Southeastern Asset Management

Q1 2022 13F · by Ross Glotzbach, CEO

As of: Mar 31, 2022
Filed: May 16, 2022
US stock: $5.7B · prev $6.0B
Positions: 37 · prev 35
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%

Moves33 since the prior filing

+5.4 pp in · −5.5 pp out

New 3 +0.10 pp
Added 11 +5.28 pp
Trimmed 18 −5.43 pp
Exited 1 −0.04 pp

The book

Concentrated · behaves like 19 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 27% a year, about 3.7 years per position

Low
Moderate
High

Top 5 positions38% of US stock

LUMN Lumen Technologies, Inc. trimmed−1.12 pp trimmed−1.1212.4%
CNX CNX Resources Corporation trimmed+1.99 pp trimmed+1.998.3%
MAT Mattel, Inc. trimmed−0.98 pp trimmed−0.986.3%
FDX FedEx Corporation trimmed−0.60 pp trimmed−0.605.7%
DISCK Discovery Inc-c trimmed+0.47 pp trimmed+0.475.3%

Positions37 in this filing · 1 exited


LUMNLumen Technologies, Inc.	12.45%	62,507,658	$704M	trimmed−3%	−1.12 pp	18 q
CNXCNX Resources Corporation	8.33%	22,734,443	$471M	trimmed−17%	+1.99 pp	18 q
MATMattel, Inc.	6.34%	16,163,120	$359M	trimmed−20%	−0.98 pp	19 q
FDXFedEx Corporation	5.68%	1,388,536	$321M	trimmed−4%	−0.60 pp	36 q
DISCKDiscovery Inc-c	5.27%	11,942,540	$298M	trimmed−4%	+0.47 pp	3 q
GEGE Aerospace	4.72%	2,919,165	$267M	trimmed−8%	−0.30 pp	3 q
PPLIPeople Incorporated	4.58%	2,584,135	$259M	added+30%	+0.23 pp	3 q
AMGAffiliated Managers Group	4.42%	1,775,230	$250M	added+15%	+0.18 pp	15 q
MGMMgm Resorts International	4.23%	5,711,509	$240M	trimmed−2%	−0.17 pp	7 q
HHyatt Hotels Corporation	4.11%	2,439,085	$233M	trimmed−25%	−1.13 pp	9 q
LAZLazard, Inc.	3.22%	5,285,803	$182M	trimmed−9%	−1.01 pp	15 q
BIIBBiogen Inc.	3.14%	842,962	$178M	trimmed−2%	−0.32 pp	2 q
DEIDouglas Emmett, Inc.	3.10%	5,253,455	$176M	trimmed−2%	+0.08 pp	6 q
GHCGraham Holdings Company	3.09%	285,798	$175M	trimmed−5%	−0.08 pp	34 q
HOUSAnywhere Real Estate Inc.	2.93%	10,579,576	$166M	trimmed−11%	−0.43 pp	18 q
MSGSMadison Square Garden Sports Corp.	2.86%	903,334	$162M	trimmed−3%	+0.16 pp	4 q
RNRRenaissanceRe Holdings Ltd.	2.63%	939,292	$149M	trimmed−12%	−0.39 pp	3 q
ESRTEmpire State Realty Trust, Inc.	2.57%	14,796,675	$145M	trimmed−3%	+0.30 pp	9 q
WTMWhite Mountains Insurance Group Ltd.	2.52%	125,503	$143M	added×2.4	+1.64 pp	2 q
LBRDKLiberty Broadband Corporation Class C	2.43%	1,015,948	$137M	added+18%	+0.10 pp	2 q
4KSVimeo Inc	2.37%	11,296,320	$134M	added×3.5	+1.40 pp	2 q
FISVFiserv, Inc.	2.09%	1,164,661	$118M	added+59%	+0.81 pp	2 q
OSCROscar Health, Inc.	1.96%	11,146,872	$111M	added+22%	+0.76 pp	2 q
BATRKAtlanta Braves Holdings, Inc. Series C	1.69%	3,433,926	$96M	held	—	7 q
WMBWilliams Companies Inc.	1.28%	2,164,165	$72M	trimmed−70%	−1.89 pp	10 q
CNHCnh Industrial N.v.	0.83%	2,944,353	$47M	added+66%	+0.25 pp	31 q
JOYYJOYY Inc.	0.51%	784,840	$29M	added+3%	−0.07 pp	5 q
IMKTAIngles Markets Inc	0.22%	142,580	$13M	held	—	3 q
MLCOMelco Resorts & Entertainment Limited	0.17%	1,242,709	$9M	added+5%	−0.03 pp	8 q
HTHTH World Group Limited	0.07%	115,238	$4M	new	+0.07 pp	new
BATRAAtlanta Braves Holdings, Inc. Series A	0.05%	95,304	$3M	held	—	3 q
LBRDALiberty Broadband Corporation Class A	0.04%	18,599	$2M	trimmed−4%	−0.01 pp	2 q
CAHCardinal Health, Inc.	0.02%	21,608	$1M	held	—	3 q
8INSyneos Health, Inc. Class A	0.02%	10,550	$854,000	new	+0.02 pp	new
XPOXPO, Inc.	0.02%	14,859	$1M	added+30%	+0.01 pp	2 q
CMCSAComcast Corp	0.01%	9,531	$446,000	held	—	17 q
PAYAPaya Holdings Inc. Class A	0.01%	110,045	$645,000	new	+0.01 pp	new
BABAAlibaba Group Holding Limited	—	−22,215	—	exited	−0.04 pp	—