 2010 to 2023

Past performance does not predict future returns.

Class I USD

Year 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010†
Fund 20.05% -22.72% 5.73% 3.46% 17.54% -15.57% 23.62% 16.64% -10.28% -1.25% 36.69% 13.73% -16.14% 10.30%
Index 23.61% -18.15% 20.87% 16.11% 27.27% -9.13% 23.18% 7.55% -0.81% 4.52% 26.09% 16.35% -6.04% 11.72%
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Class I EUR

Year 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010†
Fund 16.39% -17.76% 13.45% -5.05% 20.04% -11.98% 8.42% 20.15% -0.34% 12.28% 31.07% 11.34% -13.45% 10.44%
Index 19.42% -12.79% 30.05% 6.52% 29.61% -4.55% 8.20% 10.77% 10.49% 19.02% 20.64% 14.57% -2.90% 12.00%
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Class I GBP

Year 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013† 2012 2011 2010
Fund 13.74% -13.41% 6.79% 0.15% 13.07% -10.51% 12.77% 39.14% -5.28% 4.84% 1.76% N/A N/A N/A
Index 16.63% -7.84% 21.99% 12.53% 22.35% -3.48% 12.52% 28.29% 4.94% 11.02% 0.29% N/A N/A N/A
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Additional Performance Data

Past performance does not predict future returns. The following performance is additional to, and should be read only in conjunction with, the performance data presented above.

Quarter-end Performance

at 31/12/23

Fund Index 1 MO QTR YTD 1 YR 3 YR 5 YR 10 YR Incept †
Total Returns Average Annual Returns
Global UCITS Fund (Class I USD) 3.47% 4.52% 20.05% 20.05% -0.64% 3.59% 2.55% 4.49%
FTSE Developed Index (USD) 4.90% 11.43% 23.61% 23.61% 6.93% 12.55% 8.47% 9.17%
Global UCITS Fund (Class I EUR) 1.97% 0.06% 16.39% 16.39% 2.79% 4.36% 4.73% 6.01%
FTSE Developed Index (EUR) 3.62% 6.80% 19.42% 19.42% 10.64% 13.33% 10.89% 11.16%
Global UCITS Fund (Class I GBP) 2.42% -- 13.74% 13.74% 1.70% 3.56% 5.20% 5.31%
FTSE Developed Index (GBP) 4.18% 6.69% 16.63% 16.63% 9.45% 12.53% 11.34% 11.22%
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Month-end Performance

at 29/02/24

Fund Index 1 MO 3 MO YTD 1 YR 3 YR 5 YR 10 YR Incept †
Total Returns Average Annual Returns
Global UCITS Fund (Class I USD) 4.28% 6.38% 2.81% 9.72% -2.24% 1.88% 2.69% 4.64%
FTSE Developed Index (USD) 4.20% 10.44% 5.28% 24.55% 8.22% 11.40% 8.92% 9.45%
Global UCITS Fund (Class I EUR) 4.26% 7.09% 5.02% 7.40% 1.40% 2.93% 5.13% 6.32%
FTSE Developed Index (EUR) 4.60% 11.35% 7.47% 22.06% 12.44% 12.54% 11.61% 11.60%
Global UCITS Fund (Class I GBP) 4.76% 6.40% 3.89% 4.53% 1.02% 2.89% 5.58% 5.62%
FTSE Developed Index (GBP) 4.90% 10.53% 6.10% 19.22% 11.89% 12.52% 12.02% 11.67%
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Daily Price

at 18/01/24

Fund Ticker Inception Date Price Change % Change
Global UCITS Fund(Class I USD) LLPSOUG 04/01/10 17.98 0.23 1.30%
Global UCITS Fund(Class I EUR) LLPSOUE 20/05/10 16.34 0.23 1.43%
Global UCITS Fund(Class I GBP) LLPSOGI 13/11/13 14.05 0.16 1.15%
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† Inception date is 4/1/10 (Class I USD), 20/5/10 (Class I EUR), and 13/11/13 (Class I GBP).

Risk/Reward Profile: As this Fund has such a broad selection of investment choices, there are many factors that could affect performance. These could include changes in the economic environment between and within the countries that the Fund has invested in, the performance of different industrial sectors, and individual securities. The performance of the Class I GBP Shares and the Class I EUR Shares may also be affected by the respective exchange rates with U.S. Dollars, the currency in which the Fund is denominated, as the Investment Manager will not purchase financial instruments to mitigate any such potential changes. Because the Fund generally invests in 20 to 25 companies, each holding could have a greater impact on the Fund’s performance than if a greater number of securities were held. The Fund does not limit the percentage of assets invested in any particular geographic region or country. Accordingly, there may be periods where the Fund has significant exposure to a particular region or country, so that negative events occurring in that area could have a greater adverse impact on performance than in a more geographically diversified fund. Investment in emerging markets may expose the Fund to more social, political, regulatory, and currency risks than securities in developed markets. A party with whom the Fund contracts with regard to the Fund’s assets may fail to meet its obligations or become bankrupt which may expose the Fund to a financial loss. Derivatives may fluctuate in value rapidly and certain derivatives may introduce leverage which may result in losses that are greater than the original amount invested. Losses to the Fund may occur as a result of human error, system and/or process failures, inadequate procedures or controls. The value of the shares may go down as well as up and investors may not get back the amount invested. For a more detailed explanation of these and other risks please refer to the Prospectus under the “Risk Factors and Special Considerations” section.

This is a marketing communication. Please refer to the link below for the Prospectus and other offering documentation before making any final investment decision. A Prospectus is available for the Fund and The Key Investor Information Document (“KIIDs”) are available for each share class of the Fund. The Fund’s Prospectus can be obtained under Resources and is available in English. The KIIDs can be obtained from this website and are available in one of the official languages of each of the EU Member States into which each share class has been notified for marketing under the Directive 2009/65/EC (THE “UCITS Directive”). Full information on associated risks can be found in the Prospectus and KIIDs. In addition, a summary of investor rights is available on this website. The summary is available in English. The Fund is currently notified for marketing into a number of EU Member States under the UCITS Directive. KBA Consulting Management Limited (“KBA”), the management company, can terminate such notifications for any share class of the Fund at any time using the process contained in Article 93a of the UCITS Directive.

Southeastern Asset Management International (UK) Limited is authorized and regulated by the Financial Conduct Authority in the United Kingdom.

Resources

Resources

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