Southeastern Asset Management

Q2 2014 13F · by Mason Hawkins, founder

As of: Jun 30, 2014
Filed: Aug 14, 2014
US stock: $18.8B · prev $18.4B
Positions: 27 · prev 28
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%

Moves25 since the prior filing

+1.9 pp in · −2.0 pp out

New 1 +0.21 pp
Added 5 +1.66 pp
Trimmed 17 −1.27 pp
Exited 2 −0.73 pp

The book

Concentrated · behaves like 15 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 6.8% a year, about 14.7 years per position

Low
Moderate
High

Top 5 positions47% of US stock

unresolved Level 3 Communications Inc trimmed+0.60 pp trimmed+0.6011.0%
CHK Chesapeake Energy Corp trimmed+1.10 pp trimmed+1.1010.6%
FDX FedEx Corporation trimmed+0.56 pp trimmed+0.5610.0%
L Loews Corporation trimmed−0.55 pp trimmed−0.558.3%
BNY Bank of New York Mellon Corporation trimmed−0.13 pp trimmed−0.136.9%

Positions27 in this filing · 2 exited


unresolvedLevel 3 Communications Inc	10.99%	47,105,487	$2.1B	trimmed−4%	+0.60 pp	5 q
CHKChesapeake Energy Corp	10.62%	64,304,516	$2.0B	trimmed−6%	+1.10 pp	5 q
FDXFedEx Corporation	9.99%	12,412,235	$1.9B	trimmed−5%	+0.56 pp	5 q
LLoews Corporation	8.26%	35,300,094	$1.6B	trimmed−4%	−0.55 pp	5 q
BNYBank of New York Mellon Corporation	6.88%	34,546,139	$1.3B	trimmed−6%	−0.13 pp	5 q
MDLZMondelez International, Inc. Class A	6.33%	31,664,358	$1.2B	trimmed−7%	−0.07 pp	5 q
unresolvedConsol Energy Inc	5.56%	22,714,540	$1.0B	trimmed−1%	+0.56 pp	5 q
MURMurphy Oil Corp.	5.12%	14,482,958	$963M	trimmed−3%	−0.01 pp	5 q
TRVThe Travelers Companies, Inc.	4.63%	9,266,741	$872M	trimmed−5%	+0.13 pp	5 q
unresolvedAon PLC	4.39%	9,169,828	$826M	trimmed−9%	−0.22 pp	5 q
EGEverest Group, Ltd.	3.58%	4,190,620	$673M	trimmed−6%	−0.14 pp	5 q
unresolvedTw Telecom Inc	3.26%	15,201,344	$613M	added+40%	+1.42 pp	5 q
ABTAbbott Laboratories	2.98%	13,687,877	$560M	trimmed−0%	+0.10 pp	5 q
BRK.BBERKSHIRE HATHAWAY Class B	2.89%	4,302,129	$544M	trimmed−1%	−0.05 pp	5 q
PHGKoninklijke Philips N.v.	2.67%	15,816,052	$502M	added+4%	−0.23 pp	5 q
NWSNews Corporation Class B	2.41%	25,983,627	$453M	trimmed−9%	−0.18 pp	4 q
GHCGraham Holdings Company	2.30%	601,372	$432M	added+12%	+0.25 pp	3 q
NWSANews Corporation Class A	1.55%	16,210,530	$291M	trimmed−6%	−0.07 pp	4 q
unresolvedTexas Industries Inc.	1.50%	3,059,870	$283M	trimmed−62%	−2.43 pp	5 q
SNIScripps Networks Inter-cl A	1.20%	2,783,249	$226M	added+3%	+0.08 pp	5 q
ESRTEmpire State Realty Trust, Inc.	1.09%	12,415,753	$205M	held	—	3 q
MTNVail Resorts, Inc.	1.05%	2,556,858	$197M	held	—	5 q
RYNRayonier Inc.	0.25%	1,341,900	$48M	added×3.2	+0.14 pp	3 q
VSATViasat Inc	0.21%	684,828	$40M	new	+0.21 pp	new
VODVodafone Group PLC	0.19%	1,069,738	$36M	held	—	2 q
DINDine Brands Global, Inc.	0.09%	213,000	$17M	trimmed−84%	−0.47 pp	5 q
BRK.ABerkshire Hathaway Inc.	0.01%	7	$1M	held	—	5 q
CNHCnh Industrial N.v.	—	−9,781,919	—	exited	−0.61 pp	—
VNOVornado Realty Trust	—	−230,700	—	exited	−0.12 pp	—