Longleaf Partners Global Fund Increased Its Stake in Avantor (AVTR)

Core Viewpoint - Longleaf Partners Global Fund reported a 5.27% return in Q4 2025, outperforming MSCI World and MSCI World Value indexes, which returned 3.12% and 3.34% respectively. However, the Fund's annual return of 16.72% lagged behind the indexes' returns of 21.09% and 20.79% [1] Group 1: Fund Performance - The Fund celebrated Southeastern's 50th anniversary and the 25th anniversary of its global strategy in 2025 [1] - Underperformance was attributed to underweight exposure in Financials, holding cash, and lack of late-cycle Industrials [1] Group 2: Avantor, Inc. (NYSE:AVTR) Overview - Avantor, Inc. provides critical products and services to biotechnology, education, and pharmaceutical sectors, with a market capitalization of $5.19 billion [2] - As of March 19, 2026, Avantor's stock closed at $7.61, with a one-month return of -15.73% and a 52-week loss of 53.99% [2] Group 3: Fund's Position on Avantor, Inc. - Avantor detracted from the Fund's performance in 2025, leading to a decision to exit the position and book a loss before year-end [3] - The Fund added a partial position in Avantor during the second half of the year amid company challenges, but anticipated that the worst may be over following leadership changes and guidance resets [3] Group 4: Hedge Fund Interest - Avantor, Inc. was held by 40 hedge fund portfolios at the end of Q4 2025, down from 50 in the previous quarter [4] - The Fund believes that certain AI stocks present greater upside potential and less downside risk compared to Avantor [4]