Southeastern Asset Management

Q1 2016 13F · by Mason Hawkins, founder

As of: Mar 31, 2016
Filed: May 13, 2016
US stock: $10.4B · prev $11.0B
Positions: 28 · prev 28
Options notional: $0
Documents: 1· no amendments

Picture99.1% US stock

Full picture · of what this 13F reports is US stock

US stock listed on a US exchange 99.1%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 0.9%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves26 since the prior filing

+8.9 pp in · −9.3 pp out

New 2 +0.11 pp
Added 12 +8.75 pp
Trimmed 10 −4.64 pp
Exited 2 −4.62 pp

The book

Concentrated · behaves like 13 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 15% a year, about 6.7 years per position

Low
Moderate
High

Top 5 positions52% of US stock

unresolved Level 3 Communications Inc trimmed−0.90 pp trimmed−0.9015.3%
WYNN Wynn Resorts Ltd trimmed+3.45 pp trimmed+3.4511.3%
FDX FedEx Corporation added+2.23 pp added+2.2310.5%
GOOG Alphabet Inc. Class C trimmed−0.85 pp trimmed−0.857.5%
SNI Scripps Networks Inter-cl A trimmed+0.60 pp trimmed+0.607.1%

Positions28 in this filing · 2 exited


unresolvedLevel 3 Communications Inc	15.31%	30,007,772	$1.6B	trimmed−9%	−0.90 pp	12 q
WYNNWynn Resorts Ltd	11.33%	12,560,416	$1.2B	trimmed−0%	+3.45 pp	5 q
FDXFedEx Corporation	10.50%	6,683,591	$1.1B	added+9%	+2.23 pp	12 q
GOOGAlphabet Inc. Class C	7.46%	1,038,046	$773M	trimmed−14%	−0.85 pp	5 q
SNIScripps Networks Inter-cl A	7.13%	11,282,835	$739M	trimmed−14%	+0.60 pp	12 q
UTXZRTX Corporation	6.86%	7,100,069	$711M	added+30%	+2.11 pp	3 q
unresolvedConsol Energy Inc	5.68%	52,146,537	$589M	added+13%	+2.39 pp	12 q
unresolvedDu Pont E I De Nemours & Co	4.06%	6,638,283	$420M	added0%	+0.07 pp	3 q
unresolvedDreamWorks Animation SKG Inc.	3.90%	16,180,252	$404M	added0%	+0.14 pp	7 q
GHCGraham Holdings Company	3.36%	724,751	$348M	added+3%	+0.27 pp	10 q
VSATViasat Inc	3.29%	4,632,327	$340M	added+1%	+0.75 pp	8 q
PHGKoninklijke Philips N.v.	2.75%	9,981,547	$285M	trimmed−7%	+0.28 pp	12 q
CNHCnh Industrial N.v.	2.61%	39,945,947	$270M	trimmed−3%	+0.07 pp	7 q
EGEverest Group, Ltd.	2.53%	1,325,181	$262M	trimmed−41%	−1.16 pp	12 q
CHKChesapeake Energy Corp	2.46%	61,926,151	$255M	added+11%	+0.19 pp	12 q
RYNRayonier Inc.	1.93%	8,092,321	$200M	held	—	10 q
TRCOTribune Media Company Class A	1.54%	4,148,921	$159M	added+2%	+0.29 pp	3 q
ATUEnerpac Tool Group Corp.	1.53%	6,411,176	$158M	added+3%	+0.18 pp	3 q
MTNVail Resorts, Inc.	1.39%	1,073,700	$144M	trimmed−37%	−0.60 pp	12 q
unresolvedChemtura Corp	1.09%	4,286,930	$113M	held	—	6 q
unresolvedDeltic Timber Corp	1.06%	1,827,558	$110M	held	—	7 q
BENFranklin Templeton, Inc.	0.81%	2,158,173	$84M	added+1%	+0.09 pp	7 q
BIDUBaidu, Inc.	0.78%	423,730	$81M	trimmed−2%	+0.04 pp	3 q
unresolvedAon PLC	0.49%	485,792	$51M	trimmed−93%	−5.57 pp	12 q
CFCF Industries Holding, Inc.	0.07%	247,100	$8M	new	+0.07 pp	new
MLCOMelco Resorts & Entertainment Limited	0.07%	416,587	$7M	added×2.5	+0.04 pp	3 q
VIPSVipshop Holdings Limited	0.04%	286,800	$4M	new	+0.04 pp	new
unresolvedTriangle Pete Corp	0.00%	122,659	$67,000	held	—	5 q
NOVNOV Inc.	—	−10,804,789	—	exited	−3.28 pp	—
MCDMcDonald's Corporation	—	−1,253,292	—	exited	−1.34 pp	—