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Longleaf Partners Sells FedEx, Alphabet, Exits Scripps Networks

The investor's largest 3rd quarter sells

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Nov 17, 2017
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Southeastern Asset Management was founded in by its CEO and Chairman,

Mason Hawkins (Trades, Portfolio). The fund produced an average 10.51% annual return since inception. During the last year, the fund returned 13.55%, underperforming the 23.63% return of the S&P 500 Index. The guru sold shares in the following stocks during the third quarter.

The firm exited its Scripps Networks Interactive Inc Class A (SNI) holding, impacting the portfolio by -5.3%.

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The company operates six domestic cable channels and has a market cap of $10.28 billion and an enterprise value of $13.13 billion.

GuruFocus gives the company a profitability and growth rating of 8 out of 10. The return on equity (ROE) of 27.07% and return on assets (ROA) of 9.52% are outperforming 86% of the companies in the Global Broadcasting - TV industry. Financial strength has a rating of 5 out of 10. The cash-debt ratio of 0.04 is below the industry median of 1.47.

The largest shareholder among the gurus is

Mario Gabelli (Trades, Portfolio) with 0.75% of outstanding shares followed by Jeremy Grantham (Trades, Portfolio) with 0.55% and Jim Simons (Trades, Portfolio) with 0.42%.

The firm reduced its position in Wynn Resorts Ltd (WYNN). The trade had an impact of -2.37% on the portfolio.

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The operator of luxury casinos and resorts has a market cap of $15.58 billion and an enterprise value of $22.74 billion.

GuruFocus gives the company a profitability and growth rating of 5 out of 10. While the ROE of 218.16% is outperforming the sector, ROA of 3.13% is underperforming 52% of the companies in the Global Resorts and Casinos industry. Financial strength has a rating of 3 out of 10. The cash-debt ratio of 0.30 is below the industry median of 0.66.

Longleaf is the largest shareholder of the company among the gurus with 4.98% of outstanding shares followed by

Steve Mandel (Trades, Portfolio) with 2.61%, Lee Ainslie (Trades, Portfolio) with 0.85% and Steven Cohen (Trades, Portfolio) with 0.41%.

The FedEx Corp. (FDX)’s position was cut by 16.89%. The transaction had an impact of -1.9% on the portfolio.

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The company has a market cap of $57.5 billion and an enterprise value of $69.19 billion. It is the largest express courier in the world.

GuruFocus gives the company a profitability and growth rating of 7 out of 10. The ROE of 18.78% and ROA of 6.08% are outperforming 77% of the companies in the Global Integrated Shipping & Logistics industry. Financial strength has a rating of 6 out of 10. The cash-debt ratio of 0.23 is below the industry median of 0.34.

PRIMECAP Management (Trades, Portfolio) is the largest guru shareholder, with 5.81% of outstanding shares followed by Dodge & Cox with 4.2%, Longleaf with 1.46% and Bill Gates (Trades, Portfolio) with 1.13%.

The guru's holding of Everest Re Group Ltd (RE) was exited, impacting the portfolio by -1.83%.

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The company offers property and casualty reinsurance and insurance products. It has a market cap of $9.42 billion and an enterprise value of $9.1 billion.

GuruFocus gives the company a profitability and growth rating of 6 out of 10. The ROE of 3.19% and ROA of 1.22% are outperforming 77% of the companies in the Global Insurance – Reinsurance industry. Financial strength has a rating of 5 out of 10. The cash-debt ratio of 0.92 is below the industry median of 5.79.

The largest shareholder of the company among the gurus is Donald Smith (Trades, Portfolio) with 0.83% of outstanding shares followed by

Chris Davis (Trades, Portfolio) with 0.56%, Simons with 0.34% and Richard Pzena (Trades, Portfolio) with 0.22%.

Longleaf's CNH Industrial NV (CNHI) holding was reduced by 22.10%. The trade had an impact of -0.55% on the portfolio.

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The manufacturer of agricultural and construction equipment has a market cap of $17.14 billion and an enterprise value of $38 billion.

GuruFocus gives the company a profitability and growth rating of 5 out of 10. While the ROE of 9.76% is outperforming the sector, ROA of 0.94% is underperforming 69% of the companies in the Global Farm and Construction Equipment industry. Financial strength has a rating of 4 out of 10. The cash-debt ratio of 0.16 is below the industry median of 0.57.

HOTCHKIS & WILEY is the largest shareholder of the company among the gurus with 2.34% of outstanding shares followed by Longleaf with 1.14% and Barrow, Hanley, Mewhinney & Strauss with 0.83%.

Alphabet Inc Class C (GOOG) shares were reduced by 5.82% impacting the portfolio by -0.45%.

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Google's parent company has a market cap of $714.68 billion and an enterprise value of $618.5 billion.

GuruFocus gives the company a profitability and growth rating of 8 out of 10. The ROE of 14.52% and ROA of 12.10% are outperforming 71% of the companies in the Global Internet Content and Information industry. Financial strength has a rating of 8 out of 10. The cash-debt ratio of 25.26 is above the industry median of 13.55.

The largest shareholder of the company among the gurus is Dodge & Cox with 0.47% of outstanding shares followed by

PRIMECAP Management (Trades, Portfolio) with 0.33%, Davis with 0.17% and Ruane Cunniff (Trades, Portfolio) with 0.12%.

The United Technologies Corp. (UTX)’s position was reduced by 6.50% The trade had an impact of -0.45% on the portfolio.

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The provider of high technology products to aerospace industries, has a market cap of $93.89 billion and an enterprise value of $114.43 billion.

GuruFocus gives the company a profitability and growth rating of 7 out of 10. The ROE of 18.11% and ROA of 5.60% are outperforming 75% of the companies in the Global Aerospace and Defense industry. Financial strength has a rating of 5 out of 10. The cash-debt ratio of 0.31 is below the industry median of 0.43.

Barrow, Hanley, Mewhinney & Strauss is the largest shareholder of the company among the gurus with 1.55% of outstanding shares followed by Davis with 0.97%.

The guru also cut his holding of Consol Energy Inc. (CNX) by 4.83% impacting the portfolio by -0.4%.

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The company has a market cap of $3.68 billion and an enterprise value of $6.06 billion. It explores and produces oil and natural gas.

GuruFocus gives the company a profitability and growth rating of 5out of 10. The ROE of -5.16% and ROA of -2.20% are outperforming 52% of the companies in the Global Oil and Gas E&P industry. Financial strength has a rating of 4 out of 10. The cash-debt ratio of 0.11 is below the industry median of 0.55.

The largest guru shareholder is Longleaf with 20.74% of outstanding shares followed by

David Einhorn (Trades, Portfolio) with 9.85%, Cohen with 1.32%, Gabelli with 0.26% and Joel Greenblatt (Trades, Portfolio) with 0.2%.

Disclosure: I do not own any shares of any stocks mentioned in this article.

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