LLPF.X — Longleaf Partners Funds Trust - Longleaf Partners Fund 13F holdings and portfolio analysis

Directly following the baseline means accepting a concentrated portfolio with meaningful single-name and sector-bucket risk plus filing-lag execution risk. The backtest top 5 holdings are 38.38% and top 10 are 67.89%, while current concentration is similarly high at 34.24% for top 5 and 62.26% for top 10. Baseline metrics show 6.03% annualized return, -5.03 alpha, 0.93 beta, 0.38 Sharpe, and -46.11% max drawdown, so the portfolio did not translate concentration into strong benchmark-relative reward. It also required 509 trades with totalEstimatedCost of 1.9281 and depends on delayed filing data.

The recent baseline periods show a portfolio that occasionally wins but more often gives up excess return while still trading actively. The best recent quarter was 2024-06-30 with +12.52% return versus +9.83% for SPY, for +2.70% excess on 20.92 turnover and 16 trades. Another good defensive quarter was 2024-12-31, when baseline lost -0.67% versus SPY at -3.63%, adding +2.96% excess but with much higher 33.77 turnover. The weaker side of the trade-off is clearer in 2023-06-30, when baseline returned -9.87% versus -1.77% for SPY (-8.11% excess), and in 2025-03-31, when it gained only +1.33% versus SPY’s +9.22% (-7.89% excess) despite 22.09 turnover.

A user should inspect three things next: concentration, lag, and the recent cuts versus adds. First, top 10 concentration is 62.26% in the current holdings and 67.89% in the baseline artifact, so portfolio outcomes can hinge on a few names. Second, the baseline risk notes say implementation starts after disclosure deadlines, which creates 13F-style lag risk. Third, the latest changes show the manager added IAC, Regeneron, PotlatchDeltic, and a new 5.47% MICC stake while cutting PVH, FedEx, Avantor, and Rayonier, so understanding those thesis shifts matters more than just looking at the current weights.