In its second-quarter letter to shareholders, Longleaf Partners noted that uncertainty about economic growth in the U.S., China and especially Europe weighed on global stock markets over the past three months. The S&P 500 Index was down 2.8 percent for the quarter; the small-cap Russell 2000 Index fell 3.5 percent and the international EAFE Index dropped 7.1 percent. Against this backdrop, it was encouraging to see the Longleaf Small-Cap Fund gain 2.96 percent for the quarter. For the year, it is up 1.28 percent.
To read the full letter by managers Mason Hawkins and Staley Cates, click here.
The Longleaf Partners Small-Cap Fund is a component of the Bradway Strategic Portfolio, which consists primarily of investments with top money managers.
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