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09q2letter
We are pleased to report that all three Longleaf Partners Funds outperformed our
absolute annual goal of inflation plus 10% in the second quarter, and the Partners and
Small-Cap Funds also beat their respective indices. The Partners Fund, which posted
the best quarter in its 22 year history, is the top performing fund in its peer group for
2009 YTD. The quarter-end returns for Small-Cap and International were second
only to their results in the second quarter of 2003.We recognize that to return to our
historic levels of compounding from the debacle of last year’s fourth quarter, the results
of the last three months must be repeated.
Keywords; SHAREHOLDERS , Partners , Fund , LONGLEAF PARTNERS , Small-Cap Funds , International Fund, U.S. stock Market, O.
Mason Hawkins,G. Staley Cates
Fund Letters
