Mason Hawkins bought only one new stock (U.S.I. Holdings) for his funds in the last quarter, he added his positions in a few others, most notably GM. His cash position has been more than 20% because he could not find bargains. But he said the situation has improved due to individual anomalies within specific industries or companies, and intrinsic value growth outpacing prices fast enough to create the requisite discount. He has uncovered more ideas in international as well as the U.S. markets, although he has not bought yet. As always, GuruFocus will let you know as soon as the information is available…
http://www.longleafpartners.com/pdfs/05_q1.pdf
http://www.longleafpartners.com/pdfs/05_q1.pdf
