Southeastern Asset Management

Q3 2016 13F · by Mason Hawkins, founder

As of: Sep 30, 2016
Filed: Nov 14, 2016
US stock: $10.4B · prev $9.7B
Positions: 28 · prev 28
Options notional: $0
Documents: 1· no amendments

Picture99.9% US stock

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

US stock listed on a US exchange 99.9%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 0.1%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves28 since the prior filing

+10.3 pp in · −10.0 pp out

New 3 +1.09 pp
Added 13 +9.18 pp
Trimmed 9 −4.97 pp
Exited 3 −5.03 pp

The book

Concentrated · behaves like 14 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 28% a year, about 3.6 years per position

Low
Moderate
High

Top 5 positions52% of US stock

unresolved Level 3 Communications Inc trimmed−2.57 pp trimmed−2.5712.5%
WYNN Wynn Resorts Ltd added+0.23 pp added+0.2311.1%
FDX FedEx Corporation added+1.08 pp added+1.0811.1%
unresolved Consol Energy Inc added+0.89 pp added+0.899.1%
GOOG Alphabet Inc. Class C added+1.10 pp added+1.108.0%

Positions28 in this filing · 3 exited


unresolvedLevel 3 Communications Inc	12.53%	28,184,131	$1.3B	trimmed−1%	−2.57 pp	14 q
WYNNWynn Resorts Ltd	11.09%	11,876,336	$1.2B	added+2%	+0.23 pp	7 q
FDXFedEx Corporation	11.06%	6,608,637	$1.2B	added+4%	+1.08 pp	14 q
unresolvedConsol Energy Inc	9.12%	49,573,247	$952M	added0%	+0.89 pp	14 q
GOOGAlphabet Inc. Class C	8.02%	1,076,000	$836M	added+11%	+1.10 pp	7 q
SNIScripps Networks Inter-cl A	6.49%	10,665,625	$677M	added0%	−0.36 pp	14 q
UTXZRTX Corporation	6.43%	6,605,406	$671M	trimmed−1%	−0.63 pp	5 q
CHKChesapeake Energy Corp	5.54%	92,221,378	$578M	added×3.6	+4.41 pp	14 q
GHCGraham Holdings Company	3.64%	789,628	$380M	added+11%	+0.05 pp	12 q
VSATViasat Inc	3.28%	4,591,527	$343M	held	—	10 q
RLRalph Lauren Corporation	2.72%	2,802,177	$283M	added+2%	+0.19 pp	2 q
unresolvedDu Pont E I De Nemours & Co	2.67%	4,163,781	$279M	trimmed−32%	−1.46 pp	5 q
CNHCnh Industrial N.v.	2.38%	34,395,317	$248M	added+1%	−0.14 pp	9 q
FWONKLiberty Media Corporation Series C Liberty Formula One	2.24%	8,300,351	$234M	trimmed−0%	+0.61 pp	2 q
EGEverest Group, Ltd.	2.04%	1,119,672	$213M	trimmed−12%	−0.36 pp	14 q
TRCOTribune Media Company Class A	1.86%	5,312,183	$194M	added+28%	+0.18 pp	5 q
RYNRayonier Inc.	1.72%	6,755,763	$179M	trimmed−16%	−0.47 pp	12 q
ATUEnerpac Tool Group Corp.	1.43%	6,411,176	$149M	held	—	5 q
unresolvedDeltic Timber Corp	1.19%	1,827,558	$124M	held	—	9 q
MLCOMelco Resorts & Entertainment Limited	1.15%	7,425,432	$120M	added×17.8	+1.10 pp	5 q
unresolvedSonic Corp	0.96%	3,823,746	$100M	new	+0.96 pp	new
BENFranklin Templeton, Inc.	0.86%	2,520,097	$90M	trimmed−2%	−0.02 pp	9 q
BIDUBaidu, Inc.	0.74%	425,073	$77M	added0%	+0.02 pp	5 q
unresolvedSeacor Holdings Inc.	0.51%	887,379	$53M	added×6.9	+0.43 pp	2 q
LM05Liberty Media Corp-liberty-a	0.15%	557,374	$16M	trimmed−51%	−0.08 pp	2 q
unresolvedIntrawest Resorts Holdings, In	0.07%	441,590	$7M	new	+0.07 pp	new
KODKEastman Kodak Company	0.06%	425,000	$6M	new	+0.06 pp	new
VIPSVipshop Holdings Limited	0.06%	430,082	$6M	trimmed−7%	+0.01 pp	3 q
PHGKoninklijke Philips N.v.	—	−9,054,394	—	exited	−2.33 pp	—
MTNVail Resorts, Inc.	—	−1,073,700	—	exited	−1.53 pp	—
unresolvedChemtura Corp	—	−4,286,930	—	exited	−1.17 pp	—

Other 13(f) securities

Options 0

None in this filing

Notes 1

Issue	% of notes	Principal	Value
Chesapeake Energy Corp	100.00%	6,061,000	$6M

Source

Form: 13F-HR
Reading: 0 defects · 7 unresolved
Accession: 0000807985-16-000069
Options: none in this filing
SEC cross-check: SEC data set not published yet

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