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<title><![CDATA[Longleaf Partners Small-Cap]]></title>
<link>http://messages.finance.yahoo.com/Mutual_Funds_%28A_to_Z%29/Mutual_Funds_L/forumview?bn=31174</link>
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<lastBuildDate>Mon, 24 Aug 2009 22:17:43 GMT</lastBuildDate>
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<link>http://messages.finance.yahoo.com/Mutual_Funds_%28A_to_Z%29/Mutual_Funds_L/forumview?bn=31174</link>
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<title><![CDATA[Re: Someone tell me a good reason to stick with this one]]></title>
<link>http://messages.finance.yahoo.com/Mutual_Funds_%28A_to_Z%29/Mutual_Funds_L/threadview?m=tm&amp;bn=31174&amp;tid=5&amp;mid=7&amp;tof=1&amp;off=1</link>
<description><![CDATA[I've owned this fund for almost 15 years. Several times I've considered sellling it but every time, I was later glad that I didn't sell. Odd to read you have only been in this fund for five years as it has been closed to new investors since 1997.]]></description>
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<pubDate>Mon, 24 Aug 2009 22:17:43 GMT</pubDate>
<author><![CDATA[noyopacific]]></author>
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<title><![CDATA[Re: Someone tell me a good reason to stick with this one]]></title>
<link>http://messages.finance.yahoo.com/Mutual_Funds_%28A_to_Z%29/Mutual_Funds_L/threadview?m=tm&amp;bn=31174&amp;tid=5&amp;mid=6&amp;tof=2&amp;off=1</link>
<description><![CDATA[This was a good performer in the bull market. But, it is overweighted in financials . It also has some arcane holdings. Finally, it is really a mid cap. I have found this fund simply too inconsistent. The managers march to their own drum and are lately out of step. Over long periods they seem to do well but a mutual fund should not be this volatile.   I don't have a 15 year horizon and sold my position. I don't have a substitute. Gabelli ABC has been a good defender but it may not fit the category.]]></description>
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<pubDate>Fri, 23 Jan 2009 10:04:05 GMT</pubDate>
<author><![CDATA[erosen1000]]></author>
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<title><![CDATA[Someone tell me a good reason to stick with this one]]></title>
<link>http://messages.finance.yahoo.com/Mutual_Funds_%28A_to_Z%29/Mutual_Funds_L/threadview?m=tm&amp;bn=31174&amp;tid=5&amp;mid=5&amp;tof=3&amp;off=1</link>
<description><![CDATA[I have a relatively balanced portfolio between Large/Medium/Small cap equities and Growth vs value approaches.    I have had a significant position in this fund in a retirement account for 5 years or so.    But it seams to be lagging it's category.    Can someone make me feel good about keeping this....or give me a better alternative for a small cap fund for the long haul (I won't need the money for another 15 years)]]></description>
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<pubDate>Mon, 24 Aug 2009 22:17:43 GMT</pubDate>
<author><![CDATA[touchpointdan]]></author>
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<title><![CDATA[Re: Should I continue to invest in the fund?]]></title>
<link>http://messages.finance.yahoo.com/Mutual_Funds_%28A_to_Z%29/Mutual_Funds_L/threadview?m=tm&amp;bn=31174&amp;tid=2&amp;mid=4&amp;tof=4&amp;off=1</link>
<description><![CDATA[Longleaf finally did give me some excellent answers to my questions. In the past, whenever I have considered selling this fund, I have always been very pleased that I didn't. Don't forget that this fund has been closed to new investors for many years. If you sold all of your shares, you would probably have a very difficult time getting back in.]]></description>
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<pubDate>Wed, 06 Feb 2008 09:38:54 GMT</pubDate>
<author><![CDATA[noyopacific]]></author>
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<title><![CDATA[Should I continue to invest in the fund?]]></title>
<link>http://messages.finance.yahoo.com/Mutual_Funds_%28A_to_Z%29/Mutual_Funds_L/threadview?m=tm&amp;bn=31174&amp;tid=2&amp;mid=3&amp;tof=5&amp;off=1</link>
<description><![CDATA[Good post.

I have 40% of my 401K in this fund. It is down around 3-4% this year. Should I switch my money to more safe investment or staty with it?]]></description>
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<pubDate>Wed, 06 Feb 2008 09:38:54 GMT</pubDate>
<author><![CDATA[an_oddesy]]></author>
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<title><![CDATA[Small-Cap? or Mid-Cap]]></title>
<link>http://messages.finance.yahoo.com/Mutual_Funds_%28A_to_Z%29/Mutual_Funds_L/threadview?m=tm&amp;bn=31174&amp;tid=2&amp;mid=2&amp;tof=6&amp;off=1</link>
<description><![CDATA[We have been delighted with MR.'s Cates & Hawkins performance in managing the Longleaf Small Cap Fund and are happpy to have chosen Longleaf. Thank You Very Much. You guys have done a Great Job!

It does however, bother me that Southeastern Asset Management persists in implying that this fund is still somehow a small cap(1*) fund. By almost any traditional measure but their own, this is a mid-cap(2*) fund. I believe it is disingenuous for Southeastern to have redefined small cap to include companies with a market cap of up to 9.7 Billion with the Median Market Cap of its holdings at 3.6B. 

I think that I understand how this happened. Longleaf concentrates their positions in approximately 20 companies and Mutual Funds are restricted in the percentage stake they are allowed to hold in a single company. The sheer size of the Small Cap Fund simply does not make it practical for them to limit the number of equity holdings to 20 while limiting it to small cap(1*) companies.

I appreciate Longleaf's position and dilemma. I believe that management has responded properly by closing the fund to (most?) new investors. I can not get past the feeling however, that management bends the definition of small cap to suit the circumstances. I am sorry to say that this: "It's, whatever I say it is" sort definition strikes me as alarmingly Skillingesque. It also seems entirely out of character for Mr.'s Cates & Hawkins.

There is certainly no shame in admitting that Management's success has caused the Fund to outgrow its' name. I would be more comfortable however, if management were straightforward about it and changed the name of the Fund to reflect this reality.

And if they ever decide to open a new Small Cap Fund, I would very much like to have this team managing a fund with a serious effort made to limit the size of the fund to approximately $500 million so that Southeasterns' non-diversified strategy could be more easily applied to investing small cap(1*) opportunities. It might also be worthwhile to consider that in order to maintain a $500 million ceiling, it might be necessary to close the fund at times to prohibit a-n-y additional purchases including the reinvestment of dividends and capital gains! It might also be worthwhile to consider limiting such an offering to investors in the other Longleaf Partners Funds. Also, I understand that the cost of managing a fund with a smaller asset base might necessitate Southeasterns' need to collect a higher percentage management fee. So long as the charges were reasonable, this would not be a problem for me.

Forbes Investopedia Defines 
(1*) Small Cap as: companies with a market capitalization of between $300 million and $2 billion. 

(2*) & Mid cap as: companies having a market capitalization between $2 and $10 billion.

I wrote Southeastern 3 weeks ago about this matter. I'm still waiting to hear back from them.]]></description>
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<pubDate>Wed, 06 Feb 2008 09:38:54 GMT</pubDate>
<author><![CDATA[noyopacific]]></author>
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<title><![CDATA[All Longleaf Funds]]></title>
<link>http://messages.finance.yahoo.com/Mutual_Funds_%28A_to_Z%29/Mutual_Funds_L/threadview?m=tm&amp;bn=31174&amp;tid=1&amp;mid=1&amp;tof=7&amp;off=1</link>
<description><![CDATA[Mason/Stanley & all employees.....
You are doing a great job, and do not let up. We are very lucky to have found honest managers of our money like everyone at LongLeaf...Take a bow. All of you deserve it. Most investors find it easier to complain then to say thank you for a job well done. Again, thank you.]]></description>
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<pubDate>Thu, 01 Nov 2007 20:23:31 GMT</pubDate>
<author><![CDATA[mu86fdmgrs]]></author>
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