Carrier (CARR, Financial) (101%, 3.25%; --, --), the heating, ventilation and air conditioning (HVAC) and security company, was also a top performer for the year. We received shares at the end of March with Carrier's spinoff from our long-time United Technologies holding, and bought more in April as it traded at less than half of our appraisal and a 7x trailing P/E against similar competitors that were trading at 13-17x. After the business rebounded faster than expected, we exited the position in July.
From Mason Hawkins (Trades, Portfolio)' Longleaf Partners Fund fourth-quarter 2020 commentary.
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