Southeastern Asset Management

Q4 2025 13F · by Ross Glotzbach, CEO

As of: Dec 31, 2025
Filed: Feb 13, 2026
US stock: $2.2B · prev $2.0B
Positions: 53 · prev 49
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%

Moves45 since the prior filing

+8.3 pp in · −7.4 pp out

New 4 +2.93 pp
Added 19 +5.35 pp
Trimmed 22 −7.38 pp
Exited 0 0.00 pp

The book

Focused · behaves like 24 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 18% a year, about 5.6 years per position

Low
Moderate
High

Top 5 positions34% of US stock

CNX CNX Resources Corporation trimmed−0.03 pp trimmed−0.037.8%
MAT Mattel, Inc. added+0.56 pp added+0.567.6%
PPLI People Incorporated added+2.14 pp added+2.147.0%
REGN Regeneron Pharmaceuticals Inc added+1.55 pp added+1.555.7%
PCH PotlatchDeltic Corporation added+1.17 pp added+1.175.6%

Positions53 in this filing · 0 exited


CNXCNX Resources Corporation	7.76%	4,735,824	$174M	trimmed−0%	−0.03 pp	33 q
MATMattel, Inc.	7.57%	8,570,328	$170M	added+5%	+0.56 pp	34 q
PPLIPeople Incorporated	6.95%	3,989,340	$156M	added+44%	+2.14 pp	18 q
REGNRegeneron Pharmaceuticals Inc	5.70%	165,792	$128M	added+15%	+1.55 pp	4 q
PCHPotlatchDeltic Corporation	5.60%	3,162,963	$126M	added+48%	+1.17 pp	8 q
RYNRayonier Inc.	5.48%	5,678,941	$123M	added+20%	−0.61 pp	2 q
KHCThe Kraft Heinz Company	4.85%	4,488,116	$109M	added+23%	+0.02 pp	5 q
ACIAlbertsons Companies, Inc.	4.72%	6,166,712	$106M	added+25%	+0.30 pp	6 q
FDXFedEx Corporation	4.62%	359,122	$104M	trimmed−4%	+0.11 pp	51 q
MGMMgm Resorts International	3.30%	2,033,369	$74M	added+16%	+0.21 pp	22 q
BIOBio-Rad Laboratories, Inc.Class A	3.07%	227,630	$69M	trimmed−4%	−0.33 pp	11 q
ACMRACM Research, Inc. Class A	2.95%	1,680,181	$66M	added+13%	−0.02 pp	3 q
WTMWhite Mountains Insurance Group Ltd.	2.93%	31,652	$66M	held	—	17 q
FBINFortune Brands Innovations, Inc.	2.62%	1,178,103	$59M	added+16%	−0.15 pp	3 q
PVHPVH Corp.	2.20%	736,935	$49M	trimmed−21%	−1.80 pp	15 q
GLIBKLiberty Capital Corporation Series C GCI Group	2.19%	1,321,110	$49M	added+53%	+0.55 pp	2 q
FISFidelity National Information Services, Inc.	1.84%	622,149	$41M	trimmed−1%	−0.27 pp	12 q
TRIPTripAdvisor, Inc.	1.84%	2,838,257	$41M	added+21%	−0.11 pp	4 q
AVTRAvantor, Inc.	1.81%	3,548,518	$41M	trimmed−31%	−1.47 pp	2 q
GHCGraham Holdings Company	1.75%	35,721	$39M	added+1%	−0.37 pp	49 q
DISThe Walt Disney Company	1.61%	317,175	$36M	added+11%	−0.06 pp	3 q
CNHCnh Industrial N.v.	1.53%	3,716,808	$34M	held	—	46 q
SHENShenandoah Telecom Co	1.51%	2,940,296	$34M	added+20%	−0.17 pp	4 q
PYPLPayPal Holdings, Inc.	1.44%	554,074	$32M	trimmed−1%	−0.47 pp	10 q
SNSharkNinja, Inc.	1.44%	289,266	$32M	trimmed−43%	−1.23 pp	10 q
SAMBoston Beer Company	1.29%	147,997	$29M	added+35%	+0.11 pp	12 q
DOLEDole plc	1.29%	1,933,708	$29M	held	—	7 q
ALXAlexander's Inc.	1.19%	122,712	$27M	held	—	3 q
BATRKAtlanta Braves Holdings, Inc. Series C	1.18%	671,014	$26M	held	—	22 q
ESRTEmpire State Realty Trust, Inc.	1.08%	3,704,236	$24M	added+41%	+0.05 pp	24 q
CLWClearwater Paper Corporation	1.07%	1,380,930	$24M	added+47%	+0.08 pp	3 q
MICCThe Magnum Ice Cream Company N.V.	1.01%	1,430,351	$23M	new	+1.01 pp	new
LPXLouisiana-Pacific Corp.	0.98%	272,123	$22M	new	+0.98 pp	new
EDUNew Oriental Education and Technology Group, Inc.	0.93%	379,561	$21M	new	+0.93 pp	new
KSPIJoint Stock Company Kaspi.kz American Depository Shares	0.84%	240,628	$19M	added+35%	+0.10 pp	3 q
MLCOMelco Resorts & Entertainment Limited	0.61%	1,797,254	$14M	trimmed−11%	−0.33 pp	23 q
HTHTH World Group Limited	0.48%	231,372	$11M	trimmed−74%	−1.27 pp	16 q
GLIBALiberty Capital Corporation Series A GCI Group	0.13%	80,675	$3M	held	—	2 q
CAHCardinal Health, Inc.	0.08%	8,649	$2M	trimmed−19%	−0.01 pp	18 q
XPOXPO, Inc.	0.08%	13,012	$2M	trimmed−19%	−0.03 pp	17 q
AMGAffiliated Managers Group	0.07%	5,562	$2M	trimmed−19%	−0.01 pp	30 q
HHyatt Hotels Corporation	0.06%	7,733	$1M	trimmed−19%	−0.01 pp	24 q
HSICHenry Schein Inc	0.06%	17,038	$1M	trimmed−19%	−0.01 pp	6 q
ENOVEnovis Corporation	0.05%	44,258	$1M	trimmed−19%	−0.03 pp	9 q
LYVLive Nation Entertainment Inc.	0.05%	8,434	$1M	trimmed−19%	−0.04 pp	12 q
LAZLazard, Inc.	0.04%	18,608	$903,604	trimmed−19%	−0.02 pp	30 q
MSGSMadison Square Garden Sports Corp.	0.04%	3,218	$832,336	trimmed−20%	−0.01 pp	19 q
STZConstellation Brands, Inc.	0.02%	3,661	$505,072	held	—	2 q
HDBHDFC Bank Limited	0.02%	10,462	$382,281	trimmed−79%	−0.07 pp	9 q
ACHAccendra Health, Inc.	0.02%	181,735	$508,858	trimmed−19%	−0.03 pp	3 q
RXORXO, Inc.	0.02%	43,731	$552,760	trimmed−19%	−0.02 pp	13 q
CLVTClarivate Plc	0.02%	121,927	$407,236	held	—	2 q
FISVFiserv, Inc.	0.01%	3,990	$268,008	new	+0.01 pp	new