Graham Holdings Co

• Southeastern Asset Management Longleaf Partners Small-Cap Fund 3Q26 Commentary ↗ Longleaf Small-Cap Fund argues that a wide gap between share prices and appraised value reflects temporary earnings disappointments and misplaced market fears rather than lasting impairment. The portfolio added a new free-cash-flow-generating position, increased engagement with holdings including Mattel and Empire State Realty, and expects catalysts such as asset sales, buybacks and strategic interest to close valuation discounts. 3Q26 MAT $4.8BBATRA $3.7BBCCLF $2.8B +10

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