- 2Q26 Commentary Longleaf Partners Fund argues that speculative AI-linked market leaders have become detached from cash-flow fundamentals while its lower-multiple holdings offer greater upside with less risk. The fund engaged with Mattel and supported changes at Fortune Brands, while adding a new healthcare position, exiting Bio-Rad, and selling spun-off FedEx Freight above appraisal. 2Q26 +3.9% ACI $6.1BAVTR $9.4BCNX $5.4BFBIN $5.4B
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