Mason Hawkins Reduces or Adds to Stakes in His Portfolio

Guru buys no new stakes and sells only two in the second quarter

Author's Avatar
Sep 10, 2015
Article's Main Image

A renowned financier, Mason Hawkins (Trades, Portfolio) has been in the investment business for four decades. He founded Southeastern Asset Management, the investment advisor to the Longleaf Partners Funds, which enjoyed returns of 4.92% last year, 32.12% in 2013 and 16.53% in 2012.

Hawkins is a value investor, but, in the second quarter, he found far more value in stakes he already owns than in stakes he could acquire. Nearly all of Hawkins’ second quarter transactions involved reducing or adding to stakes that were already in his portfolio. He bought no new stakes in the second quarter and sold out only two – Bank of New York Mellon Corp. (BK, Financial) and Mondelez International Inc. (MDLZ, Financial).

Hawkins sold his 7,215,441-share stake in Bank of New York Mellon, a Manhattan-based banking and financial services corporation, for an average price of $42.57 per share. The sale had a -1.82% impact on his portfolio.

Bank of New York Mellon has a market cap of $43.52 billion. It has a P/E of 15.6, a Price/Book of 1.2 and a Price/Sales of 2.8. Dodge & Cox, Chris Davis (Trades, Portfolio), First Eagle Investment (Trades, Portfolio), Warren Buffett (Trades, Portfolio), Andreas Halvorsen (Trades, Portfolio), Donald Yacktman (Trades, Portfolio), Mario Gabelli (Trades, Portfolio), Bill Nygren (Trades, Portfolio), Tweedy Browne (Trades, Portfolio), David Einhorn (Trades, Portfolio), Yacktman Fund (Trades, Portfolio), Charles Brandes (Trades, Portfolio), Larry Robbins (Trades, Portfolio), Third Avenue Management (Trades, Portfolio), HOTCHKIS & WILEY, Martin Whitman (Trades, Portfolio), Yacktman Focused Fund (Trades, Portfolio), Jim Simons (Trades, Portfolio), Jeff Auxier (Trades, Portfolio), Jeremy Grantham (Trades, Portfolio), Robert Olstein (Trades, Portfolio), Brian Rogers (Trades, Portfolio), NWQ Managers (Trades, Portfolio), John Buckingham (Trades, Portfolio), John Rogers (Trades, Portfolio), David Dreman (Trades, Portfolio), Ray Dalio (Trades, Portfolio), Murray Stahl (Trades, Portfolio), Paul Tudor Jones (Trades, Portfolio), Ken Fisher (Trades, Portfolio), John Burbank (Trades, Portfolio) and John Keeley (Trades, Portfolio) have shares of Bank of New York Mellon in their portfolios.

03May20170953201493823200.png

Hawkins sold his 1,263,602-share stake in Mondelez International, a Deerfield, Ill.-based food processing company, for an average price of $39.16 per share. The transaction had a -0.29% impact on Hawkins’ portfolio.

Mondelez International has a market cap of $68.29 billion and an enterprise value of $85.41 billion. It has a P/E of 33.5, a Price/Book of 2.8 and a Price/Sales of 2.2. First Eagle Investment (Trades, Portfolio), Pioneer Investments (Trades, Portfolio), Mario Gabelli (Trades, Portfolio), George Soros (Trades, Portfolio), RS Investment Management (Trades, Portfolio), Warren Buffett (Trades, Portfolio), MS Global Franchise Fund (Trades, Portfolio), Steven Cohen (Trades, Portfolio), Signature Select Canadian Fund (Trades, Portfolio), Caxton Associates (Trades, Portfolio), Louis Moore Bacon (Trades, Portfolio), John Keeley (Trades, Portfolio), Ruane Cunniff (Trades, Portfolio), Jeff Auxier (Trades, Portfolio), Murray Stahl (Trades, Portfolio), Dodge & Cox and Ken Fisher (Trades, Portfolio) have shares of Mondelez International in their portfolios.

03May20170953211493823201.png

Hawkins increased his stake in Aon PLC (AON, Financial), a London-based professional services company, by more than 47%. Hawkins acquired 3,539,597 shares for an average price of $100.02 per share. The purchase had a 2.36% impact on his portfolio.

Aon has a market cap of $25.69 billion and an enterprise value of $32.03 billion. It has a P/E of 21.0, a Price/Book of 4.1 and a Price/Sales of 2.3. Hawkins is Aon’s leading shareholder among the gurus; First Pacific Advisors (Trades, Portfolio), Steven Romick (Trades, Portfolio), Bill Nygren (Trades, Portfolio), Andreas Halvorsen (Trades, Portfolio), NWQ Managers (Trades, Portfolio), Wallace Weitz (Trades, Portfolio), Charles de Vaulx (Trades, Portfolio), Bestinfond (Trades, Portfolio), Robert Olstein (Trades, Portfolio), Jeremy Grantham (Trades, Portfolio), Pioneer Investments (Trades, Portfolio), Ray Dalio (Trades, Portfolio) and Tom Gayner (Trades, Portfolio) also have shares of Aon in their portfolios.

03May20170953211493823201.png

Hawkins added 2,538,967 shares to his stake in Wynn Resorts Ltd. (WYNN, Financial), a Paradise, Nev.-based hospitality and tourism company, for an average price of $113.09 per share. The deal had a 1.67% impact on Hawkins’ portfolio.

Wynn Resorts has a market cap of $7.07 billion and an enterprise value of $13.83 billion. It has a P/E of 22.7 and a Price/Sales of 1.5. Hawkins is also Wynn Resorts’ leading shareholder among the gurus; John Griffin (Trades, Portfolio), Murray Stahl (Trades, Portfolio), Mario Gabelli (Trades, Portfolio), Caxton Associates (Trades, Portfolio), Paul Tudor Jones (Trades, Portfolio) and John Burbank (Trades, Portfolio) also have shares in Wynn Resorts in their portfolios.

03May20170953221493823202.png

Hawkins acquired 436,045 shares of Google Inc. (GOOG, Financial), a Mountain View, Calif.-based Internet-related services and products company, for an average price of $535.95 per share. The transaction had a 1.52% impact on his portfolio.

Google has a market cap of $425.96 billion and an enterprise value of $382.3 billion. It has a P/E of 30.8, a Price/Book of 4.0 and a Price/Sales of 6.2. Dodge & Cox, PRIMECAP Management (Trades, Portfolio), Chris Davis (Trades, Portfolio), Andreas Halvorsen (Trades, Portfolio), Frank Sands (Trades, Portfolio), Manning & Napier Advisors Inc., Lee Ainslie (Trades, Portfolio), Ruane Cunniff (Trades, Portfolio), Ken Fisher (Trades, Portfolio), Eric Mindich (Trades, Portfolio), Pioneer Investments (Trades, Portfolio), Jim Simons (Trades, Portfolio), David Tepper (Trades, Portfolio), Jeremy Grantham (Trades, Portfolio), First Eagle Investment (Trades, Portfolio), First Pacific Advisors (Trades, Portfolio), Steven Romick (Trades, Portfolio), David Rolfe (Trades, Portfolio), Tweedy Browne (Trades, Portfolio), Wallace Weitz (Trades, Portfolio), Tweedy Browne (Trades, Portfolio) Global Value, Mohnish Pabrai (Trades, Portfolio), Charles de Vaulx (Trades, Portfolio), Robert Karr (Trades, Portfolio), Julian Robertson (Trades, Portfolio), Murray Stahl (Trades, Portfolio), David Winters (Trades, Portfolio), Wintergreen Fund (Trades, Portfolio), RS Investment Management (Trades, Portfolio), Ron Baron (Trades, Portfolio), Signature Select Canadian Fund (Trades, Portfolio), Steven Cohen (Trades, Portfolio), Tom Gayner (Trades, Portfolio), Mario Gabelli (Trades, Portfolio), Richard Snow (Trades, Portfolio), Mario Cibelli (Trades, Portfolio), Paul Tudor Jones (Trades, Portfolio), Tom Russo (Trades, Portfolio) and Bill Frels (Trades, Portfolio) have shares of Google in their portfolios.

03May20170953221493823202.png

Hawkins reduced his stake in Level 3 Communications Inc. (LVLT, Financial), a Broomfield, Colo.-based telecommunications and Internet service provider, by 3,356,908 shares. Hawkins sold the shares for an average price of $54.8 per share. The transaction had a -1.13% impact on his portfolio.

Level 3 Communications has a market cap of $16.17 billion and an enterprise value of $26.55 billion. It has a P/E of 52.0, a Price/Book of 2.4 and a Price/Sales of 1.9. Hawkins is Level 3’s leading shareholder among the gurus; Jim Simons (Trades, Portfolio), George Soros (Trades, Portfolio), Steven Cohen (Trades, Portfolio), Pioneer Investments (Trades, Portfolio), Ray Dalio (Trades, Portfolio), John Hussman (Trades, Portfolio), Louis Moore Bacon (Trades, Portfolio), Dodge & Cox and John Burbank (Trades, Portfolio) also have shares of Level 3 in their portfolios.

03May20170953221493823202.png

Hawkins also sold 4,128,682 shares of Loews Corp. (L, Financial), a New York-based company with subsidiaries in insurance, hotels, oil drilling and pipeline transport, for an average price of $40.69 per share. The deal had a -1.06% impact on Hawkins’ portfolio.

Loews has a market cap of $13.16 billion and an enterprise value of $23.39 billion. It has a P/E of 19.6, a Price/Book of 0.7 and a Price/Sales of 1.0. Hawkins is Loews’ leading shareholder among the gurus; Chris Davis (Trades, Portfolio), Brian Rogers (Trades, Portfolio), James Barrow (Trades, Portfolio), NWQ Managers (Trades, Portfolio), Donald Smith (Trades, Portfolio), Third Avenue Management (Trades, Portfolio), Martin Whitman (Trades, Portfolio), Jim Simons (Trades, Portfolio), Arnold Van Den Berg (Trades, Portfolio), Charles Brandes (Trades, Portfolio), Louis Moore Bacon (Trades, Portfolio), Jeremy Grantham (Trades, Portfolio), Murray Stahl (Trades, Portfolio), Diamond Hill Capital (Trades, Portfolio), First Eagle Investment (Trades, Portfolio), Ray Dalio (Trades, Portfolio), Paul Tudor Jones (Trades, Portfolio), Mario Gabelli (Trades, Portfolio), John Burbank (Trades, Portfolio) and Dodge & Cox also have shares of Loews in their portfolios.

03May20170953231493823203.png

To view the portfolios of more gurus, visit the List of Gurus page. Not a premium member of GuruFocus? Try it free for 7 days.