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<Longleaf Partners Fund 2004 Annual Report:

2004 portfolio changes (Page 11):
Bought during 2004: Cemex S.A. de C.V. ADR
Sold during 2004: Automatic Data Processing, Hilton Hotels, Mariott International, News Corp, Trizec Properties.

List of all 17 holdings:
Vivendi Universal, Koninklijke Philips Electronics N.V., FedEx Corp., Walt Disney, Comcast, Yum Brands, NipponKoa Insurance Co Ltd, DIRECTV Group, General Motors, Aon Corp, Cemex S.A. de C.V, Waste Management, Pioneer Natural Resources, Telephone and Data Systems, Level 3 Communications, Diageo PLC, Knight Ridder, Cash (26.4%).

The Partners Fund was closed to stop new inflows.

These guys love General Motors, a tough stock to love!>

I don't know why they sold Automatic Data Processing? With job growth on the horizon I see it going much higher from here. Also room rates at hotels are up for the first time in a decade. Why would you then sell Hilton and Marriot if you own them?

I feel sorry for them on Aon as I got caught in the Spitzer game as well with that stock. Aon is a super company but where Spitzer is involved shareholders really suffer.

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