Longleaf Partners Fund to reopen to new investors

TheShadow

https://www.sec.gov/Archives/edgar/data/806636/000119312519022093/d678081d497.htm

497 1 d678081d497.htm 497
LONGLEAF PARTNERS FUNDS TRUST

SUPPLEMENT DATED JANUARY 30, 2019

TO PROSPECTUS DATED MAY 1, 2018

References to Longleaf Partners Fund in the Table of Contents and on page 23 of the Prospectus should now indicate the Fund is open to new investors.

LONGLEAF PARTNERS FUNDS TRUST

SUPPLEMENT DATED JANUARY 9, 2019

TO PROSPECTUS DATED MAY 1, 2018

Effective January 1, 2019, Ross Glotzbach became CEO of Southeastern Asset Management, Inc. (“Southeastern”) and a Portfolio Manager of Longleaf Partners Global Fund. The Prospectus and Statement of Additional Information should be updated accordingly. Mason Hawkins remains Chairman of Southeastern and a Portfolio Manager of all Longleaf Partners Funds.

On page 30, under Purchases and Redemption through Brokerage Firms and Other Authorized Intermediaries:

A broker may charge a commission to its customers on transactions in Fund shares, provided the broker acts solely on an agency basis for its customer and does not receive any distribution related payment in connection with the transaction.

LONGLEAF PARTNERS FUNDS TRUST

SUPPLEMENT DATED OCTOBER 1, 2018

TO PROSPECTUS DATED MAY 1, 2018

Under the Additional Investments section on page 26:

Online Transactions: Once you have opened an account, the Fund’s website, longleafpartners.com, can be used to make subsequent purchases. Choose “Account Log In” and follow the instructions. Payment for shares purchased online may be made only through an ACH debit of your bank account of record. Only bank accounts held at US financial institutions that are ACH members can be used for online transactions. Online transactions are subject to the same minimums, maximums, and investment restrictions as other transaction methods.

When you buy or sell shares over the Internet, you agree that the Longleaf Partners Funds are not liable for following instructions believed to be genuine. The Funds use certain procedures to confirm that your instructions are genuine.

Under How to Redeem Shares on page 27:

Online Transactions: Once you have opened an account, the Fund’s website, longleafpartners.com, can be used to make redemptions and exchanges. Choose “Account Log In” and follow the instructions. Redemptions will be paid only by check, wire, or ACH transfer and only to the address or bank account of record. Only bank accounts held at US financial institutions that are ACH members can be used for online transactions. Online transactions are subject to the same minimums, maximums, and investment restrictions as other transaction methods. Daily online redemptions are limited to $100,000 per Fund.

When you buy or sell shares over the Internet, you agree that the Longleaf Partners Funds are not liable for following instructions believed to be genuine. The Funds use certain procedures to confirm that your instructions are genuine.

LONGLEAF PARTNERS FUNDS®

ADVISED BY SOUTHEASTERN ASSET MANAGEMENT, INC.

6410 Poplar Avenue, Suite 900

Memphis, TN 38119

TheShadow

Longleaf Fund's webpage:


https://longleafpartners.com/investment-offerings

Ted

@ MFO Members: Can you spell Turkey ?
Regards,
Ted
M* LLPFX Performance:
http://performance.morningstar.com/fund/performance-return.action?t=LLPFX&region=usa&culture=en_US

BenWP

One star and "neutral" from M*; was it closed to protect the innocent?

msf

Read the full analyses. The current one (almost a year old) has the summary line: "This remains one of the more independent-minded, idiosyncratic funds around, but this hasn't led to outperformance in recent decades."

Let that sink in. Hasn't outperformed in recent decades. Now look back at the analyst report not decades ago, but merely three years before current one was written. That one gave the fund a Silver rating.

What changed? The fund had a really bad past three years. But it was with the same people, who had been there, as M* noted, for decades. So why downgrade the people? M* says it's because they had a couple of high conviction misses. That goes to performance, or is M* saying that people it loved suddenly became more stupid?

M* also downgraded the performance pillar. That would be perfectly reasonable if this were a rating of past performance. But it's a judgment of how M* expects the performance to be in the future. So is M* admitting that after praising the people and the fund for years (it started giving out analyst ratings in 2011 with Gold for this fund), it completely missed the boat and is now just projecting more of the same?

sfnative

Recalling how M* blew it with SEQUX perhaps they feel chastened and have adjusted their methodology. As for Longleaf, it seems they characterize themselves as value investors, like Dodge & Cox or Oakmark, though the latter two seem to be a whole lot better at it judging by trailing returns.

Ben

You know, I did really well in Longleaf Partners in the late 1990s and into some of the first decade of the new century. I did even better in their International Fund which was soundly and roundly dismissed as a dog. I was lucky getting in and out when I did. A case of accidental brilliant timing.

rforno

@msf excellent points and questions. Frankly, I place little value in M* ratings or star analysis ... it's just one of any number of 'systems' to offer opinions on funds, and always subject to arbitrary, hindsight-informed revisions.