Mason Hawkins has been Chairman and Chief Executive Officer Southeastern Asset Management since 1975, and he and his partners manage the Longleaf Partners Funds. During the ten-year period ending 9/30/2007, the Partners fund returned 10.6% versus 6.6% for the S&P 500. Mr. Hawkins attended the University of Florida where he earned a B.A. in Finance, and the University of Georgia where he earned an M.B.A. in Finance.
Investing Philosophy:
Mason Hawkins and his partners are value investors. When evaluating potential investments, they look for three things, “good business, good people, and a good price.” Like many successful gurus, he and his partners seek to achieve superior long-term performance by acquiring equity securities in understandable business with strong balance sheets, run by capable management, and trading at less than intrinsic value. Typically, they only invest in companies trading at 60% or less of intrinsic value appraised by looking at the current value of a company’s assets and liabilities and also by looking the present value of future cash flows (DCF).They sell stocks when the stocks reach their intrinsic worth. Mason Hawkins believes it is important to have a portfolio concentrated in only the best investment ideas, and the firm generally holds fewer than 25 stocks in each portfolio.
Mason Hawkins has been the CEO of Southeastern Asset Management since 1975. He and his partners manage the Longleaf Partners Funds. During the ten-year period ending 9/30/2007, the Partners fund returned 10.6% versus 6.6% for the S&P 500. More...
Even after the strong performance over the last six months, all three portfolios remain attractively priced at P/Vs near or below their long-term averages. Most of our appraisals have stabilized, and some have increased. If the global economy grows, and 2009 proves to have been a single-year dramatic low in operating results rather than the “new normal,” our appraisals are too conservative. Additionally, given how meaningfully our management partners have cut expenses, values should skyrocket whenever top line growth does return. Not only are the Funds attractive quantitatively, but they maintain the qualitative strengths that we described last quarter. We expect most of our companies to gain share, increase pricing, and/or improve their profit margins in the recovery. Our management partners are committed to growing shareholder value. In a number of cases, they have moved aggressively to strengthen their competitive advantages in this challenging environment. More...
Longleaf Funds, managed by Mason Hawkins and his team, have had a good recovery from the losses in 2008, but “portfolios remain attractively priced at P/Vs near or below their long-term averages.” Mason Hawkins wrote. This is the Q3 portfolio update for their funds. More...
(GuruFocus, October 2, 2009) Ove r the course of this week, Fortune.com is checking in on five funds they recommended last December: Osterweis, Fairholme, Vanguard Primecap Core, Longleaf Partners and Third Avenue Value. All five are beating the market by big margins . The review on Mason Hawkins’s Longleaf Partners is out today and can be read here. YTD, the fund is up 45%, 26.5 points better than the S&P 500 , after the fund went down 51% last year. What goes around comes around. More...
The recent market run up has bring the price to value ration from their low points in the mid-high 30%s to the mid-40%s to 50%s, Mason Hawkins believes. He also thinks that a number of his holdings would benefit from a moderate inflationary environment. This is his Q2 portfolio update. More...
(GuruFocus, July 28, 2009)Investment Guru Mason Hawkins, Chairman and CEO of Southeastern Asset Management Inc. published 2Q09 letter to shareholders of his Longleaf Funds. Here are my notes: More...
(GuruFocus.com, July 21, 2009) Mason Hawkins continues to sell special stock of Telephone & Data System Inc (TDS_S), according to GuruFocus Data. The latest transaction is on July 20, 2009, when Mason Hawkins reduced his holding in special shares (TDS-S) by 4.83%, from 12.97 million shares to 12.35 million shares at the price of $26.20 per share. More...
(GuruFocus, June 4, 2009) Investment Guru Mason Hawkins, Chairman and Chief Executive Officer Southeastern Asset Management reduced his position in Liberty Media Corporation (Entertainment) (LMDIA). On June 4, 2009, He sold 36.26% of his shares in the media holding company at the price of $23.4. After the sale, he still own 59,972,287 shares of the company’s common shares. More...
(GuruFocus.com, Updated on June 3, 2009) Mason Hawkins continues to sell both the common shares ( TDS) and special stock of Telephone & Data System Inc, according to GuruFocus Data. The latest transaction is on April 28, 2009, when Mason Hawkins reduced his holding in common shares ( TDS) by 7.71%, from 3.075 million shares to 2.838 shares at the price of $28.34 per share. Mason Hawkins has been reducing his holding in the telecommunication company since at least July 27, 2007 when he sold 8.53% of his holdings at $69.94 per share. More...
Investment Guru Mason Hawkins, Chairman and CEO of Southeastern Capital Management, LLC, has three funds under management: Longleaf Partners Fund, Small-Cap Funds, and Longleaf Partners International Fund. Last night he published 1Q09 Quarterly Report, including a letter to shareholders and management discussions to each fund. Despite miserable 2008 performance, Mason Hawkins maintains that his holdings represent more than 50% from the estimated value. The market dislocation presents an opportune time to buy stocks. More...
(GuruFocus.com, April 30, 2009) Mason Hawkins continues to sell both the common shares (TDS) and special stock of Telephone & Data System Inc, according to GuruFocus Data. The latest transaction is on April 28, 2009, when Mason Hawkins reduced his holding in common shares (TDS) by 7.71%, from 3.075 million shares to 2.838 shares at the price of $28.34 per share. Mason Hawkins has been reducing his holding in the telecommunication company since at least July 27, 2007 when he sold 8.53% of his holdings at $69.94 per share. More...
Investment Guru Mason Hawkins, Chairman and Chief Executive Officer Southeastern Asset Managementt, and Fund Manager of Longleaf Partners Funds, has unloaded almost his entire position in Sun Microsystems Inc. (JAVA). The following is the Mason Hawkins’ trading data on the stock: More...
Given this uncertain environment, many have asked how Southeastern is adjusting to the economic challenges and taking advantage of the fear. Knowing what our businesses are worth and the potential risks to those appraisals is critical. More...
We do not know how long economic uncertainty and shareholder fear will last. Bear markets do not die of old age. The mispricing, however, is providing the opportunity to own high quality companies with terrific five year outlooks that imply high long-term IRRs.We are aggressively adding personal capital to the Funds and encourage our partners to do the same. Given that bullish sentiment is at its lowest level in 14 years and that some are recommending exiting equities altogether, there is plenty of panic in the air. Historically, the best time to invest has been when owning stocks has felt the worst. More...
Mason Hawkins, manager of Longleaf Partners, is writing to shareholders. Apparently he is seeing a lot of opportunities, as he opened his funds to new investors. Read his shareholder letter. More...
Mason Hawkins like the recent volatilities in the market. He thinks it gave a lot of opportunities for long-term investors. “The environment is not dissimilar to that of the fall 2002, and as most of you remember, the aftermath in 2003 was particularly rewarding.” More...
When evaluating potential investments, Mason Hawkins looks for three things, "good business, good people, and a good price." He measures his portfolio risk and potential return with price/value ratio. He runs very concentrated portfolios, with more than $34 billion in 52 stocks. These are his buys and sells during the fourth quarter of 2007. More...
To put more than $35 billion in just 48 stocks, you need a lot of convictions. That is how Mason Hawkins invests. He makes large bets in well researched ideas, and has been very successful with it. This is his buys and sells during the third quarter. More...
Renowed value investor Mason Hawkins, the manager of Longleaf family of funds, measures his portfolios with price to value ratio. He invests more than $34 billion into just 45 stocks. These are his buys and sells during the second quarter of 2007. More...
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