Southeastern Asset Management

Q4 2023 13F · by Ross Glotzbach, CEO

As of: Dec 31, 2023
Filed: Feb 14, 2024
US stock: $2.6B · prev $2.7B
Positions: 45 · prev 44
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%

Moves41 since the prior filing

+4.2 pp in · −4.7 pp out

New 2 +0.10 pp
Added 8 +4.09 pp
Trimmed 30 −4.68 pp
Exited 1 −0.04 pp

The book

Focused · behaves like 26 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 15% a year, about 6.9 years per position

Low
Moderate
High

Top 5 positions27% of US stock

MAT Mattel, Inc. trimmed−0.92 pp trimmed−0.926.4%
CNX CNX Resources Corporation trimmed−1.43 pp trimmed−1.436.4%
AMG Affiliated Managers Group trimmed+0.76 pp trimmed+0.765.1%
KEL Kellanova added+0.64 pp added+0.644.8%
FDX FedEx Corporation trimmed−1.14 pp trimmed−1.144.7%

Positions45 in this filing · 1 exited


MATMattel, Inc.	6.42%	8,840,411	$167M	trimmed−2%	−0.92 pp	26 q
CNXCNX Resources Corporation	6.41%	8,338,233	$167M	trimmed−11%	−1.43 pp	25 q
AMGAffiliated Managers Group	5.14%	882,375	$134M	trimmed−3%	+0.76 pp	22 q
KELKellanova	4.75%	2,211,454	$124M	added+19%	+0.64 pp	4 q
FDXFedEx Corporation	4.72%	485,113	$123M	trimmed−19%	−1.14 pp	43 q
FISFidelity National Information Services, Inc.	4.63%	2,005,638	$120M	added+23%	+1.29 pp	4 q
PPLIPeople Incorporated	4.55%	2,260,225	$118M	trimmed−3%	+0.22 pp	10 q
BIOBio-Rad Laboratories, Inc.Class A	4.52%	364,058	$118M	added+12%	+0.19 pp	3 q
LYVLive Nation Entertainment Inc.	4.44%	1,234,256	$116M	trimmed−3%	+0.54 pp	4 q
MGMMgm Resorts International	4.27%	2,487,573	$111M	trimmed−3%	+0.77 pp	14 q
WBDWarner Bros. Discovery, Inc. Series A	4.23%	9,668,467	$110M	trimmed−21%	−0.68 pp	7 q
HHyatt Hotels Corporation	4.01%	800,003	$104M	trimmed−24%	−0.14 pp	16 q
WMGWarner Music Group Corp. Class A	3.91%	2,844,099	$102M	trimmed−18%	−0.10 pp	6 q
PVHPVH Corp.	3.53%	750,885	$92M	trimmed−38%	+0.11 pp	7 q
SNSharkNinja, Inc.	3.14%	1,595,133	$82M	trimmed−16%	−0.13 pp	2 q
LBRDKLiberty Broadband Corporation Class C	2.93%	945,185	$76M	trimmed−2%	−0.32 pp	9 q
RTXRTX Corporation	2.58%	796,810	$67M	trimmed−2%	+0.42 pp	2 q
GHCGraham Holdings Company	2.34%	87,312	$61M	trimmed−2%	+0.41 pp	41 q
WESTWestrock Coffee Company	2.16%	5,506,996	$56M	trimmed−2%	+0.32 pp	6 q
FISVFiserv, Inc.	2.09%	410,041	$54M	trimmed−2%	+0.35 pp	9 q
OSCROscar Health, Inc.	2.01%	5,718,273	$52M	trimmed−23%	+0.48 pp	9 q
CNHCnh Industrial N.v.	1.96%	4,189,995	$51M	added×2.2	+1.09 pp	38 q
WTMWhite Mountains Insurance Group Ltd.	1.88%	32,446	$49M	trimmed−2%	+0.05 pp	9 q
HOUSAnywhere Real Estate Inc.	1.79%	5,748,860	$47M	held	—	25 q
ESRTEmpire State Realty Trust, Inc.	1.54%	4,141,547	$40M	trimmed−16%	+0.08 pp	16 q
BATRKAtlanta Braves Holdings, Inc. Series C	1.50%	983,262	$39M	held	—	14 q
IMKTAIngles Markets Inc	1.46%	440,648	$38M	added+2%	+0.26 pp	3 q
PKPark Hotels & Resorts Inc.	1.43%	2,428,008	$37M	added+33%	+0.60 pp	2 q
SAMBoston Beer Company	1.41%	106,317	$37M	held	—	4 q
FBINFortune Brands Innovations, Inc.	1.32%	452,101	$34M	trimmed−66%	−1.77 pp	4 q
KNFKnife River Corporation	0.81%	320,291	$21M	trimmed−58%	−0.57 pp	3 q
DEIDouglas Emmett, Inc.	0.74%	1,331,344	$19M	trimmed−18%	−0.02 pp	3 q
HTHTH World Group Limited	0.46%	360,871	$12M	trimmed−8%	−0.11 pp	8 q
DOORMasonite International Corp	0.46%	142,416	$12M	trimmed−57%	−0.68 pp	6 q
CAHCardinal Health, Inc.	0.06%	14,267	$1M	trimmed−15%	+0.01 pp	10 q
HDBHDFC Bank Limited	0.06%	24,066	$2M	new	+0.06 pp	new
XPOXPO, Inc.	0.05%	15,001	$1M	trimmed−7%	+0.01 pp	9 q
ENOVEnovis Corporation	0.04%	18,435	$1M	new	+0.04 pp	new
GEHCGE HealthCare Technologies Inc.	0.04%	13,159	$1M	held	—	4 q
MLCOMelco Resorts & Entertainment Limited	0.04%	117,669	$1M	added+45%	+0.01 pp	15 q
PYPLPayPal Holdings, Inc.	0.04%	16,448	$1M	added+7%	+0.01 pp	2 q
RXORXO, Inc.	0.04%	43,731	$1M	held	—	5 q
GOOGAlphabet Inc. Class C	0.03%	5,299	$746,788	trimmed−31%	−0.01 pp	7 q
MSGSMadison Square Garden Sports Corp.	0.02%	3,218	$585,129	trimmed−95%	−0.39 pp	11 q
LAZLazard, Inc.	0.02%	18,608	$647,558	trimmed−97%	−0.80 pp	22 q
GEGE Aerospace	—	−10,625	—	exited	−0.04 pp	—