Mason Hawkins

Mason Hawkins

Last Update: 04-10-2017

Number of Stocks: 30
Number of New Stocks: 2

Total Value: $10,359 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 (%)
201620.7211.968.8
2015-18.81.38-20.2
20144.9213.69-8.8
3-Year Cumulative2.8 (0.9%/year)29 (8.9%/year)-26.2 (-8%/year)
201332.1232.39-0.3
201216.53160.5
5-Year Cumulative58.3 (9.6%/year)98.2 (14.7%/year)-39.9 (-5.1%/year)
2011-2.852.11-5.0
201017.8915.062.8
200953.626.4627.1
2008-50.6-37-13.6
2007-0.45.49-5.9
10-Year Cumulative37.1 (3.2%/year)95.7 (6.9%/year)-58.6 (-3.7%/year)
200621.615.795.8
20053.64.91-1.3
20047.110.88-3.8
200334.828.686.1
2002-8.3-22.113.8
15-Year Cumulative128.6 (5.7%/year)164.2 (6.7%/year)-35.6 (-1%/year)
200110.3-11.8922.2
200020.6-9.129.7
19992.221.04-18.8
199814.328.58-14.3
199728.333.36-5.1
20-Year Cumulative355.7 (7.9%/year)339.2 (7.7%/year)16.5 (0.2%/year)
19962122.96-2.0
199527.537.58-10.1
199491.327.7
199322.210.0812.1
199220.57.6212.9
25-Year Cumulative1028.4 (10.2%/year)791.8 (9.1%/year)236.6 (1.1%/year)
199139.230.478.7
1990-16.4-3.1-13.3
198923.331.69-8.4
198835.216.6118.6

Top Ranked Articles

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...
Longleaf Partners Comments on Chesapeake Energy Guru stock highlight
Chesapeake Energy (NYSE:CHK) (-15%; -0.70%), one of the largest U.S. producers of natural gas, oil, and natural gas liquids, was the largest detractor in the quarter. At the macro level, declines in oil and gas prices pressured the stock. We use the futures strip for both commodities in our appraisal of Chesapeake, even though they are currently trading below the global energy industry’s long run marginal costs. CEO Doug Lawler further improved the company’s financial strength and flexibility, closing two Haynesville deals and reporting another solid operational quarter. We believe he and his team will continue to execute additional asset sales and maintain both operating and capital expense discipline. Read more...
Longleaf Partners Comments on DuPont Guru stock highlight
In addition to selling Ralph Lauren, we also exited DuPont (NYSE:DFT) in the quarter. We earned a 60% gain in DuPont when price reached our appraisal. We bought the stock in August 2015 when questions surrounded both the business quality and management, but we believed the board, which was under shareholder pressure, would address the company’s leadership, cost structure, and capital allocation to help the conglomerate focus on its more dominant, growing segments. The businesses performed solidly, and the arrival of CEO Ed Breen with his cost cutting plans and smart merger with Dow turned the investment into a success. We will continue to watch the company and its spinoffs going forward. Read more...
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 Read more...
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Commentaries and Stories

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Longleaf Partners Small Cap Fund Comments on Rayonier Guru stock highlight
We also sold timber REIT Rayonier (NYSE:RYAM) late in the quarter after the company issued equity at a price that reinforced our assessment that the stock was at or near fair value. Over the three years we held the stock, a challenging timber environment hindered value growth, and while the discount we paid plus the dividend helped preserve our capital, our 12% total return was less than we anticipated. More...

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Longleaf Partners Small Cap Fund Comments on Tribune Guru stock highlight
Our second time owning media company Tribune (NYSE:TRCO) was not nearly as gratifying as our first successful investment in the company’s bonds as it came out of bankruptcy. This time, our value declined due to disappointing results at the TV division, a weak spectrum auction, and a lack of value growth from other assets. Our small positive return amid these disappointments speaks to the margin of safety in our initial purchase. More...

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Longleaf Partners Small Cap Fund Comments on Graham Holdings Guru stock highlight
Graham Holdings (NYSE:GHC) (+17%; +0.95%), the media, education, and services company, was another contributor in the quarter. The Kaplan International segment reported relatively good results for the first time since 2015 and showed signs of having bottomed out as cost cuts should kick in this year. Graham’s TV segment continued to deliver industry-leading results, and the market began to anticipate TV consolidation opportunities under a less regulatory administration. We applaud CEO Tim O’Shaughnessy for buying back a meaningful amount of stock at discounted prices last year, and we are excited about his ability to go on offense with Graham’s formidable balance sheet. More...

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Longleaf Partners Small Cap Fund Comments on Wynn Resorts Guru stock highlight
Wynn Resorts (NASDAQ:WYNN) (+33%, +1.78%), the luxury gaming and hotel operator with prime properties in Las Vegas, Macau, and Boston, was the largest contributor in the quarter. Macau’s rebound continued, as that market now has grown for several months, some at double-digit rates. Wynn’s Palace property is ramping up from non-earning status more quickly than expected and gaining share as the premium property in Macau. Las Vegas continues to be a steady market, and the company is making progress on developing and monetizing its under earning golf course land. Wynn also is likely to benefit from the NFL coming to Las Vegas. Construction on the Boston resort is moving ahead as planned. Wynn has a large amount of optionality, and we are confident that CEO Steve Wynn and his team can maximize our outcome. Given the price strength and the position size, we trimmed the stock in the quarter. More...

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Longleaf Partners First Quarter 2017 Small-Cap Fund Commentary Overview of fund holdings and outlook Mason Hawkins - Longleaf Partners First Quarter 2017 Small-Cap Fund Commentary
Longleaf Partners Small-Cap Fund gained 3.93% in the first quarter and outperformed the Russell 2000 Index’s 2.47%. Our absolute return surpassed our annual absolute goal of inflation plus 10%, continuing the strong performance from 2016. We exceeded the market’s return thanks to strong performance from key holdings and pullbacks from some of the “Trump rally” highfliers that we did not own. More...

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Longleaf Partners Comments on DuPont Guru stock highlight
In addition to selling Ralph Lauren, we also exited DuPont (NYSE:DFT) in the quarter. We earned a 60% gain in DuPont when price reached our appraisal. We bought the stock in August 2015 when questions surrounded both the business quality and management, but we believed the board, which was under shareholder pressure, would address the company’s leadership, cost structure, and capital allocation to help the conglomerate focus on its more dominant, growing segments. The businesses performed solidly, and the arrival of CEO Ed Breen with his cost cutting plans and smart merger with Dow turned the investment into a success. We will continue to watch the company and its spinoffs going forward. More...

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Longleaf Partners Comments on Ralph Lauren Guru stock highlight
Ralph Lauren (NYSE:RL), (-15%; -0.62%), the upscale retail brand, declined following the departure of CEO Stefan Larsson after less than two years at the helm. Our case was built on the potential for Larsson and Lauren to form a complimentary business and creative team, and the early results were promising as they cut costs and rationalized unnecessary stock keeping units. But when these two leaders were not able to coexist, a big part of our case changed. Rather than wait to see if the operating plan could continue without Larsson’s guidance, we sold our position. The disappointing outcome had only a minor impact on our return during our seven month investment period because of the operating progress the company made in a short period and because we have begun sizing new investments at less than a full 5% position while we gain more in-depth knowledge of the business and people as an owner. More...

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Longleaf Partners Comments on Chesapeake Energy Guru stock highlight
Chesapeake Energy (NYSE:CHK) (-15%; -0.70%), one of the largest U.S. producers of natural gas, oil, and natural gas liquids, was the largest detractor in the quarter. At the macro level, declines in oil and gas prices pressured the stock. We use the futures strip for both commodities in our appraisal of Chesapeake, even though they are currently trading below the global energy industry’s long run marginal costs. CEO Doug Lawler further improved the company’s financial strength and flexibility, closing two Haynesville deals and reporting another solid operational quarter. We believe he and his team will continue to execute additional asset sales and maintain both operating and capital expense discipline. More...

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Longleaf Partners Comments on LafargeHolcim Guru stock highlight
LafargeHolcim (LHN) (+13%; +0.60%), the world’s largest global cement, aggregates, and ready-mix concrete producer, also added to the Fund’s return. The company’s 4Q results demonstrated continued success in pricing, operating cost control, and disciplined capital spending which helped earnings before interest, tax, depreciation and amortization (EBITDA) grow 15.5% and free cash flow increase 107%. For 2017, Eric Olsen guided to 2-4% volume growth helped by resumed growth in India and Latin America and continued volume growth in the U.S. Improved volumes combined with pricing and cost controls should drive double-digit EBITDA growth and strong free cash flow (FCF) generation. FCF along with divestitures has fortified LafargeHolcim’s balance sheet, and the competitive landscape is positive with few slated capacity additions. We expect dividends and share repurchases to accelerate as cash flow grows. More...

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Longleaf Partners Comments on CNH Industrial Guru stock highlight
CNH Industrial (NYSE:CNHI) (+11%; +0.61%), the maker of agricultural equipment, commercial vehicles and construction equipment, was another contributor in the quarter. The company once again reported higher pricing in the core agricultural equipment segment at a time of down units. We applaud CEO Rich Tobin for good cost controls, as margins came in better than we expected. There are early signs that the agricultural market is stabilizing after years of decline. When demand for equipment turns, the company’s strong incremental margins will be working in our favor. We believe that management and the board are open to further rationalizing the company’s assets, as our vested partners, large owner John Elkann and Chairman Sergio Marchionne, have done at other investments in the past. More...

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Longleaf Partners 1st Quarter Commentary Overview of holdings and performance Mason Hawkins - Longleaf Partners 1st Quarter Commentary
Longleaf Partners Fund gained 3.90% in the first quarter, meaningfully exceeding our absolute annual return goal of inflation plus 10%, but falling short of the S&P 500 Index’s 6.07%. This performance followed almost 900 basis points of benchmark outperformance as well as strong absolute results in 2016. In the quarter, we saw value growth and stock appreciation at some of our higher weighted investments. More...

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Longleaf Partners Funds First Quarter 2017 Shareholder Letter Longleaf Partners discusses holdings and markets Mason Hawkins - Longleaf Partners Funds First Quarter 2017 Shareholder Letter
We are pleased to report that in the first quarter of 2017, all four Longleaf Partners Funds continued to make good progress toward delivering our annual return goal of inflation plus 10% following substantial absolute results in 2016 as well as benchmark outperformance by the Partners, International and Global Funds. The Small-Cap, Global, and International Funds exceeded their respective benchmarks — the Russell 2000, MSCI World, and MSCI EAFE indices — in the quarter, and although compounding at a strong rate, the Longleaf Partners Fund fell short of the S&P 500 Index after substantially outperforming the previous twelve months. More...

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Mason Hawkins’ Southeastern Asset Management Sells Out of Rayonier Firm lets go of over 6.7 million shares of forest products company Mason Hawkins,T Rowe Price Equity Income Fund,Thir - Mason Hawkins’ Southeastern Asset Management Sells Out Of Rayonier
Mason Hawkins (Trades, Portfolio)’ Southeastern Asset Management sold out of Rayonier Inc. (NYSE:RYN) on March 31. More...

MASON HAWKINS, SOUTHEASTERN ASSET MANAGEMENT, FOREST PRODUCTS, RAYONIER


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Southeastern Asset Management Gains 2 New Holdings, Adds to Several Others Firm's largest 4th-quarter 2016 buys Mason Hawkins - Southeastern Asset Management Gains 2 New Holdings, Adds To Several Others
During fourth-quarter 2016, Mason Hawkins (Trades, Portfolio)'s Southeastern Asset Management bought the following stocks: More...

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Mason Hawkins Sells Chesapeake, FedEx, Alphabet The guru's largest 4th-quarter sales Mason Hawkins,Andreas Halvorsen,Barrow Hanley Mewh - Mason Hawkins Sells Chesapeake, FedEx, Alphabet
Mason Hawkins (Trades, Portfolio) has been chairman and CEO Southeastern Asset Management since 1975. He manages a portfolio composed of 30 stocks with a total value of $10.359 billion. During the fourth quarter the guru sold shares in the following stocks: More...

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Longleaf Partners Small-Cap Fund Comments on OCI Guru stock highlight
OCI (XAMS:OCI) (-28%, -0.69%), a global fertilizer and chemical producer, was the largest detractor in the Fund for the year, even after a rebound of 18% in the fourth quarter. The two main pressures on the share price were weakness in nitrogen fertilizer prices and the cancellation of the CF Industries merger as a result of the U.S. government crackdown on tax inversions. Despite depressed fertilizer prices, nitrogen remains an essential part of global food production, and global demand is growing by around 2%, which will help deplete the current excess supply by 2018. Given the high cost and long lead time of building a new plant, it is unlikely that new capacity will be built in the medium term. OCI owns the newest and most efficient nitrogen fertilizer plants in the industry, with its large, new Iowa plant now producing. Its Texas Greenfield methanol plant comes online in late 2017. OCI recently initiated a cost savings plan over $100 million, $65 million of which is executed, and the company has completed the majority of its large capital expenditures. We expect significant earnings production in the coming two years, and More...

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Longleaf Partners Small-Cap Fund Comments on Level 3 Communications Guru stock highlight
Level 3 Communications (NYSE:LVLT) (+4%, +0.19%), a global fiber and integrated communications network company was the primary contributor to the Fund’s fourth quarter return with a 22% gain. The stock rose with the announcement of a merger with CenturyLink, Inc., equating to $66.50 per Level 3 share, a 42% premium to the closing price prior to the announcement. This deal offers numerous benefits for shareholders. The combined company will increase the capacity and reach of CenturyLink’s domestic and Level 3’s global high-bandwidth fiber networks. More...

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Longleaf Partners Small-Cap Fund Comments on Scripps Networks Guru stock highlight
Scripps Networks (NASDAQ:SNI) (+31%,+1.51%), the media company whose three main brands are HGTV, Food Network and Travel Channel, had solid advertising revenue gains during the year, and the stock continued its rise in the fourth quarter, gaining 13%. Ratings were strong overall in 2016, and HGTV ended up as the third most watched U.S. cable channel behind ESPN and Fox News. The company’s advertising has more exposure to stable categories than most competitors and also earns premiums per viewer over the competition. The year did see a decline in distributor fees paid to Scripps, but this was due to one-time items that will be lapped next year. Part of the stock’s discount is related to international expansion which has not yet produced profits but has created startup costs and non-cash amortization. Scripps’ high-profile lifestyle channels could be valuable content for other media and entertainment companies, as evidenced by AT&T’s recent bid for Time Warner at an attractive multiple relative to Scripps’ stock price. More...

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Longleaf Partners Small-Cap Fund Comments on Wynn Resorts Guru stock highlight
Wynn Resorts (NASDAQ:WYNN) (+27%; +1.67%), the luxury gaming and hotel operator with prime real estate in Las Vegas, Macau, and Boston, was another significant contributor during the year despite a slight retreat in the fourth quarter. The total Macau market reported higher gross gaming revenues year-over-year in most months of the second half, indicating stabilization and a return to growth. In August, the company opened the Wynn Palace in Cotai (Macau). The property has ramped up more slowly than some analysts had hoped, but Wynn has a history of careful openings and eventual success. During the fourth quarter, sentiment shifted up and down, as some positive industry level data points were offset by concerns over Chinese policy changes that could potentially impact Macau indirectly. In the U.S., Las Vegas had solid results, and the company received the final licenses necessary to begin construction of Wynn Boston Harbor, which is expected to open in 2019. Wynn also announced plans to develop part of its Las Vegas golf course property into a hotel, restaurants, and other attractions. In December, the company sold 49% of its retail More...

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Longleaf Partners Small-Cap Fund Comments on Liberty Media Corp Guru stock highlight
Liberty Media Corp. (+79%; +3.36%), a holding company for a broad range of entertainment businesses, was an additional large contributor to the Fund’s return in 2016 and rose 11% in the fourth quarter. We initiated the position in the second quarter when “old Liberty Media” spun out three tracking stocks, including Liberty Media Corp. (LMCK). LMCK’s main asset immediately post-spin was 34% of Live Nation Entertainment, the largest ticketing and live entertainment company in the world. Live Nation reported solid results throughout the year. Shortly after our purchase of Liberty Media, the company announced its acquisition of a controlling interest in Formula One Group, which is now LMCK’s most important asset. Formula One adds to LMCK’s properties a global, live sports brand with over 400 million unique viewers, and its worldwide races generate long-term contracted revenue from broadcasting, event fees, and advertising. A key part of the acquisition was the appointment of Chase Carey as Formula One Group Chairman. Southeastern successfully partnered with Carey previously, and we are thrilled to partner with him again, as More...

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