Longleaf Partners Fund, managed by Southeastern Asset Management, has issued its investor letter for the fourth quarter of 2025. The fund posted a return of 3.35% for the period. This compares to a 2.66% return for the S&P 500 and a 3.81% return for the Russell 1000 Value Index.
The firm described 2025 as a challenging year without standout performers. About 5% of its portfolio gained 20% or more, while 35% of the S&P 500 reached that level. The firm stated that overall market dynamics drove this relative underperformance. It reiterated a focus on actions to strengthen portfolio outcomes rather than chasing winners at the wrong time.
In the letter, the fund highlighted HF Sinclair Corporation, ticker DINO, as a contributor over the year. HF Sinclair is a US-based independent energy company. Its stock closed at $48.63 per share on January 16, 2026. The stock's one-month return was 4.33%, and it gained 33.86% over the last 52 weeks. The company has a market capitalization of $9.098 billion.
The fund provided a statement regarding its position in HF Sinclair. "HF Sinclair Corporation was a contributor for the year," the letter stated. "We timed our purchases well last year and earlier this year on oil price weakness and worse than expected refining spreads. More normalized refining spreads came into view as the year went on, and the company’s non-refining assets did well. The P/V gap closed, the previously strong insider buying stopped and the value per share growth was limited, so we moved on at a profit."
According to a database cited in related coverage, 53 hedge fund portfolios held HF Sinclair at the end of the third quarter, an increase from 45 in the previous quarter. The stock is not listed among the 30 most popular stocks among hedge funds by that source.