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-----BEGIN PRIVACY-ENHANCED MESSAGE-----Proc-Type: 2001,MIC-CLEAROriginator-Name: [email protected]: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQABMIC-Info: RSA-MD5,RSA, UNWsWHhB3pC5T2tK3l4bNwlWuv36ZBivdHU7P/D2KnYQROps0msvUyixxdHIXjb3 soY+fFzcnUVa/qqUUnJynw==
0000950123-10-097498.txt : 201010280000950123-10-097498.hdr.sgml : 2010102820101028164745ACCESSION NUMBER:0000950123-10-097498CONFORMED SUBMISSION TYPE:40-24B2PUBLIC DOCUMENT COUNT:64FILED AS OF DATE:20101028DATE AS OF CHANGE:20101028
FILER:
COMPANY DATA:COMPANY CONFORMED NAME:LONGLEAF PARTNERS FUNDS TRUSTCENTRAL INDEX KEY:0000806636IRS NUMBER:000000000STATE OF INCORPORATION:TNFISCAL YEAR END:1231
FILING VALUES:FORM TYPE:40-24B2SEC ACT:1940 ActSEC FILE NUMBER:811-04923FILM NUMBER:101148686
BUSINESS ADDRESS:STREET 1:C/O SOUTHEASTERN ASSET MANAGEMENTSTREET 2:6410 POPLAR AVE, SUITE 900CITY:MEMPHISSTATE:TNZIP:38119BUSINESS PHONE:9017612474
MAIL ADDRESS:STREET 1:C/O SOUTHEASTERN ASSET MANAGEMENTSTREET 2:6410 POPLAR AVE, SUITE 900CITY:MEMPHISSTATE:TNZIP:38119
FORMER COMPANY:FORMER CONFORMED NAME:SOUTHEASTERN ASSET MANAGEMENT FUNDS TRUSTDATE OF NAME CHANGE:19920703
FORMER COMPANY:FORMER CONFORMED NAME:SOUTHEASTERN ASSET MANAGEMENT VALUE TRUSTDATE OF NAME CHANGE:19881220
40-24B21g24907e40v24b2.htm40-24B2
e40v24b2
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
40-24B-2
SALES LITERATURE OF REGISTERED
MANAGEMENT INVESTMENT COMPANY
Investment Company Act file number 811-4923
LONGLEAF PARTNERS FUNDS TRUST
(Exact name of registrant as specified in charter)
c/o Southeastern Asset Management, Inc.
6410 Poplar Avenue; Suite900
Memphis, TN 38119
(Address of principal executive offices) (Zip code)
Registrants Telephone Number,Including Area Code - (901)761-2474
Longleaf Partners
Fund
Firm Overview
Year Founded 1975
Location Memphis, TN (Headquarters), London, Tokyo & Singapore
Staff 58 employees
Assets Under Management (9/30/10) $32.1 billion
US large cap equities $16.3 billion (Longleaf Partners Fund $7.9 billion)
US small cap equities (closed) $2.6 billion (Longleaf Partners Small-Cap Fund $2.6 billion)
International equities $2.7 billion (Longleaf Partners International Fund $2.1billion)
Global equities $10.5 billion
Ownership Structure Independent; 100% employee owned
Partnership Investing Longleaf Partners Funds are sole public equity vehicle for employees; Employees are largest Longleaf shareholder group
Investment Discipline Value oriented; long time horizon; concentrated; bottom-up
Target Return Inflation + 10%
Portfolio Management Research driven team approach
2
Representative Separate Account Client List
Corporate Retirement Plans
American Airlines
Bhs
Cable & Wireless
Cox Enterprises
DSG
EDS
General Mills
Kellogg Company
Clients on the list consist of separate institutional equity accounts representative of each category as of 9/30/10. They are not selectedbecause of investment performance. The listing is not intended to be a representation that the particular clients approve ofSoutheastern or the services it provides.
Academic Institutions
Amherst College
Allegheny College
Claremont McKenna College
Cornell University
Georgia Tech
Grinnell College
Foundations and Nonprofit Institutions
American Legacy Foundation
American Museum of Natural History
American Psychological Association
Carnegie Institution of Washington
Lloyd's Register
Lloyds TSB
Lonza America
National Australia Group
National Grid USA
Nestle
Northern Foods
Northrop Grumman
Ormet
Pactiv
Parker Hannifin
Pearson Group Pension
Rollins
Smurfit-Stone
Stagecoach
Groton School
Hamilton College
Syracuse University
Temple University
University of Colorado
University of Nebraska
University of Pennsylvania
University of Pittsburgh
University of Rochester
Wellesley College
Dana-Farber Cancer Institute
Muriel Kauffman Foundation
The Andrew W. Mellon Foundation
The Church Pension Fund
The Nature Conservancy
The New York Public Library
Yawkey Foundation
3
Research/Portfolio Management Team
Mason Hawkins, CFA (CEO) Memphis
Staley Cates, CFA (Dir. of Research) Memphis
Brandon Arrindell Memphis
Scott Cobb London
Jason Dunn, CFA Memphis
Ross Glotzbach, CFA Memphis
Lowry Howell, CFA Memphis
Manish Sharma Singapore
Josh Shores, CFA London
Ken Siazon Singapore/Tokyo
Research Analysts/Fund Portfolio Managers
Client Portfolio Managers
Jim Barton, CFA Memphis
Lee Harper Memphis
Fraser Marcus Memphis/London
Peter Montgomery Memphis
Gwin Myerberg London
John Owen Memphis
Gary Wilson, CFA Memphis
4
See appendix for full biographies.
Superior long term investment performance can be achieved when financially strong,competitively entrenched, well managed companies are bought at prices significantly belowtheir business value and sold when they approach corporate worth.
Stocks represent ownership in a business enterprise.
Every business enterprise has a value.
With analytical work approximate corporate worth can be determined for most businesses.
When we buy stocks at significant discounts to their corporate worth:
It protects capital from significant loss over the long-term.
It allows for large reward when the value is recognized.
Investment Philosophy
5
Security Selection Criteria
Good Business
Understandable
Financially Sound
Competitive Advantages
Pricing Power
Generates Free Cash Flow
which will grow
Good People
Honorable and Trustworthy
Capable Operators
Capable Capital Allocators
Shareholder-oriented
Proper Incentives
Good Price
60% or Less of Intrinsic Value
where appraisals are determined by:
Present Value of Future FCF
Current Liquidation Value
Comparable Business Sales
6
Year 1
Year 2
Year 3
Year 4
Year 5
$10
$20
$30
$40
$50
$60
$70
$80
Market Price/Share
29% Compound Annual Return
Value or Price per share
Investment = Safety of Principal + Adequate Return
Assumptions for Example Above: If we buy a business at 50% of appraisal, and the enterprise value grows at12% per annum, and in the fifth year the stock price reaches its full appraisal, we will have compounded ourinvestment 29% per year. Two-thirds of the return comes from closing the gap between price and value.12% value growth results from numerous factors, including: FCF coupon, revenue growth, margin growth,share repurchases, tax benefits, etc. This chart does not reflect the performance of any particular security.
7
12% Growth of Corporate Intrinsic Value/Share
Sell Discipline
Price reaches appraisal and no margin of safety remains
The portfolio's risk/return profile can be substantially improved,e.g. replace a business selling at 80% of its worth with an equallyattractive company at 40% of its value
Future earnings power becomes severely impaired by threats toits business
Management is not capable of building shareholder value andefforts to find new leadership would likely be unsuccessful or toocostly
8
Research Process
Worldwide Universe: Market Capsover $500 million
Understandable Business withReasonable Economics & Structure
Apparent Undervaluation
Undervaluation withGood Business/People
PortfolioInvestments
4,000
2,000
400
40
20
# of companies
Participants
Individualanalyst
2+ analysts scrutinizemanagement
Team debates case,
Team decides
More in-depthvaluation by analystwith team input
+
We spend over 80% of our timeon this part of the process
9
Risk Management
Individual Investments
Purchase stocks at less than 60% ofintrinsic value to ensure a wide margin ofsafety
Own competitively advantaged companies
Partner with high quality management
Own financially sound companies
Invest for the long-term
Research team makes decisions
Devil's Advocate role
10
Portfolio Construction
Concentrate in 18-22 most qualified names foradequate diversification
Manage portfolio exposure:
Normal position size 5% with occasionaloverweights
Stock ownership typically 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