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Longleaf Funds Q2 update: Buys CHK, L, CX, PHG, TRV, GLBC, LAMR, MSG, GLBC

gurufocus

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Mason Hawkins of Longleaf Funds reported his Q2 portfolio today. His funds buys Global Crossing Ltd., Chesapeake Energy Corp., Loews Corp. etc. As of 06/30/2011, Southeastern Asset Management owns 41 stocks with a total value of $25.6 billion. These are the details of the buys and sells.

Mason Hawkins has been the Chairman and Chief Executive Officer at Southeastern Asset Management since1975 and manages Longleaf Partners Funds. Over the past two decades, Longleaf Partners Fund has earned a 20-year cumulative return of 786.4% as opposed to the S&P 500's return of 433.6%, though the firm has seen slight setbacks in more recent years. Hawkins and his partners are fundamental value investors. Like other gurus, Hawkins looks for a solid underlying business with strong balance sheets and competent management. He usually invests in companies trading below 60% of their intrinsic worth, selling the stock once it reaches its intrinsic worth. Unlike some of his more diversified counterparts, Hawkins believes in having portfolios concentrated in only the best investment ideas, resulting in many of his firm's portfolios holding less than 25 stocks.

Mason Hawkins measures the cheapness of his fund with price-to-value ratio. He thinks the valuation is more attractive as they sold more fully priced positions and bought and added to holdings that were trading below 60% of their assessed fair value. In his latest shareholder letter, he updated shareholders with current information. He wrote:

Volatility has become more extreme from the official date of this report, June 30th, through the report release date, August 10th. Though prices have declined significantly, our message has not changed — opportunities for reward are more abundant.

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 30.9%
Financials 17.4%
Industrials 12.4%
Oil & Gas 10.1%
Technology 9.8%
Telecommunications 9%
Not Assigned 4.7%
Consumer Goods 4%
Health Care 0.5%
Basic Materials 0.4%


These are the top 5 holdings of Mason Hawkins

  1. Chesapeake Energy Corp. (CHK) - 87,097,611 shares, 10.1146% of the total portfolio. Shares added by 9.78%
  2. Dell Inc. (DELL) - 149,795,212 shares, 9.7671% of the total portfolio. Shares added by 2.31%
  3. DIRECTV (DTV) - 36,621,100 shares, 7.2794% of the total portfolio. Shares reduced by 21.84%
  4. Yum! Brands Inc. (YUM) - 26,284,483 shares, 5.6792% of the total portfolio. Shares reduced by 11.25%
  5. Loews Corp. (L) - 32,889,865 shares, 5.4146% of the total portfolio. Shares added by 19.1%


Added: Chesapeake Energy Corp. (CHK)

Mason Hawkins added to his holdings in Chesapeake Energy Corp. by 9.78%. His purchase prices were between $28 and $34.02, with an estimated average price of $30.82. The impact to his portfolio due to this purchase was 0.9%. His holdings were 87,097,611 shares as of 06/30/2011.

Added: Loews Corp. (L)

Mason Hawkins added to his holdings in Loews Corp. by 19.1%. His purchase prices were between $40.24 and $44.26, with an estimated average price of $41.95. The impact to his portfolio due to this purchase was 0.87%. His holdings were 32,889,865 shares as of 06/30/2011.

Added: Cemex S.a. De C.v. Ads (CX)

Mason Hawkins added to his holdings in Cemex S.a. De C.v. Ads by 17.21%. His purchase prices were between $7.59 and $9.2, with an estimated average price of $8.34. The impact to his portfolio due to this purchase was 0.79%. His holdings were 159,777,900 shares as of 06/30/2011.

Added: Koninklijke Philips Electronics N.v. Ads (PHG)

Mason Hawkins added to his holdings in Koninklijke Philips Electronics N.v. Ads by 91.84%. His purchase prices were between $23.36 and $32.44, with an estimated average price of $28.07. The impact to his portfolio due to this purchase was 0.72%. His holdings were 14,954,630 shares as of 06/30/2011.

Added: Travelers Cos Inc. (TRV)

Mason Hawkins added to his holdings in Travelers Cos Inc. by 15.37%. His purchase prices were between $56.68 and $64.05, with an estimated average price of $60.62. The impact to his portfolio due to this purchase was 0.46%. His holdings were 14,964,000 shares as of 06/30/2011.

Added: Bank Of New York Mellon (BK)

Mason Hawkins added to his holdings in Bank Of New York Mellon by 12.79%. His purchase prices were between $24.48 and $30.41, with an estimated average price of $27.88. The impact to his portfolio due to this purchase was 0.39%. His holdings were 34,456,580 shares as of 06/30/2011.

Added: Dell Inc. (DELL)

Mason Hawkins added to his holdings in Dell Inc. by 2.31%. His purchase prices were between $14.25 and $16.75, with an estimated average price of $15.68. The impact to his portfolio due to this purchase was 0.22%. His holdings were 149,795,212 shares as of 06/30/2011.

Added: Texas Industries Inc. (TXI)

Mason Hawkins added to his holdings in Texas Industries Inc. by 26.03%. His purchase prices were between $36.16 and $46, with an estimated average price of $40.34. The impact to his portfolio due to this purchase was 0.2%. His holdings were 5,942,500 shares as of 06/30/2011.

Added: News Corp. (NWSA)

Mason Hawkins added to his holdings in News Corp. by 2.73%. His purchase prices were between $16.05 and $18.34, with an estimated average price of $17.23. The impact to his portfolio due to this purchase was 0.11%. His holdings were 61,240,354 shares as of 06/30/2011.

Added: Vail Resorts Inc. (MTN)

Mason Hawkins added to his holdings in Vail Resorts Inc. by 25.14%. His purchase prices were between $43.41 and $49.73, with an estimated average price of $46.73. The impact to his portfolio due to this purchase was 0.1%. His holdings were 2,710,600 shares as of 06/30/2011.

New Purchase: Global Crossing Ltd. New (GLBC)

Mason Hawkins initiated holdings in Global Crossing Ltd. New. His purchase prices were between $14.39 and $37.77, with an estimated average price of $28.71. The impact to his portfolio due to this purchase was 1.11%. His holdings were 7,414,311 shares as of 06/30/2011.

New Purchase: Lamar Advertising Company (LAMR)

Mason Hawkins initiated holdings in Lamar Advertising Company. His purchase prices were between $26.09 and $37.13, with an estimated average price of $29.98. The impact to his portfolio due to this purchase was 0.53%. His holdings were 4,967,935 shares as of 06/30/2011.

New Purchase: The Madison Square Garden Company (MSG)

Mason Hawkins initiated holdings in The Madison Square Garden Company. His purchase prices were between $25.86 and $29.05, with an estimated average price of $26.99. The impact to his portfolio due to this purchase was 0.2%. His holdings were 1,881,085 shares as of 06/30/2011.

Reduced: Directv (DTV)

Mason Hawkins reduced to his holdings in Directv by 21.84%. His sale prices were between $45.85 and $50.58, with an estimated average price of $48.15. The impact to his portfolio due to this sale was -1.87%. Mason Hawkins still held 36,621,100 shares as of 06/30/2011.

Reduced: Fair Isaac Corp. (FICO)

Mason Hawkins reduced to his holdings in Fair Isaac Corp. by 48.78%. His sale prices were between $28.17 and $31.41, with an estimated average price of $29.24. The impact to his portfolio due to this sale was -0.45%. Mason Hawkins still held 3,809,975 shares as of 06/30/2011.

Reduced: Telephone & Data Systems Special (TDS.S)

Mason Hawkins reduced to his holdings in Telephone & Data Systems Special by 27.87%. His sale prices were between $26.17 and $30.6, with an estimated average price of $28.28. The impact to his portfolio due to this sale was -0.31%. Mason Hawkins still held 6,899,697 shares as of 06/30/2011.

Sold Out: Pioneer Natural Resources Co. (PXD)

Mason Hawkins sold out his holdings in Pioneer Natural Resources Co.. His sale prices were between $83.66 and $104.66, with an estimated average price of $92.92.

Sold Out: Symantec Corp. (SYMC)

Mason Hawkins sold out his holdings in Symantec Corp.. His sale prices were between $18.13 and $20.42, with an estimated average price of $19.01.

Sold Out: Worthington Industries Inc. (WOR)

Mason Hawkins sold out his holdings in Worthington Industries Inc.. His sale prices were between $19.17 and $21.83, with an estimated average price of $20.6.

Sold Out: Sealed Air Corp. (SEE)

Mason Hawkins sold out his holdings in Sealed Air Corp.. His sale prices were between $21.89 and $26.9, with an estimated average price of $24.9.

Sold Out: Diageo Plc Ads (DEO)

Mason Hawkins sold out his holdings in Diageo Plc Ads. His sale prices were between $76.75 and $85.42, with an estimated average price of $81.35.

Reduced: Campbell Soup Co. (CPB)

Mason Hawkins reduced to his holdings in Campbell Soup Co. by 17.11%. The impact to his portfolio due to this sale was -0.39%. Mason Hawkins still held 15,535,463 shares as of 06/30/2011.

Added: Texas Industries Inc. (TXI)

Mason Hawkins added to his holdings in Texas Industries Inc. by 10.19%. The impact to his portfolio due to this purchase was 0.1%. His holdings were 7,605,500 shares as of 06/30/2011.

Added: Texas Industries Inc. (TXI)

Mason Hawkins added to his holdings in Texas Industries Inc. by 6.91%. The impact to his portfolio due to this purchase was 0.07%. His holdings were 6,902,291 shares as of 06/30/2011.

New Purchase: Global Crossing Ltd. New (GLBC)

Mason Hawkins initiated holdings in Global Crossing Ltd. New. The impact to his portfolio due to this purchase was 1.03%. His holdings were 7,414,311 shares as of 06/30/2011.

Added: Texas Industries Inc. (TXI)

Mason Hawkins added to his holdings in Texas Industries Inc. by 5.9%. The impact to his portfolio due to this purchase was 0.06%. His holdings were 6,456,252 shares as of 06/30/2011.

About the author:

gurufocus
GuruFocus - Stock Picks and Market Insight of Gurus

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