Sanofi

• Southeastern Asset Management Longleaf Partners Global Fund 3Q26 Commentary ↗ The Global Fund argues that temporary earnings resets and market dislocations have widened discounts to intrinsic value across holdings including Mattel, IDP Education, Rayonier and Albertsons. It added to Fortune Brands and Canal+, bought Universal Music Group and another undisclosed Asian investment, and exited Glanbia after its shares exceeded appraisal value. 3Q26 ACI $6.3BFBIN $4.7BGPAGF $4.4B +5
• Southeastern Asset Management Longleaf Partners Fund 3Q26 Commentary ↗ Longleaf Partners Fund argues that short-term earnings disappointments at Mattel, Rayonier, Fortune Brands and Albertsons obscure their long-term value, while stronger operators including People, MGM, Abbott, EXOR and CNX remain mispriced. The fund added Universal Music Group, trimmed Avantor near appraisal value and increased Fortune Brands after its decline. 3Q26 ABT $170BACI $6.3BAVTR $10B +6

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