Mason Hawkins

Mason Hawkins

Last Update: 08-14-2015

Number of Stocks: 29
Number of New Stocks: 0

Total Value: $14,949 Mil
Q/Q Turnover: 7%

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

Mason Hawkins' s Profile & Performance

Profile

Mason Hawkins has been Chairman and Chief Executive Officer Southeastern Asset Management since 1975, and he and his partners manage the Longleaf Partners Funds. 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.

Web Page:http://www.longleafpartners.com/

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.

Historical Allocation of Stock, Bonds, Cash

Total Holding History

Performance of Longleaf Partners Fund

YearReturn (%)S&P500 (%)Excess Gain (%)
20144.9213.69-8.8
201332.1232.39-0.3
201216.53160.5
3-Year Cumulative61.5 (17.3%/year)74.6 (20.4%/year)-13.1 (-3.1%/year)
2011-2.852.11-5.0
201017.8915.062.8
5-Year Cumulative85 (13.1%/year)105.1 (15.5%/year)-20.1 (-2.4%/year)
200953.626.4627.1
2008-50.6-37-13.6
2007-0.45.49-5.9
200621.615.795.8
20053.64.91-1.3
10-Year Cumulative76.1 (5.8%/year)109.4 (7.7%/year)-33.3 (-1.9%/year)
20047.110.88-3.8
200334.828.686.1
2002-8.3-22.113.8
200110.3-11.8922.2
200020.6-9.129.7
15-Year Cumulative210.2 (7.8%/year)86.4 (4.2%/year)123.8 (3.6%/year)
19992.221.04-18.8
199814.328.58-14.3
199728.333.36-5.1
19962122.96-2.0
199527.537.58-10.1
20-Year Cumulative617.2 (10.4%/year)554.6 (9.8%/year)62.6 (0.6%/year)
199491.327.7
199322.210.0812.1
199220.57.6212.9
199139.230.478.7
1990-16.4-3.1-13.3
25-Year Cumulative1239.6 (10.9%/year)893.3 (9.6%/year)346.3 (1.3%/year)
198923.331.69-8.4
198835.216.6118.6

Top Ranked Articles

Interview with Mason Hawkins and Staley Cates of Longleaf Funds; Today’s Opportunities for Value Investors
O. Mason Hawkins and G. Staley Cates are two of the most respected value investors. Based in Memphis, TN, 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-US investors, Longleaf Partners Global Fund. Hawkins is the firm’s chairman and chief executive officer and Cates is its president and chief investment officer. Read more...
Why Do Gurus Like Microsoft, Dell and Cisco? Which One Is Better Than the Others?
The dramatic recovery of the stock market over the past two years has brought the market to overvalued levels, as measured our broad market valuation indications based on the ratio of the total market cap over gross national product. This market recovery is broad across all sectors and industries. Very few companies are now traded at 52-week lows, while many companies are at 52-week highs. While investors are happy with the market returns over the past two years, many value Gurus are having a hard time finding investment ideas that can still provide reasonable returns at acceptable risks. One area where they find ideas is large cap stocks that did not go up as much as the general market. They bought into technology companies such as Microsoft (NASDAQ:MSFT), Cisco (NASDAQ:CSCO) and Dell (NASDAQ:DELL). Those Wall Street darlings in the go-go years of the 1990s typically do not get into the portfolios of value investors. Now they do. Read more...
Mason Hawkins' Thoughts on The Macro Picture and His Recent Buys: BRK.A, BRK.B, DTV, CHK, TX, BNY, EWG, SPY, VTI
From Mason Hawkins of LongLeaf Partners: Read more...
Mason Hawkins of Longleaf Partners Interview with GuruFocus
Mason Hawkins is chairman and chief executive officer of Longleaf Partners, an investment advisory firm with $34 billion in assets under management. He recently took investing questions from GuruFocus readers. Here are his responses: Read more...
The Value of Vodafone
Here's an idea for the June contest: Vodafone (NASDAQ:VOD). Read more...
» More Mason Hawkins Articles

Commentaries and Stories

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Mason Hawkins Adds to Stake in Consol Energy
Energy stocks are second on his preferred list, but Mason Hawkins (Trades, Portfolio)’ recent investment activity has made two energy stocks the largest in his portfolio by volume. More...

Mason Hawkins, Consol Energy


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Mason Hawkins' Highest Performing Stocks
Mason Hawkins (Trades, Portfolio) has been Chairman and Chief Executive Officer Southeastern Asset Management since 1975, and he and his partners manage the Longleaf Partners Funds. Since then, the firm's investment philosophy has been to consistently employ the time-tested value approach to long-only equity investing, based on owning strong businesses with good people at deeply discounted prices. More...

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Hawkins’ Longleaf Buys Consol Energy at One-Year Low Price Mason Hawkins - Hawkins’ Longleaf Buys Consol Energy At One-Year Low Price
Mason Hawkins (Trades, Portfolio)’ Longleaf Partners on Monday made another purchase of shares of its third largest holding Consol Energy (NYSE:CNX) as the stock fell to a 52-week low, according to Real Time Picks data. Longleaf boosted the position by 7.26% to 48,212,215 shares from 44,949,771 held at the end of the first quarter. The day of the reported purchase, shares closed at their lowest price in 52 weeks – $15.47 per share. The company’s share price has declined 57.9% in the past year. Hawkins’ firm started its Consol position in the first quarter of 2012, when the price averaged around $35 per share. The Monday purchase gave Longleaf 21.07% ownership. Consol is a natural gas and coal producer with a $3.81 billion market cap. Hawkins commented on the holding in his second quarter Longleaf Partners Fund commentary: “CONSOL Energy (CNX) fell 22% in the quarter despite reporting OCF above Wall Street expectations and buying in shares at a 4% annualized pace. Positive gas basis differentials versus NYMEX and good cost control at the Buchanan metallurgical coal mine contributed to the solid results but could not overcome the continued pressure on coal prices. In adjusting to the current commodity price environment, the company announced several cost-cutting measures, including a move to zero-based budgeting. As expected, CONSOL monetized non-core thermal coal assets in the Bailey Mine Complex by offering shares in the master limited partnership (MLP) CNX Coal, which generated $200 million in proceeds. The price was below earlier expectations because of lower coal prices. Management is pursuing additional monetization opportunities where proceeds can be reinvested in higher return alternatives, including CONSOL’s deeply discounted shares.” On Longleaf’s recent purchase date, the company also announced that it expects a second quarter loss from operations due to lower commodity prices and flat production guidance for its E&P and coal divisions, along with several other items. On the positive side, Consol said it would also unveil a plan produce free cash flow while maintaining its existing annual gas production growth expectations of 30% in 2015 and 20% in 2016. Its target date to start the plan was the second half of 2015. For more stock trades of gurus in real time, visit GuruFocus’ Real Time Picks, a Premium Feature. Not a Premium Member of GuruFocus? Try it free for 7 days here. More...

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Longleaf Partners Small-Cap Fund Commentary Q2 2015
Longleaf Partners Small-Cap Fund lost 1.27% in the quarter, trailing the Russell 2000 Index’s 0.42% return. Year-to-date the Fund returned 4.64% versus the index’s 4.75%. Over longer periods, the Fund’s performance surpassed the index. For the last three and five years, Longleaf Small-Cap far exceeded our annual absolute return goal of inflation plus 10%, as it did for the last 20 years. More...

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Longleaf Partners Fund Commentary Q2 2015
Longleaf Partners Fund’s 2.98% decline in the quarter brought the year-to-date return to -4.03%. These results fell below the S&P 500 Index’s returns of 0.28% and 1.23% for the same periods. For the last three and five years, the Partners Fund exceeded our annual absolute return goal of inflation plus 10%, despite falling short of the index. The Fund’s disappointing results over the last year have negatively impacted our longer-term relative performance. Large swings in relative returns are not unusual in our concentrated portfolio and have contributed to our outperformance over 15+ year periods. More...

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Longleaf Partners Funds Q2 2015 Shareholder Letter
One of Southeastern’s distinguishing aspects is that we maintain concentrated portfolios for the Longleaf Funds, seeking to invest only in companies that meet our stringent criteria for strong businesses, run by good management, available at deeply discounted prices. This discipline is critical to meeting our absolute return goal of inflation plus 10% and has produced strong long-term relative returns over most of our firm’s 40 year history. However, because the makeup of the Longleaf Funds will be materially different than their indices, our returns will diverge from them, often sharply. These wide swings impact not only short-term returns but can create an end point that weighs on longer term relative results as well. In the recent quarter, the International Fund outperformed its benchmark with the help of several corporate transactions, while the three other Longleaf Funds trailed their respective indices. At this time last year, the Partners, Small-Cap, and Global Funds exceeded their indices over a twelve month time frame, but currently, only the Small-Cap is outperforming the benchmark for the last year. More...

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Mason Hawkins Buys More Than 27 Million Shares of Royal Phillips
At the end of the first quarter, Mason Hawkins (Trades, Portfolio)’ stake in Royal Philips NV (NYSE:PHG) was the seventh-largest stake in his portfolio at nearly 17 million shares. More...

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Mason Hawkins keeps on buying Triangle Petroleum
Mason Hawkins (Trades, Portfolio) has been chairman and chief executive officer of Southeastern Asset Management since 1975, and its investment philosophy has been to consistently employ its time-tested value approach to long-only equity investing based on owning strong businesses with good people at deeply discounted prices. It seeks to reduce risk and deliver positive absolute returns for investors over time. Southeastern is 100% employee-owned and manages both the Longleaf Partners Funds and separately managed accounts for institutional clients. More...

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Stay Away From David Einhorn's Fourth-Largest Bet
David Einhorn's Greenlight Capital disclosed an equity portfolio valued at some $7.65 billion as of the end of the first quarter of 2015. The equity portfolio is mainly invested in Technology (48%), Consumer Discretionary (21%) and Industrials (14%) stocks. More...

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Hawkins' Longleaf Partners Triples Stake in Timber Company Mason Hawkins - Hawkins' Longleaf Partners Triples Stake In Timber Company
Longleaf Partners Funds, which is managed by Southeastern Asset Management where Mason Hawkins (Trades, Portfolio) is chairman and CEO, has nearly tripled its stake in Arkansas timber company Deltic Timber Corporation (NYSE:DEL) according to filings on June 10. More...

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Mason Hawkins Buys Stakes in Google, Five Other Companies in First Quarter Mason Hawkins - Mason Hawkins Buys Stakes In Google, Five Other Companies In First Quarter
Value investor Mason Hawkins (Trades, Portfolio) is observing his 40th anniversary as chairman and CEO of Southeastern Asset Management, where the emphasis is on “good business, good people, and a good price” when considering investing in a company. More...

Mason Hawkins, Google


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Mason Hawkins Comments on Mondelez International Inc
We sold Mondelez (MDLZ) as price converged with our value. The stock returned 45% since our late 2012 purchase when Kraft spun out the global snacking and food brands, including Nabisco, Cadbury, and Trident, and renamed the company Mondelez. Although emerging market sales weakened, CEO Irene Rosenfeld preserved value per share through margin improvements, share repurchases, and value-accretive moves such as placing the coffee business in a joint venture with DE Master Blenders. This was our third successful investment in Nabisco’s brands. Each time we were able to purchase this juggernaut at a readily ascertainable discount, directly or through a larger company. We hope for another opportunity down the road. More...

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Mason Hawkins Comments on Travelers Companies Inc
Travelers (TRV), a leader in property and casualty insurance, also reached our appraised value. We made a 144% return over our 4+ year holding period. Jay Fishman is among the best operators and capital allocators in the industry, and his record at growing book value, even in challenging periods, greatly rewarded the Partners Fund’s shareholders. More...

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Mason Hawkins Comments on Abbott Laboratories
Abbott (ABT), a global healthcare company, reached our appraisal, resulting in a 120% return over our 4-year holding period. We are extremely appreciative of the value that CEO Miles White built for shareholders during our ownership. More...

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Mason Hawkins Comments on Wynn Resorts
We added two new positions in the first quarter. Weakness in the Macau (China) gaming market provided the opportunity to purchase Wynn Resorts (WYNN) at a substantial discount to our appraisal. Wynn owns some of the world’s prime real estate through luxury gaming and hotel operations in Las Vegas and Macau as well as a future location outside Boston, Massachusetts. Through its 72% ownership of Wynn Macau, Wynn controls a gaming and hotel complex on the Macau peninsula and is completing an additional project in nearby Cotai. The company’s Wynn and Encore casinos are among the most profitable in Vegas, with a prime location on the Strip. Steve Wynn has been a successful owner- operator who has made money for shareholders over a long period. We bought Google as fears around a slowdown in the company’s dominant search and display advertising business became over-discounted in the market. More...

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Mason Hawkins Comments on CONSOL Energy
CONSOL Energy (CNX) was down 17% on weak natural gas and coal prices. During the quarter the company reduced its capex budget and grew production strongly. The company is uniquely positioned to navigate these prices with low cost reserves and plans to monetize non-core assets, including the thermal coal master limited partnership (MLP) in mid-2015 and the met coal initial public offering (IPO) in late 2015. CONSOL is one of our most discounted holdings, and CEO Nick Deluliis expressed his agreement with a significant share repurchase announcement. More...

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Mason Hawkins Comments on Chesapeake Energy Corp
The largest detractor in the quarter was Chesapeake Energy (CHK), one of the largest producers of natural gas, natural gas liquids, and oil in the U.S., which declined 27%. The company reported lower-than- expected price realizations and production in the fourth quarter. While the company cut 2015 budgeted capital expenditures (capex) over 40% versus 2014, the market was hoping for Chesapeake to balance lower cash flow with capex. The company maintains a flexible balance sheet, with $4 billion in cash and an additional $4 billion in an undrawn credit facility, which will allow CEO Doug Lawler to focus on driving the greatest value for shareholders for the long-term, either through the authorized $1 billion repurchase program, strategic acquisitions, or a combination of both. While our appraisal of the company has come down in the short-term with the collapse of oil and gas prices, the long-term thesis remains intact. Chesapeake’s second largest shareholder, Carl Icahn (Trades, Portfolio), More...

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Mason Hawkins Comments on Level 3 Communications
Fiber and networking company Level 3 Communications (LVLT) appreciated 9% after another strong quarter of margin and revenue growth. The integration with recently merged tw telecom is proceeding smoothly as the transaction enhances Level 3’s competitive positioning with a complementary product set and larger footprint. Level 3’s growth in its North American enterprise business remains solid as CEO Jeff Storey and his team invest in expanding its fiber network and portfolio of connected buildings. More...

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Mason Hawkins Comments on CK Hutchison
The Partners Fund’s largest positive contributor, CK Hutchison (HKSE:00001) (formerly Cheung Kong), announced its intention to merge with subsidiary Hutchison Whampoa and spin out the combined property company. This latest savvy move by founder and CEO Li Ka-shing should lessen the holding company discount on the stock as underlying business exposures are clarified and the spin off highlights the value of the combined property business. The stock gained 22% during the quarter. An independent valuer recently appraised CK Hutchison’s property business 48% higher than stated book.(1) The company’s high profile dramatic restructuring of a blue chip Asia conglomerate has the potential to unleash similar restructurings in the region. More...

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Mason Hawkins’ Longleaf Partners Fund Q1 2015 Management Discussion
Longleaf Partners Fund declined 1.09% in the first quarter, trailing the S&P 500 Index’s 0.95% gain. While the Partners Fund has lagged the Index in the recent periods shown below, the Fund’s longer term outperformance over 15, 20, and 25 years reflects other stretches of falling behind the index followed by bursts of strong relative returns. More...

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