Mason Hawkins

Mason Hawkins

Last Update: 06-10-2015

Number of Stocks: 30
Number of New Stocks: 6

Total Value: $15,932 Mil
Q/Q Turnover: 12%

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 (MSFT), Cisco (CSCO) and Dell (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 (VOD). Read more...
» More Mason Hawkins Articles

Commentaries and Stories

  • Currently 0.00/5

Rating: 0.0/5 (0 votes)

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...

  • Currently 3.00/5

Rating: 3.0/5 (2 votes)

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 (DEL) according to filings on June 10. More...

  • Currently 5.00/5

Rating: 5.0/5 (1 vote)

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


  • Currently 0.00/5

Rating: 0.0/5 (0 votes)

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...

  • Currently 0.00/5

Rating: 0.0/5 (0 votes)

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...

  • Currently 0.00/5

Rating: 0.0/5 (0 votes)

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...

  • Currently 0.00/5

Rating: 0.0/5 (0 votes)

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...

  • Currently 0.00/5

Rating: 0.0/5 (0 votes)

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...

  • Currently 0.00/5

Rating: 0.0/5 (0 votes)

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...

  • Currently 0.00/5

Rating: 0.0/5 (0 votes)

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...

  • Currently 0.00/5

Rating: 0.0/5 (0 votes)

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...

  • Currently 0.00/5

Rating: 0.0/5 (0 votes)

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...

  • Currently 5.00/5

Rating: 5.0/5 (1 vote)

Longleaf Partners More Than Halves Stake in California Oil Company Mason Hawkins - Longleaf Partners More Than Halves Stake In California Oil Company
Longleaf Partners Funds, where Mason Hawkins (Trades, Portfolio) is chairman and CEO, has reduced its holding of California Resources Corp (CRC) by 57.46%, according to Real Time Picks. More...

  • Currently 0.00/5

Rating: 0.0/5 (0 votes)

Mason Hawkins Increases Holdings in Murphy Oil
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. 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. More...

Mason Hawkins, Murphy Oil


  • Currently 5.00/5

Rating: 5.0/5 (2 votes)

Mason Hawkins' First-Quarter 2015 Commentary
The first quarter of 2015 saw a continuation of the themes from the second half of 2014. Almost all of our individual businesses delivered solid operating performance, and our management partners pursued productive ways to build long-term per share values. This activity produced strong excess returns in Longleaf Partners Small-Cap Fund,“which helped the Longleaf fund earn the No. 1 ranking among small-cap U.S. equities funds.” 1 By contrast, the Partners, International, and Global Funds’ relative performance remained challenged as solid company results could not overcome three ongoing broad headwinds: the fall in energy prices, the U.S. dollar strength, and the Chinese government’s pressure on Macau gaming. While these challenges affected only a handful of our holdings, they were large enough to offset the good results at the vast majority of our companies. More...

  • Currently 0.00/5

Rating: 0.0/5 (0 votes)

Mason Hawkins Comments on Royal Philips NV
Philips (PHG) fell 18% in the year and 8% in the fourth quarter. The company faced a number of short-term challenges including a one-time pension payment, a temporary suspension of production at its Cleveland, OH-based medical imaging plant, slower emerging market demand, and foreign exchange headwinds. Currency translation from euros into U.S. dollars accounted for approximately half of the price decline. The stock price does not reflect the ongoing transformation of the company under CEO Frans Van Houten who has substantially improved operating margins and focused the company over his 3+ year tenure. Philips’ discounted share price provided management the opportunity to execute another massive €1.5 billion share repurchase. In 2014 Philips announced plans to sell or spin off its Lumiled and auto lighting businesses and to split into two companies: Lighting Solutions and HealthTech, which will be comprised of the current Healthcare and Consumer Lifestyle businesses. We applaud the split. The “conglomerate discount” should disappear as each business stands on its own and is easier to compare to more pure-play peers that trade More...

  • Currently 0.00/5

Rating: 0.0/5 (0 votes)

Mason Hawkins Comments on CONSOL Energy
CONSOL Energy (CNX) dropped 11% in the fourth quarter and for the year in full. CONSOL’s management team took productive action to increase shareholder value despite a difficult coal and gas environment. In the second half of the year, Chairman Brett Harvey and CEO Nick Deluliis completed an IPO (initial public offering) for a midstream MLP (master limited partnership) at metrics above our appraisal. CONSOL most recently announced it would form an MLP to house its thermal coal business and form a subsidiary to own its metallurgical coal properties. These transactions should bring the value of its coal assets forward, improve the transparency into the value of these assets, and provide additional vehicles to access capital markets, while allowing the company to control the assets and realize synergies across its businesses. In addition, CONSOL authorized a share repurchase program for up to approximately 3.6% of the company. More...

  • Currently 4.00/5

Rating: 4.0/5 (1 vote)

Mason Hawkins Comments on Murphy Oil
Murphy (MUR) was down 20% in the year after an 11% decline in the fourth quarter. CEO Roger Jenkins took actions to recognize value including selling a 30% stake in Malaysian assets at a price above our appraisal. Murphy also bought back shares in 2014 and has authorization for more. The sharp decline in oil prices most heavily affected Murphy’s ownership in Syncrude’s Canadian oil sands, which represented less than 15% of our appraisal before oil’s drop and less today. More...

  • Currently 0.00/5

Rating: 0.0/5 (0 votes)

Mason Hawkins Comments on Loews
Despite being up 1% in the fourth quarter, Loews (L), the holding company owned and managed by the Tisch family, sold off with energy and was down 12% for the year. The company’s CNA insurance unit generated strong cash flow, but its stakes in energy companies Diamond Offshore (DO) and Boardwalk Pipelines Partners (BWP) declined 30% and 29% respectively. DO has the strongest balance sheet among drilling rig operators and should be able to upgrade its fleet cheaply as distressed sellers seek capital. BWP cut its dividend to invest in additional service points along its pipeline and expand its ability to transport gas from the northeastern U.S. Loews repurchased shares amounting to approximately 3.5% of the company and has substantial liquidity to take advantage of undervalued opportunities including additional shares. More...

  • Currently 4.00/5

Rating: 4.0/5 (1 vote)

Mason Hawkins Comments on Chesapeake
Chesapeake (CHK) declined 21% for the full year and 14% in the fourth quarter. Since Chesapeake’s heavily vested Board took over in mid-2012, the company has delivered the balance sheet and improved production from its irreplaceable 12 +million net acres of oil and gas fields. CEO Doug Lawler is driving value recognition in ways he can control – selling assets at reasonable prices, reducing debt, and increasing operating efficiencies in both corporate and production activity. In the first half of the year, Chesapeake sold non-core acreage in Oklahoma, Texas, and Pennsylvania and spun-off its oilfield services business into Seventy-Seven Energy, which we sold. In the fourth quarter, Chesapeake closed the sale of Marcellus and Utica assets to Southwestern Energy for $5 billion. This amounted to roughly 8% of Chesapeake’s production for nearly half its market cap. Management announced plans to use $1 billion of the proceeds to repurchase the heavily discounted shares. More...

Add Notes, Comments

If you want to ask a question, or report a bug, please create a support ticket.

User Comments

Mamam1
ReplyMamam1 - 1 month ago
asdas

Get WordPress Plugins for easy affiliate links on Stock Tickers and Guru Names | Earn affiliate commissions by embedding GuruFocus Charts
GuruFocus Affiliate Program: Earn up to $400 per referral. ( Learn More)

GuruFocus Premium Plus Membership

FEEDBACK