Southeastern Asset Management

Q4 2013 13F · by Mason Hawkins, founder

As of: Dec 31, 2013
Filed: Feb 14, 2014
US stock: $20.4B · prev $20.0B
Positions: 33 · prev 33
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

+4.2 pp in · −4.3 pp out

New 3 +2.71 pp
Added 4 +1.52 pp
Trimmed 23 −0.58 pp
Exited 3 −3.75 pp

The book

Concentrated · behaves like 18 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 14% a year, about 7.1 years per position

Low
Moderate
High

Top 5 positions42% of US stock

FDX FedEx Corporation trimmed+0.56 pp trimmed+0.569.4%
CHK Chesapeake Energy Corp trimmed−0.78 pp trimmed−0.789.1%
L Loews Corporation trimmed−0.07 pp trimmed−0.078.3%
unresolved Level 3 Communications Inc trimmed+1.37 pp trimmed+1.377.9%
unresolved Directv trimmed+0.44 pp trimmed+0.447.3%

Positions33 in this filing · 3 exited


FDXFedEx Corporation	9.38%	13,325,734	$1.9B	trimmed−14%	+0.56 pp	3 q
CHKChesapeake Energy Corp	9.12%	68,676,612	$1.9B	trimmed−10%	−0.78 pp	3 q
LLoews Corporation	8.26%	34,984,792	$1.7B	trimmed−2%	−0.07 pp	3 q
unresolvedLevel 3 Communications Inc	7.87%	48,481,997	$1.6B	trimmed−1%	+1.37 pp	3 q
unresolvedDirectv	7.34%	21,710,357	$1.5B	trimmed−6%	+0.44 pp	3 q
BNYBank of New York Mellon Corporation	6.73%	39,369,655	$1.4B	trimmed−3%	+0.62 pp	3 q
MDLZMondelez International, Inc. Class A	6.07%	35,126,712	$1.2B	trimmed−4%	+0.36 pp	3 q
MURMurphy Oil Corp.	4.76%	14,987,872	$972M	trimmed−2%	+0.16 pp	3 q
TRVThe Travelers Companies, Inc.	4.27%	9,622,959	$871M	trimmed−27%	−1.33 pp	3 q
unresolvedAon PLC	4.25%	10,339,122	$867M	trimmed−33%	−1.52 pp	3 q
unresolvedConsol Energy Inc	4.23%	22,691,279	$863M	added+2%	+0.49 pp	3 q
EGEverest Group, Ltd.	3.17%	4,158,249	$648M	added+4%	+0.26 pp	3 q
PHGKoninklijke Philips N.v.	2.74%	15,162,171	$561M	trimmed−4%	+0.19 pp	3 q
unresolvedTexas Industries Inc.	2.71%	8,060,157	$554M	trimmed−0%	+0.04 pp	3 q
ABTAbbott Laboratories	2.52%	13,445,344	$515M	trimmed−2%	+0.25 pp	3 q
BRK.BBERKSHIRE HATHAWAY Class B	2.46%	4,240,058	$503M	trimmed−2%	+0.01 pp	3 q
NWSNews Corporation Class B	2.21%	25,285,898	$451M	added+5%	+0.24 pp	2 q
GHCGraham Holdings Company	1.76%	543,210	$360M	new	+1.76 pp	new
unresolvedTw Telecom Inc	1.64%	11,006,337	$335M	trimmed−4%	−0.06 pp	3 q
VMCVulcan Materials Company(Holding Company)	1.45%	4,982,724	$296M	trimmed−19%	−0.13 pp	3 q
SNIScripps Networks Inter-cl A	0.94%	2,223,049	$192M	held	—	3 q
MTNVail Resorts, Inc.	0.94%	2,556,858	$192M	trimmed−25%	−0.24 pp	3 q
ESRTEmpire State Realty Trust, Inc.	0.93%	12,415,753	$190M	new	+0.93 pp	new
NWSANews Corporation Class A	0.68%	7,667,791	$138M	added×4.2	+0.53 pp	2 q
CNHCnh Industrial N.v.	0.67%	12,061,806	$137M	trimmed−17%	−0.24 pp	2 q
LMLegg Mason, Inc.	0.66%	3,117,887	$136M	trimmed−16%	+0.04 pp	3 q
unresolvedVodafone Group PLC New	0.58%	3,003,503	$118M	trimmed−2%	+0.04 pp	3 q
DINDine Brands Global, Inc.	0.54%	1,315,000	$110M	trimmed−4%	+0.07 pp	3 q
MLMMartin Marietta Materials	0.51%	1,039,807	$104M	trimmed−5%	−0.03 pp	3 q
WENThe Wendy's Company	0.47%	11,054,728	$96M	trimmed−41%	−0.33 pp	3 q
VNOVornado Realty Trust	0.10%	232,202	$21M	held	—	3 q
RYNRayonier Inc.	0.02%	92,553	$4M	new	+0.02 pp	new
BRK.ABerkshire Hathaway Inc.	0.01%	7	$1M	held	—	3 q
CXCemex S.A.B. de C.V.	—	−35,375,663	—	exited	−1.97 pp	—
unresolvedWashington Post Co	—	−543,610	—	exited	−1.66 pp	—
MOSThe Mosaic Company	—	−539,600	—	exited	−0.12 pp	—