Fund Evaluator:
Longleaf Partners Small-Cap (LLSCX)
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Fund Details
Longleaf Partners Small-Cap Overview
Longleaf Partners Small-Cap (LLSCX) is an actively managed U.S. Equity Small Blend fund. Longleaf Partners launched the fund in 1989.
The investment seeks long-term capital growth. The Small-Cap Fund normally invests at least 80% of net assets plus any borrowings for investment purposes in the equity securities, including convertible securities, of a limited number of companies whose market capitalizations at the time of purchase are considered small cap. The fund primarily owns common stock but may purchase other types of securities. It is non-diversified.
About Longleaf Partners Small-Cap (LLSCX)
There are 2 members of the management team with an average tenure of 24.35 years: Ross Glotzbach (2014), O. Hawkins (1989). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: Russell 3000 TR USD index with a weighting of 100% and Russell 2000 TR USD index with a weighting of 100%. Longleaf Partners Small-Cap has 18 securities in its portfolio. The top 10 holdings constitute 63.2% 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 Small-Cap is part of the Equity global asset class and is within the U.S. Equity fund group. Longleaf Partners Small-Cap has 12.4% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 74.5%. There is 12.4% 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 Small-Cap has 13.1% of the portfolio in cash.
Assets Under Management
The fund has $644 million in total assets, which is below the $694 million average for the Small Blend 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.
LLSCX 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 Small-Cap expense ratio is high compared to funds in the Small Blend category. Longleaf Partners Small-Cap has an expense ratio of 0.95%, which is 9% lower than its category average, making the fund expense ratio grade a C. 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 Small-Cap has a portfolio turnover rate of 59%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 65% for the Small Blend category.
Recently, in the month of June 2026, Longleaf Partners Small-Cap returned 0.6%, which earned it a grade of F, as the Small Blend category had an average return of 5.9%. 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 Small-Cap has a trailing yield of 1.24%, which is above the 0.41% 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 Small-Cap Grades
Year to date, the fund has returned -5.1%, 26.8 percentage points worse than the category, which translates into a grade of F. The fund has returned -2.1% over the past year (grade of F), 7.6% over the past three years (grade of F) and 1.2% per year over the past five years (grade of F) and 5.3% per year over the past 10 years (grade of F).
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LLSCX Trailing NAV Total Returns Data as of 6/30/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| LLSCX Return (NAV) | 0.6% | -2.5% | -2.1% | 7.6% | 1.2% | 5.3% |
| LLSCX Grade | F | F | F | F | F | F |
| +/- Category | -5.3% | -22.2% | -36.0% | -8.8% | -6.7% | -5.9% |
| Small Blend Avg | 5.9% | 19.8% | 33.9% | 16.4% | 7.9% | 11.2% |
| LLSCX Tax Cost Ratio | na | na | 0.5% | 0.3% | 0.3% | 1.6% |
LLSCX Annual NAV Total ReturnsData as of 6/30/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| LLSCX Return (NAV) | -5.1% | 7.6% | 9.7% | 20.2% | -19.3% | 11.2% | 4.1% | 19.7% | -6.5% | 9.0% | 20.5% |
| LLSCX Grade | F | C | D | A | D | F | F | F | A | F | C |
| +/- Category | -26.8% | -0.3% | -1.9% | 3.7% | -2.8% | -12.0% | -10.2% | -5.8% | 5.3% | -5.1% | 0.3% |
| Small Blend Avg | 21.7% | 7.9% | 11.6% | 16.5% | -16.5% | 23.2% | 14.4% | 25.5% | -11.8% | 14.1% | 20.2% |
| Risk Measures | |
| Standard Deviation: | 14.1% |
| Total Risk Index: | 1.16 - Above Average |
| Category Risk Index: | 0.77 - Low |
| Category Risk Grade: | A (1% Rank) |
| Beta: | 0.64 |
| R-Squared: | 35% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Small-Cap Value |
| Bond Investment Style: | na |
| Yield: | 1.2% |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | Annually |
| Total Assets: | $644 Mil |
| Fund Total Assets: | $ 644 Mil |
| Share Class Type: | No Load |
| Portfolio Turnover: | 59% |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 36.5 years | |||
| Average Tenure: 24.3 years | |||
| Managers (Year): Hawkins O. (1989), Glotzbach Ross (2014) | |||
Portfolio Composition (as of 3/31/26)
| # of Holdings: | 18 |
| % in Top 10 Holdings: | 63.2% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 12.4% |
Portfolio Allocation |
|
| Domestic Stock: | 74.5% |
| Foreign Stock: | 12.4% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 13.1% |
Purchase Information
| Fund Family: | Longleaf Partners |
| Phone Number: | 800-445-9469 |
| Website: | www.longleafpartners.com |
| Status: | Open |
| Inception Date: | February 21, 1989 |
| 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 (%): | 0.95% ( Rating : High ) |
| Category Average Expense Ratio (%): | 1.05% |
| Share Class: | Longleaf Partners Small-Cap |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
