Mason Hawkins

Mason Hawkins

Last Update: 12-05-2016

Number of Stocks: 28
Number of New Stocks: 3

Total Value: $10,435 Mil
Q/Q Turnover: 9%

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 (%)
2015-18.81.19-20.0
20144.9213.69-8.8
201332.1232.39-0.3
3-Year Cumulative12.6 (4%/year)52.3 (15.1%/year)-39.7 (-11.1%/year)
201216.53160.5
2011-2.852.11-5.0
5-Year Cumulative27.4 (5%/year)80.4 (12.5%/year)-53 (-7.5%/year)
201017.8915.062.8
200953.626.4627.1
2008-50.6-37-13.6
2007-0.45.49-5.9
200621.615.795.8
10-Year Cumulative38.1 (3.3%/year)102 (7.3%/year)-63.9 (-4%/year)
20053.64.91-1.3
20047.110.88-3.8
200334.828.686.1
2002-8.3-22.113.8
200110.3-11.8922.2
15-Year Cumulative108.9 (5%/year)107.5 (5%/year)1.4 (0%/year)
200020.6-9.129.7
19992.221.04-18.8
199814.328.58-14.3
199728.333.36-5.1
19962122.96-2.0
20-Year Cumulative356.8 (7.9%/year)381.4 (8.2%/year)-24.6 (-0.3%/year)
199527.537.58-10.1
199491.327.7
199322.210.0812.1
199220.57.6212.9
199139.230.478.7
25-Year Cumulative1201.1 (10.8%/year)937.3 (9.8%/year)263.8 (1%/year)
1990-16.4-3.1-13.3
198923.331.69-8.4
198835.216.6118.6

Top Ranked Articles

The Art of Piggybacking A few things investors can do to piggyback more effectively
Piggybacking has been a topic that has been discussed frequently these days. Fellow writer the Science of Hitting’s recent article is quite illuminating and definitely worth reading. Inspired by him, I wrote this article to share my observations and thoughts on this subject. Read more...
Lemon Juice, Knights and Hybrids Freestyle chess can teach a lot about the value of a hybrid approach to value investing
Fairholme, Longleaf Overcome Painful Year to Lead Best Funds of 2016 Berkowitz and Hawkins land in top 10 and currently like cash
The peaks and valleys that define the chart of the Fairholme Fund (Trades, Portfolio)’s performance jutted to a new summit in 2016, proclaiming to investors that a mere $10 laid in the hands of Bruce Berkowitz (Trades, Portfolio) in 2000 would be worth $62.21 today. Far below, at base camp, investors entrusting the same amount to the comparatively plodding and oxygen-starved S&P 500, after clocking another year in its hike, get $20.84 back. Read more...
Southeastern Asset Management Comments on CK Hutchison Guru stock highlight
CK Hutchison (HKSE:00001) (-4%; -0.6%), a Hong Kong-based global conglomerate comprised of four primary businesses (retail, telecommunications, infrastructure and ports), is our second largest position and was the main performance detractor in the quarter. China economic fears and weakness in the Hong Kong dollar (HKD) weighed on the stock. Conversely, the businesses’ values remained stable with less than 15% of its economic exposure in China and Hong Kong. Chairman Li Ka-shing and his son, Victor Li, have demonstrated a compelling track record of building companies, compounding net asset value at double-digit rates, and buying and selling assets at attractive prices. Last year, CK Hutchison announced plans for its Three U.K. telecom business to acquire U.K. telecom company O2. Although still pending regulatory approval, the deal would allow the company to recognize significant synergies, estimated at £3 billion Read more...
Longleaf Partners Comments on LafargeHolcim Guru stock highlight
Global cement, aggregates, and ready-mix concrete producer LafargeHolcim (XSWX:LHN) declined 2% in the quarter and over the year. During the quarter, CEO Eric Olsen presented his three year operating plan with an intense focus on free cash flow generation, internal growth, and returning cash to shareholders. The plan should enable debt to return to investment grade and a dividend payout ratio near 50%. With only modest volume and pricing assumptions, combined with realizing synergies from the LafargeHolcim merger, we believe the plan is achievable. We are excited to own a company with a collection of geographically advantaged assets at less than approximately 8x normalized FCF earnings power and strong cash generation that should be allocated to maximize value per share. Read more...
» More Mason Hawkins Articles

Commentaries and Stories

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Rating: 5.0/5 (4 votes)

Fairholme, Longleaf Overcome Painful Year to Lead Best Funds of 2016 Berkowitz and Hawkins land in top 10 and currently like cash Fairholme Fund,Mason Hawkins - Fairholme, Longleaf Overcome Painful Year To Lead Best Funds Of 2016
The peaks and valleys that define the chart of the Fairholme Fund (Trades, Portfolio)’s performance jutted to a new summit in 2016, proclaiming to investors that a mere $10 laid in the hands of Bruce Berkowitz (Trades, Portfolio) in 2000 would be worth $62.21 today. Far below, at base camp, investors entrusting the same amount to the comparatively plodding and oxygen-starved S&P 500, after clocking another year in its hike, get $20.84 back. More...

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Mason Hawkins Extends His Kodak Moment Guru increases position in photography company and gains power on board of directors Mason Hawkins,Jim Simons,George Soros,Paul Tudor J - Mason Hawkins Extends His Kodak Moment
Mason Hawkins' (Trades, Portfolio) Southeastern Asset Management added to its position in Eastman Kodak Co. (NYSE:KODK) by 2,704.52% on Nov. 30. More...

EASTMAN, KODAK, HAWKINS, SOUTHEASTERN, ADD


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Mason Hawkins Adds to FedEx Company continues to gain momentum Mason Hawkins - Mason Hawkins Adds To FedEx
Guru Mason Hawkins (Trades, Portfolio) added 241,024 shares of FedEX (NYSE:FDX) for an average price of $163.73 per share during the third quarter. The trade had a 0.4% impact on Southeastern Asset Management’s portfolio, a global investment firm Hawkins manages and founded in 1975. More...

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Mason Hawkins Goes 3 for 3 in 3rd Quarter Guru invests in a restaurant, a resort and technology Mason Hawkins,RS Investment Management,Joel Greenb - Mason Hawkins Goes 3 For 3 In 3rd Quarter
Southeastern Asset Management’s Mason Hawkins (Trades, Portfolio) acquired three new holdings and sold out of three others in the third quarter. More...

SOUTHEASTERN, MASON, HAWKINS, BUYS, SELLS, TRADES


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Mason Hawkins Boosts Chesapeake, Buys Alphabet The investor's largest 3rd quarter trades Mason Hawkins,John Griffin,Caxton Associates,Steve - Mason Hawkins Boosts Chesapeake, Buys Alphabet
Mason Hawkins (Trades, Portfolio) has been chairman and CEO of Southeastern Asset Management since 1975. During the third quarter the guru’s largest trades were as follows: More...

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Lemon Juice, Knights and Hybrids Freestyle chess can teach a lot about the value of a hybrid approach to value investing Warren Buffett,Mason Hawkins,Seth Klarman - Lemon Juice, Knights And Hybrids
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Insider Invests in GTx Company has been gaining momentum since the start of the 4th quarter Mason Hawkins - Insider Invests In GTx
The Pyramid Peak, a charitable organization that was founded by guru Mason Hawkins (Trades, Portfolio), purchased 7,716,049 shares of GTx Inc. (NASDAQ:GTXI) for 81 cents per share Oct. 14, according to a Form 4 filing with the Securities and Exchange Commission. More...

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Southeastern Asset Management Comments on Level 3 Communications Guru stock highlight
Level 3 Communications (NYSE:LVLT) (-10%; -0.6%), the global fiber and integrated communications network company, was the Fund’s primary detractor in the third quarter. In spite of disappointing flat revenue growth, our appraisal increased with the company’s reported higher free cash flow coupon. In local currencies, the company’s Enterprise business grew across regions, with a particularly strong 10% rate in Latin America. Currency translations, however, created a significant drag in the quarter, turning Latin American and Europe, Middle East, Africa (EMEA) reported top line results negative. More importantly, total EBITDA in the quarter, as well as projections for the remainder of 2016, were exactly in line with expectations. The company’s growing cash position after over $260 million of free cash flow (FCF) in the quarter took net leverage to 3.5X EBITDA. We remain confident that CEO Jeff Storey and his team will continue to execute and will ultimately close the gap between the stock price and corporate value. More...

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Southeastern Asset Management Comments on CONSOL Energy Guru stock highlight
CONSOL Energy (NYSE:CNX) (+19%; +1.1%), the natural gas and Appalachian coal company, added to the Fund’s return. CEO Nick Deluliis and the board, led by Chairman Will Thorndike, continued to pursue monetization of assets with the goal of ultimately separating the coal and gas businesses. Following the disposition of its metallurgical coal assets in the first half of the year, CONSOL sold its high-cost Miller Creek and Fola mines to a privately owned buyer who valued them higher than we did. The company also lowered costs across all segments and delivered positive free cash flow once again. Higher coal and gas prices drove strong returns at CONSOL’s holdings in coal master limited partnership (MLP) CNXC and midstream pipeline MLP CNNX. Sales of other companies’ exploration and production assets in Appalachia highlighted the value of CONSOL’s assets. More...

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Southeastern Asset Management Comments on CK Hutchison Guru stock highlight
CK Hutchison (HKSE:00001) (+18%; +1.1%), the Hong Kong-based global conglomerate, was a top performer in the quarter. Following the initial shock of Brexit in late June, the company’s limited impact from a weaker pound became more apparent. Regulators rejected the company’s proposed acquisition of O2 by its UK mobile phone business Three UK, but CK Hutchison received approval in September for the merger of Three Italia with Wind in a 50/50 joint venture between CK Hutchison and VimpelCom. This combination will create the largest mobile operator in Italy with approximately 37% market share versus the two remaining primary competitors. CK Hutchison expects at least 5 billion euros of synergies from this merger, with most to be delivered within three years of the transaction closing in the fourth quarter of 2016. These projected synergies exclude any upside from selling assets and spectrum, utilizing tax losses, or refinancing expensive debt. CK Hutchison’s European businesses grew nicely, and the company expects to see solid global growth, particularly More...

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Southeastern Asset Management Comments on FedEx Guru stock highlight
FedEx (NYSE:FDX) (+15%; +1.2%), the global transportation and logistics company, was a leading contributor. The company reported strong results across the board, with an increase in margins in its Express and Ground divisions. Ground had 10% growth in average daily volumes year-over-year and announced a price increase of 4.9% in 2017, once again demonstrating the company’s strong pricing power even in a time of low inflation. More...

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Southeastern Asset Management Comments on LafargeHolcim Guru stock highlight
LafargeHolcim (XSWX:LHN) (+31%; +1.5%), the world’s largest global cement, aggregates, and ready-mix concrete producer, was also a top contributor. During the quarter, CEO Eric Olsen and his management team made progress with respect to divestitures, merger synergies, and pricing. The company sold assets in India, Sri Lanka, and Vietnam at attractive prices. These sales coupled with previously announced transactions in South Korea, Saudi Arabia, and China got the company to its 2016 CHF3.5 billion divestiture goal ahead of schedule and helped LafargeHolcim reduce its debt from CHF18 billion to CHF13 billion in 2016. An announced CHF1.5 billion of additional divestitures are targeted for 2017, which will move the balance sheet to investment grade quality and allow management to return free cash flow (FCF) to shareholders. Expected synergies from last year’s merger between Lafarge and Holcim have come through on target with an expected CHF450 million this year. Industry cement pricing is moving in the right direction. During the quarter, prices increased More...

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Southeastern Asset Management Comments on Chesapeake Guru stock highlight
Chesapeake (NYSE:CHK) (+112%; +4.0%), one of the largest U.S. producers of natural gas, oil, and natural gas liquids, was the top contributor to performance during the quarter. Early in the year we swapped our equity position for near-term bonds and preferred stocks which offered equity-like returns and a shorter horizon for value recognition. As management delivered good results, the bonds approached par. Consequently, we sold all of the remaining bonds over the last three months. On the final day of the quarter, we exchanged all of our preferreds into equity at a price well below our appraisal. In the quarter, both operating expenses and capital expenditures continued to improve, additional debt was retired below face value, and management reduced distribution costs through restructuring agreements with Williams and selling the Barnett assets. The company is pursuing more cost improvements and increased its asset sale target for the year to $2 billion after surpassing the original $1 billion goal. Asset sales plus proceeds from the recent upsized term loan and More...

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Southeastern Asset Management Comments on Level 3 Communications Guru stock highlight
An example is Level 3 Communications (NYSE:LVLT), which is among the largest positions in the Partners, Small-Cap and Global Funds. This fiber network provider reinvests its excess cash into high margin growth rather than paying a dividend, has a beta of 1.5, and only trades at an adjusted 8x earnings before interest, taxes, depreciation, amortization (EBITDA) for expected FCF growth in the teens. By contrast, AT&T and Verizon have dividend yields over 4% with betas of 0.6 or less and trade at 7x EBITDA, with growth prospects limited to mid-single digits. Likewise, FedEx, another large holding in the Partners and Global Funds, shares a duopoly with UPS in the U.S. ground business, yet trades at a 13.9x price-to-earnings ratio (P/E), while UPS is at 18.0x. FedEx has lower labor costs and more growth potential as it takes share from UPS and integrates its recent purchase of TNT. FedEx has a dividend yield of less than 1% and a 1.2 beta, while UPS has a 2.9% dividend yield and a beta of 0.7. More...

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Southeastern Asset Management Comments on Wynn Resorts Guru stock highlight
This pursuit of yield has contributed to the opportunity to own select gaming companies across the Funds. In the U.S., Wynn Resorts (NASDAQ:WYNN), which we own in the Partners, Small-Cap and Global Funds, trades at 9.5x projected EBITDA and has a dividend yield of 2.1%. Its comparable peer, Las Vegas Sands, has a dividend yield of over 5% and trades at 15.0x EBITDA. Similarly, in Macau, Melco Crown, the operating business for the casinos we own in the International and Global Funds through Melco International, has a dividend yield of 0.5% and is dramatically cheaper at 9.2x EBITDA than its competitor, Sands China, which has a 5.9% dividend yield and trades at 15.6x EBITDA. More...

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Longleaf Partners 3rd Quarter Fund Commentary Review of holdings and outlook Mason Hawkins - Longleaf Partners 3rd Quarter Fund Commentary
Longleaf Partners Fund delivered a hefty 11.07% in the third quarter, taking the year-to-date (YTD) return to 18.32%. In spite of above normal cash levels, our results far surpassed the S&P 500 Index’s 3.85% return for the last three months and 7.84% for 2016. Over the last twelve months, the Fund has more than doubled our annual absolute goal of inflation plus 10% and outperformed the index. More...

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Longleaf Partners Funds 3rd Quarter Shareholder Letter Review of economy, fund, holdings Mason Hawkins - Longleaf Partners Funds 3rd Quarter Shareholder Letter
We are pleased to report strong absolute returns for all four Longleaf Partners Funds for the first nine months of 2016. All four Funds also surpassed their respective benchmarks by a wide margin for the year-to-date. In the third quarter, Fund benchmark indices rose, and the Funds were well above those benchmarks, with the exception of the Small-Cap Fund. Over the last twelve months, all four funds exceeded our annual absolute goal of inflation plus 10% as well as their relative benchmarks. More...

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Mason Hawkins Cuts Chemtura The company's per share revenue growth has slowed and it reached its 5-year high in price Mason Hawkins - Mason Hawkins Cuts Chemtura
Mason Hawkins (TradesPortfolio) sold out  of Chemtura Corp. (NYSE:CHMT). He sold his 4,286,930 shares at an average price of $32.81 per share. The trade had a -1.17% impact on Hawkins portfolio. Since the fourth quarter of 2014, Hawkins gained an estimated 38% with his investment in the company. More...

HAWKINS, SELL, CHEMTURA


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Mason Hawkins Exits Dreamworks, Trims Chesapeake, Alphabet Guru's largest second quarter sales Mason Hawkins - Mason Hawkins Exits Dreamworks, Trims Chesapeake, Alphabet
Mason Hawkins (Trades, Portfolio) has been chairman and CEO of Southeastern Asset Management since 1975. He and his partners manage the Longleaf Partners Funds. The guru’s largest second quarter sales are as follows: More...

HAWKINS, SALES


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Southeastern Asset Management Comments on SoftBank Guru stock highlight
SoftBank (TSE:9984) (+18%; 0.7%), the Tokyo based company that owns Japan’s third largest mobile network, significant stakes in Alibaba, Sprint, and Yahoo! Japan, plus a portfolio of internet investments, also contributed to results. The company announced plans to sell some of its Alibaba shares and exit its GungHo ownership as well as its stake in mobile game company Supercell, generating almost $20 billion to repurchase discounted SoftBank shares. CEO Masayoshi Son, the founder and largest individual shareholder of SoftBank, announced late in the quarter his intention to remain CEO for the next 10 years. This decision prompted Nikesh Arora, his intended successor, to resign on friendly terms. Son More...

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