Mason Hawkins Comments from Latest LongLeaf Letter

Southeastern is pleased to report a first quarter of strong absolute returns in all three Longleaf Funds as well as results above the benchmark indices for both the Partners and International Funds. Most holdings rose, with many posting significant double-digit gains. Our companies’ growing intrinsic values and an improving U.S. economy powered stock returns. Even following the solid gains over the last three months, each Fund’s P/V remains attractively below Southeastern’s long-term average in the high-60%s.