Mason Hawkins Southeastern Asset Management
Mason Hawkins co-founded Southeastern Asset Management, adviser to the Longleaf Partners funds, and is a leading figure in absolute-value investing. The firm is known for concentrated portfolios, appraised-value analysis, and a long-term partnership culture with portfolio companies. Hawkins’s process emphasizes free cash flow, management alignment, and buying at a discount to intrinsic value.
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Empire State Realty Trust
ESRT
|
+$176M |
| 2 |
News Corp Class A
NWSA
|
+$101M |
| 3 |
Everest Group
EG
|
+$23.1M |
| 4 |
News Corp Class B
NWS
|
+$21.8M |
| 5 |
CNX Resources
CNX
|
+$15.8M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Aon
AON
|
+$411M |
| 2 |
Cemex
CX
|
+$396M |
| 3 |
Travelers Companies
TRV
|
+$316M |
| 4 |
FedEx
FDX
|
+$288M |
| 5 |
CHK
Chesapeake Energy Corporation
CHK
|
+$216M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 29.81% |
| 2 | Industrials | 19.69% |
| 3 | Energy | 18.11% |
| 4 | Technology | 7.34% |
| 5 | Consumer Staples | 6.07% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
LM
26
DELISTED
Legg Mason, Inc.
LM
| $136M | 0.66% |
3,117,887
-585,834
| -16% | -$22.7M |
|
27
Vodafone
VOD
$36.9B
| $118M | 0.58% |
2,946,436
-73,187
| -2% | -$2.75M |
|
28
Dine Brands
DIN
$454M
| $110M | 0.54% |
1,315,000
-49,900
| -4% | -$3.94M |
|
29
Martin Marietta Materials
MLM
$32.1B
| $104M | 0.51% |
1,039,807
-57,600
| -5% | -$5.66M |
|
30
Wendy's
WEN
$1.72B
| $96.4M | 0.47% |
11,054,728
-7,823,472
| -41% | -$67.2M |
|
31
Vornado Realty Trust
VNO
$7.07B
| $20.6M | 0.1% |
317,385
| – | – |
|
32
Rayonier
RYN
$6.31B
| $3.9M | 0.02% |
+136,597
| New | +$4.41M |
|
33
Berkshire Hathaway Class A
BRK.A
$1.06T
| $1.25M | 0.01% |
7
| – | – |
|
|
34
Cemex
CX
$16B
| – | – |
-41,384,522
| Closed | -$396M |
|
35
The Mosaic Company
MOS
$7.76B
| – | – |
-539,600
| Closed | -$23.2M |
|
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Mason Hawkins's Q4 2013 Portfolio in Review
As of Q4 2013, Mason Hawkins held 35 positions worth $20.4B, up 1.9% from $20B the previous quarter. Its ten largest holdings account for 68% of the portfolio.
Mason Hawkins withdrew a net $1.86B in Q4 2013, closing 2 positions and reducing 24 holdings. Its most notable exit was Cemex, an estimated $396M position sold in full.
By sector, the portfolio is most concentrated in Financials at 30% of assets, down from 32% a quarter earlier, followed by Industrials and Energy.
Against the trend, Mason Hawkins opened a new position in Empire State Realty Trust worth $190M.
- Mason Hawkins's largest Q4 2013 buy was Empire State Realty Trust: 12,415,753 shares worth $190M.
- Mason Hawkins added most to News Corp Class A in Q4 2013, an estimated $101M increase.
- Mason Hawkins's biggest Q4 2013 reduction was Aon, cutting an estimated $411M.
- Mason Hawkins fully exited Cemex in Q4 2013, selling an estimated $396M.
- Mason Hawkins's ten largest holdings make up 68% of its $20.4B portfolio in Q4 2013.
- Mason Hawkins opened 2 new positions and closed 2 in Q4 2013.
- Mason Hawkins's portfolio value rose 1.9% quarter-over-quarter to $20.4B.
Based on Southeastern Asset Management's 13F filing for Q4 2013, filed 14 Feb 2014.