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Here’s Why Longleaf Partners Fund Sold Fairfax Financial Holdings Limited (FRFHF)

Soumya Eswaran
·2-min read

Longleaf Partners, managed by Southeastern Asset Management, released its “Partners Fund” first quarter 2024 investor letter.  A copy of the letter can be downloaded here. The fund returned 6.60% in the first quarter, compared to S&P’s 10.56% return and Russell 1000 Value’s 8.99% return. Strong performance across the portfolio holdings delivered significant reruns in the quarter where value investing faced challenges compared to growth strategies. In addition, please check the fund’s top five holdings to know its best picks in 2024.

Longleaf Partners Fund highlighted stocks like Fairfax Financial Holdings Limited (OTC:FRFHF), in the first quarter 2024 investor letter. Fairfax Financial Holdings Limited (OTC:FRFHF) provides property and casualty insurance and reinsurance, and investment management services with a market capitalization of $26.62 billion. One-month return of Fairfax Financial Holdings Limited (OTC:FRFHF) was 5.21%, and its shares gained 59.52% of their value over the last 52 weeks. On May 20, 2024, Fairfax Financial Holdings Limited (OTC:FRFHF) stock closed at $1,138.94 per share.

Longleaf Partners Fund stated the following regarding Fairfax Financial Holdings Limited (OTC:FRFHF) in its first quarter 2024 investor letter:

"We exited two holdings while trimming several strong performers. We sold our positions in Fairfax Financial Holdings Limited (OTC:FRFHF) and Fortune Brands. We have owned Fairfax multiple times for a large portion of the last 25 years and think highly of the management team led by Prem Watsa. However, the stock exceeded our value in the quarter, so it was time to move on."

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Fairfax Financial Holdings Limited's (OTC:FRFHF) trailing 12 months revenue is $31.89 billion and year over year quarterly revenue growth rate of the company is 0.60%. Fairfax Financial Holdings Limited (OTC:FRFHF) was the top performer of Longleaf Partners Fund in 2023.

Fairfax Financial Holdings Limited (OTC:FRFHF) is not on our list of 30 Most Popular Stocks Among Hedge Funds. In addition, please check out our hedge fund investor letters Q1 2024 page for more investor letters from hedge funds and other leading investors.

If you are looking for an AI stock that is as promising as Microsoft but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock. READ NEXT: Michael Burry Is Selling These Stocks and A New Dawn Is Coming to US Stocks.

Disclosure: None. This article is originally published at Insider Monkey.