See following page for important disclosures.
Before investing in any Longleaf Partners Fund, you should carefully consider the Fund’s investment objectives, risks, charges, and expenses. For a current Prospectus and Summary Prospectus, which contain this and other important information, visit Mutual Fund Resources| Longleaf Partners Funds | Southeastern Asset Management–resources. Please read the Prospectus and Summary Prospectus carefully before investing.
RISKS
The Longleaf Small-Cap Fund is subject to stock market risk, meaning stocks in the Fund may fluctuate in response to developments at individual companies or due to general market and economic conditions. Also, because the Fund generally invests in 15 to 25 companies, share value could fluctuate more than if a greater number of securities were held. Smaller company stocks may be more volatile with less financial resources than those of larger companies.
The Russell 2000 Index measures the performance of the 2,000 smallest companies in the Russell 3000 Index, which represents approximately 10% of the total market capitalization of the Russell 3000 Index. The Russell 2000 Value index is drawn from the constituents of the Russell 2000 based on book-to-price (B/P) ratio. An index cannot be invested in directly.
P/V (“price to value”) is a calculation that compares the prices of the stocks in a portfolio to Southeastern’s appraisal of their intrinsic values. The ratio represents a single data point about a Fund and should not be construed as something more. P/V does not guarantee future results, and we caution investors not to give this calculation undue weight.
As of September 30, 2023, the top ten holdings for the Longleaf Partners Small-Cap Fund: Eastman Kodak, 9%; Mattel, 6.6%; CNX Resources, 6.3%; GRUMA, 6.2%; Westrock Coffee, 5.7%; White Mountains, 5%; Boston Beer Company, 4.9%; Oscar, 4.9%; Empire State Realty, 4.7% and Graham Holdings, 4.7%. Fund holdings are subject to change and holdings discussions are not recommendations to buy or sell any security. Current and future holdings are subject to risk.
Funds distributed by ALPS Distributors, Inc.
LLP001470
Expires 1/31/2024
