Mason Hawkins

Mason Hawkins

Last Update: 08-12-2016

Number of Stocks: 28
Number of New Stocks: 4

Total Value: $9,681 Mil
Q/Q Turnover: 5%

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...
Tom Gayner's Holdings Trading Below the Peter Lynch Value Graham Holdings, Travelers Companies, Harley Davidson among most undervalued companies
Tom Gayner (Trades, Portfolio) is the executive vice president and chief investment officer of Markel Corp. (NYSE:MKL) and president of Markel Gayner Asset Management Inc., Markel's investment subsidiary since December 1990. From the114 stocks in his portfolio, the following are the holdings that are trading with a wider margin of safety, according to the Peter Lynch Value. Read more...
Longleaf Partners Comments on CONSOL Energy Guru stock highlight
Also previously mentioned, CONSOL Energy (NYSE:CNX), the Appalachian coal and natural gas company, was down 76% in 2015 after falling 19% in the fourth quarter as the company missed operating cash flow (OCF) estimates amidst declining coal and gas prices. Management is adjusting to lower commodity prices and adopted significant cost controls under zero-based budgeting while still growing natural gas production. We filed a 13-D during the third quarter to discuss with third parties as well as management and the board a potential monetization or separation of the valuable Marcellus and Utica gas assets. This has been a constructive process since filing, and we appraise these assets at worth demonstrably more than CONSOL’s total equity capitalization. CONSOL’s exploration and production (E&P) business is unique, with low cost reserves given the company’s fee ownership of many acres. CONSOL announced in the fourth quarter that its thermal coal business, which enjoys a low cost position, had contracted for 93% of production for 2016 at a confirmed price of $50-55 per ton, providing near-term downside coal business Read more...
Southeastern Asset Management Comments on McDonald’s Guru stock highlight
As discussed in our year-end report, we sold our small remaining position in global quick service restaurant operator McDonald’s (NYSE:MCD) as 2016 began. During the year plus that we owned the stock, it gained almost 30% and was among the strongest contributors to performance. We appreciate the board’s and management’s solid execution. Read more...
Longleaf Partners Comments on Adidas Guru stock highlight
After announcing another strong quarter of double-digit organic growth for its core adidas (XTER:ADS) brand, German-based global sportswear and equipment brand adidas returned 22% in the quarter and 43% for the full year. The brand’s strong positions in Europe, China, and Latin America drove growth. The company expects 2016 operating income margins to meet or exceed 2015 levels and overall sales to increase at high, single-digit rates in the next year. Despite the stock’s strong performance, we believe adidas remains discounted due to strong value growth and has significant additional upside. As discussed in previous quarters, we have had constructive engagement with management and the supervisory board and have seen many positive developments. In addition to authorizing a 10% share repurchase program, the company made managerial changes in the U.S. business, sold its non-core Rockport brand at a price above our appraisal value, and announced it is exploring strategic options for its golfing brands and hockey division. Read more...
» More Mason Hawkins Articles

Commentaries and Stories

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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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Southeastern Asset Management Comments on DreamWorks Guru stock highlight
As noted above, DreamWorks (NASDAQ:DWA) (+60%; +5.0%), the film studio and multimedia company, was the Fund’s largest holding and drove much of the return in the quarter, when Comcast announced an all cash acquisition for $41 per share. As our discipline dictates, we sold our stake when the price rose to our appraisal. DreamWorks was the kind of opportunity Southeastern hopes to find— a company with high quality, stable assets but volatile earnings being mispriced in a period when the market is rewarding companies with more predictable earnings and high dividend yields. We started buying DreamWorks in the third quarter of 2014 at $19 following disappointing new movie releases. Our appraisal hinged on the valuable film library and DreamWorks’ growing success in TV and web content as well as licensing. We partnered with a strong board and owner-operator CEO, who built the company’s brands, developed a presence in China, managed costs, and ultimately monetized the company at full value. More...

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Southeastern Asset Management Comments on DreamWorks Guru stock highlight
As noted above, DreamWorks (NASDAQ:DWA) (+60%; +5.0%), the film studio and multimedia company, was the Fund’s largest holding and drove much of the return in the quarter, when Comcast announced an all cash acquisition for $41 per share. As our discipline dictates, we sold our stake when the price rose to our appraisal. DreamWorks was the kind of opportunity Southeastern hopes to find— a company with high quality, stable assets but volatile earnings being mispriced in a period when the market is rewarding companies with more predictable earnings and high dividend yields. We started buying DreamWorks in the third quarter of 2014 at $19 following disappointing new movie releases. Our appraisal hinged on the valuable film library and DreamWorks’ growing success in TV and web content as well as licensing. We partnered with a strong board and owner-operator CEO, who built the company’s brands, developed a presence in China, managed costs, and ultimately monetized the company at full value. More...

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Southeastern Asset Management Comments on Mineral Resources Guru stock highlight
We also sold Mineral Resources (ASX:MIN), the Australian-based mining services company, on the strength of a surprisingly strong upward move in iron ore prices. Although the company’s iron ore crushing revenues are driven primarily by the volume of the ore crushed rather than the price of the commodity, the stock’s high correlation with iron ore price hurt our results over the time we owned the stock. More...

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Southeastern Asset Management Comments on BR Properties Guru stock highlight
We sold BR Properties (BSP:BRP3), Brazil’s largest commercial office real estate landlord, following the stock’s rise after GP Investments raised its bid for the company. In spite of high quality properties and a solid partner in Claudio Bruni, the highly challenged Brazilian environment and concurrent currency depreciation resulted in a dollar loss over our full holding period. More...

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Southeastern Asset Management Comments on OCI Guru stock highlight
OCI (XAMS:OCI) (-31%; -1.4%), a global fertilizer and chemical producer, also detracted from second quarter results. The two main pressures over the last three months were weakness in urea commodity prices (a key nitrogen fertilizer) and uncertainty around the CF Industries merger. Despite attractive strategic rationale for the combination of CF and OCI, the increased crackdown on tax inversions in the U.S. made the deal untenable. OCI’s European domicile further pressured the stock in the last week of the quarter, even though the Brexit vote should not impact fertilizer demand and could create some currency translation benefits to OCI. Globally, nitrogen fertilizer demand increased, helping to deplete excess supply. OCI’s plants have an advantage by being located near low-cost natural gas, a primary feedstock in fertilizer. Our investment case incorporates demand for nitrogen fertilizer continuing to grow at a couple of percent annually and supply tightening. Beyond 2016, no major additional plant capacity will be added for at least five years. Despite the current decline in nitrogen fertilizer prices, the company is generating More...

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Southeastern Asset Management Comments on Melco International Guru stock highlight
Ending the quarter as the Fund’s largest detractor was Melco International (HKSE:00200) (-33%; -2.7%), the Macau casino and hotel operator. Although the company’s $3.2 billion Studio City project (relative to Melco’s market cap of $9 billion) opened in late 2015 and is now generating positive cash flow, construction activity near the property has adversely affected customer traffic flow in the short term. As the construction ends later this year, we anticipate that Studio City’s location and non-gaming attractions will draw more highly profitable mass visitors. Shuttle service to Studio City from other Macau casinos began in June and should boost revenue. In May, Melco Crown Entertainement, the joint venture that owns Melco International’s Macau properties, purchased $800 million of its shares from James Packer at a steep discount, increasing Melco International’s ownership of Melco Crown to 38% and placing Melco International CEO Lawrence Ho firmly in control of the Macau properties. The stock market value of Melco International’s stake in Melco Crown is worth more than 150% of Melco International’s market cap. More...

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Southeastern Asset Management Comments on Great Eagle Guru stock highlight
Also a positive contributor for the quarter was Great Eagle (HKSE:00041) (20%; 1.0%), a Hong Kong real estate company that invests in and manages high quality office, retail, residential and hotel properties around the world. In addition to an over 60% stake in publicly listed Champion REIT, Great Eagle also owns hotels branded under the Langham name, the Eaton hotels in Hong Kong and Shanghai, and Chelsea Hotel in Toronto and trades at a significant discount to intrinsic value. With a strong net cash position, the company announced a 2 Hong Kong Dollar per share special dividend which, combined with the regular dividend, equated to an almost 10% dividend yield. In June, the company announced the sale of its 28 story office building in San Francisco at a 3% net operating income (NOI) cap rate. Our partners, the Lo family, own 60% of the company and bought more stock during the quarter. More...

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Southeastern Asset Management Comments on adidas Guru stock highlight
adidas (XTER:ADS) (+23%;+1.2%), the German-based global sportswear and equipment brand, remained the Fund’s largest contributor as the company reported stronger-than-expected results. Overall revenues rose 22%, operating profits gained 35%, and net income was up 38%. Earnings per share (EPS) grew 50%, helped by buyback activity during the quarter. The company increased its 2016 organic revenue growth outlook to 15% from the previous 10-12% range. During the quarter the company announced it was actively seeking a buyer for its golf segment, including the TaylorMade, Ashworth, and Adams brands. Additionally, two highly qualified investors, one of whom we proposed, joined the company’s board. More...

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Mason Hawkins' Southeastern Management Largest Trades of the 2nd Quarter Real-time updates of guru's recent trades Mason Hawkins - Mason Hawkins' Southeastern Management Largest Trades Of The 2nd Quarter
Mason Hawkins (Trades, Portfolio) and his partners are value investors. He has been Chairman and CEO of Southeastern Asset Management since 1975. These are the firm's recent trades during the second quarter, according to GuruFocus data. More...

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Southeastern Asset Management's Longleaf Partners 2nd Quarter International Fund Commentary Overview of holdings and outlook
Longleaf Partners International Fund outperformed the MSCI EAFE Index in the first half of 2016, with a 0.00% return compared to the index’s loss of -4.42%. In the recent quarter, the Fund fell -2.76% while the index lost -1.46%. More...

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Southeastern Asset Management Comments on CK Hutchison Guru stock highlight
CK Hutchison (HKSE:00001) (-14%; -1.2%), a global conglomerate comprised of five core businesses (retail, telecommunications, infrastructure, ports, and energy), was the primary performance detractor for the quarter. Referenced earlier, CK Hutchison’s plan for its Three mobile phone network to acquire U.K. telecom company O2 was denied by the European regulator. While CK Hutchison is Hong Kong-based, the stock also fell with the Brexit vote because of fears of the impact on its European and U.K. operations which generated over half of its pre-tax earnings last year. However, Chairman Li Ka-shing and his son, Victor, have demonstrated a compelling long-term record of building businesses, compounding net asset value at double-digit rates, and buying and selling assets at attractive prices, and their history includes intelligent capital allocation during previous market dislocations. We are confident our management partners will continue to grow and unlock value. More...

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Southeastern Asset Management Comments on CONSOL Guru stock highlight
Also a top contributor, CONSOL (NYSE:CNX) (+43%; +1.7%), the natural gas and Appalachian coal company, continued its positive momentum from the first quarter which saw the addition of new directors, the elevation of Will Thorndike to Chairman, and the sale of the metallurgical coal assets at a price accretive to our value. In 2Q, CONSOL reduced its coal and gas operating costs greater than expected, delivered free cash flow and guided for positive free cash flow, the remainder of the year. The company also had its borrowing base reaffirmed at $2 billion. Recent transactions confirmed the value of CONSOL’s high quality natural gas reserves and acreage. Our capablemanagement partners continue to focus the company on its core natural gas assets while pursuing the monetization of non-core assets, with the goal of separating its coal company from its exploration and production business. More...

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Southeastern Asset Management Comments on Chesapeake Guru stock highlight
As stated earlier, Chesapeake (NYSE:CHK) (+73%;+3.6%), one of the largest U.S. producers of natural gas, oil, and natural gas liquids, was the Fund’s largest contributor during the quarter. Earlier in the year, we swapped our equity for preferred stock and also added to our Chesapeake position via very discounted bonds and convertible bonds. This repositioning paid off in the quarter; the bonds appreciated more quickly than the stock as the company continued to lower its overall debt through purchases below par and debt for equity swaps. Additionally, in April, Chesapeake had its $4 billion revolving credit facility reaffirmed (90%+ untapped), with the next scheduled redetermination pushed out until June 2017. The company increased liquidity with the sale of about half of its mid-continent STACK (Sooner Trend Anadarko Basin Canadian and Kingfisher Counties) acreage to Newfield at a fair price of over $400 million. In total, net debt has declined by over 10% or $1 billion in 2016. Management projects additional asset sales this year and continues to renegotiate pipeline commitments toward better rates. The company has put on hedges More...

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Longleaf Partners 2nd Quarter Fund Commentary Fund discusses holdings and outlook Mason Hawkins - Longleaf Partners 2nd Quarter Fund Commentary
Longleaf Partners Fund meaningfully outperformed the S&P 500 Index in the first half of 2016, rising 6.53% versus the index’s gain of 3.84%. In the second quarter, the Fund returned 2.10% versus 2.46% for the index. Our energy investments were again the largest contributors following similar strength in the first quarter. Both Chesapeake Energy and CONSOL Energy benefitted from managements monetizing assets and succeeding in reaffirming credit lines, as well as from improving commodity prices. CK Hutchison detracted most from performance in the quarter; European regulators denied approval of the company’s acquisition of U.K. mobile company O2, and weeks later, the Brexit vote weighed on CK Hutchison’s stock given its large footprint in European retail, ports, infrastructure, and telecom. Since the S&P is comprised of U.S. stocks which held up better than European shares following Brexit, the Fund’s three European-domiciled businesses weighed on relative returns, due in part to the dollar’s quick rise. However, the Fund’s relative performance benefitted from our limited investment in information technology, which was the index’s biggest detractor More...

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Mason Hawkins Slashes Stake in DreamWorks Animation Guru may have decided to cash in some of his profits after gaining a 16% return on his investment Mason Hawkins - Mason Hawkins Slashes Stake In DreamWorks Animation
Mason Hawkins (Trades, Portfolio) slashed his stake in DreamWorks Animation (NASDAQ:DWA) by 89.20% on April 30. More...

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Mason Hawkins Sells More Than 93% of Aon Holdings Guru exits positions in National Oilwell Varco and McDonald's Mason Hawkins - Mason Hawkins Sells More Than 93% Of Aon Holdings
Mason Hawkins (Trades, Portfolio) of Southeastern Asset Management made his biggest transaction of the first quarter not with an acquisition but with the near divestiture of a stake. More...

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Longleaf Partners Small-Cap Fund 1st Quarter Commentary Fund advanced a robust 4.60%, exceeding the Russell 2000 Index’s 1.52% decline Mason Hawkins - Longleaf Partners Small-Cap Fund 1st Quarter Commentary
First quarter commentary: More...

LONGLEAF PARTNERS,SMALL-CAP,FIRST QUARTER,COMMENTARY,VALUE INVESTING,RUSSELL 2000 INDEX,RETURNS,


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Longleaf Partners Comments on Rolls-Royce Guru stock highlight
We exited our small position in British power systems company Rolls-Royce (LSE:RR.) after its price rallied in the first half of the quarter. The business has long-term upside, but the thesis will take longer to play out than we originally expected. We invested our proceeds in higher return opportunities. More...

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