Southeastern Asset Management

Q1 2018 13F · by Mason Hawkins, founder

As of: Mar 31, 2018
Filed: May 15, 2018
US stock: $8.1B · prev $8.1B
Positions: 28 · prev 31
Options notional: $0
Documents: 1· no amendments

Picture99.6% US stock

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

US stock listed on a US exchange 99.6%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 0.4%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves29 since the prior filing

+17.1 pp in · −16.7 pp out

New 3 +6.27 pp
Added 9 +10.86 pp
Trimmed 11 −7.74 pp
Exited 6 −8.92 pp

The book

Concentrated · behaves like 14 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 52% a year, about 1.9 years per position

Low
Moderate
High

Top 5 positions46% of US stock

CTL Lumen Technologies, Inc. added−0.31 pp added−0.3114.4%
CNX CNX Resources Corporation added+0.72 pp added+0.729.8%
FDX FedEx Corporation trimmed−2.25 pp trimmed−2.258.0%
PK Park Hotels & Resorts Inc. added+4.37 pp added+4.377.1%
ACT Allergan PLC added+1.80 pp added+1.806.5%

Positions28 in this filing · 6 exited


CTLLumen Technologies, Inc.	14.45%	71,556,102	$1.2B	added0%	−0.31 pp	2 q
CNXCNX Resources Corporation	9.75%	51,405,677	$793M	added+3%	+0.72 pp	2 q
FDXFedEx Corporation	8.01%	2,712,948	$651M	trimmed−18%	−2.25 pp	20 q
PKPark Hotels & Resorts Inc.	7.09%	21,332,551	$576M	added×2.8	+4.37 pp	4 q
ACTAllergan PLC	6.45%	3,119,124	$525M	added+36%	+1.80 pp	2 q
GOOGAlphabet Inc. Class C	6.32%	498,072	$514M	trimmed−10%	−0.82 pp	13 q
CMCSAComcast Corp	6.17%	14,690,426	$502M	new	+6.17 pp	new
MATMattel, Inc.	6.02%	37,266,607	$490M	trimmed−3%	−1.27 pp	3 q
UTXZRTX Corporation	5.95%	3,849,483	$484M	trimmed−11%	−0.87 pp	11 q
unresolvedGeneral Electric Co	5.33%	32,161,589	$434M	added×2.8	+2.88 pp	2 q
GHCGraham Holdings Company	5.15%	696,218	$419M	added+1%	+0.40 pp	18 q
VSATViasat Inc	4.19%	5,184,282	$341M	trimmed−4%	−0.82 pp	16 q
HOUSAnywhere Real Estate Inc.	2.19%	6,531,843	$178M	added+20%	+0.40 pp	2 q
unresolvedSonic Corp	2.00%	6,436,879	$162M	held	—	7 q
CEIXCore Natural Resources, Inc.	1.99%	5,581,612	$162M	trimmed−8%	−0.98 pp	2 q
FWONKLiberty Media Corporation Series C Liberty Formula One	1.79%	4,726,933	$146M	held	—	8 q
ATUEnerpac Tool Group Corp.	1.69%	5,900,024	$137M	held	—	11 q
CNHCnh Industrial N.v.	1.56%	10,242,715	$127M	trimmed−14%	−0.42 pp	15 q
BIDUBaidu, Inc.	1.10%	400,296	$89M	trimmed−5%	−0.12 pp	11 q
unresolvedBelmond Ltd Class A	0.87%	6,355,310	$71M	added+31%	+0.13 pp	5 q
BENFranklin Templeton, Inc.	0.67%	1,566,007	$54M	trimmed−2%	−0.18 pp	15 q
TVGrupo Televisa S.A.	0.47%	2,370,609	$38M	added×113.9	+0.47 pp	2 q
KODKEastman Kodak Company	0.33%	4,960,000	$27M	held	—	7 q
LM05Liberty Media Corp-liberty-a	0.20%	557,374	$16M	held	—	8 q
VIPSVipshop Holdings Limited	0.18%	880,294	$15M	trimmed−34%	−0.01 pp	9 q
SEISolaris Energy Infrastructure, Inc.	0.08%	375,000	$6M	new	+0.08 pp	new
AMRQQAlta Mesa Resources Inc-a	0.02%	197,000	$2M	new	+0.02 pp	new
INFYInfosys Limited	0.00%	11,524	$206,000	trimmed−49%	0.00 pp	4 q
WYNNWynn Resorts Ltd	—	−2,557,767	—	exited	−5.34 pp	—
YUMCYum China Holdings, Inc.	—	−3,470,444	—	exited	−1.72 pp	—
CHKChesapeake Energy Corp	—	−33,090,194	—	exited	−1.62 pp	—
MLCOMelco Resorts & Entertainment Limited	—	−614,869	—	exited	−0.22 pp	—
TROWT Rowe Price Group Inc	—	−17,945	—	exited	−0.02 pp	—
CBPOChina Biologic Products Hold	—	−3,645	—	exited	0.00 pp	—