Southeastern Asset Management

Q4 2019 13F · by Ross Glotzbach, CEO

As of: Dec 31, 2019
Filed: Feb 14, 2020
US stock: $6.0B · prev $5.7B
Positions: 29 · prev 27
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

+5.9 pp in · −7.1 pp out

New 4 +4.18 pp
Added 4 +1.73 pp
Trimmed 15 −2.16 pp
Exited 2 −4.96 pp

The book

Concentrated · behaves like 15 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 21% a year, about 4.8 years per position

Low
Moderate
High

Top 5 positions45% of US stock

CTL Lumen Technologies, Inc. trimmed−0.27 pp trimmed−0.2715.8%
unresolved General Electric Co trimmed+0.73 pp trimmed+0.738.1%
CNX CNX Resources Corporation trimmed+0.62 pp trimmed+0.627.4%
MAT Mattel, Inc. trimmed+0.66 pp trimmed+0.667.4%
FDX FedEx Corporation trimmed−0.33 pp trimmed−0.336.1%

Positions29 in this filing · 2 exited


CTLLumen Technologies, Inc.	15.76%	71,575,248	$946M	trimmed−3%	−0.27 pp	9 q
unresolvedGeneral Electric Co	8.09%	43,482,569	$485M	trimmed−8%	+0.73 pp	9 q
CNXCNX Resources Corporation	7.42%	50,279,156	$445M	trimmed−6%	+0.62 pp	9 q
MATMattel, Inc.	7.40%	32,780,457	$444M	trimmed−3%	+0.66 pp	10 q
FDXFedEx Corporation	6.12%	2,429,740	$367M	trimmed−4%	−0.33 pp	27 q
LAZLazard, Inc.	5.32%	7,991,503	$319M	added+11%	+0.91 pp	6 q
PKPark Hotels & Resorts Inc.	5.00%	11,593,677	$300M	added+8%	+0.34 pp	11 q
GHCGraham Holdings Company	4.89%	459,626	$294M	trimmed−1%	−0.50 pp	25 q
CMCSAComcast Corp	4.57%	6,093,068	$274M	trimmed−4%	−0.43 pp	8 q
UTXZRTX Corporation	4.18%	1,675,774	$251M	trimmed−5%	−0.01 pp	18 q
GOOGAlphabet Inc. Class C	3.87%	173,660	$232M	trimmed−5%	−0.01 pp	20 q
WMBWilliams Companies Inc.	3.25%	8,225,413	$195M	new	+3.25 pp	new
PCHPotlatchDeltic Corporation	2.85%	3,958,791	$171M	held	—	5 q
HOUSAnywhere Real Estate Inc.	2.67%	16,576,933	$160M	held	—	9 q
GLIBAGci Liberty Inc - Class A	2.66%	2,253,509	$160M	trimmed−28%	−0.72 pp	7 q
ATUEnerpac Tool Group Corp.	2.56%	5,893,126	$153M	trimmed−0%	+0.30 pp	18 q
DDSDillard's, Inc. Class A	2.50%	2,038,397	$150M	held	—	3 q
BIDUBaidu, Inc.	2.44%	1,159,054	$147M	added+4%	+0.44 pp	18 q
AMGAffiliated Managers Group	1.98%	1,401,299	$119M	trimmed−8%	−0.23 pp	6 q
LM05Liberty Media Corp-liberty-a	1.71%	2,343,015	$103M	held	—	15 q
VSATViasat Inc	1.61%	1,323,252	$97M	trimmed−5%	−0.22 pp	23 q
CNHCnh Industrial N.v.	0.98%	5,372,282	$59M	trimmed−20%	−0.21 pp	22 q
FWONKLiberty Media Corporation Series C Liberty Formula One	0.75%	976,096	$45M	held	—	15 q
TCOMTrip.com Group Limited	0.67%	1,191,281	$40M	new	+0.67 pp	new
KODKEastman Kodak Company	0.38%	4,960,000	$23M	held	—	14 q
NOKNokia Corporation	0.20%	3,250,000	$12M	new	+0.20 pp	new
VNTRVenator Materials PLC	0.09%	1,460,818	$6M	added+27%	+0.04 pp	2 q
WOWWideOpenWest, Inc.	0.06%	445,065	$3M	new	+0.06 pp	new
WYNNWynn Resorts Ltd	0.01%	3,520	$489,000	trimmed−100%	−1.54 pp	5 q
SUMSummit Materials, Inc. Class A	—	−12,820,469	—	exited	−4.96 pp	—
TVGrupo Televisa S.A.	—	−19,403	—	exited	0.00 pp	—