Insights into Southeastern Asset Management's Latest 13F Filing
Mason Hawkins (Trades, Portfolio), the seasoned Chairman and CEO of Southeastern Asset Management since 1975, continues to make calculated investment moves in the first quarter of 2024. A graduate with a B.A. in Finance from the University of Florida and an M.B.A. from the University of Georgia, Hawkins is a staunch value investor. His investment philosophy revolves around acquiring stakes in businesses that are not only understandable and have strong balance sheets but are also managed by capable individuals and are trading at prices well below their intrinsic values. Typically, his target investment threshold is companies trading at 60% or less of their intrinsic value, determined through detailed asset and cash flow analyses.
Summary of New Buys
Mason Hawkins (Trades, Portfolio) added a total of 1 stock to his portfolio this quarter:
- The most significant addition was PotlatchDeltic Corp (PCH, Financial), with 872,121 shares, accounting for 1.58% of the portfolio and a total value of $41.01 million.
Key Position Increases
Mason Hawkins (Trades, Portfolio) also increased stakes in a total of 9 stocks, among them:
- The most notable increase was in PayPal Holdings Inc (PYPL, Financial), with an additional 878,209 shares, bringing the total to 894,657 shares. This adjustment represents a significant 5,339.31% increase in share count, a 2.26% impact on the current portfolio, and a total value of $59.93 million.
- The second largest increase was in CNH Industrial NV (CNHI, Financial), with an additional 3,296,726 shares, bringing the total to 7,486,721. This adjustment represents a significant 78.68% increase in share count, with a total value of $97.03 million.
Summary of Sold Out Positions
Mason Hawkins (Trades, Portfolio) completely exited 3 holdings in the first quarter of 2024, as detailed below:
- Fortune Brands Innovations Inc (FBIN, Financial): Mason Hawkins (Trades, Portfolio) sold all 452,101 shares, resulting in a -1.32% impact on the portfolio.
- Knife River Holding Co (KNF, Financial): Mason Hawkins (Trades, Portfolio) liquidated all 320,291 shares, causing a -0.81% impact on the portfolio.
Key Position Reductions
Mason Hawkins (Trades, Portfolio) also reduced positions in 19 stocks. The most significant changes include:
- Reduced PVH Corp (PVH, Financial) by 436,135 shares, resulting in a -58.08% decrease in shares and a -2.05% impact on the portfolio. The stock traded at an average price of $127.98 during the quarter and has returned -8.90% over the past 3 months and -4.45% year-to-date.
- Reduced Hyatt Hotels Corp (H, Financial) by 357,676 shares, resulting in a -44.71% reduction in shares and a -1.79% impact on the portfolio. The stock traded at an average price of $140.84 during the quarter and has returned 11.02% over the past 3 months and 14.36% year-to-date.
Portfolio Overview
At the first quarter of 2024, Mason Hawkins (Trades, Portfolio)'s portfolio included 43 stocks, with top holdings including 8.25% in CNX Resources Corp (CNX, Financial), 6.5% in Mattel Inc (MAT, Financial), 6.04% in FedEx Corp (FDX, Financial), 5.39% in Affiliated Managers Group Inc (AMG, Financial), and 5.31% in IAC Inc (IAC, Financial). The holdings are mainly concentrated in 9 of all the 11 industries: Communication Services, Consumer Cyclical, Industrials, Consumer Defensive, Financial Services, Energy, Real Estate, Healthcare, and Technology.
This article, generated by GuruFocus, is designed to provide general insights and is not tailored financial advice. Our commentary is rooted in historical data and analyst projections, utilizing an impartial methodology, and is not intended to serve as specific investment guidance. It does not formulate a recommendation to purchase or divest any stock and does not consider individual investment objectives or financial circumstances. Our objective is to deliver long-term, fundamental data-driven analysis. Be aware that our analysis might not incorporate the most recent, price-sensitive company announcements or qualitative information. GuruFocus holds no position in the stocks mentioned herein.
