Southeastern Asset Management

Q1 2015 13F · by Mason Hawkins, founder

As of: Mar 31, 2015
Filed: May 14, 2015
US stock: $15.9B · prev $17.4B
Positions: 30 · 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%

Moves32 since the prior filing

+11.6 pp in · −11.7 pp out

New 6 +8.12 pp
Added 5 +3.47 pp
Trimmed 17 −7.11 pp
Exited 4 −4.59 pp

The book

Concentrated · behaves like 15 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 47% a year, about 2.1 years per position

Low
Moderate
High

Top 5 positions44% of US stock

unresolved Level 3 Communications Inc trimmed−0.26 pp trimmed−0.2615.3%
L Loews Corporation trimmed+0.40 pp trimmed+0.408.6%
unresolved Consol Energy Inc added+1.50 pp added+1.507.9%
MCD McDonald's Corporation trimmed+0.22 pp trimmed+0.226.6%
CHK Chesapeake Energy Corp trimmed−2.61 pp trimmed−2.615.7%

Positions30 in this filing · 4 exited


unresolvedLevel 3 Communications Inc	15.29%	45,238,120	$2.4B	trimmed−17%	−0.26 pp	8 q
LLoews Corporation	8.62%	33,646,715	$1.4B	trimmed−1%	+0.40 pp	8 q
unresolvedConsol Energy Inc	7.87%	44,949,771	$1.3B	added+37%	+1.50 pp	8 q
MCDMcDonald's Corporation	6.64%	10,853,774	$1.1B	trimmed−9%	+0.22 pp	3 q
CHKChesapeake Energy Corp	5.71%	64,200,477	$909M	trimmed−13%	−2.61 pp	8 q
FDXFedEx Corporation	5.63%	5,424,922	$898M	trimmed−7%	−0.23 pp	8 q
SNIScripps Networks Inter-cl A	5.34%	12,417,820	$851M	trimmed−2%	−0.15 pp	8 q
MURMurphy Oil Corp.	4.61%	15,759,281	$734M	trimmed−5%	−0.22 pp	8 q
GHCGraham Holdings Company	4.56%	692,111	$726M	trimmed−6%	+0.91 pp	6 q
unresolvedAon PLC	4.51%	7,468,763	$718M	trimmed−9%	+0.05 pp	8 q
EGEverest Group, Ltd.	3.63%	3,326,975	$579M	trimmed−7%	+0.14 pp	8 q
WYNNWynn Resorts Ltd	3.61%	4,573,838	$576M	new	+3.61 pp	new
GOOGAlphabet Inc. Class C	3.14%	913,507	$501M	new	+3.14 pp	new
PHGKoninklijke Philips N.v.	3.01%	16,942,193	$480M	trimmed−7%	−0.04 pp	8 q
BENFranklin Templeton, Inc.	2.73%	8,479,393	$435M	trimmed−3%	−0.06 pp	3 q
unresolvedDreamWorks Animation SKG Inc.	2.42%	15,903,175	$385M	added+68%	+1.20 pp	3 q
CNHCnh Industrial N.v.	2.22%	43,287,960	$353M	added+14%	+0.46 pp	3 q
BNYBank of New York Mellon Corporation	1.82%	7,215,441	$290M	trimmed−6%	+0.02 pp	8 q
MTNVail Resorts, Inc.	1.55%	2,387,058	$247M	trimmed−0%	+0.30 pp	8 q
RYNRayonier Inc.	1.32%	7,774,721	$210M	held	—	6 q
VSATViasat Inc	1.30%	3,481,237	$208M	held	—	4 q
unresolvedCalifornia Res Corp	1.28%	26,743,003	$204M	trimmed−20%	+0.22 pp	2 q
HFCHollyfrontier Corp	0.86%	3,389,700	$137M	new	+0.86 pp	new
unresolvedChemtura Corp	0.83%	4,825,900	$132M	added+17%	+0.24 pp	2 q
ESRTEmpire State Realty Trust, Inc.	0.52%	4,410,682	$83M	trimmed−56%	−0.50 pp	6 q
MDLZMondelez International, Inc. Class A	0.29%	1,263,602	$46M	trimmed−95%	−5.30 pp	8 q
DONDiamond Offshore Drilling	0.22%	1,300,896	$35M	new	+0.22 pp	new
unresolvedDeltic Timber Corp	0.18%	437,000	$29M	added+51%	+0.07 pp	3 q
unresolvedTriangle Pete Corp	0.18%	5,741,736	$29M	new	+0.18 pp	new
NOGNorthern Oil and Gas, Inc.	0.11%	2,357,154	$18M	new	+0.11 pp	new
ABTAbbott Laboratories	—	−8,977,941	—	exited	−2.33 pp	—
TRVThe Travelers Companies, Inc.	—	−3,677,258	—	exited	−2.24 pp	—
BRK.BBERKSHIRE HATHAWAY Class B	—	−16,800	—	exited	−0.01 pp	—
MLCOMelco Resorts & Entertainment Limited	—	−68,900	—	exited	−0.01 pp	—