Mason Hawkins

Mason Hawkins

Last Update: 04-10-2018

Number of Stocks: 31
Number of New Stocks: 6

Total Value: $8,077 Mil
Q/Q Turnover: 29%

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 (%)
201715.5121.71-6.2
201620.7211.968.8
2015-18.81.38-20.2
3-Year Cumulative13.2 (4.2%/year)38.1 (11.4%/year)-24.9 (-7.2%/year)
20144.9213.69-8.8
201332.1232.39-0.3
5-Year Cumulative57 (9.4%/year)107.9 (15.8%/year)-50.9 (-6.4%/year)
201216.53160.5
2011-2.852.11-5.0
201017.8915.062.8
200953.626.4627.1
2008-50.6-37-13.6
10-Year Cumulative58.9 (4.7%/year)125.8 (8.5%/year)-66.9 (-3.8%/year)
2007-0.45.49-5.9
200621.615.795.8
20053.64.91-1.3
20047.110.88-3.8
200334.828.686.1
15-Year Cumulative187.9 (7.3%/year)312.8 (9.9%/year)-124.9 (-2.6%/year)
2002-8.3-22.113.8
200110.3-11.8922.2
200020.6-9.129.7
19992.221.04-18.8
199814.328.58-14.3
20-Year Cumulative310.3 (7.3%/year)300.8 (7.2%/year)9.5 (0.1%/year)
199728.333.36-5.1
19962122.96-2.0
199527.537.58-10.1
199491.327.7
199322.210.0812.1
25-Year Cumulative981.7 (10%/year)908.6 (9.7%/year)73.1 (0.3%/year)
199220.57.6212.9
199139.230.478.7
1990-16.4-3.1-13.3
198923.331.69-8.4
198835.216.6118.6
30-Year Cumulative2428.5 (11.4%/year)2007.3 (10.7%/year)421.2 (0.7%/year)

Top Ranked Articles

GE Brings Old Earnings to Light The company will restate earnings as part of new accounting rules on Friday, and post 1st-quarter results
Shareholders may want a microscope strong enough to view the dust particles that settle on this company’s earnings report for the quarter. Read more...
With Oil Prices Cratering, Value Gurus Bet the Most on These Energy Stocks Pricing recovery remains ambiguous
Mason Hawkins (Trades, Portfolio) sold Chesapeake Energy (NYSE:CHK) and Prem Watsa (Trades, Portfolio) reduced Exco Resources (XCO) in the last week, stocks crushed by oil prices that continue to languish at their lowest prices since spring of 2016. For investors hanging on for something to change in energy, certain stocks hold more attraction than others. Read more...
Southeastern Asset Management Connects With CenturyLink Firm takes stake in telecom company
Mason Hawkins' (Trades, Portfolio) Southeastern Asset Management disclosed this week it established a 6.7% stake in CenturyLink Inc. (NYSE:CTL) on Dec. 8. Read more...
Southeastern Asset Management Says Watsa's Fairfax Was 'Deeply Discounted' Earlier in Year Stock remains down 5% for the year
In a letter released Friday, Mason Hawkin’s Southeastern Asset Management said it believed Prem Watsa (Trades, Portfolio)’s Canadian insurer Fairfax Financial (TSX:FFH) was “deeply discounted” as the price tumbled earlier in the year. Read more...
Longleaf Partners Comments on FedEx Guru stock highlight
FedEx (NYSE:FDX) (+12%; +1.00%), one of the world’s largest package delivery networks, contributed in the quarter. The company continued its excellent earnings momentum, driven currently by revenue strength and margin gains in the Express segment. The Ground segment revenues stayed incredibly strong, although margins were down as the company invested heavily in growth. We believe that the company is close to a point where Ground margins turn around and begin to grow as the large scale investment in new hubs slows. The company also communicated that the integration of its TNT acquisition from last year is going well, providing future earnings upside even though for now, TNT results are dilutive. Some of the investor panic around Amazon hurting FedEx as a competitor has also begun to subside, for logical reasons related to FedEx’s physical scale and last mile density. FedEx is heavily weighted as the Fund’s second largest position, reflecting our confidence in CEO Fred Smith and his team, as well as in FedEx’s competitive strength and long-term value growth. Read more...
» More Mason Hawkins Articles

Commentaries and Stories

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Rating: 5.0/5 (3 votes)

GE Brings Old Earnings to Light The company will restate earnings as part of new accounting rules on Friday, and post 1st-quarter results Diamond Hill Capital,Mason Hawkins - GE Brings Old Earnings To Light
Shareholders may want a microscope strong enough to view the dust particles that settle on this company’s earnings report for the quarter. More...

RESTATEMENT, EARNINGS, CONTRACTS, LONG-TERM, SECURITIES & EXCHANGE COMMISSION, ENERGY, AEROSPACE, GENERAL ELECTRIC


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Rating: 4.0/5 (1 vote)

2 Great Investment Ideas From Southeastern Asset Management Quarterly investment summary of the Longleaf Partners funds Mason Hawkins - 2 Great Investment Ideas From Southeastern Asset Management
The Longleaf Partners funds, which are managed by Southeastern Asset Management, just published a quarterly summary of its performance, including an outlook and a few interesting investment ideas. I've selected two of their most compelling investment ideas to highlight for your benefit. But first, Longleaf's market outlook: More...

LONG, ENERGY, CABLE, MEDIA


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Rating: 5.0/5 (1 vote)

Longleaf Partners 1st Quarter Shareholder Letter Review of markets and holdings Mason Hawkins - Longleaf Partners 1st Quarter Shareholder Letter
In a tumultuous quarter for markets, we made positive progress identifying new qualifiers and putting some of our cash reserves to work. Benchmark indices fell, while the Longleaf Partners Funds delivered flat to negative returns. Around one-third or more of each Fund’s holdings posted positive results, and cash reserves helped buffer market declines. The International and Global Funds outperformed their respective indices because of both the strong performance of our overweight position in EXOR and the absence of any large non-U.S. detractors. The Partners and Small-Cap Funds lagged their respective indices due to a lack of any major outperformers, as well as declines in a few stocks, including newer investments in the Partners Fund. Our limited investment in Information Technology stocks impacted relative returns across all Funds. Even after technology stocks lost steam in the last weeks of March, Info Tech was the largest contributor and one of only two positive sectors in the S&P 500 and MSCI World Indices, and one of only three positives in the MSCI EAFE and Russell 2000 Indices. More...

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Mason Hawkins’ Southeastern Bets Big on CenturyLink Firm reports 4th-quarter portfolio Mason Hawkins - Mason Hawkins’ Southeastern Bets Big On CenturyLink
Mason Hawkins (Trades, Portfolio)’ Southeastern Asset Management released its fourth-quarter portfolio last week, listing six new positions. More...

MASON HAWKINS, SOUTHEASTERN, BUYS, 4Q


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Longleaf Partners Funds 4th Quarter Shareholder Letter Review of holdings and markets Mason Hawkins - Longleaf Partners Funds 4th Quarter Shareholder Letter
For a second consecutive year, all four Longleaf Partners Funds delivered solid absolute results in 2017, with the Longleaf Partners, Longleaf Partners International and Longleaf Partners Global Funds exceeding our annual absolute goal of inflation plus 10%. The Global Fund also outperformed its benchmark index for the year. As is normally the case with our concentrated portfolios, business fundamentals at our companies largely accounted for performance. Our absolute returns were particularly notable in a market environment where stocks others call “growth” outperformed stocks categorized as “value” by over 1200 basis points (bps) in the U.S. and 700 bps elsewhere. Information Technology (IT) was a meaningful part of growth’s momentum as the sector far outpaced all others. This impacted our relative returns, as did our high cash balance in all four Funds throughout the year. More...

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Longleaf Partners Comments on CenturyLink Guru stock highlight
CenturyLink (NYSE:CTL) (formerly Level 3) (-10%,-1.12%, -5%,-0.52%), the global fiber and integrated communications network company, was the Fund’s largest holding and declined during the year and fourth quarter, even though the stock rallied over 22% from its November low after CTL’s purchase of Level 3 closed. Throughout, our investment case grew more compelling. The merger of Level 3’s fiber network with Qwest’s assets that CTL had previously acquired created a uniquely competitive global fiber network that has particular strengths in the higher margin, growing Enterprise segment. Level 3’s CEO Jeff Storey becoming President and COO and eventual CEO of CTL and Sunit Patel maintaining the CFO position in the combined company were critical to our support for the deal. Their leadership makes us confident that CTL management will be able to drive mid single-digit Enterprise revenue growth at high contribution margins, cut costs substantially and deliver the projected $1 billion in deal synergies, much of which will be created by moving traffic onto the company’s combined network from third parties. Despite CTL’s stronger positioning, the stock price fell, in part because More...

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Longleaf Partners Comments on Chesapeake Energy Guru stock highlight
Chesapeake Energy (NYSE:CHK) (-44%,-2.07%,-8%,-0.17%), one of the largest U.S. producers of natural gas and oil, was one of the Fund’s few detractors in 2017 during a tough market for closing energy asset sales. Overshadowing strong operational performance by CEO Doug Lawler and his management team, domestic gas oversupply weighed down strip prices. Chesapeake made progress delineating some of its newer plays, but the market continued to underestimate the company’s ability to sell meaningful assets, as it has done multiple times in the past. More...

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Longleaf Partners Comments on United Technologies Guru stock highlight
United Technologies (NYSE:UTX) (+19%,+0.95%,+11%,+0.53%), the industrial conglomerate, reported gains across its segments, putting it among the Fund’s top contributors in the fourth quarter. Pratt & Whitney won large Delta and Dassault contracts for its new geared turbofan engine – business that will pay off for decades with lucrative servicing revenues. The company’s proposed acquisition of Rockwell Collins should boost its strong competitive position in fitting out and servicing the growing aerospace industry. Carrier benefitted from its leading position in air conditioning systems and ought to gain from digital Smart Home technological improvements over the next several decades. Otis Elevator, one of the most ubiquitous companies in the world’s cities, showed solid organic growth. CEO Greg Hayes has positioned each part of United Technologies for long-term performance and the ability to stand-alone as separate companies in the future. Although we sold shares as the stock’s discount decreased, the Fund kept a full position that reflected our longer term confidence in management and value growth. More...

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Longleaf Partners Comments on CONSOL Energy Guru stock highlight
CONSOL Energy (NYSE:CEIX) (+7%,+0.49%,+16%,+0.94%), the former natural gas and coal company based in Appalachia, was a contributor to the Fund’s fourth quarter results. The company completed the long-awaited spin-off of its coal assets from its natural gas reserves, undrilled acreage, and pipelines — a move we had encouraged to enable others to fully appreciate the values of each business. The gas company now trades as CNX Resources Corporation (CNX), while the coal pure-play business retained the CONSOL Energy name. Our CNX appraisal assumes gas prices at today’s depressed strip, yet the stock price implies much less value for its undrilled resources and midstream assets than comparable peers receive. The company reduced commodity risk by hedging the majority of next year’s production above $3/mcf. CONSOL’s Pennsylvania Mining Complex is the low-cost coal producer in the eastern U.S. Both companies announced large buybacks to address their undervalued post-spin prices. We believe our management partners will continue to take action to gain value recognition at both companies. In spite of rampant coal divestment by institutional More...

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Longleaf Partners Comments on CK Asset Guru stock highlight
CK Asset (HKSE:01113) (+46%,+2.08%,+6%+0.33%), the Hong Kong based asset holding company, was one of the top contributors for the fourth quarter and year. The company achieved strong volumes of residential property sales in both Hong Kong and mainland China, and in the first half of 2017, sold the highest volume of residential property in Hong Kong. Rather than pay elevated prices for land, CK Asset (CKA) diverted sales proceeds to value accretive share buybacks at prices substantially below our appraisal. CKA spent HK$6.9 billion to buy over 3.3% of its shares, making it one of the top three repurchasers on the Hong Kong stock exchange for the year. To mitigate the cyclical nature of cash flows associated with property development, CKA diversified into stable infrastructure type assets around the globe, including gas pipeline and electric distribution company DUET in Australia, building equipment services provider Reliance Home Comfort in Canada, and fully integrated sub-metering company Ista International GmbH in Germany. To reflect this strategy, the company changed its name from Cheung Kong Property to CK Asset. In November, More...

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Longleaf Partners Comments on Alphabet Guru stock highlight
Alphabet (NASDAQ:GOOGL) (+36%,+2.23%,+10%,+0.56%), the diversified internet company with strong positions worldwide in search (Google), video (YouTube), mobile (Android), and more, was among the largest Fund contributors for the fourth quarter and the year. As the discount to intrinsic worth closed, we trimmed, although the Fund maintained a full position because of the company’s strong value growth. Revenues in the U.S. and Europe grew in excess of 20% and over 30% around the rest of the world as the search moat widened. Google still has significant opportunities to expand its share of advertisers’ total spend beyond its current level. The company made significant progress towards monetizing the fifth of the world’s population who watch YouTube every month by improving advertising interactions and separating brands from the site’s worst content after a minor scandal. Despite the stock’s outperformance during our almost three years of ownership, frightening “FAANG” (Facebook, Apple, Amazon, Netflix, Google) hype and frothy IT valuations, Alphabet still sells below our conservative appraisal, which does not give credit More...

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Longleaf Partners Comments on CNH Industrial Guru stock highlight
CNH Industrial (NYSE:CNHI) (+57%,+2.49%,+12%,+0.55%), the maker of Case and New Holland agriculture equipment (Ag) and Iveco trucks (CV), helped the Fund’s fourth quarter and full year results. After declining for three years, Ag staged a turnaround with Q3 sales growing 12% year-over-year and operating profit margin expanding by 130 basis points. Accordingly, fiscal year 2017 sales and earnings guidance saw meaningful upgrades. The Ag cycle in the U.S. seems to have hit an inflection point in 2017 after peaking in 2013. CNHI management successfully balanced channel inventory while taking costs out during the decline. When U.S. Ag volumes (especially for high horsepower tractors and combines) recover from the current trough levels, the operating leverage on incremental sales will be highly margin accretive. In addition, CNHI was upgraded to an investment grade rating by S&P and Fitch, an important milestone that should allow the company to tap the commercial paper market, lower interest expense, extend the debt maturity profile and potentially release over $1 billion of excess capital in time, which our management partners More...

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Longleaf Partners Comments on FedEx Guru stock highlight
FedEx (NYSE:FDX) (+35%, +2.66%,+11%,+0.75%), the world-leading transportation and logistics company, added to the Fund’s strong fourth quarter and 2017 results. Express margins jumped to the company’s long-held goal of double-digit levels due to strong pricing and utilization of lower cost passenger plane space. Ground yield and volumes were strong, and margins seem to have finally bottomed after recent years of rapid expansion and investment. FedEx moved quickly to integrate acquired TNT into its global network as it deftly handled the effects of a significant TNT cyberattack. CEO Fred Smith continued to think far ahead and prioritize the business’s long-term competitive position, reinvesting most earnings into high-return expansions and improvements. We trimmed the Fund’s stake as the discount to intrinsic worth shrunk. More...

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Longleaf Partners Comments on Wynn Resorts Guru stock highlight
Wynn Resorts (NASDAQ:WYNN) (+98%, +4.21%, +14%, +0.44%), the U.S. and Macau gaming company, was the largest contributor to the Fund’s 2017 performance with strong earnings growth in Macau and Las Vegas. Industry gross gaming revenues (GGR) in Macau accelerated in the second half of 2017 well beyond full year GGR growth expectations. With major infrastructure projects moving closer to completion, mass visits and spending increasing, and VIPs returning, concerns about potential over-supply from significant capacity additions in Macau turned into confidence that additional hotel and gaming properties will be well absorbed by the market. Steve Wynn continued to create future value with the Boston resort expected to open in 2019, new development around the Las Vegas golf course, and the chance to pursue casino development in Japan. After the stock more than tripled from its lows two years ago and moved closer to our assessment of the company’s value, we reduced the Fund’s position. More...

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Rating: 5.0/5 (4 votes)

Longleaf Partners Fund 4th Quarter Commentary Review of holdings and markets Mason Hawkins - Longleaf Partners Fund 4th Quarter Commentary
Longleaf Partners Fund delivered a strong absolute return of 15.51% in 2017 and 3.62% in the fourth quarter, exceeding our annual goal of inflation plus 10% for both periods and for the second consecutive year. Our discipline, which requires a material margin of safety between stock price and intrinsic worth, kept the Fund with high cash levels and out of most of the Information Technology (IT) sector that powered the index’s 6.65% return in the quarter and 21.83% for the year. Cash, which faced no risk of capital loss, and the Fund’s limited IT exposure accounted for almost all of the shortfall versus the index. The long-running bull market became more reminiscent of the late 1990s as IT dominated and started to leave other high quality companies with attractive discounts. More...

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Southeastern Asset Management Divests 70% of Deltic Timber in Late November Guru real-time pick highlight Mason Hawkins - Southeastern Asset Management Divests 70% Of Deltic Timber In Late November
Mason Hawkins (Trades, Portfolio) Southeastern Asset Management disclosed Dec. 11 that it divested 70% of its stake in Deltic Timber Corp. (NYSE:DEL) on Nov. 30. More...

MASON HAWKINS


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Southeastern Asset Management Connects With CenturyLink Firm takes stake in telecom company Mason Hawkins - Southeastern Asset Management Connects With CenturyLink
Mason Hawkins' (Trades, Portfolio) Southeastern Asset Management disclosed this week it established a 6.7% stake in CenturyLink Inc. (NYSE:CTL) on Dec. 8. More...

MASON HAWKINS, SOUTHEASTERN ASSET MANAGEMENT,CENTURYLINK, BUY


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Longleaf Partners Comments on EXOR Guru stock highlight
Other examples of multi-industry complexity and change in focus include EXOR2,4 and Graham Holdings3. Ten years ago, many viewed EXOR (MIL:XO) as a way to own Fiat, a car company with limited models and distribution. But Chairman and CEO John Elkann and Vice Chairman Sergio Marchionne successfully split Fiat into its better recognized parts of Ferrari, Fiat Chrysler Automobiles, and CNH Industrial. Last year, the purchase of PartnerRe made it the largest part of EXOR’s value, thereby requiring reinsurance industry knowledge to properly analyze the company. Our generalist team could quickly incorporate the value of this significant acquisition into our EXOR case given the analysts’ coverage of previous reinsurance investments such as Everest Re, Odyssey RE within Fairfax, and Berkshire Reinsurance within Berkshire Hathaway. To appraise Graham Holdings, formerly The Washington Post, knowledge of the newspaper and cable industries (the two largest parts that the company sold and spun out, respectively) is of limited help in determining the value for the remaining More...

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Southeastern Asset Management Says Watsa's Fairfax Was 'Deeply Discounted' Earlier in Year Stock remains down 5% for the year Prem Watsa, Mason Hawkins - Southeastern Asset Management Says Watsa's Fairfax Was 'Deeply Discounted' Earlier In Year
In a letter released Friday, Mason Hawkin’s Southeastern Asset Management said it believed Prem Watsa (Trades, Portfolio)’s Canadian insurer Fairfax Financial (TSX:FFH) was “deeply discounted” as the price tumbled earlier in the year. More...

  • Currently 5.00/5

Rating: 5.0/5 (2 votes)

Longleaf Partners 3rd Quarter Shareholder Letter Discussion of markets and investments Mason Hawkins - Longleaf Partners 3rd Quarter Shareholder Letter
In the third quarter, we compounded our shareholders’ capital across all four Longleaf Partners Funds. Performance gains, however, were somewhat muted by the larger-than-normal cash held across the Funds. Markets outside of the U.S. led year-to-date returns throughout 2017, but U.S. small cap stocks beat both U.S. large cap and non-U.S. markets in the third quarter following the September small cap rally associated with prospective corporate tax cuts. Longleaf International Fund outperformed EAFE. In the Longleaf Partners, Longleaf Partners Small-Cap, and Longleaf Partners Global Funds, which underperformed their relevant indices, our largest holding, Level 3 Communications (LVLT),1,2,3 was the primary source followed by the cash headwind. LVLT will become a more normal weight when CenturyLink (NYSE:CTL) closes its purchase of LVLT, paying cash for approximately half of the acquisition. In the quarter, LVLT’s price reflected concerns about final deal approvals and a potential CTL dividend cut post-deal. We anticipate that the deal will close, the prospective cash flow will easily cover the dividend, and the new CTL will be the preeminent global fiber network solutions company with More...

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