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Longleaf Funds Q1 Portfolio Update

Gordon Pape

Longleaf funds are managed by respected value investors O. Mason Hawkins and his partners. Based in Memphis, Tenn., their firm, Southeastern Asset Management, is a $35-billion, independently owned, registered investment advisory firm. Southeastern Asset Management also advises the Longleaf Partners group of no-load mutual funds: Longleaf Partners Fund, Longleaf Partners International Fund and Longleaf Partners Small Cap Fund, as well as an Irish-based UCITs fund for non-U.S. investors, Longleaf Partners Global Fund. Hawkins is the firm’s chairman and chief executive officer, and Cates is its president and chief investment officer.

To learn more about Longleaf Fund managers, please read our recent interview with them.

Mason Hawkins and his partners buy Loews Corp. (L), Abbott Laboratories (ABT), Expedia Inc. (EXPE), News Corp. (NWS), The Travelers Companies Inc., Tw Telecom Inc., sells Pioneer Natural Resource Co., Walt Disney Company, Symantec Corp. (SYMC), Dillards Inc. (DDS), Verizon Communications Inc. (VZ), Telephone & Data System TDA), Shanda Interactive Entertainment Ltd. (GAME), Diageo Plc (DEO), Directv (DTV), Worthington Industries Inc. (WOR), Fair Isaac Coporation (FIC) during the 3-months ended 03/31/2011, according to the most recent filings of his investment company, Southeastern Asset Management. As of 03/31/2011, Southeastern Asset Management owns 43 stocks with a total value of $25.7 billion. These are the details of the buys and sells.

This is the portfolio chart of Mason Hawkins. You can click on the legend of the chart to show/hide buys, sells, or holdings. Each ball on the chart represents a position in the portfolio. You can move your mouse on the balls to see the details of each position and click to see the details of all guru trades with this position.



For the details of Mason Hawkins's stock buys and sells, go to http://www.gurufocus.com/StockBuy.php?GuruName=Mason+Hawkins

This is the sector weightings of his portfolio:

Consumer Services 31.8%
Financials 16.8%
Industrials 12.7%
Oil & Gas 12.7%
Technology 8.8%
Telecommunications 6.9%
Consumer Goods 3.4%
Basic Materials 1%
Health Care 0.4%


These are the top 5 holdings of Mason Hawkins

  1. Chesapeake Energy Corp. (CHK) - 79,341,934 shares, 10.36% of the total portfolio. Shares reduced by 3.06%
  2. Directv (DTV) - 46,851,589 shares, 8.54% of the total portfolio. Shares reduced by 7.8%
  3. Dell Inc. (DELL) - 146,418,491 shares, 8.28% of the total portfolio. Shares added by 0.87%
  4. Yum! Brands Inc. (YUM) - 29,617,983 shares, 5.93% of the total portfolio. Shares reduced by 2.03%
  5. AON Corp. (AON) - 23,000,886 shares, 4.75% of the total portfolio. Shares reduced by 0.98%


Added: Loews Corp. (L)

Mason Hawkins added to his holdings in Loews Corp. by 15.76%. His purchase prices were between $38.91 and $43.27, with an estimated average price of $41.72. The impact to his portfolio due to this purchase was 0.63%. His holdings were 27,615,544 shares as of 03/31/2011.

Loews Corporation is a holding company. Its subsidiaries are engaged in the following lines of business: property, casualty and life insurance; the production and sale of cigarettes; the operation of hotels; the operation of offshore oil and gas drilling rigs; and the distribution and sale of watches and clocks. Loews Corp. has a market cap of $17.16 billion; its shares were traded at around $41.65 with a P/E ratio of 13.98 and P/S ratio of 1.17. The dividend yield of Loews Corp. stocks is 0.6%. Loews Corp. had an annual average earnings growth of 22.8% over the past 5 years.

Added: News Corp. (NWSA)

Mason Hawkins added to his holdings in News Corp. by 10.2%. His purchase prices were between $14.13 and $17.71, with an estimated average price of $16.21. The impact to his portfolio due to this purchase was 0.38%. His holdings were 59,610,354 shares as of 03/31/2011.

News Corp. is a diversified entertainment company with operations in eight industry segments: filmed entertainment, television, cable network programming, direct broadcast satellite television, magazines and inserts, newspapers and information services, book publishing, and others. News Corp. has a market cap of $31.87 billion; its shares were traded at around $17.45 with a P/E ratio of 17.45 and P/S ratio of 0.97. The dividend yield of News Corp. stocks is 0.86%.

Added: The Travelers Companies Inc. (TRV)

Mason Hawkins added to his holdings in The Travelers Companies Inc. by 14.03%. His purchase prices were between $53.33 and $60.92, with an estimated average price of $57.54. The impact to his portfolio due to this purchase was 0.37%. His holdings were 12,970,600 shares as of 03/31/2011.

St. Paul Travelers is a provider of commercial property liability insurance and asset management services. The Travelers Companies Inc. has a market cap of $26.87 billion; its shares were traded at around $62.33 with a P/E ratio of 8.93 and P/S ratio of 1.07. The dividend yield of The Travelers Companies Inc. stocks is 2.31%. The Travelers Companies Inc. had an annual average earnings growth of 8.4% over the past 5 years.

Added: Tw Telecom Inc. (TWTC)

Mason Hawkins added to his holdings in Tw Telecom Inc. by 8.73%. His purchase prices were between $16.9 and $19.48, with an estimated average price of $17.97. The impact to his portfolio due to this purchase was 0.18%. His holdings were 29,941,111 shares as of 03/31/2011.

Tw Telecom Inc., headquartered in Littleton, Colo., provides managed network services, specializing in Ethernet and transport data networking, Internet access, local and long distance voice, VoIP, VPN and security, to enterprise organizations and communications services companies throughout the U.S. Tw Telecom Inc. has a market cap of $3.36 billion; its shares were traded at around $22.32 with a P/E ratio of 55.8 and P/S ratio of 2.64. Tw Telecom Inc. had an annual average earnings growth of 6.4% over the past 10 years. GuruFocus rated Tw Telecom Inc. the business predictability rank of 3.5-star.

New Purchase: Abbott Laboratories (ABT)

Mason Hawkins initiated holdings in Abbott Laboratories. His purchase prices were between $45.16 and $49.07, with an estimated average price of $47.35. The impact to his portfolio due to this purchase was 0.43%. His holdings were 2,258,960 shares as of 03/31/2011.

Abbott Laboratories is a global, broad-based health care company devoted to discovering new medicines, new technologies and new ways to manage health. Abbott Laboratories has a market cap of $82.78 billion; its shares were traded at around $53.49 with a P/E ratio of 12.53 and P/S ratio of 2.35. The dividend yield of Abbott Laboratories stocks is 3.59%. Abbott Laboratories had an annual average earnings growth of 7.8% over the past 10 years. GuruFocus rated Abbott Laboratories the business predictability rank of 5-star.

New Purchase: Expedia Inc. (EXPE)

Mason Hawkins initiated holdings in Expedia Inc. His purchase prices were between $19.6925 and $27.3, with an estimated average price of $23.36. The impact to his portfolio due to this purchase was 0.38%. His holdings were 4,262,918 shares as of 03/31/2011.

Expedia Inc. is one of the world's largest travel services companies. Expedia Inc. has a market cap of $6.88 billion; its shares were traded at around $25.17 with a P/E ratio of 16.34 and P/S ratio of 2.06. The dividend yield of Expedia Inc. stocks is 1.11%. Expedia Inc. had an annual average earnings growth of 9% over the past five years.

Reduced: Pioneer Natural Resource Co. (PXD)

Mason Hawkins reduced to his holdings in Pioneer Natural Resource Co. by 53.39%. His sale prices were between $86.82 and $102.86, with an estimated average price of $95.56. The impact to his portfolio due to this sale was -2.68%. Mason Hawkins still held 5,879,675 shares as of 03/31/2011.

Pioneer Natural Resources is an oil and gas exploration and production company with ownership interests in oil and gas properties located in the United States, Argentina, Canada, South Africa and Gabon. Pioneer Natural Resource Co. has a market cap of $10.73 billion; its shares were traded at around $92.15 with a P/E ratio of 46.78 and P/S ratio of 4.34. The dividend yield of Pioneer Natural Resource Co. stocks is 0.09%. Pioneer Natural Resource Co. had an annual average earnings growth of 10.2% over the past 10 years. GuruFocus rated Pioneer Natural Resource Co. the business predictability rank of 2-star.

Reduced: Walt Disney Company (DIS)

Mason Hawkins reduced to his holdings in Walt Disney Company by 29.59%. His sale prices were between $37.51 and $44.07, with an estimated average price of $41.35. The impact to his portfolio due to this sale was -1.86%. Mason Hawkins still held 26,311,158 shares as of 03/31/2011.

Walt Disney Company owns 100% of Disney Enterprises Inc. Walt Disney Company has a market cap of $78.85 billion; its shares were traded at around $41.52 with a P/E ratio of 18.13 and P/S ratio of 2.07. The dividend yield of Walt Disney Company stocks is 0.96%. Walt Disney Company had an annual average earnings growth of 12.5% over the past 10 years. GuruFocus rated Walt Disney Company the business predictability rank of 3.5-star.

Reduced: Symantec Corp. (SYMC)

Mason Hawkins reduced to his holdings in Symantec Corp. by 69.34%. His sale prices were between $16.74 and $18.63, with an estimated average price of $17.84. The impact to his portfolio due to this sale was -1.24%. Mason Hawkins still held 7,675,172 shares as of 03/31/2011.

Symantec, a world leader in Internet security technology, provides a broad range of content security solutions to individuals and companies. Symantec Corp. has a market cap of $15.31 billion; its shares were traded at around $20.06 with a P/E ratio of 15.8 and P/S ratio of 2.47. Symantec Corp. had an annual average earnings growth of 16% over the past 10 years. GuruFocus rated Symantec Corp. the business predictability rank of 3.5-star.

Reduced: Dillards Inc. (DDS)

Mason Hawkins reduced to his holdings in Dillards Inc. by 44.08%. His sale prices were between $37.54 and $42.63, with an estimated average price of $40.29. The impact to his portfolio due to this sale was -0.46%. Mason Hawkins still held 3,726,587 shares as of 03/31/2011.

Dillard's Inc. is one of the nation's largest fashion apparel and home furnishings retailers. Dillards Inc. has a market cap of $3.36 billion; its shares were traded at around $56 with a P/E ratio of 18.24 and P/S ratio of 0.55. The dividend yield of Dillards Inc. stocks is 0.29%.

Reduced: Diageo Plc (DEO)

Mason Hawkins reduced to his holdings in Diageo Plc by 45.29%. His sale prices were between $71.76 and $80.74, with an estimated average price of $76.83. The impact to his portfolio due to this sale was -0.03%. Mason Hawkins still held 121,458 shares as of 03/31/2011.

Diageo is a multinational branded food and drinks company. Diageo Plc has a market cap of $52.54 billion; its shares were traded at around $83.98 with and P/S ratio of 3.4. The dividend yield of Diageo Plc stocks is 2.96%.

Sold Out: Verizon Communications Inc. (VZ)

Mason Hawkins sold out his holdings in Verizon Communications Inc. His sale prices were between $34.3 and $38.46, with an estimated average price of $36.17.

Verizon Communications, formed by the merger of Bell Atlantic and GTE, is one of the world's providers of high-growth communications services. Verizon Communications Inc. has a market cap of $104.33 billion; its shares were traded at around $37.26 with a P/E ratio of 17.01 and P/S ratio of 0.98. The dividend yield of Verizon Communications Inc. stocks is 5.23%. Verizon Communications Inc. had an annual average earnings growth of 2.7% over the past 10 years. GuruFocus rated Verizon Communications Inc. the business predictability rank of 2.5-star.

Sold Out: Telephone & Data System (TDS)

Mason Hawkins sold out his holdings in Telephone & Data System. His sale prices were between $31.18 and $37.1, with an estimated average price of $34.45.

Telephone & Data Systems is a diversified telecommunications corporation. Telephone & Data System has a market cap of $3.6 billion; its shares were traded at around $34.59 with a P/E ratio of 26.2 and P/S ratio of 0.72. The dividend yield of Telephone & Data System stocks is 1.36%.

Sold Out: Shanda Interactive Entertainment Ltd. (SNDA)

Mason Hawkins sold out his holdings in Shanda Interactive Entertainment Ltd. His sale prices were between $39.64 and $48.81, with an estimated average price of $42.01.

Shanda Interactive Entertainment Limited is a interactive entertainment media company in China. Shanda Interactive Entertainment Ltd. has a market cap of $2.56 billion; its shares were traded at around $44.48 with a P/E ratio of 31.55 and P/S ratio of 3.03. Shanda Interactive Entertainment Ltd. had an annual average earnings growth of 32.6% over the past five years.

Reduced: Directv (DTV)

Mason Hawkins reduced to his holdings in Directv by 22.14%. The impact to his portfolio due to this sale was 2.24%. Mason Hawkins still held 39,563,431 shares as of 03/31/2011.

Directv is a provider of digital multichannel television entertainment in the United States and Latin America. Directv has a market cap of $39.37 billion; its shares were traded at around $49.73 with a P/E ratio of 18.35 and P/S ratio of 1.63. Directv had an annual average earnings growth of 34.7% over the past 10 years.

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Reduced: Worthington Industries Inc. (WOR)

Mason Hawkins reduced to his holdings in Worthington Industries Inc. by 100%. The impact to his portfolio due to this sale was 0.57%. Mason Hawkins still held shares as of 03/31/2011.

Worthington Industries is one of the diversified metal processing companies. Worthington Industries Inc. has a market cap of $1.52 billion; its shares were traded at around $20.4 with a P/E ratio of 16.06 and P/S ratio of 0.78. The dividend yield of Worthington Industries Inc. stocks is 1.96%.

Reduced: Fair Isaac Coporation (FICO)

Mason Hawkins reduced to his holdings in Fair Isaac Coporation by 26.02%. The impact to his portfolio due to this sale was 0.27%. Mason Hawkins still held 6,371,713 shares as of 03/31/2011.

Fair Isaac Corporation makes decisions smarter. The company's solutions and technologies for Enterprise Decision Management give businesses the power to automate more processes and apply more intelligence to every customer interaction. Fair Isaac Coporation has a market cap of $1.16 billion; its shares were traded at around $28.96 with a P/E ratio of 18.1 and P/S ratio of 1.92. The dividend yield of Fair Isaac Coporation stocks is 0.28%. Fair Isaac Coporation had an annual average earnings growth of 5.5% over the past 10 years.

Rating: 1.8/5 (8 votes)

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