Mason Hawkins

Mason Hawkins

Last Update: 01-06-2016

Number of Stocks: 31
Number of New Stocks: 7

Total Value: $11,848 Mil
Q/Q Turnover: 13%

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

Longleaf Partners Comments on DreamWorks Animation Guru stock highlight
A top contributor to the Fund, film studio DreamWorks Animation (NASDAQ:DWA) gained 16% for the year after a substantial 48% rise in the fourth quarter—an example of how quickly payoff patterns can move. The company had a box office success with the late March release of the movie Home, which continued to do well in home video and streaming. In December, DreamWorks announced a co-production deal with DHX Media, demonstrating that the company’s efforts to develop television content has progressed into recurring revenues. The New Media segment, which contains AwesomenessTV, had impressive revenue growth and margins. License renewals helped drive strong revenue and earnings growth in the consumer division. CEO Jeffrey Katzenberg’s push in the Chinese film distribution market via the 45% Oriental DreamWorks JV has potential for meaningful upside. Read more...
Longleaf Partners Comments on Vail Resorts Guru stock highlight
Vail Resorts (NYSE:MTN), the largest owner of ski resorts in the world, gained 23% in the fourth quarter and 44% for the year, making it the Fund’s top contributor in 2015. So far in the 2015/2016 U.S. ski season, the company has posted strong pass sales (+13%), with price increases of 6% and higher units. With Vail’s strong financial position and positive operating cash flow (OCF), CEO Rob Katz reaffirmed the company’s plan to continue to return capital to shareholders via an increased dividend and share buybacks. The board recently authorized an additional 1.5 million shares for repurchase (roughly 4% of shares outstanding). Our appraisal of the company grew in the quarter and over the year. Read more...
Longleaf Partners Comments on HollyFrontier Guru stock highlight
In the first quarter, amidst the market selloff of energy companies, we purchased HollyFrontier (NYSE:HFC), the independent petroleum refiner that owns and operates five U.S. refineries. The company owns plants in superior locations that allow for above-average margins. Additionally, management has a history of productive capital allocation. As a refiner, HollyFrontier benefits from the decline in energy prices which lead to more miles driven and increased demand for gasoline. During the year, CEO Mike Jennings bought in undervalued shares and focused on projects with master limited partnership (MLP) potential to cater to investors’ thirst for yield. This strategy, plus takeover speculation, helped the stock rise to our appraisal. HollyFrontier appreciated 55%, was among the year’s largest contributors to performance, and was sold in the third quarter. Read more...
Longleaf Partners Comments on Graham Holdings Guru stock highlight
A large detractor to the Fund’s performance in the fourth quarter, media and education company Graham Holdings’ (NYSE:GHC) 16% decline took its 2015 return to -11%. The stock price was impacted by broader weakness in the media industry and for-profit education where the regulatory and economic environment continued to be challenging. In the quarter, Graham Holdings’ Kaplan business reported worse U.S. student trends, and margins and revenue growth declined. Read more...
Longleaf Partners Comments on Triangle Petroleum Guru stock highlight
Also previously mentioned, Triangle Petroleum (TPLM), a Bakken-focused E&P company with an internally developed oil services business (RockPile) and a joint-ventured pipeline business (Caliber), declined 62% for the year after falling 22% in the fourth quarter. Triangle’s integrated strategy provides a cost advantage in North Dakota where there is little infrastructure. Management has shown discipline in a challenged environment by announcing a 71% cut in capex without an offsetting production cut. Additionally, management bought shares personally and repurchased discounted debt at the company level. Late in the year, we swapped the common stock into bonds that were priced at a substantial discount to par, yielding 33% to maturity as of year end. This transaction provided a better risk-reward profile and offset some of the Fund’s realized gains. Read more...
» More Mason Hawkins Articles

Commentaries and Stories

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Rating: 0.0/5 (0 votes)

Longleaf Partners Comments on Empire State Realty Trust Guru stock highlight
In the last quarter we exited Empire State Realty Trust (NYSE:ESRT), which owns the Empire State Building as well as other properties in the New York metropolitan area. After making 44% in our two-plus year holding period, the price approached our appraised value. We are grateful to our partner, CEO Tony Malkin, and wish him continued success. More...

  • Currently 0.00/5

Rating: 0.0/5 (0 votes)

Longleaf Partners Comments on Scripps Networks Guru stock highlight
Another detractor for the year, media company Scripps Networks (NYSE:SNI), which owns cable channels including HGTV, The Food Network, DIY, Cooking, and the Travel Channel, declined to -25% in 2015 despite rising nearly 13% in the fourth quarter. Scripps fell sharply in the third quarter along with the rest of the media industry after Disney acknowledged ongoing challenges in the pay TV landscape, and many peers followed with disappointing ratings. Scripps, unlike most of its media peers, creates and owns valuable content that attracts a specific loyal, upscale audience. For this, Scripps channels receive an advertising premium versus other, less differentiated channels. Scripps also is underpaid by distributors for the ratings points it provides. The final difference versus peers is that Scripps is much earlier in its international expansion and therefore has money-losing yet valuable international properties not credited in a simple earnings multiple. During the year the company acquired More...

  • Currently 0.00/5

Rating: 0.0/5 (0 votes)

Longleaf Partners Comments on Triangle Petroleum Guru stock highlight
Also previously mentioned, Triangle Petroleum (TPLM), a Bakken-focused E&P company with an internally developed oil services business (RockPile) and a joint-ventured pipeline business (Caliber), declined 62% for the year after falling 22% in the fourth quarter. Triangle’s integrated strategy provides a cost advantage in North Dakota where there is little infrastructure. Management has shown discipline in a challenged environment by announcing a 71% cut in capex without an offsetting production cut. Additionally, management bought shares personally and repurchased discounted debt at the company level. Late in the year, we swapped the common stock into bonds that were priced at a substantial discount to par, yielding 33% to maturity as of year end. This transaction provided a better risk-reward profile and offset some of the Fund’s realized gains. More...

  • Currently 5.00/5

Rating: 5.0/5 (1 vote)

Longleaf Partners Comments on Graham Holdings Guru stock highlight
A large detractor to the Fund’s performance in the fourth quarter, media and education company Graham Holdings’ (NYSE:GHC) 16% decline took its 2015 return to -11%. The stock price was impacted by broader weakness in the media industry and for-profit education where the regulatory and economic environment continued to be challenging. In the quarter, Graham Holdings’ Kaplan business reported worse U.S. student trends, and margins and revenue growth declined. More...

  • Currently 5.00/5

Rating: 5.0/5 (1 vote)

Longleaf Partners Comments on HollyFrontier Guru stock highlight
In the first quarter, amidst the market selloff of energy companies, we purchased HollyFrontier (NYSE:HFC), the independent petroleum refiner that owns and operates five U.S. refineries. The company owns plants in superior locations that allow for above-average margins. Additionally, management has a history of productive capital allocation. As a refiner, HollyFrontier benefits from the decline in energy prices which lead to more miles driven and increased demand for gasoline. During the year, CEO Mike Jennings bought in undervalued shares and focused on projects with master limited partnership (MLP) potential to cater to investors’ thirst for yield. This strategy, plus takeover speculation, helped the stock rise to our appraisal. HollyFrontier appreciated 55%, was among the year’s largest contributors to performance, and was sold in the third quarter. More...

  • Currently 0.00/5

Rating: 0.0/5 (0 votes)

Longleaf Partners Comments on Vail Resorts Guru stock highlight
Vail Resorts (NYSE:MTN), the largest owner of ski resorts in the world, gained 23% in the fourth quarter and 44% for the year, making it the Fund’s top contributor in 2015. So far in the 2015/2016 U.S. ski season, the company has posted strong pass sales (+13%), with price increases of 6% and higher units. With Vail’s strong financial position and positive operating cash flow (OCF), CEO Rob Katz reaffirmed the company’s plan to continue to return capital to shareholders via an increased dividend and share buybacks. The board recently authorized an additional 1.5 million shares for repurchase (roughly 4% of shares outstanding). Our appraisal of the company grew in the quarter and over the year. More...

  • Currently 5.00/5

Rating: 5.0/5 (1 vote)

Longleaf Partners Comments on DreamWorks Animation Guru stock highlight
A top contributor to the Fund, film studio DreamWorks Animation (NASDAQ:DWA) gained 16% for the year after a substantial 48% rise in the fourth quarter—an example of how quickly payoff patterns can move. The company had a box office success with the late March release of the movie Home, which continued to do well in home video and streaming. In December, DreamWorks announced a co-production deal with DHX Media, demonstrating that the company’s efforts to develop television content has progressed into recurring revenues. The New Media segment, which contains AwesomenessTV, had impressive revenue growth and margins. License renewals helped drive strong revenue and earnings growth in the consumer division. CEO Jeffrey Katzenberg’s push in the Chinese film distribution market via the 45% Oriental DreamWorks JV has potential for meaningful upside. More...

  • Currently 4.50/5

Rating: 4.5/5 (2 votes)

Longleaf Partners Small-Cap Fund Commentary 4th Quarter Holdings and market Mason Hawkins - Longleaf Partners Small-Cap Fund Commentary 4th Quarter
The Fund’s six energy-related holdings in 2015 combined to account for the Fund’s negative return and relative underperformance of the year and dampened the otherwise strong absolute and relative performance in the fourth quarter. Although our oil and gas price assumptions have been wrong, we believe that CONSOL Energy (NYSE:CNX) could rapidly rebound with major asset sales and, along with Triangle Petroleum, will benefit when commodity prices correct as supply and demand eventually rebalance. At both companies, our management partners are taking action, including cutting costs, increasing financial flexibility, and selling assets to ensure the companies can withstand the difficult commodity environment. These two companies trade at a substantial discount to our appraisal and, we believe, offer greater potential upside than the index. However, the short-term performance masked the positive progress across the majority of our businesses in the year. More...

  • Currently 5.00/5

Rating: 5.0/5 (1 vote)

Longleaf Partners Comments on Murphy Oil Guru stock highlight
In the fourth quarter, we sold Murphy Oil (NYSE:MUR), an E&P company with a portfolio of global offshore and onshore assets, after the stock declined 51% and was among the Fund’s largest detractors for the year. Following several disappointing drilling results and a lack of management plans for near-term ways to go on offense, we redeployed this capital into the high-quality franchise of National Oilwell Varco (NYSE:NOV). More...

  • Currently 5.00/5

Rating: 5.0/5 (2 votes)

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 More...

  • Currently 0.00/5

Rating: 0.0/5 (0 votes)

Longleaf Partners Comments on Chesapeake Energy Guru stock highlight
As noted, Chesapeake Energy (NYSE:CHK), the second largest producer of natural gas in the U.S., declined 39% in the quarter and 77% for the year, making it the largest detractor of performance in both periods. Options accounted for 40% of our position and slightly half of our return. Fears related to further declines in energy prices drove the stock lower, despite CEO Doug Lawler’s progress in areas he could control. After reaffirming the company’s untapped $4 billion revolving credit facility and renegotiating a deal with Williams (pipeline operator), in the fourth quarter Chesapeake turned to restructuring its debt. Chesapeake offered to exchange various unsecured debt securities at a discount to par for secured debt with a later maturity. Pushing out due dates coupled with reducing overall debt outstanding should help the company weather a sustained low energy price environment. More...

  • Currently 5.00/5

Rating: 5.0/5 (1 vote)

Longleaf Partners Comments on McDonald’s Guru stock highlight
During the quarter, we began exiting our successful investment in global quick service restaurant operator McDonald’s (NYSE:MCD) and completed the sale in the first week of 2016. The stock was a strong contributor for the year, up 31%, and the last three months, up 21%. When we initially purchased the company in late 2014, we believed management could overcome short-term obstacles and turn around same-store sales in certain struggling markets. Additionally, we saw optionality in the value of the company’s real estate assets. Over the course of our investment, McDonald’s hired a new CEO, Steve Easterbrook, a move welcomed by investors. His plan to revive the business both operationally and structurally helped drive the stock price. Although management and the board decided not to monetize the real estate assets, the stock price reached our appraised value in an unexpectedly short period. Over the year plus that we owned the stock, it gained 34% and was among the strongest contributors More...

  • Currently 0.00/5

Rating: 0.0/5 (0 votes)

Longleaf Partners Comments on CK Hutchison Guru stock highlight
CK Hutchison (HKSE:00001), a conglomerate comprised of the non-real estate businesses from the June merger between Cheung Kong and its subsidiary, Hutchison Whampoa, returned 23% during 2015 when combined with Cheung Kong Property. The corporate transaction helped remove holding company discounts and clarify business line exposures by splitting the conglomerate between the property business (Cheung Kong Property Holdings) and the non-property business (CK Hutchison Holdings). The transaction is likely to be viewed as a seminal event leading to improved governance and structure for other complex conglomerates in Asia. Chairman Li Ka-shing and his son, Victor Li, have demonstrated a track record of building businesses and buying and selling assets at compelling values. More...

  • Currently 0.00/5

Rating: 0.0/5 (0 votes)

Longleaf Partners Comments on Wynn Resorts Guru stock highlight
Another notable contributor in the quarter, Wynn Resorts (NASDAQ:WYNN), the luxury gaming and hotel company with prime real estate in Las Vegas, Boston, and Macau, was up 31% but down 47% since we first added the position earlier in the year. The stock became deeply discounted as China’s anti-corruption campaign pressured revenues in Macau where Wynn is among six current operators and is scheduled to open the Wynn Palace in Cotai in June 2016. During the recent quarter, Macau sentiment began to turn as revenues stabilized. CEO Steve Wynn demonstrated his commitment and confidence in the business, purchasing over one million shares in early December and bringing his stake in the company to nearly 11%. Year-over-year comparable gross gaming revenues should improve in 2016, and Wynn cash flow will be bolstered with the Cotai property coming online. Longer term, we believe the company can generate impressive returns. Macau revenues from mass and premium mass visitors should grow with added non-gaming attractions, needed hotel More...

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Longleaf Partners Comments on Alphabet Guru stock highlight
Alphabet (NASDAQ:GOOGL) (formerly named Google) gained 51% for the year on the back of a 25% rise in the fourth quarter. The company reported strong revenue growth year-over-year across the U.S., U.K., and the rest of the world. The bear case that the move to mobile search would be detrimental to revenues and market share seemed to fade. Mobile queries now outnumber desktop queries in important countries, and mobile revenue per click is improving. Alphabet segment YouTube’s growth remained strong, and the company announced a new pay tier named Red. Disclosure should improve with new reporting of segments in January. During the fourth quarter, a new share buyback program was authorized, further affirming the company’s attention to capital allocation. More...

  • Currently 5.00/5

Rating: 5.0/5 (1 vote)

Longleaf Partners Comments on Level 3 Communications Guru stock highlight
After being a top contributor in the fourth quarter and adding 25%, Level 3 Communications (NYSE:LVLT) gained 10% for the full year. Over the course of the year, operating metrics continued to improve. During the fourth quarter, company segment Core Network Services’ (CNS) organic revenue grew 6% year-over-year. Within CNS, Enterprise revenue grew 8%. This revenue growth, combined with the synergies created by the merger with tw telecom, resulted in margin expansion. The high contribution margins, which are currently over 60%, have been one of the focal points of our Level 3 investment case and are one of the primary drivers of high growth in both EBITDA (earnings before interest, taxes, depreciation and amortization) and FCF (free cash flow) growth. In 2016, we believe the company will generate approximately $5.00/ share of FCF before discretionary growth capital expenditures, which translates to approximately 10x FCF on current price. The company’s success-based growth capex is More...

  • Currently 4.00/5

Rating: 4.0/5 (1 vote)

Longleaf Partners 4th Quarter Fund Commentary Longleaf Partners Fund fell 18.8% mainly due to energy bets Mason Hawkins - Longleaf Partners 4th Quarter Fund Commentary
Longleaf Partners Fund’s 5.47% advance in the quarter brought the 2015 return to -18.80%. These results fell below the S&P 500’s gains of 7.04% and 1.38% for the same periods. The Fund’s energy-related holdings were the leading detractors for the quarter and the year due to the sharp decline in energy prices. Since its inception, the Fund has outperformed the index. More...

  • Currently 4.00/5

Rating: 4.0/5 (1 vote)

Mason Hawkins' Firm Bets on Cost-Cutting Efforts at Consol Energy Southeastern Asset ups Consol stake by 15% Mason Hawkins - Mason Hawkins' Firm Bets On Cost-Cutting Efforts At Consol Energy
Following a small sale last month, the Mason Hawkins (Trades, Portfolio)-led Southeastern Asset Management upped its stake in Consol Energy (NYSE:CNX) by about 15% Monday, picking up more shares as energy stocks continue to lower. More...

MASON HAWKINS, CONSOL


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Microsoft, Intel and National Oilwell Varco Have High Dividend Yields in Bill Nygren's Portfolio Chesapeake Energy Corp., Caterpillar and Cummins are among top dividend producers Bill Nygren,Mason Hawkins,Ray Dalio,Robert Olstein - Microsoft, Intel And National Oilwell Varco Have High Dividend Yields In Bill Nygren's Portfolio
Bill Nygren (Trades, Portfolio) is portfolio manager of The Oakmark Fund, The Oakmark Select Fund and the Oakmark Global Select Fund. Nygren and his partners invest in companies they believe trade at a substantial discount to what they consider to be the true business value. More...

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Mason Hawkins Increases FedEx Stake by 25% Value investor sees more opportunity in 3 holdings Mason Hawkins - Mason Hawkins Increases FedEx Stake By 25%
Mason Hawkins is primarily a value investor similar to Benjamin Graham and Philip Fisher. These legendary gurus look for businesses with good management, good people, and companies that sell for deep discounts significantly less than their intrinsic value. More...

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