Longleaf Partners

Southeastern Asset Management

Concentrated value fund

$2.25B

Portfolio Value

Holdings

Q4 '25

Period

2026-02-13

Filed

📉

Simulated 13F Return

⚠️ Approximation

Total Return

+9.83%

Q1 '25 → Q4 '25

Annualized

+13.26%/yr

S&P: +26.24%/yr

Alpha (vs S&P)

-9.35%

3 quarters tracked

1-Year Return

—

⚠️ Approximation only. 13F filings are delayed ~45 days. Options, shorts, and intra-quarter trades not captured.

📈 Recent Activity

Changes from previous quarter

CNXREDUCED

7.8% of portfolio

-0% shares-0.0pp

MATINCREASED

7.6% of portfolio

+5% shares+0.6pp

IACINCREASED

6.9% of portfolio

+44% shares+2.1pp

RDNINCREASED

5.7% of portfolio

+15% shares+1.5pp

PCHINCREASED

5.6% of portfolio

+48% shares+1.2pp

RYNINCREASED

5.5% of portfolio

+26% shares-0.6pp

KHCINCREASED

4.8% of portfolio

+23% shares+0.0pp

ACIINCREASED

4.7% of portfolio

+25% shares+0.3pp

FDXREDUCED

4.6% of portfolio

-4% shares+0.1pp

MGMINCREASED

3.3% of portfolio

+16% shares+0.2pp

BIOREDUCED

3.1% of portfolio

-4% shares-0.3pp

ACMRINCREASED

3.0% of portfolio

+13% shares-0.0pp

FBININCREASED

2.6% of portfolio

+16% shares-0.1pp

PVHREDUCED

2.2% of portfolio

-21% shares-1.8pp

GLIBKREDUCED

2.2% of portfolio

+53% shares+0.5pp

FISREDUCED

1.8% of portfolio

-1% shares-0.3pp

TRIPINCREASED

1.8% of portfolio

+21% shares-0.1pp

AVTRREDUCED

1.8% of portfolio

-31% shares-1.5pp

GHMINCREASED

1.7% of portfolio

+1% shares-0.4pp

DISINCREASED

1.6% of portfolio

+11% shares-0.1pp

SHENINCREASED

1.5% of portfolio

+20% shares-0.2pp

SNREDUCED

1.4% of portfolio

-43% shares-1.2pp

PYPLREDUCED

1.4% of portfolio

-1% shares-0.5pp

SAMINCREASED

1.3% of portfolio

+35% shares+0.1pp

ESRTINCREASED

1.1% of portfolio

+41% shares+0.0pp

CLWREDUCED

1.1% of portfolio

+47% shares+0.1pp

MICCNEW

1.0% of portfolio

New position

LPXNEW

1.0% of portfolio

New position

EDUNEW

0.9% of portfolio

New position

KSPIINCREASED

0.8% of portfolio

+35% shares+0.1pp

MLCOREDUCED

0.6% of portfolio

-11% shares-0.3pp

HTHTREDUCED

0.5% of portfolio

-74% shares-1.3pp

CAHINCREASED

0.1% of portfolio

-19% shares

XPOREDUCED

0.1% of portfolio

-19% shares-0.0pp

MGREREDUCED

0.1% of portfolio

-19% shares-0.0pp

HSICREDUCED

0.1% of portfolio

-19% shares-0.0pp

HREDUCED

0.1% of portfolio

-19% shares-0.0pp

LYVINCREASED

0.1% of portfolio

-19% shares-0.0pp

ENOVREDUCED

0.1% of portfolio

-19% shares-0.0pp

LAZREDUCED

<0.1% of portfolio

-19% shares-0.0pp

MSGSREDUCED

<0.1% of portfolio

-20% shares

RXOREDUCED

<0.1% of portfolio

-19% shares-0.0pp

OMIREDUCED

<0.1% of portfolio

-19% shares-0.0pp

HDBREDUCED

<0.1% of portfolio

-79% shares-0.1pp

FISVNEW

<0.1% of portfolio

New position

📊 Sector Breakdown

Portfolio allocation by sector

Unknown 86.4%Consumer Discretionary 5.5%Consumer Staples 4.9%Communication Services 1.7%Technology 1.4%+1 more (0.1%)

💼 Holdings

🔍

53 of 53 positions · $2.25B

This quarter: 4 new positions, increased 19, reduced 22. Net buyer.

#	Stock	% Portfolio▼	Activity	Shares	Reported Price	Value	Current Price	+/- Reported	52w Low	52w High	SEC
1	CNXCNX RES CORP	7.8%	Reduce 0.35%	4735824	$36.77	$174.1M	—	—	—	—	📄
2	MATMATTEL INC	7.6%	Add 5.01%	8570328	$19.84	$170.0M	—	—	—	—	📄
3	IACIAC INC	6.9%	Add 44.15%	3989340	$39.10	$156.0M	—	—	—	—	📄
4	RDNREGENERON PHARMACEUTICALS	5.7%	Add 14.65%	165792	$771.87	$128.0M	—	—	—	—	📄
5	PCHPOTLATCHDELTIC CORPORATION	5.6%	Add 48.37%	3162963	$39.78	$125.8M	—	—	—	—	📄
6	RYNRAYONIER INC	5.5%	Add 26.29%	5678941	$21.65	$122.9M	—	—	—	—	📄
7	KHCKRAFT HEINZ CO	4.8%	Add 23.39%	4488116	$24.25	$108.8M	—	—	—	—	📄
8	ACIALBERTSONS COS INC	4.7%	Add 24.73%	6166712	$17.17	$105.9M	—	—	—	—	📄
9	FDXFEDEX CORP	4.6%	Reduce 4.08%	359122	$288.86	$103.7M	—	—	—	—	📄
10	MGMMGM RESORTS INTERNATIONAL	3.3%	Add 16.33%	2033369	$36.49	$74.2M	—	—	—	—	📄
11	BIOBIO RAD LABS INC	3.1%	Reduce 4.06%	227630	$302.99	$69.0M	—	—	—	—	📄
12	ACMRACM RESH INC	3.0%	Add 13.09%	1680181	$39.45	$66.3M	—	—	—	—	📄
13	WTMWHITE MTNS INS GROUP LTD	2.9%	Held	31652	$2078.03	$65.8M	—	—	—	—	📄
14	FBINFORTUNE BRANDS INNOVATIONS I	2.6%	Add 16.00%	1178103	$50.02	$58.9M	—	—	—	—	📄
15	PVHPVH CORPORATION	2.2%	Reduce 21.22%	736935	$67.02	$49.4M	—	—	—	—	📄
16	GLIBKGCI LIBERTY INC	2.2%	Reduce 52.96%	1321110	$37.21	$49.2M	—	—	—	—	📄
17	FISFIDELITY NATL INFORMATION SV	1.8%	Reduce 0.63%	622149	$66.46	$41.3M	—	—	—	—	📄
18	TRIPTRIPADVISOR INC	1.8%	Add 21.04%	2838257	$14.56	$41.3M	—	—	—	—	📄
19	AVTRAVANTOR INC	1.8%	Reduce 31.09%	3548518	$11.46	$40.7M	—	—	—	—	📄
20	GHMGRAHAM HLDGS CO	1.7%	Add 1.03%	35721	$1098.60	$39.2M	—	—	—	—	📄
21	DISDISNEY WALT CO	1.6%	Add 10.95%	317175	$113.77	$36.1M	—	—	—	—	📄
22	CNHCNH INDL N V	1.5%	Held	3716808	$9.22	$34.3M	—	—	—	—	📄
23	SHENSHENANDOAH TELECOMMUNICATION	1.5%	Add 20.10%	2940296	$11.56	$34.0M	—	—	—	—	📄
24	SNSHARKNINJA INC	1.4%	Reduce 42.99%	289266	$111.90	$32.4M	—	—	—	—	📄
25	PYPLPAYPAL HLDGS INC	1.4%	Reduce 0.91%	554074	$58.38	$32.3M	—	—	—	—	📄
26	DOLEDOLE PLC	1.3%	Held	1933708	$14.99	$29.0M	—	—	—	—	📄
27	SAMBOSTON BEER INC	1.3%	Add 35.48%	147997	$195.13	$28.9M	—	—	—	—	📄
28	ALXALEXANDERS INC	1.2%	Held	122712	$217.94	$26.7M	—	—	—	—	📄
29	BATRKATLANTA BRAVES HLDGS INC	1.2%	Held	671014	$39.45	$26.5M	—	—	—	—	📄
30	ESRTEMPIRE ST RLTY TR INC	1.1%	Add 40.84%	3704236	$6.52	$24.2M	—	—	—	—	📄
31	CLWCLEARWATER PAPER CORP	1.1%	Reduce 47.23%	1380930	$17.40	$24.0M	—	—	—	—	📄
32	MICCMAGNUM ICE CREAM CO NV	1.0%	Buy	1430351	$15.85	$22.7M	—	—	—	—	📄
33	LPXLOUISIANA PAC CORP	1.0%	Buy	272123	$80.76	$22.0M	—	—	—	—	📄
34	EDUNEW ORIENTAL ED & TECHNOLOGY	0.9%	Buy	379561	$55.03	$20.9M	—	—	—	—	📄
35	KSPIKASPI KZ JSC	0.8%	Add 34.85%	240628	$78.13	$18.8M	—	—	—	—	📄
36	MLCOMELCO RESORTS AND ENTMNT LTD	0.6%	Reduce 10.60%	1797254	$7.57	$13.6M	—	—	—	—	📄
37	HTHTH WORLD GROUP LTD	0.5%	Reduce 73.61%	231372	$47.05	$10.9M	—	—	—	—	📄
38	GLIBAGCI LIBERTY INC	0.1%	Held	80675	$36.87	$3.0M	—	—	—	—	📄
39	CAHCARDINAL HEALTH INC	0.1%	Add 18.74%	8649	$205.50	$1.8M	—	—	—	—	📄
40	XPOXPO INC	0.1%	Reduce 18.57%	13012	$135.91	$1.8M	—	—	—	—	📄
41	MGREAFFILIATED MANAGERS GROUP IN	0.1%	Reduce 18.66%	5562	$288.28	$1.6M	—	—	—	—	📄
42	HSICHENRY SCHEIN INC	0.1%	Reduce 18.72%	17038	$75.58	$1.3M	—	—	—	—	📄
43	HHYATT HOTELS CORP	0.1%	Reduce 18.67%	7733	$160.32	$1.2M	—	—	—	—	📄
44	LYVLIVE NATION ENTERTAINMENT IN	0.1%	Add 18.75%	8434	$142.50	$1.2M	—	—	—	—	📄
45	ENOVENOVIS CORPORATION	0.1%	Reduce 18.73%	44258	$26.64	$1.2M	—	—	—	—	📄
46	LAZLAZARD INC	<0.1%	Reduce 18.61%	18608	$48.56	$904K	—	—	—	—	📄
47	MSGSMADISON SQUARE GRDN SPRT COR	<0.1%	Reduce 20.11%	3218	$258.65	$832K	—	—	—	—	📄
48	RXORXO INC	<0.1%	Reduce 18.98%	43731	$12.64	$553K	—	—	—	—	📄
49	OMIOWENS & MINOR INC NEW	<0.1%	Reduce 18.74%	181735	$2.80	$509K	—	—	—	—	📄
50	STZCONSTELLATION BRANDS INC	<0.1%	Held	3661	$137.96	$505K	—	—	—	—	📄
51	CLVTCLARIVATE PLC	<0.1%	Held	121927	$3.34	$407K	—	—	—	—	📄
52	HDBHDFC BANK LTD	<0.1%	Reduce 79.02%	10462	$36.54	$382K	—	—	—	—	📄
53	FISVFISERV INC	<0.1%	Buy	3990	$67.17	$268K	—	—	—	—	📄

CNXREDUCED

7.8%

7.8% of portfolio (was 7.8%, trimmed)

Filed ~$37

—📄

MATINCREASED

7.6%

7.6% of portfolio (was 7.0%, added)

Filed ~$20

—📄

IACINCREASED

6.9%

6.9% of portfolio (was 4.8%, added)

Filed ~$39

—📄

RDNINCREASED

5.7%

5.7% of portfolio (was 4.2%, added)

Filed ~$772

—📄

PCHINCREASED

5.6%

5.6% of portfolio (was 4.4%, added)

Filed ~$40

—📄

RYNINCREASED

5.5%

5.5% of portfolio (was 6.1%, added)

Filed ~$22

—📄

KHCINCREASED

4.8%

4.8% of portfolio (was 4.8%, added)

Filed ~$24

—📄

ACIINCREASED

4.7%

4.7% of portfolio (was 4.4%, added)

Filed ~$17

—📄

FDXREDUCED

4.6%

4.6% of portfolio (was 4.5%, trimmed)

Filed ~$289

—📄

MGMINCREASED

3.3%

3.3% of portfolio (was 3.1%, added)

Filed ~$36

—📄

BIOREDUCED

3.1%

3.1% of portfolio (was 3.4%, trimmed)

Filed ~$303

—📄

ACMRINCREASED

3.0%

3.0% of portfolio (was 3.0%, added)

Filed ~$39

—📄

WTM

2.9%

2.9% of portfolio

Filed ~$2078

—📄

FBININCREASED

2.6%

2.6% of portfolio (was 2.8%, added)

Filed ~$50

—📄

PVHREDUCED

2.2%

2.2% of portfolio (was 4.0%, trimmed)

Filed ~$67

—📄

GLIBKREDUCED

2.2%

2.2% of portfolio (was 1.6%, trimmed)

Filed ~$37

—📄

FISREDUCED

1.8%

1.8% of portfolio (was 2.1%, trimmed)

Filed ~$66

—📄

TRIPINCREASED

1.8%

1.8% of portfolio (was 1.9%, added)

Filed ~$15

—📄

AVTRREDUCED

1.8%

1.8% of portfolio (was 3.3%, trimmed)

Filed ~$11

—📄

GHMINCREASED

1.7%

1.7% of portfolio (was 2.1%, added)

Filed ~$1099

—📄

DISINCREASED

1.6%

1.6% of portfolio (was 1.7%, added)

Filed ~$114

—📄

CNH

1.5%

1.5% of portfolio

Filed ~$9

—📄

SHENINCREASED

1.5%

1.5% of portfolio (was 1.7%, added)

Filed ~$12

—📄

SNREDUCED

1.4%

1.4% of portfolio (was 2.7%, trimmed)

Filed ~$112

—📄

PYPLREDUCED

1.4%

1.4% of portfolio (was 1.9%, trimmed)

Filed ~$58

—📄

DOLE

1.3%

1.3% of portfolio

Filed ~$15

—📄

SAMINCREASED

1.3%

1.3% of portfolio (was 1.2%, added)

Filed ~$195

—📄

ALX

1.2%

1.2% of portfolio

Filed ~$218

—📄

BATRK

1.2%

1.2% of portfolio

Filed ~$39

—📄

ESRTINCREASED

1.1%

1.1% of portfolio (was 1.0%, added)

Filed ~$7

—📄

CLWREDUCED

1.1%

1.1% of portfolio (was 1.0%, trimmed)

Filed ~$17

—📄

MICCNEW

1.0%

1.0% of portfolio (new position)

Filed ~$16

—📄

LPXNEW

1.0%

1.0% of portfolio (new position)

Filed ~$81

—📄

EDUNEW

0.9%

0.9% of portfolio (new position)

Filed ~$55

—📄

KSPIINCREASED

0.8%

0.8% of portfolio (was 0.7%, added)

Filed ~$78

—📄

MLCOREDUCED

0.6%

0.6% of portfolio (was 0.9%, trimmed)

Filed ~$8

—📄

HTHTREDUCED

0.5%

0.5% of portfolio (was 1.8%, trimmed)

Filed ~$47

—📄

GLIBA

0.1%

0.1% of portfolio

Filed ~$37

—📄

CAHINCREASED

0.1%

0.1% of portfolio (was 0.1%, added)

Filed ~$206

—📄

XPOREDUCED

0.1%

0.1% of portfolio (was 0.1%, trimmed)

Filed ~$136

—📄

MGREREDUCED

0.1%

0.1% of portfolio (was 0.1%, trimmed)

Filed ~$288

—📄

HSICREDUCED

0.1%

0.1% of portfolio (was 0.1%, trimmed)

Filed ~$76

—📄

HREDUCED

0.1%

0.1% of portfolio (was 0.1%, trimmed)

Filed ~$160

—📄

LYVINCREASED

0.1%

0.1% of portfolio (was 0.1%, added)

Filed ~$143

—📄

ENOVREDUCED

0.1%

0.1% of portfolio (was 0.1%, trimmed)

Filed ~$27

—📄

LAZREDUCED

<0.1%

<0.1% of portfolio (was 0.1%, trimmed)

Filed ~$49

—📄

MSGSREDUCED

<0.1%

<0.1% of portfolio (was <0.1%, trimmed)

Filed ~$259

—📄

RXOREDUCED

<0.1%

<0.1% of portfolio (was <0.1%, trimmed)

Filed ~$13

—📄

OMIREDUCED

<0.1%

<0.1% of portfolio (was 0.1%, trimmed)

Filed ~$3

—📄

STZ

<0.1%

<0.1% of portfolio

Filed ~$138

—📄

CLVT

<0.1%

<0.1% of portfolio

Filed ~$3

—📄

HDBREDUCED

<0.1%

<0.1% of portfolio (was 0.1%, trimmed)

Filed ~$37

—📄

FISVNEW

<0.1%

<0.1% of portfolio (new position)

Filed ~$67

—📄