Southeastern Asset Management

Q2 2020 13F · by Ross Glotzbach, CEO

As of: Jun 30, 2020
Filed: Aug 14, 2020
US stock: $4.0B · prev $4.2B
Positions: 29 · prev 32
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%

Moves31 since the prior filing

+8.9 pp in · −9.0 pp out

New 2 +4.95 pp
Added 4 +3.96 pp
Trimmed 20 +1.98 pp
Exited 5 −10.96 pp

The book

Concentrated · behaves like 16 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 32% a year, about 3.2 years per position

Low
Moderate
High

Top 5 positions44% of US stock

CTL Lumen Technologies, Inc. trimmed+0.36 pp trimmed+0.3615.5%
CNX CNX Resources Corporation trimmed+1.87 pp trimmed+1.878.0%
FDX FedEx Corporation trimmed−0.02 pp trimmed−0.027.4%
MAT Mattel, Inc. trimmed+0.86 pp trimmed+0.867.0%
unresolved General Electric Co trimmed−0.76 pp trimmed−0.765.7%

Positions29 in this filing · 5 exited


CTLLumen Technologies, Inc.	15.48%	61,882,887	$621M	trimmed−8%	+0.36 pp	11 q
CNXCNX Resources Corporation	7.98%	36,987,101	$320M	trimmed−23%	+1.87 pp	11 q
FDXFedEx Corporation	7.38%	2,109,828	$296M	trimmed−18%	−0.02 pp	29 q
MATMattel, Inc.	7.03%	29,158,469	$282M	trimmed−1%	+0.86 pp	12 q
unresolvedGeneral Electric Co	5.69%	33,388,583	$228M	trimmed−2%	−0.76 pp	11 q
LAZLazard, Inc.	5.01%	7,019,728	$201M	trimmed−2%	+0.98 pp	8 q
CMCSAComcast Corp	4.98%	5,125,041	$200M	trimmed−6%	+0.53 pp	10 q
CARRCarrier Global Corporation	4.92%	8,876,727	$197M	new	+4.92 pp	new
WMBWilliams Companies Inc.	4.57%	9,625,075	$183M	trimmed−29%	+0.01 pp	3 q
HHyatt Hotels Corporation	4.32%	3,442,158	$173M	added+47%	+1.66 pp	2 q
DDDuPont de Nemours, Inc.	4.09%	3,086,748	$164M	trimmed−37%	+0.11 pp	2 q
PCHPotlatchDeltic Corporation	3.18%	3,352,169	$127M	trimmed−15%	+0.22 pp	7 q
BIDUBaidu, Inc.	3.15%	1,054,250	$126M	trimmed−10%	+0.34 pp	20 q
GOOGAlphabet Inc. Class C	3.05%	86,419	$122M	trimmed−46%	−1.41 pp	22 q
GHCGraham Holdings Company	2.64%	308,490	$106M	trimmed−17%	−0.38 pp	27 q
ESRTEmpire State Realty Trust, Inc.	2.62%	15,006,556	$105M	added×2.2	+1.14 pp	2 q
AMGAffiliated Managers Group	2.58%	1,387,114	$103M	trimmed−1%	+0.61 pp	8 q
VSATViasat Inc	2.37%	2,471,659	$95M	added+6%	+0.38 pp	25 q
HOUSAnywhere Real Estate Inc.	2.16%	11,680,116	$87M	trimmed−30%	+0.97 pp	11 q
UNVRUnivar Solutions Inc.	1.94%	4,607,943	$78M	added+1%	+0.78 pp	2 q
LM05Liberty Media Corp-liberty-a	1.63%	2,235,766	$65M	trimmed−8%	+0.13 pp	17 q
GLIBAGci Liberty Inc - Class A	0.93%	522,735	$37M	trimmed−66%	−1.13 pp	9 q
CNHCnh Industrial N.v.	0.78%	4,444,372	$31M	trimmed−9%	+0.13 pp	24 q
TCOMTrip.com Group Limited	0.60%	925,245	$24M	trimmed−46%	−0.35 pp	3 q
FWONKLiberty Media Corporation Series C Liberty Formula One	0.46%	583,856	$19M	trimmed−76%	−1.09 pp	17 q
KODKEastman Kodak Company	0.28%	4,960,000	$11M	held	—	16 q
WOWWideOpenWest, Inc.	0.09%	715,259	$4M	held	—	3 q
VNTRVenator Materials PLC	0.07%	1,460,818	$3M	held	—	4 q
MLCOMelco Resorts & Entertainment Limited	0.03%	66,723	$1M	new	+0.03 pp	new
UTXZRTX Corporation	—	−2,161,846	—	exited	−4.85 pp	—
PKPark Hotels & Resorts Inc.	—	−11,407,646	—	exited	−2.15 pp	—
EPACEnerpac Tool Group Corp.	—	−5,370,459	—	exited	−2.11 pp	—
DDSDillard's, Inc. Class A	—	−1,907,204	—	exited	−1.68 pp	—
BRK.BBERKSHIRE HATHAWAY Class B	—	−38,700	—	exited	−0.17 pp	—