Southeastern Asset Management

Q3 2013 13F · by Mason Hawkins, founder

As of: Sep 30, 2013
Filed: Nov 14, 2013
US stock: $20.0B · prev $20.3B
Positions: 33 · prev 35
Options notional: $0
Documents: 1· no amendments

Picture100.0% US stock

Full picture · of what this 13F reports is US stock

US stock listed on a US exchange 100.0%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves33 since the prior filing

+4.5 pp in · −4.8 pp out

New 3 +3.03 pp
Added 1 +1.48 pp
Trimmed 24 +2.17 pp
Exited 5 −7.01 pp

The book

Concentrated · behaves like 18 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 12% a year, about 8.1 years per position

Low
Moderate
High

Top 5 positions40% of US stock

CHK Chesapeake Energy Corp trimmed+1.15 pp trimmed+1.159.9%
FDX FedEx Corporation trimmed+0.92 pp trimmed+0.928.8%
L Loews Corporation trimmed+0.26 pp trimmed+0.268.3%
unresolved Directv trimmed−0.53 pp trimmed−0.536.9%
unresolved Level 3 Communications Inc added+1.48 pp added+1.486.5%

Positions33 in this filing · 5 exited


CHKChesapeake Energy Corp	9.90%	76,707,427	$2.0B	trimmed−12%	+1.15 pp	2 q
FDXFedEx Corporation	8.82%	15,500,062	$1.8B	trimmed−5%	+0.92 pp	2 q
LLoews Corporation	8.33%	35,729,628	$1.7B	trimmed−3%	+0.26 pp	2 q
unresolvedDirectv	6.90%	23,131,868	$1.4B	trimmed−5%	−0.53 pp	2 q
unresolvedLevel 3 Communications Inc	6.50%	48,850,066	$1.3B	added+1%	+1.48 pp	2 q
BNYBank of New York Mellon Corporation	6.11%	40,568,796	$1.2B	trimmed−5%	+0.22 pp	2 q
unresolvedAon PLC	5.77%	15,524,966	$1.2B	trimmed−18%	−0.23 pp	2 q
MDLZMondelez International, Inc. Class A	5.71%	36,442,983	$1.1B	trimmed−5%	+0.29 pp	2 q
TRVThe Travelers Companies, Inc.	5.60%	13,243,290	$1.1B	trimmed−7%	−0.04 pp	2 q
MURMurphy Oil Corp.	4.60%	15,300,237	$923M	trimmed−5%	−0.23 pp	2 q
unresolvedConsol Energy Inc	3.74%	22,261,258	$749M	trimmed−8%	+0.51 pp	2 q
EGEverest Group, Ltd.	2.91%	4,007,209	$583M	trimmed−8%	+0.16 pp	2 q
unresolvedTexas Industries Inc.	2.67%	8,073,457	$535M	trimmed−1%	+0.04 pp	2 q
PHGKoninklijke Philips N.v.	2.55%	15,831,333	$511M	trimmed−17%	−0.02 pp	2 q
BRK.BBERKSHIRE HATHAWAY Class B	2.45%	4,329,958	$491M	trimmed−8%	−0.15 pp	2 q
ABTAbbott Laboratories	2.27%	13,727,856	$456M	trimmed−5%	−0.21 pp	2 q
CXCemex S.A.B. de C.V.	1.97%	35,375,663	$396M	trimmed−14%	−0.18 pp	2 q
NWSNews Corporation Class B	1.97%	24,036,554	$395M	new	+1.97 pp	new
unresolvedTw Telecom Inc	1.70%	11,406,743	$341M	trimmed−2%	+0.09 pp	2 q
unresolvedWashington Post Co	1.66%	543,610	$332M	trimmed−1%	+0.35 pp	2 q
VMCVulcan Materials Company(Holding Company)	1.58%	6,121,733	$317M	trimmed−0%	+0.12 pp	2 q
MTNVail Resorts, Inc.	1.18%	3,407,758	$236M	held	—	2 q
CNHCnh Industrial N.v.	0.91%	14,517,291	$181M	new	+0.91 pp	new
SNIScripps Networks Inter-cl A	0.87%	2,223,049	$174M	held	—	2 q
WENThe Wendy's Company	0.80%	18,878,200	$160M	trimmed−46%	−0.21 pp	2 q
LMLegg Mason, Inc.	0.62%	3,703,721	$124M	held	—	2 q
MLMMartin Marietta Materials	0.54%	1,097,407	$108M	trimmed−8%	−0.04 pp	2 q
unresolvedVodafone Group PLC New	0.54%	3,078,107	$108M	trimmed−9%	+0.06 pp	2 q
DINDine Brands Global, Inc.	0.47%	1,364,900	$94M	held	—	2 q
NWSANews Corporation Class A	0.15%	1,824,200	$29M	new	+0.15 pp	new
MOSThe Mosaic Company	0.12%	539,600	$23M	trimmed−40%	−0.12 pp	2 q
VNOVornado Realty Trust	0.10%	232,202	$20M	trimmed−32%	−0.04 pp	2 q
BRK.ABerkshire Hathaway Inc.	0.01%	7	$1M	held	—	2 q
unresolvedDell Inc	—	−71,186,328	—	exited	−4.68 pp	—
unresolvedSaks Inc	—	−13,180,706	—	exited	−0.89 pp	—
unresolvedCNH Global N.V.	—	−3,815,399	—	exited	−0.78 pp	—
SCIService Corporation International	—	−5,295,700	—	exited	−0.47 pp	—
unresolvedQuicksilver Resources Inc	—	−22,918,692	—	exited	−0.19 pp	—