Longleaf Partners Reports Fourth-Quarter 2025 Fund Performance

Longleaf Partners, managed by Southeastern Asset Management, released its fourth-quarter 2025 investor letter on January 20, 2026, reporting that the Fund returned 3.35% in the quarter versus the S&P 500’s 2.66% and the Russell 1000 Value Index’s 3.81%. The letter attributes underperformance to market dynamics and a lack of standout winners in 2025, highlights HF Sinclair (NYSE:DINO) as a yearly contributor, and emphasizes disciplined, valuation-driven portfolio management over speculative chasing.