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Mason Hawkins

Southeastern Asset Management

Southeastern Asset Management, Mason Hawkins and appraisal-value discipline

Southeastern and Longleaf represent a traditional appraisal-value discipline: estimate business value, demand a discount, and work with management when value can be unlocked. The 13F should be read with Longleaf letters and appraisal-value commentary.

Sources Southeastern Asset Management official site SEC EDGAR profile Southeastern Asset Management
Concentrated value / appraisal discipline CIK 807985
2026-03-31 Latest 13F 20 Current holdings 26 Last 1 periods Change 2 Public materials
Latest 13F snapshot 2026-03-31 · 49 disclosed positions · $2.0B Top five 41.8%: RYN, MAT, PPLI, CNX, ACI

Performance materials

  • Longleaf and Southeastern fund reports provide the public performance context.

Firm and key people

  • Mason Hawkins co-founded Southeastern Asset Management and built the Longleaf value-investing tradition.
  • The firm focuses on business appraisal, management quality, and value realization over multi-year periods.
  • Letters often explain why a position is held through poor short-term performance.

Investment style

  • Start with appraisal value and require a meaningful discount.
  • Management alignment and value-realization path are central.
  • Long holding periods mean thesis progress matters more than quarterly price moves.

Public materials

View timeline
Shareholder letters / memos 1
Interview 0
Public video 0
Public Q&A / speeches / presentations 1

Current holdings

13F period 2026-03-31 · Filed 2026-05-15
Stocks Shares Value Weight
RYN 10,762,643 $221.9M 10.9%
MAT 12,812,157 $186.2M 9.2%
PPLI 4,022,729 $161.0M 7.9%
CNX 4,014,111 $154.7M 7.6%
ACI 7,419,801 $126.4M 6.2%
REGN 130,662 $101.0M 5.0%
KHC 3,948,713 $88.8M 4.4%
FDX 247,495 $88.2M 4.3%
FBIN 2,153,285 $83.9M 4.1%
MGM 1,662,961 $61.5M 3.0%
PVH 736,935 $51.4M 2.5%
GLIBK 1,321,110 $49.2M 2.4%
TRIP 4,598,068 $49.0M 2.4%
BIO 162,804 $45.4M 2.2%
SHEN 2,940,296 $45.3M 2.2%
GHC 37,760 $39.9M 2.0%
FIS 827,501 $38.8M 1.9%
ESRT 6,473,317 $33.7M 1.7%
ACMR 782,900 $30.8M 1.5%
EDU 522,280 $29.6M 1.5%

Last 1 quarters US 13F new / increased / reduced / sold-out positions

As of 13F 2026-03-31 · Filed 2026-05-15
Last 1 quarters Last 2 quarters Last 3 quarters Last 4 quarters
Stocks Action 13F period Current shares Previous shares Share change 13F value change
PCH Sold out 2026-03-31 Filed 2026-05-15 0 3,162,963 -100.0% -$125.8M
RYN Major increase 2026-03-31 Filed 2026-05-15 10,762,643 5,678,941 89.5% +$99.0M
DIS Sold out 2026-03-31 Filed 2026-05-15 0 317,175 -100.0% -$36.1M
ACMR Major reduction 2026-03-31 Filed 2026-05-15 782,900 1,680,181 -53.4% -$35.5M
PYPL Major reduction 2026-03-31 Filed 2026-05-15 22,463 554,074 -95.9% -$31.3M
REGN Major reduction 2026-03-31 Filed 2026-05-15 130,662 165,792 -21.2% -$27.0M
FBIN Major increase 2026-03-31 Filed 2026-05-15 2,153,285 1,178,103 82.8% +$25.0M
BIO Major reduction 2026-03-31 Filed 2026-05-15 162,804 227,630 -28.5% -$23.6M
LPX Sold out 2026-03-31 Filed 2026-05-15 0 272,123 -100.0% -$22.0M
ACI Major increase 2026-03-31 Filed 2026-05-15 7,419,801 6,166,712 20.3% +$20.6M
KHC Minor reduction 2026-03-31 Filed 2026-05-15 3,948,713 4,488,116 -12.0% -$20.0M
CNX Major reduction 2026-03-31 Filed 2026-05-15 4,014,111 4,735,824 -15.2% -$19.4M
MAT Major increase 2026-03-31 Filed 2026-05-15 12,812,157 8,570,328 49.5% +$16.1M
FDX Major reduction 2026-03-31 Filed 2026-05-15 247,495 359,122 -31.1% -$15.6M
AVTR Minor reduction 2026-03-31 Filed 2026-05-15 3,520,212 3,548,518 -0.8% -$13.1M
MGM Major reduction 2026-03-31 Filed 2026-05-15 1,662,961 2,033,369 -18.2% -$12.7M
ESRT Major increase 2026-03-31 Filed 2026-05-15 6,473,317 3,704,236 74.8% +$9.5M
EDU Major increase 2026-03-31 Filed 2026-05-15 522,280 379,561 37.6% +$8.7M
TRIP Major increase 2026-03-31 Filed 2026-05-15 4,598,068 2,838,257 62.0% +$7.7M
SN Minor reduction 2026-03-31 Filed 2026-05-15 250,666 289,266 -13.3% -$5.8M
PPLI Minor increase 2026-03-31 Filed 2026-05-15 4,022,729 3,989,340 0.8% +$5.0M
ALX Major reduction 2026-03-31 Filed 2026-05-15 99,013 122,712 -19.3% -$3.4M
FIS Major increase 2026-03-31 Filed 2026-05-15 827,501 622,149 33.0% -$2.5M
CLW Minor increase 2026-03-31 Filed 2026-05-15 1,525,491 1,380,930 10.5% -$2.1M
SAM Major reduction 2026-03-31 Filed 2026-05-15 118,401 147,997 -20.0% -$1.6M
GHC Minor increase 2026-03-31 Filed 2026-05-15 37,760 35,721 5.7% +$679,048

Public video / Interview / Shareholder letter / Public Q&A

2 reliable public materials
Shareholder letter / fund letter

Longleaf Partners Quarterly Commentaries

The official Longleaf Partners commentary page provides Southeastern/Longleaf's quarterly letters and portfolio views and is the primary public source of Mason Hawkins' value investing framework.

  • Longleaf's comments typically emphasize appraisal value, management cooperation, and margin of safety.
  • The information helps explain the presence of cyclical, energy, media, and discount holding companies in Southeastern's portfolio.
  • The official comment page has a stable source and is more reliable than third-party reprints.
  • It should be noted that Hawkins is a representative of the long-term value framework, and a single quarter of 13F is not enough to illustrate a complete investment case.
  • This information can transform the Mason Hawkins page from a blank position list into a sourced investment framework page.
Investment presentation

Southeastern Asset Management Investment Approach

Southeastern's official investment methodology page describes its long-term, focused, valuation-driven, and active owner approach and is a classic source of framework for understanding Mason Hawkins.

  • The investment approach revolves around business value, people and price, echoing the traditional Graham-Dodd margin of safety.
  • Southeastern emphasizes interaction with management and the board of directors, but usually not overt conflict-type activism.
  • Information can help understand why Longleaf positions may be under pressure in the short term but remain held in the long term.
  • This official framework page explains Southeastern's investment approach over time.
  • It also reminds investors that value portfolios may take longer to cash out and cannot be judged by quarterly rankings.