Longleaf Partners Shareholder Letter Q3 2018

|
About: CenturyLink, Inc. (CTL), OCINF, BEL, SONC, LLGLX, LLINX, LLPFX, LLSCX
by: Fund Letters
Summary

Includes detailed analysis of Longleaf Partners' positions in CTL, OCINF, BEL, SONC.

All four Longleaf Partners Funds posted positive gains in Q3. The International Fund exceeded both inflation plus 10% and the benchmark index. The Partners and Small-Cap Funds met our absolute goal of inflation plus 10% while the Global Fund was slightly below that target.

Returns across the Funds were in the low single-digit range, while the relevant indices posted a more disparate 1.36% (MSCI EAFE), 3.58% (Russell 2000), 4.98% (MSCI World) and 7.71% (S&P 500).