Southeastern Asset Management

Q2 2015 13F · by Mason Hawkins, founder

As of: Jun 30, 2015
Filed: Aug 14, 2015
US stock: $14.9B · prev $15.9B
Positions: 28 · prev 30
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

+7.1 pp in · −7.6 pp out

New 0 0.00 pp
Added 8 +7.13 pp
Trimmed 15 −5.52 pp
Exited 2 −2.11 pp

The book

Concentrated · behaves like 16 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 27% a year, about 3.7 years per position

Low
Moderate
High

Top 5 positions42% of US stock

unresolved Level 3 Communications Inc trimmed−0.53 pp trimmed−0.5314.8%
L Loews Corporation trimmed−1.02 pp trimmed−1.027.6%
unresolved Aon PLC added+2.83 pp added+2.837.3%
unresolved Consol Energy Inc trimmed−1.36 pp trimmed−1.366.5%
MCD McDonald's Corporation trimmed−0.36 pp trimmed−0.366.3%

Positions28 in this filing · 2 exited


unresolvedLevel 3 Communications Inc	14.76%	41,881,212	$2.2B	trimmed−7%	−0.53 pp	9 q
LLoews Corporation	7.60%	29,518,033	$1.1B	trimmed−12%	−1.02 pp	9 q
unresolvedAon PLC	7.34%	11,008,360	$1.1B	added+47%	+2.83 pp	9 q
unresolvedConsol Energy Inc	6.51%	44,747,040	$973M	trimmed−0%	−1.36 pp	9 q
MCDMcDonald's Corporation	6.28%	9,869,707	$938M	trimmed−9%	−0.36 pp	4 q
FDXFedEx Corporation	5.85%	5,132,638	$875M	trimmed−5%	+0.22 pp	9 q
SNIScripps Networks Inter-cl A	5.79%	13,251,946	$866M	added+7%	+0.45 pp	9 q
GHCGraham Holdings Company	4.87%	676,622	$727M	trimmed−2%	+0.31 pp	7 q
GOOGAlphabet Inc. Class C	4.71%	1,352,064	$704M	added+48%	+1.57 pp	2 q
WYNNWynn Resorts Ltd	4.69%	7,112,805	$702M	added+56%	+1.08 pp	2 q
CHKChesapeake Energy Corp	4.52%	60,488,573	$676M	trimmed−6%	−1.19 pp	9 q
MURMurphy Oil Corp.	4.16%	14,950,024	$621M	trimmed−5%	−0.45 pp	9 q
EGEverest Group, Ltd.	3.86%	3,172,859	$577M	trimmed−5%	+0.23 pp	9 q
unresolvedDreamWorks Animation SKG Inc.	2.90%	16,450,261	$434M	added+3%	+0.48 pp	4 q
BENFranklin Templeton, Inc.	2.70%	8,230,490	$404M	trimmed−3%	−0.03 pp	4 q
CNHCnh Industrial N.v.	2.56%	41,277,595	$383M	trimmed−5%	+0.34 pp	4 q
PHGKoninklijke Philips N.v.	2.22%	13,023,500	$332M	trimmed−26%	−0.79 pp	9 q
MTNVail Resorts, Inc.	1.74%	2,387,058	$261M	held	—	9 q
RYNRayonier Inc.	1.47%	8,629,721	$220M	added+11%	+0.15 pp	7 q
VSATViasat Inc	1.40%	3,481,237	$210M	held	—	5 q
HFCHollyfrontier Corp	0.97%	3,389,700	$145M	held	—	2 q
unresolvedChemtura Corp	0.91%	4,825,900	$137M	held	—	3 q
unresolvedDeltic Timber Corp	0.59%	1,303,100	$88M	added×3.0	+0.41 pp	4 q
unresolvedCalifornia Res Corp	0.55%	13,542,619	$82M	trimmed−49%	−0.73 pp	3 q
ESRTEmpire State Realty Trust, Inc.	0.43%	3,788,979	$65M	trimmed−14%	−0.09 pp	7 q
unresolvedTriangle Pete Corp	0.34%	10,206,890	$51M	added+78%	+0.16 pp	2 q
DONDiamond Offshore Drilling	0.22%	1,300,896	$34M	held	—	2 q
NOGNorthern Oil and Gas, Inc.	0.04%	871,500	$6M	trimmed−63%	−0.07 pp	2 q
BNYBank of New York Mellon Corporation	—	−7,215,441	—	exited	−1.82 pp	—
MDLZMondelez International, Inc. Class A	—	−1,263,602	—	exited	−0.29 pp	—