Southeastern Asset Management

Q1 2017 13F · by Mason Hawkins, founder

As of: Mar 31, 2017
Filed: May 15, 2017
US stock: $9.8B · prev $10.4B
Positions: 29 · 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%

Moves26 since the prior filing

+2.6 pp in · −3.2 pp out

New 1 +0.07 pp
Added 8 +2.54 pp
Trimmed 15 −0.47 pp
Exited 2 −2.77 pp

The book

Concentrated · behaves like 12 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 10% a year, about 9.6 years per position

Low
Moderate
High

Top 5 positions55% of US stock

unresolved Level 3 Communications Inc trimmed+0.95 pp trimmed+0.9516.2%
WYNN Wynn Resorts Ltd trimmed+2.33 pp trimmed+2.3311.5%
FDX FedEx Corporation trimmed+0.96 pp trimmed+0.9611.2%
unresolved Consol Energy Inc added+0.71 pp added+0.718.6%
GOOG Alphabet Inc. Class C trimmed+0.88 pp trimmed+0.887.9%

Positions29 in this filing · 2 exited


unresolvedLevel 3 Communications Inc	16.16%	27,779,930	$1.6B	trimmed−1%	+0.95 pp	16 q
WYNNWynn Resorts Ltd	11.48%	9,858,937	$1.1B	trimmed−10%	+2.33 pp	9 q
FDXFedEx Corporation	11.16%	5,625,486	$1.1B	trimmed−1%	+0.96 pp	16 q
unresolvedConsol Energy Inc	8.61%	50,475,552	$847M	added+12%	+0.71 pp	16 q
GOOGAlphabet Inc. Class C	7.86%	932,057	$773M	trimmed−1%	+0.88 pp	9 q
UTXZRTX Corporation	6.47%	5,675,050	$637M	trimmed−2%	+0.36 pp	7 q
SNIScripps Networks Inter-cl A	6.17%	7,752,387	$608M	trimmed−23%	−0.77 pp	16 q
GHCGraham Holdings Company	4.67%	766,824	$460M	trimmed−0%	+0.87 pp	14 q
VSATViasat Inc	3.45%	5,312,285	$339M	added+16%	+0.52 pp	12 q
CHKChesapeake Energy Corp	2.99%	49,554,521	$294M	trimmed−1%	−0.39 pp	16 q
FWONKLiberty Media Corporation Series C Liberty Formula One	2.88%	8,300,351	$283M	held	—	4 q
TROWT Rowe Price Group Inc	2.79%	4,021,627	$274M	added+14%	+0.23 pp	2 q
YUMCYum China Holdings, Inc.	2.72%	9,838,013	$268M	added+9%	+0.44 pp	2 q
CNHCnh Industrial N.v.	2.46%	25,130,564	$242M	trimmed−24%	−0.30 pp	11 q
EGEverest Group, Ltd.	1.96%	824,584	$193M	trimmed−19%	−0.17 pp	16 q
unresolvedSonic Corp	1.66%	6,440,979	$163M	added+38%	+0.47 pp	3 q
ATUEnerpac Tool Group Corp.	1.59%	5,918,924	$156M	held	—	7 q
unresolvedDeltic Timber Corp	1.45%	1,827,558	$143M	held	—	11 q
BENFranklin Templeton, Inc.	1.03%	2,395,550	$101M	trimmed−1%	+0.11 pp	11 q
BIDUBaidu, Inc.	0.76%	434,992	$75M	added+2%	+0.09 pp	7 q
unresolvedSeacor Holdings Inc.	0.55%	787,168	$54M	trimmed−11%	−0.06 pp	4 q
MLCOMelco Resorts & Entertainment Limited	0.28%	1,504,392	$28M	trimmed−51%	−0.19 pp	7 q
unresolvedDu Pont E I De Nemours & Co	0.25%	304,060	$24M	trimmed−92%	−2.33 pp	7 q
LM05Liberty Media Corp-liberty-a	0.19%	557,374	$18M	held	—	4 q
VIPSVipshop Holdings Limited	0.14%	1,037,304	$14M	added+33%	+0.06 pp	5 q
unresolvedIntrawest Resorts Holdings, In	0.12%	471,032	$12M	held	—	3 q
KODKEastman Kodak Company	0.08%	660,000	$8M	added+68%	+0.02 pp	3 q
unresolvedBelmond Ltd Class A	0.07%	566,791	$7M	new	+0.07 pp	new
RLRalph Lauren Corporation	0.01%	13,600	$1M	trimmed−100%	−2.72 pp	4 q
RYNRayonier Inc.	—	−6,755,763	—	exited	−1.73 pp	—
TRCOTribune Media Company Class A	—	−3,066,520	—	exited	−1.04 pp	—