Fund Evaluator:
Longleaf Partners (LLPFX)
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Best Performing in Mid-Cap Value Over the Last Year
| 41.4% | Fidelity Value Strategies (FSLSX) |
| 39.3% | Fidelity Advisor Mid Cap Value Z (FIDFX) |
| 39.2% | Fidelity Mid Cap Value (FSMVX) |
| 38.8% | Harbor Mid Cap Value Instl (HAMVX) |
| 38.3% | Harbor Mid Cap Value Investor (HIMVX) |
Fund Details
Longleaf Partners Overview
Longleaf Partners (LLPFX) is an actively managed U.S. Equity Mid-Cap Value fund. Longleaf Partners launched the fund in 1987.
The investment seeks long-term capital growth. The fund primarily owns common stock or securities convertible into common stock but may purchase other types of securities. The fund may invest up to 30% of assets in non-U.S. securities, which could include emerging market issuers, and may achieve its exposure to non-U.S. securities through investing in American depositary receipts (ADRs). It is non-diversified.
About Longleaf Partners (LLPFX)
There are 2 members of the management team with an average tenure of 24.20 years: Ross Glotzbach (2017), O. Hawkins (1987). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: S&P 500 (TR) (1970) index with a weighting of 100% and Russell 1000 Value TR USD index with a weighting of 100%. Longleaf Partners has 19 securities in its portfolio. The top 10 holdings constitute 62.6% of the fund’s assets. The fund meets the SEC requirement of being classified as a nondiversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
Longleaf Partners is part of the Equity global asset class and is within the U.S. Equity fund group. Longleaf Partners has 13.9% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 70.1%. There is 13.9% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Longleaf Partners has 11.6% of the portfolio in cash.
Assets Under Management
The fund has $1 billion in total assets, which is above the $642 million average for the Mid-Cap Value category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
LLPFX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Longleaf Partners expense ratio is above average compared to funds in the Mid-Cap Value category. Longleaf Partners has an expense ratio of 0.79%, which is 24% lower than its category average, making the fund expense ratio grade a B. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Longleaf Partners has a portfolio turnover rate of 65%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 51% for the Mid-Cap Value category.
Recently, in the month of July 2026, Longleaf Partners returned 4.6%, which earned it a grade of A, as the Mid-Cap Value category had an average return of 1.7%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
Longleaf Partners has a trailing yield of 0.84%, which is below the 0.87% category average. The fund normally distributes its income annually and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Longleaf Partners Grades
Year to date, the fund has returned 3.8%, 11.8 percentage points worse than the category, which translates into a grade of F. The fund has returned 7.2% over the past year (grade of F), 5.1% over the past three years (grade of F) and 2.6% per year over the past five years (grade of F) and 5.7% per year over the past 10 years (grade of F).
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LLPFX Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| LLPFX Return (NAV) | 4.6% | 4.9% | 7.2% | 5.1% | 2.6% | 5.7% |
| LLPFX Grade | A | D | F | F | F | F |
| +/- Category | 2.9% | -1.1% | -15.9% | -8.4% | -6.7% | -4.4% |
| Mid-Cap Value Avg | 1.7% | 6.0% | 23.1% | 13.4% | 9.4% | 10.1% |
| LLPFX Tax Cost Ratio | na | na | 3.4% | 1.4% | 1.6% | 1.8% |
LLPFX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| LLPFX Return (NAV) | 3.8% | 2.9% | 8.8% | 24.5% | -23.2% | 23.6% | 10.5% | 14.8% | -18.0% | 15.5% | 20.7% |
| LLPFX Grade | F | F | D | A | F | F | A | F | F | B | B |
| +/- Category | -11.8% | -6.9% | -3.0% | 10.6% | -15.1% | -3.9% | 6.7% | -11.5% | -4.6% | 1.4% | 3.3% |
| Mid-Cap Value Avg | 15.5% | 9.9% | 11.8% | 13.9% | -8.2% | 27.5% | 3.8% | 26.3% | -13.4% | 14.1% | 17.4% |
| Risk Measures | |
| Standard Deviation: | 13.5% |
| Total Risk Index: | 1.10 - Above Average |
| Category Risk Index: | 0.92 - Below Average |
| Category Risk Grade: | B (23% Rank) |
| Beta: | 0.70 |
| R-Squared: | 47% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Small-Cap Value |
| Bond Investment Style: | na |
| Yield: | 0.8% |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | Annually |
| Total Assets: | $1100 Mil |
| Fund Total Assets: | $1,100 Mil |
| Share Class Type: | No Load |
| Portfolio Turnover: | 65% |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 39.3 years | |||
| Average Tenure: 24.2 years | |||
| Managers (Year): Hawkins O. (1987), Glotzbach Ross (2017) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 19 |
| % in Top 10 Holdings: | 62.6% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 13.9% |
Portfolio Allocation |
|
| Domestic Stock: | 70.1% |
| Foreign Stock: | 13.9% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 4.3% |
| Cash: | 11.6% |
Purchase Information
| Fund Family: | Longleaf Partners |
| Phone Number: | 800-445-9469 |
| Website: | www.longleafpartners.com |
| Status: | Open |
| Inception Date: | April 8, 1987 |
| Min. Initial Purchase: | $10,000 |
| Min. Initial IRA Purchase: | $10,000 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | na |
Expenses and Fees | |
| Expense Ratio (%): | 0.79% ( Rating : Above Avg ) |
| Category Average Expense Ratio (%): | 1.03% |
| Share Class: | Longleaf Partners |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
