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0000950123-10-049597.txt : 201005140000950123-10-049597.hdr.sgml : 2010051420100514151956ACCESSION NUMBER:0000950123-10-049597CONFORMED SUBMISSION TYPE:40-24B2PUBLIC DOCUMENT COUNT:69FILED AS OF DATE:20100514DATE AS OF CHANGE:20100514

FILER:

COMPANY DATA:COMPANY CONFORMED NAME:LONGLEAF PARTNERS FUNDS TRUSTCENTRAL INDEX KEY:0000806636IRS NUMBER:000000000STATE OF INCORPORATION:TNFISCAL YEAR END:1231

FILING VALUES:FORM TYPE:40-24B2SEC ACT:1940 ActSEC FILE NUMBER:811-04923FILM NUMBER:10832934

BUSINESS ADDRESS:STREET 1:C/O SOUTHEASTERN ASSET MANAGEMENTSTREET 2:6410 POPLAR AVE, SUITE 900CITY:MEMPHISSTATE:TNZIP:38119BUSINESS PHONE:9017612474

MAIL ADDRESS:STREET 1:C/O SOUTHEASTERN ASSET MANAGEMENTSTREET 2:6410 POPLAR AVE, SUITE 900CITY:MEMPHISSTATE:TNZIP:38119

FORMER COMPANY:FORMER CONFORMED NAME:SOUTHEASTERN ASSET MANAGEMENT FUNDS TRUSTDATE OF NAME CHANGE:19920703

FORMER COMPANY:FORMER CONFORMED NAME:SOUTHEASTERN ASSET MANAGEMENT VALUE TRUSTDATE OF NAME CHANGE:19881220

40-24B21g23445e40v24b2.htm40-24B2

e40v24b2

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

40-24B-2

SALES LITERATURE OF REGISTERED
MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-4923

LONGLEAF PARTNERS FUNDS TRUST
(Exact name of registrant as specified in charter)

c/o Southeastern Asset Management, Inc.
6410 Poplar Avenue; Suite900
Memphis, TN 38119
(Address of principal executive offices) (Zip code)

Registrants Telephone Number,Including Area Code - (901)761-2474

Longleaf Partners Fund Presentation

Firm OverviewYear Founded 1975LocationMemphis, TN (Headquarters), London, Tokyo & SingaporeStaff 56 employeesAssets Under Management (3/31/10) $33.5billionUS large cap equities (limited capacity) $17.6billion (Longleaf Partners Fund $8.4billion)US small cap equities (closed) $2.7billion (Longleaf Partners Small-Cap Fund $2.7billion)International equities $2.9billion (Longleaf Partners International Fund $2.1billion)Global equities $10.3billionOwnership StructureIndependent; 100% employee ownedPartnership InvestingLongleaf Partners Funds are sole public equity vehicle foremployees; Employees are largest Longleaf shareholder groupInvestment DisciplineValue oriented; long time horizon; concentrated; bottom-upTarget ReturnInflation + 10%Portfolio ManagementResearch driven team approach2

Representative Separate Account Client ListCorporate Retirement PlansAmerican AirlinesLloyds RegisterOrmetBhsLloyds TSBPactivCable & WirelessLonza AmericaParker HannifinCox EnterprisesNational Australia GroupPearson Group PensionDSGNational Grid USARollinsEDSNestleSmurfit-StoneGeneral MillsNorthern FoodsStagecoachKellogg CompanyNorthrop GrummanAcademic InstitutionsAmherst CollegeGroton SchoolUniversity of NebraskaAllegheny CollegeHamilton CollegeUniversity of PennsylvaniaClaremont McKenna CollegeSyracuse UniversityUniversity of PittsburghCornell UniversityTemple UniversityUniversity of RochesterGeorgia TechUniversity of ColoradoWellesley CollegeGrinnell CollegeFoundations and Nonprofit InstitutionsAmerican Legacy FoundationDana-Farber Cancer InstituteThe Nature ConservancyAmerican Museum of Natural HistoryMuriel Kauffman FoundationThe New York Public LibraryAmerican Psychological AssociationThe Andrew W. Mellon FoundationYawkey FoundationCarnegie Institution of WashingtonThe Church Pension FundClients on the list consist of separate institutional equity accounts representative of eachcategory as of 3/31/10. They are not selected because of investment performance. The listing is notintended to be a representation that the particular clients approve of Southeastern or the servicesit provides.3

Research/Portfolio Management TeamResearch Analysts/Fund Portfolio ManagersMason Hawkins, CFA (CEO)MemphisStaley Cates, CFA (Dir. of Research) MemphisBrandon ArrindellMemphisScott CobbLondonJason Dunn, CFAMemphisRoss Glotzbach, CFAMemphisLowry Howell, CFAMemphisManish SharmaSingaporeJosh Shores, CFALondonKen SiazonSingapore/TokyoClient Portfolio ManagersJim Barton, CFAMemphisLee HarperMemphisPeter MontgomeryMemphisGwin MyerbergLondonJohn OwenMemphisGary Wilson, CFAMemphisSee appendix for full biographies.4

Investment PhilosophySuperior long term investment performance can be achieved when financially strong, competitivelyentrenched, well managed companies are bought at prices significantly below their business valueand sold when they approach corporate worth.Stocks represent ownership in a business enterprise.Every business enterprise has a value.With analytical work corporate worth can be determined.When we buy stocks at significant discounts to their corporate worth:It protects capital from significant loss over the long-term.It allows for large reward when the value is recognized.5

Security Selection CriteriaGood BusinessUnderstandable Financially Sound Competitive Advantages Pricing Power Generates Free Cash Flowwhich will growGood PeopleHonorable and Trustworthy Capable Operators Capable Capital Allocators Shareholder-orientedProper IncentivesGood Price60% or Less of Intrinsic Value where appraisals are determined by: Present Value of Future FCFCurrent Liquidation Value Comparable Business Sales6

Investment = Safety of Principal + Adequate ReturnValue or Price per share$80 $70 $60 $50 $40 $30 $20 $1012% Growth of Corporate Intrinsic Value/Share29% Compound Annual ReturnMarket Price/ShareYear 1 Year 2 Year 3 Year 4 Year 5Assumptions for Example Above: If we buy a business at 50% of appraisal, and the enterprise valuegrows at 12% per annum, and in the fifth year the stock price reaches its full appraisal, we willhave compounded our investment 29% per year. Two-thirds of the return comes from closing the gapbetween price and value. 12% value growth results from numerous factors, including: FCF coupon,revenue growth, margin growth, share repurchases, tax benefits, etc. This chart does not reflectthe performance of any particular security.7

Sell Discipline1. Price reaches appraisal and no margin of safety remains2. The portfolios risk/return profile can be substantially improved,e.g. replace a business selling at 80% of its worth with an equallyattractive company at 40% of its value3. Future earnings power becomes severely impaired by threats to itsbusiness4. Management is not capable of building shareholder value andefforts to find new leadership would likely be unsuccessful or toocostly8

Research Process# of companiesParticipants4,000 + Worldwide Universe: Market Capsover $500million2,000 Understandable Business withIndividualReasonable Economics & StructureanalystMore in-depth400 Apparent Undervaluationvaluation by analystwith team input40 Undervaluation withTeam debates caseGood Business/People 2+ analysts scrutinizemanagementWe spend over 80% of our timeon this part of the processPortfolio20 Team decidesInvestments9

Risk ManagementSoutheastern defines risk primarily as the possibility of permanent capital loss. Our investmentprocess and portfolio management are designed to minimize this risk.Individual Investments Pay 60% of intrinsic value to ensure a wide margin of safety Own competitively advantaged companies Partner with high quality management Own financially sound companies Invest for the long-term (turnover averages 20%) Research team makes decisions Devils Advocate rolePortfolio Construction Concentrate in 18-22 most qualified names for adequate diversification Manage portfolio exposure: Normal position size 5% with occasional overweights Stock ownership typically 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