Southeastern Asset Management

Q3 2014 13F · by Mason Hawkins, founder

As of: Sep 30, 2014
Filed: Nov 14, 2014
US stock: $18.3B · prev $18.8B
Positions: 30 · prev 27
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%

Moves30 since the prior filing

+12.4 pp in · −12.3 pp out

New 5 +6.40 pp
Added 6 +5.98 pp
Trimmed 17 −10.73 pp
Exited 2 −1.59 pp

The book

Concentrated · behaves like 18 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 43% a year, about 2.4 years per position

Low
Moderate
High

Top 5 positions41% of US stock

unresolved Level 3 Communications Inc trimmed+0.35 pp trimmed+0.3511.3%
FDX FedEx Corporation trimmed−1.72 pp trimmed−1.728.3%
CHK Chesapeake Energy Corp trimmed−2.74 pp trimmed−2.747.9%
L Loews Corporation trimmed−0.39 pp trimmed−0.397.9%
MDLZ Mondelez International, Inc. Class A trimmed−0.60 pp trimmed−0.605.7%

Positions30 in this filing · 2 exited


unresolvedLevel 3 Communications Inc	11.34%	45,435,959	$2.1B	trimmed−4%	+0.35 pp	6 q
FDXFedEx Corporation	8.27%	9,383,238	$1.5B	trimmed−24%	−1.72 pp	6 q
CHKChesapeake Energy Corp	7.88%	62,800,076	$1.4B	trimmed−2%	−2.74 pp	6 q
LLoews Corporation	7.87%	34,614,204	$1.4B	trimmed−2%	−0.39 pp	6 q
MDLZMondelez International, Inc. Class A	5.73%	30,642,426	$1.0B	trimmed−3%	−0.60 pp	6 q
TRVThe Travelers Companies, Inc.	4.63%	9,037,948	$849M	trimmed−2%	0.00 pp	6 q
unresolvedConsol Energy Inc	4.61%	22,336,305	$846M	trimmed−2%	−0.95 pp	6 q
MURMurphy Oil Corp.	4.39%	14,145,136	$805M	trimmed−2%	−0.73 pp	6 q
unresolvedAon PLC	4.09%	8,550,838	$750M	trimmed−7%	−0.30 pp	6 q
MCDMcDonald's Corporation	3.75%	7,252,618	$688M	new	+3.75 pp	new
SNIScripps Networks Inter-cl A	3.60%	8,460,831	$661M	added×3.0	+2.40 pp	6 q
BNYBank of New York Mellon Corporation	3.49%	16,535,281	$640M	trimmed−52%	−3.39 pp	6 q
unresolvedTw Telecom Inc	3.40%	14,977,510	$623M	trimmed−1%	+0.14 pp	6 q
PHGKoninklijke Philips N.v.	3.20%	18,486,808	$586M	added+17%	+0.53 pp	6 q
EGEverest Group, Ltd.	3.19%	3,607,658	$584M	trimmed−14%	−0.39 pp	6 q
BRK.BBERKSHIRE HATHAWAY Class B	3.17%	4,201,482	$580M	trimmed−2%	+0.28 pp	6 q
ABTAbbott Laboratories	2.83%	12,483,566	$519M	trimmed−9%	−0.15 pp	6 q
GHCGraham Holdings Company	2.66%	696,881	$488M	added+16%	+0.36 pp	4 q
NWSNews Corporation Class B	2.23%	25,356,215	$409M	trimmed−2%	−0.18 pp	5 q
NWSANews Corporation Class A	1.43%	16,054,798	$262M	trimmed−1%	−0.12 pp	5 q
RYNRayonier Inc.	1.31%	7,726,521	$241M	added×5.8	+1.06 pp	4 q
CNHCnh Industrial N.v.	1.26%	29,049,995	$230M	new	+1.26 pp	new
MTNVail Resorts, Inc.	1.21%	2,551,173	$221M	trimmed−0%	+0.16 pp	6 q
VODVodafone Group PLC	1.10%	6,156,294	$202M	added×5.8	+0.91 pp	3 q
ESRTEmpire State Realty Trust, Inc.	1.02%	12,415,753	$186M	held	—	4 q
VSATViasat Inc	0.93%	3,099,559	$171M	added×4.5	+0.72 pp	2 q
unresolvedDreamWorks Animation SKG Inc.	0.72%	4,847,364	$132M	new	+0.72 pp	new
BENFranklin Templeton, Inc.	0.60%	2,020,049	$110M	new	+0.60 pp	new
unresolvedDeltic Timber Corp	0.07%	210,694	$13M	new	+0.07 pp	new
BRK.ABerkshire Hathaway Inc.	0.01%	7	$1M	held	—	6 q
unresolvedTexas Industries Inc.	—	−3,059,870	—	exited	−1.50 pp	—
DINDine Brands Global, Inc.	—	−213,000	—	exited	−0.09 pp	—

Source

Form: 13F-HR
Reading: 0 defects · 6 unresolved
Accession: 0000807985-14-000028
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet

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