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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 136 Last 4 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 4 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
PPLI Major increase 2025-12-31 Filed 2026-02-13 3,989,340 2,767,511 44.1% +$61.7M
REGN Minor increase 2025-12-31 Filed 2026-02-13 165,792 144,607 14.7% +$46.7M
PCH Major increase 2025-12-31 Filed 2026-02-13 3,162,963 2,131,754 48.4% +$39.0M
MAT Minor increase 2025-12-31 Filed 2026-02-13 8,570,328 8,161,296 5.0% +$32.7M
PVH Major reduction 2025-12-31 Filed 2026-02-13 736,935 935,398 -21.2% -$29.0M
AVTR Major reduction 2025-12-31 Filed 2026-02-13 3,548,518 5,149,420 -31.1% -$23.6M
HTHT Major reduction 2025-12-31 Filed 2026-02-13 231,372 876,862 -73.6% -$23.4M
LPX New 2025-12-31 Filed 2026-02-13 272,123 0 - +$22.0M
CNX Minor reduction 2025-12-31 Filed 2026-02-13 4,735,824 4,752,629 -0.4% +$21.5M
EDU New 2025-12-31 Filed 2026-02-13 379,561 0 - +$20.9M
SN Major reduction 2025-12-31 Filed 2026-02-13 289,266 507,418 -43.0% -$20.0M
ACI Major increase 2025-12-31 Filed 2026-02-13 6,166,712 4,943,869 24.7% +$19.3M
GLIBK Major increase 2025-12-31 Filed 2026-02-13 1,321,110 863,691 53.0% +$17.0M
FDX Minor reduction 2025-12-31 Filed 2026-02-13 359,122 374,380 -4.1% +$15.5M
KHC Major increase 2025-12-31 Filed 2026-02-13 4,488,116 3,637,374 23.4% +$14.1M
MGM Major increase 2025-12-31 Filed 2026-02-13 2,033,369 1,748,002 16.3% +$13.6M
ACMR Minor increase 2025-12-31 Filed 2026-02-13 1,680,181 1,485,687 13.1% +$8.1M
SAM Major increase 2025-12-31 Filed 2026-02-13 147,997 109,238 35.5% +$5.8M
PYPL Minor reduction 2025-12-31 Filed 2026-02-13 554,074 559,156 -0.9% -$5.2M
MLCO Minor reduction 2025-12-31 Filed 2026-02-13 1,797,254 2,010,419 -10.6% -$4.8M
FBIN Major increase 2025-12-31 Filed 2026-02-13 1,178,103 1,015,602 16.0% +$4.7M
CLW Major increase 2025-12-31 Filed 2026-02-13 1,380,930 937,921 47.2% +$4.6M
KSPI Major increase 2025-12-31 Filed 2026-02-13 240,628 178,444 34.8% +$4.2M
ESRT Major increase 2025-12-31 Filed 2026-02-13 3,704,236 2,630,140 40.8% +$4.0M
RYN Major increase 2025-12-31 Filed 2026-02-13 5,678,941 4,496,725 26.3% +$3.6M
DIS Minor increase 2025-12-31 Filed 2026-02-13 317,175 285,860 11.0% +$3.4M
TRIP Major increase 2025-12-31 Filed 2026-02-13 2,838,257 2,344,984 21.0% +$3.2M
BIO Minor reduction 2025-12-31 Filed 2026-02-13 227,630 237,254 -4.1% +$2.4M
GHC Minor increase 2025-12-31 Filed 2026-02-13 35,721 35,357 1.0% -$2.4M
SHEN Major increase 2025-12-31 Filed 2026-02-13 2,940,296 2,448,240 20.1% +$1.1M
XPO Major reduction 2025-12-31 Filed 2026-02-13 13,012 15,980 -18.6% -$297,274
FIS Minor reduction 2025-12-31 Filed 2026-02-13 622,149 626,109 -0.6% +$62,396
RYN New 2025-09-30 Filed 2025-11-14 4,496,725 0 - +$119.3M
DINO Sold out 2025-09-30 Filed 2025-11-14 0 1,751,822 -100.0% -$72.0M
AVTR New 2025-09-30 Filed 2025-11-14 5,149,420 0 - +$64.3M
PCH Major increase 2025-09-30 Filed 2025-11-14 2,131,754 956,247 122.9% +$50.2M
H Major reduction 2025-09-30 Filed 2025-11-14 9,508 306,492 -96.9% -$41.5M
TIGO Sold out 2025-09-30 Filed 2025-11-14 0 1,037,634 -100.0% -$38.9M
FIS Major reduction 2025-09-30 Filed 2025-11-14 626,109 949,257 -34.0% -$36.0M
GLIBK New 2025-09-30 Filed 2025-11-14 863,691 0 - +$32.2M
ANGI Sold out 2025-09-30 Filed 2025-11-14 0 2,067,648 -100.0% -$31.6M
MLCO Major reduction 2025-09-30 Filed 2025-11-14 2,010,419 6,397,271 -68.6% -$27.8M
ACMR Major increase 2025-09-30 Filed 2025-11-14 1,485,687 1,185,744 25.3% +$27.4M
OSCR Sold out 2025-09-30 Filed 2025-11-14 0 881,857 -100.0% -$18.9M
PVH Major reduction 2025-09-30 Filed 2025-11-14 935,398 1,369,854 -31.7% -$15.6M
WEST Sold out 2025-09-30 Filed 2025-11-14 0 2,670,176 -100.0% -$15.3M
PPLI Minor reduction 2025-09-30 Filed 2025-11-14 2,767,511 2,930,980 -5.6% -$15.2M
ALX Major increase 2025-09-30 Filed 2025-11-14 122,712 63,503 93.2% +$14.5M
PK Sold out 2025-09-30 Filed 2025-11-14 0 1,337,878 -100.0% -$13.7M
ACI Major increase 2025-09-30 Filed 2025-11-14 4,943,869 3,462,177 42.8% +$12.1M
BIO Major reduction 2025-09-30 Filed 2025-11-14 237,254 315,285 -24.7% -$9.6M
DOLE Major reduction 2025-09-30 Filed 2025-11-14 1,933,708 2,449,144 -21.0% -$8.3M
MAT Minor increase 2025-09-30 Filed 2025-11-14 8,161,296 7,220,265 13.0% -$5.0M
PYPL Minor reduction 2025-09-30 Filed 2025-11-14 559,156 565,860 -1.2% -$4.6M
TRIP Minor reduction 2025-09-30 Filed 2025-11-14 2,344,984 2,590,948 -9.5% +$4.3M
HTHT Minor reduction 2025-09-30 Filed 2025-11-14 876,862 896,756 -2.2% +$3.9M
DIS Minor reduction 2025-09-30 Filed 2025-11-14 285,860 290,330 -1.5% -$3.3M
GLIBA New 2025-09-30 Filed 2025-11-14 80,675 0 - +$3.0M
REGN Minor reduction 2025-09-30 Filed 2025-11-14 144,607 160,581 -9.9% -$3.0M
SAM Minor increase 2025-09-30 Filed 2025-11-14 109,238 106,317 2.7% +$2.8M
CNX Minor increase 2025-09-30 Filed 2025-11-14 4,752,629 4,462,756 6.5% +$2.3M
FDX Minor reduction 2025-09-30 Filed 2025-11-14 374,380 379,536 -1.4% +$2.0M
SHEN Minor increase 2025-09-30 Filed 2025-11-14 2,448,240 2,288,068 7.0% +$1.6M
KSPI Minor reduction 2025-09-30 Filed 2025-11-14 178,444 188,806 -5.5% -$1.5M
HDB Major increase 2025-09-30 Filed 2025-11-14 49,874 39,094 27.6% -$1.3M
FBIN Minor reduction 2025-09-30 Filed 2025-11-14 1,015,602 1,031,315 -1.5% +$1.1M
GHC Major reduction 2025-09-30 Filed 2025-11-14 35,357 42,899 -17.6% +$1.0M
MGM Minor reduction 2025-09-30 Filed 2025-11-14 1,748,002 1,775,104 -1.5% -$460,079
LYV Major reduction 2025-09-30 Filed 2025-11-14 10,380 14,086 -26.3% -$434,838
SN Minor reduction 2025-09-30 Filed 2025-11-14 507,418 531,660 -4.6% -$288,856
KHC Minor reduction 2025-09-30 Filed 2025-11-14 3,637,374 3,674,261 -1.0% -$152,200
AMG Major reduction 2025-06-30 Filed 2025-08-14 6,838 479,771 -98.6% -$79.3M
PVH Major increase 2025-06-30 Filed 2025-08-14 1,369,854 605,686 126.2% +$54.8M
FBIN New 2025-06-30 Filed 2025-08-14 1,031,315 0 - +$53.1M
ACI Major reduction 2025-06-30 Filed 2025-08-14 3,462,177 5,068,175 -31.7% -$37.0M
DIS New 2025-06-30 Filed 2025-08-14 290,330 0 - +$36.0M
ANGI New 2025-06-30 Filed 2025-08-14 2,067,648 0 - +$31.6M
ACMR New 2025-06-30 Filed 2025-08-14 1,185,744 0 - +$30.7M
CLW New 2025-06-30 Filed 2025-08-14 937,921 0 - +$25.5M
TIGO Major reduction 2025-06-30 Filed 2025-08-14 1,037,634 2,017,973 -48.6% -$22.2M
KHC Major increase 2025-06-30 Filed 2025-08-14 3,674,261 2,461,981 49.2% +$20.0M
WEST Major reduction 2025-06-30 Filed 2025-08-14 2,670,176 4,879,927 -45.3% -$19.9M
SHEN Major increase 2025-06-30 Filed 2025-08-14 2,288,068 909,818 151.5% +$19.8M
FIS Major reduction 2025-06-30 Filed 2025-08-14 949,257 1,297,683 -26.8% -$19.6M
MLCO Major increase 2025-06-30 Filed 2025-08-14 6,397,271 5,061,285 26.4% +$19.6M
HHH Sold out 2025-06-30 Filed 2025-08-14 0 217,395 -100.0% -$16.1M
KSPI New 2025-06-30 Filed 2025-08-14 188,806 0 - +$16.0M
DINO Major reduction 2025-06-30 Filed 2025-08-14 1,751,822 2,668,678 -34.4% -$15.8M
ALX New 2025-06-30 Filed 2025-08-14 63,503 0 - +$14.3M
GHC Major reduction 2025-06-30 Filed 2025-08-14 42,899 55,157 -22.2% -$12.4M
REGN Major increase 2025-06-30 Filed 2025-08-14 160,581 114,880 39.8% +$11.4M
PK Major reduction 2025-06-30 Filed 2025-08-14 1,337,878 2,310,978 -42.1% -$11.0M
MAT Minor increase 2025-06-30 Filed 2025-08-14 7,220,265 6,838,934 5.6% +$9.5M
TRIP Major increase 2025-06-30 Filed 2025-08-14 2,590,948 1,728,253 49.9% +$9.3M
ESRT Major increase 2025-06-30 Filed 2025-08-14 2,630,140 1,557,018 68.9% +$9.1M
OSCR Major reduction 2025-06-30 Filed 2025-08-14 881,857 2,096,785 -57.9% -$8.6M
FDX Minor reduction 2025-06-30 Filed 2025-08-14 379,536 388,714 -2.4% -$8.5M
SN Minor reduction 2025-06-30 Filed 2025-08-14 531,660 545,403 -2.5% +$7.1M
H Major reduction 2025-06-30 Filed 2025-08-14 306,492 390,999 -21.6% -$5.1M
PYPL Minor reduction 2025-06-30 Filed 2025-08-14 565,860 571,093 -0.9% +$4.8M
MGM Minor reduction 2025-06-30 Filed 2025-08-14 1,775,104 1,928,963 -8.0% +$3.9M
PPLI Major increase 2025-06-30 Filed 2025-08-14 2,930,980 2,455,492 19.4% -$3.4M
HTHT Minor reduction 2025-06-30 Filed 2025-08-14 896,756 904,892 -0.9% -$3.1M
BIO Minor reduction 2025-06-30 Filed 2025-08-14 315,285 323,805 -2.6% -$2.8M
BATRK Major reduction 2025-06-30 Filed 2025-08-14 671,014 851,017 -21.2% -$2.7M
CAH Major reduction 2025-06-30 Filed 2025-08-14 10,644 17,581 -39.5% -$633,943
CNX Minor reduction 2025-06-30 Filed 2025-08-14 4,462,756 4,786,178 -6.8% -$363,262
PCH Major increase 2025-06-30 Filed 2025-08-14 956,247 820,355 16.6% -$323,219
DOLE Minor increase 2025-06-30 Filed 2025-08-14 2,449,144 2,353,117 4.1% +$260,983
HDB Major reduction 2025-06-30 Filed 2025-08-14 39,094 46,922 -16.7% -$120,161

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.