Southeastern Asset Management

Q1 2014 13F · by Mason Hawkins, founder

As of: Mar 31, 2014
Filed: May 15, 2014
US stock: $18.4B · prev $20.4B
Positions: 28 · 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%

Moves29 since the prior filing

+7.8 pp in · −9.1 pp out

New 1 +0.21 pp
Added 13 +7.58 pp
Trimmed 9 +1.87 pp
Exited 6 −11.01 pp

The book

Concentrated · behaves like 16 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 11% a year, about 9.1 years per position

Low
Moderate
High

Top 5 positions45% of US stock

unresolved Level 3 Communications Inc added+2.52 pp added+2.5210.4%
CHK Chesapeake Energy Corp trimmed+0.40 pp trimmed+0.409.5%
FDX FedEx Corporation trimmed+0.05 pp trimmed+0.059.4%
L Loews Corporation added+0.55 pp added+0.558.8%
BNY Bank of New York Mellon Corporation trimmed+0.28 pp trimmed+0.287.0%

Positions28 in this filing · 6 exited


unresolvedLevel 3 Communications Inc	10.39%	48,839,207	$1.9B	added+1%	+2.52 pp	4 q
CHKChesapeake Energy Corp	9.52%	68,358,840	$1.8B	trimmed−0%	+0.40 pp	4 q
FDXFedEx Corporation	9.43%	13,086,852	$1.7B	trimmed−2%	+0.05 pp	4 q
LLoews Corporation	8.81%	36,818,884	$1.6B	added+5%	+0.55 pp	4 q
BNYBank of New York Mellon Corporation	7.01%	36,567,504	$1.3B	trimmed−7%	+0.28 pp	4 q
MDLZMondelez International, Inc. Class A	6.40%	34,084,821	$1.2B	trimmed−3%	+0.33 pp	4 q
MURMurphy Oil Corp.	5.13%	15,007,432	$943M	added0%	+0.37 pp	4 q
unresolvedConsol Energy Inc	5.00%	23,052,441	$921M	added+2%	+0.77 pp	4 q
unresolvedAon PLC	4.61%	10,067,298	$848M	trimmed−3%	+0.36 pp	4 q
TRVThe Travelers Companies, Inc.	4.50%	9,734,635	$828M	added+1%	+0.23 pp	4 q
unresolvedTexas Industries Inc.	3.93%	8,060,157	$722M	held	—	4 q
EGEverest Group, Ltd.	3.72%	4,474,720	$685M	added+8%	+0.55 pp	4 q
BRK.BBERKSHIRE HATHAWAY Class B	2.94%	4,333,496	$542M	added+2%	+0.48 pp	4 q
PHGKoninklijke Philips N.v.	2.90%	15,192,147	$534M	added0%	+0.16 pp	4 q
ABTAbbott Laboratories	2.88%	13,747,344	$529M	added+2%	+0.36 pp	4 q
NWSNews Corporation Class B	2.59%	28,577,227	$477M	added+13%	+0.38 pp	3 q
GHCGraham Holdings Company	2.05%	537,010	$378M	trimmed−1%	+0.29 pp	2 q
unresolvedTw Telecom Inc	1.84%	10,834,803	$339M	trimmed−2%	+0.20 pp	4 q
NWSANews Corporation Class A	1.62%	17,272,498	$297M	added×2.3	+0.94 pp	3 q
SNIScripps Networks Inter-cl A	1.12%	2,707,644	$206M	added+22%	+0.18 pp	4 q
ESRTEmpire State Realty Trust, Inc.	1.02%	12,415,753	$188M	held	—	2 q
MTNVail Resorts, Inc.	0.97%	2,556,858	$178M	held	—	4 q
CNHCnh Industrial N.v.	0.61%	9,781,919	$112M	trimmed−19%	−0.06 pp	3 q
DINDine Brands Global, Inc.	0.56%	1,315,000	$103M	held	—	4 q
VODVodafone Group PLC	0.21%	1,069,738	$39M	new	+0.21 pp	new
VNOVornado Realty Trust	0.12%	230,700	$23M	trimmed−1%	+0.02 pp	4 q
RYNRayonier Inc.	0.11%	420,938	$19M	added×4.5	+0.09 pp	2 q
BRK.ABerkshire Hathaway Inc.	0.01%	7	$1M	held	—	4 q
unresolvedDirectv	—	−21,710,357	—	exited	−7.34 pp	—
VMCVulcan Materials Company(Holding Company)	—	−4,982,724	—	exited	−1.45 pp	—
LMLegg Mason, Inc.	—	−3,117,887	—	exited	−0.66 pp	—
unresolvedVodafone Group PLC New	—	−3,003,503	—	exited	−0.58 pp	—
MLMMartin Marietta Materials	—	−1,039,807	—	exited	−0.51 pp	—
WENThe Wendy's Company	—	−11,054,728	—	exited	−0.47 pp	—