The Longleaf Funds posted its third quarter letter to shareholders this week.
In their letter, managers Mason Hawkins and Staley Cates noted that, "All three Longleaf Funds succumbed to the same macro pressures that caused every industry group and the stock market in every country in the Dow Jones Global Index to decline in the third quarter. Each fund’s double-digit decline took year-to-date performance into negative territory. Sentiment is as fearful and irrational as we have experienced. Not surprisingly, your partners at Southeastern are finding the most compelling opportunities we have seen since early 2009."
You can read the full letter by clicking here.
The Longleaf Small-Cap fund is a component of the Bradway Strategic Portfolio, which consists primarily of investments with top money managers. The Small-Cap fund was down 18 percent in the third quarter and has lost 6.7 percent for the year. Its benchmark, the Russell 2000, lost 21.9 percent for the third quarter and 17 percent for the year.
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