Mason Hawkins

Mason Hawkins

Last Update: 2014-12-10

Number of Stocks: 30
Number of New Stocks: 5

Total Value: $18,328 Mil
Q/Q Turnover: 12%

Countries: USA
Details: Top Buys | Top Sales | Top Holdings  Embed:

Mason Hawkins Watch

  • Mason Hawkins's Longleaf Partners Comments on CONSOL Energy

    Other strong performers in the quarter included Level 3, up 27%, and CONSOL Energy (CNX), up 25%. At Level 3, since taking over as CEO in April, Jeff Storey has implemented the necessary steps to grow top line and increase cash flow by reducing costs and focusing on higher margin enterprise customers. Brett Harvey, CEO at CONSOL indicated that management is exploring the sale of assets and could potentially split the company into various parts: natural gas, coal, and infrastructure. Even with meaningful recent stock gains, both companies remain among our most discounted names.

    From Mason Hawkins' Longleaf Partners Fund third quarter 2013 commentary.  

  • Mason Hawkins' Longleaf Partners Comments on FedEx

    FedEx (FDX) gained 25% over the last nine months after delivering 16% in the third quarter. The stock increase reflects some degree of confidence that management will execute planned cost cuts at the Express air delivery segment to adjust to the migration of more traffic onto ships and trucks due to high oil prices. While the stock has been volatile over the past year, our appraisal of the company has steadily grown, driven by the Ground segment. Subsequent to quarter-end, FedEx announced a share repurchase plan of 11% of the company.

    From Mason Hawkins' Longleaf Partners Fund third quarter 2013 commentary.  

  • Mason Hawkins' Longleaf Partners Fund Management Discussion - Third Quarter 2013

    Longleaf Partners Fund delivered a substantial 9.8% in the third quarter, taking the Fund’s year-to-date  

  • Mason Hawkins Discusses Strong Returns in Q3 Shareholder Letter

    Longleaf Partners Chairman and Chief Executive Officer Mason Hawkins and President and Chief Investment Officer Staley Cates discuss holdings Level 3 (LVLT), Chesapeak Energy (CHK), Vodafone (VOD), Washington Post (WPO), Dell (DELL) and others in their third quarter letter to shareholders. The firm delivered one of its strongest quarters for returns in its history in the third quarter. Read the letter here.  

  • Mason Hawkins Buys 12% of News Corp

    While still embroiled in a fraught relationship with Dell (DELL), Mason Hawkins’ Southeastern Management has taken a major position in Rupert Murdoch’s company, News Corp. (NWS), according to GuruFocus Real Time Picks. Hawkins acquired an 11.9% stake in the company, amounting to 23,767,700 shares in aggregate.

    Hawkins first disclosed he was purchasing News Corp. shares in his semi-annual report, released Aug. 14.  

  • Activist Mason Hawkins Reduces Oil & Gas, Aggregates and More

    The updated portfolio of low-key activist investor Mason Hawkins, chairman of Southeastern Asset Management, lists 36 stocks, one of them new, with a total value of $20.34 billion and a 3% quarter-over-quarter turnover. His portfolio is currently weighted with the top three sectors: financial services at 31.4%, communication services at 14.5% and energy at 13.7%.

    Here are four of Mason Hawkins’s recent reductions made since June 30, 2013. Catch Guru Hawkins’s second quarter portfolio changes here.  

  • Mason Hawkins' Longleaf Partners Comments on Everest RE

    Bermuda-based reinsurer Everest RE (RE)'s 14% year-to-date (YTD) return made it a top performer in the first half. The company improved its earnings and operations, remained disciplined in its underwriting, and saw pricing strength in the half. Management also made significant repurchases of the undervalued stock.

    From Mason Hawkins' semi-annual 2013 report.  

  • Mason Hawkins' Longleaf Partners Comments on News Corp

    We purchased News Corp (NWS), another company we have owned previously. As the company split out the U.S. Fox entertainment business, we had the opportunity to own the remaining strongly financed, premier media assets around the world at an attractive discount.

    From Mason Hawkins' semi-annual 2013 report.  

  • Mason Hawkins' Longleaf Partners Comments on Level 3

    Level 3 (LVLT) was a detractor in the first half, with price falling 9%. The stock declined in the first quarter after reporting lower-than-expected operating income and 2013 guidance. However, the price rebounded 2% in the second quarter after former COO Jeff Storey was appointed the new CEO. We believe he has the right set of skills and experience to deliver solid revenue growth and cash flow.

    From Mason Hawkins' semi-annual 2013 report.  

  • Mason Hawkins' Longleaf Partners Comments on Guinness Peat Group

    Guinness Peat Group (GPG) declined 29% in the quarter and for the first half, making it the largest detractor over both periods. The company announced in May that the UK regulator had not yet settled its open pension inquiry as to how much financial support GPG must provide to three pension schemes, although management had already put aside funds to cover previously estimated support. The stock declined as capital returns were suspended until the inquiry is completed. GPG continues to sell its noncore assets outside of Coats, the world's leading industrial thread and textile crafts business. Directors at the company bought shares personally after the price decline.

    From Longleaf Partners' semi-annual 2013 report.  

  • Mason Hawkins' Top Second Quarter Portfolio Changes

    Mason Hawkins has been chairman and chief executive officer of Southeastern Asset Management since 1975. He and his partners manage the Longleaf Partners Funds. Hawkins has been receiving a lot of press recently as he’s teamed up with Carl Icahn in the fight for Dell.

    Over the second quarter, Hawkins bought one new stock bringing his total number of stocks owned to 36. His portfolio is currently valued at over $20 billion.  

  • Mason Hawkins Comments on Melco International

    Macau gaming company Melco International (HKSE:00200) was the top contributor to performance in the second quarter and for the first half, returning 10% and 50% respectively. Melco had strong visitor growth and increased margins in its Macau casinos as the more profitable mass market continued to outgrow VIP guests. The company completed the successful IPO of its Philippines business in the quarter. We trimmed the position as price appreciated, but the stock remains well below our appraisal.

    From Mason Hawkins' semi-annual 2013 report.  

  • Mason Hawkins Comments on Lamar Advertising

    We also sold Lamar Advertising (LAMR) as it reached our appraisal. We bought Lamar in 2011 at an average cost of $26, trimmed the position as it grew, and fully sold it in the second quarter at an average price of $48 per share. Lamar's strong outdoor advertising positions in its markets helped revenue growth as the economy recovered. Management's effective cost control and decision to explore converting to a REIT also caused the stock's move to value.

    From Mason Hawkins' semi-annual 2013 report.  

  • Mason Hawkins Comments on Madison Square Garden

    We sold two positions. Madison Square Garden (MSG)'s share price approached our appraisal, helping to make it a large contributor year-to-date. We made 114% on the investment during the two years that we held it. The company's multi-year arena renovation has been successful, and the increased value of the television rights for the Knicks and Rangers became clearer.

    From Mason Hawkins' semi-annual 2013 report.  

  • Mason Hawkins Comments on Quicksilver

    The Fund's position in Quicksilver (KWK) declined 19% for the second quarter and 33% for the first six months of the year, making it the largest detractor for both periods. The oil and gas exploration company had positive news that it closed on an agreement to sell 25% of its Barnett Shale assets to Tokyo Gas at a price that is in line with our appraisal. Several challenges, however, weighed on the stock, including failing to refinance all of the company's debt and persistently weak natural gas liquids prices.

    From Mason Hawkins' semi-annual 2013 report.  

  • Mason Hawkins Comments on Texas Industries

    The Fund's largest holding, Texas Industries (TXI), continued to add meaningfully to performance and is the largest contributor YTD with its 28% gain. The Dallas-based cement and aggregates company has had large volume growth and improved pricing in Texas, with demand exceeding capacity in some local markets. As we mentioned in the first quarter, the company is bringing additional capacity on line to capture the incremental demand and has additional upside potential when a recovery in California generates additional earnings.

    From Mason Hawkins' semi annual 2013 report.  

  • Mason Hawkins Comments on Saks

    Saks (SKS), which we purchased in the market decline in 2011, gained 19% for the second quarter and 30% for the first half of the year, making it the largest contributor in the quarter and the second largest YTD. Although the luxury retailer's highend shoppers are sensitive to large stock market downswings, they are less vulnerable to the challenges of high unemployment and slower economic growth that affect most consumers. During the second quarter, Saks' price rose sharply on news that the company had hired Goldman Sachs to explore strategic alternatives, including a sale of the company. In addition, investment in store renovation and the online retail business began to show positive results.

    From Mason Hawkins' semi-annual 2013 report.  

  • Mason Hawkins Comments on Cemex

    Toward the end of the second quarter, we repurchased a small position in Cemex (CX) convertible bonds, which we sold earlier in the year after tightening spreads and a rising equity price pushed the price to our appraisal. More recently, the converts became attractive when investors broadly fled emerging markets, the peso weakened, and the Mexican government paused infrastructure spending. Longer term, we believe Mexico public improvements will increase, and Cemex also will benefit from recovery in the U.S.

    From Mason Hawkins' semi-annual 2013 letter.  

  • Mason Hawkins Comments on Consol Energy

    The Fund's largest detractor in the quarter was Consol Energy (CNX), which fell 19% as lower coal prices and regulatory uncertainty punished all coal producers. The weak quarter also made CNX the largest performance detractor for the YTD with a 15% decline. Slowing Chinese demand has reverberated into worldwide price compression in met coal, which is used to make steel and is less than 15% of our CNX appraisal. Thermal coal used for power generation comprises much more of CNX's output and value. Less than 5% of the thermal coal CNX sold in 2012 went to power plants that are at risk of shutting down in the near term based on regulatory actions. Importantly, half of Consol's value is tied to its natural gas assets in the Utica and Marcellus shale plays, which arguably benefit if coal faces increased environmental regulation. The company also owns a port in Baltimore.

    From Mason Hawkins' semi-annual 2013 report.  

  • Mason Hawkins Comments on Chesapeake

    Our participation in overhauling the Chesapeake (CHK) board last year is paying off. The stock has gained 23% YTD and is the Fund's largest holding. During the second quarter, Doug Lawler, who was formerly a Senior Vice President and on the Executive Committee at Anadarko Petroleum, became CEO of CHK. His compensation aligns his interests with shareholders. He is committed to increasing oil production, lowering operating costs, and reducing debt to extract value from CHK's strong set of assets.

    From Mason Hawkins' semi-annual 2013 report.  

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