Insights from Southeastern Asset Management's Latest 13F Filing
Renowned value investor Mason Hawkins (Trades, Portfolio), Chairman and CEO of Southeastern Asset Management, has made strategic moves in the fourth quarter of 2023, as revealed in the latest 13F filing. With a career spanning over four decades, Hawkins is known for his disciplined investment approach, focusing on acquiring undervalued securities with a long-term perspective. His investment philosophy centers on three core tenets: investing in good businesses with strong balance sheets, led by capable management, and available at a good price. Southeastern Asset Management, under Hawkins' leadership, typically targets companies trading at 60% or less of their intrinsic value, divesting when they reach their assessed worth. The firm's concentrated portfolio strategy often holds fewer than 25 stocks, ensuring a focus on only the most compelling investment ideas.
Summary of New Buys
Mason Hawkins (Trades, Portfolio) added a total of 2 stocks to his portfolio in the recent quarter:
- The most significant addition was HDFC Bank Ltd (HDB, Financial), with 24,066 shares, accounting for 0.06% of the portfolio and a total value of $1.62 million.
- The second largest addition was Enovis Corp (ENOV, Financial), with 18,435 shares, representing approximately 0.04% of the portfolio, with a total value of $1.03 million.
Key Position Increases
Stakes were increased in a total of 8 stocks, with notable adjustments including:
- CNH Industrial NV (CNHI, Financial) saw an additional 2,256,646 shares, bringing the total to 4,189,995 shares. This represents a significant 116.72% increase in share count, a 1.06% impact on the current portfolio, and a total value of $51.03 million.
- Fidelity National Information Services Inc (FIS, Financial) was boosted by 373,869 shares, resulting in a total of 2,005,638 shares. This adjustment marks a 22.91% increase in share count, with a total value of $120.48 million.
Summary of Sold Out Positions
Mason Hawkins (Trades, Portfolio) completely exited 2 holdings in the fourth quarter of 2023, as detailed below:
- General Electric Co (GE, Financial): All 10,625 shares were sold, impacting the portfolio by -0.04%.
Key Position Reductions
Portfolio positions were reduced in 30 stocks. The most significant changes include:
- Fortune Brands Innovations Inc (FBIN, Financial) was reduced by 890,658 shares, resulting in a -66.33% decrease in shares and a -2.05% impact on the portfolio. The stock traded at an average price of $65.82 during the quarter and has returned 21.21% over the past 3 months and 3.80% year-to-date.
- PVH Corp (PVH, Financial) saw a reduction of 454,701 shares, equating to a -37.72% reduction in shares and a -1.29% impact on the portfolio. The stock's average trading price was $89.53 during the quarter, with a return of 56.07% over the past 3 months and 3.92% year-to-date.
Portfolio Overview
At the end of the fourth quarter of 2023, Mason Hawkins (Trades, Portfolio)'s portfolio comprised 45 stocks. The top holdings included 6.42% in Mattel Inc (MAT, Financial), 6.41% in CNX Resources Corp (CNX, Financial), 5.14% in Affiliated Managers Group Inc (AMG, Financial), 4.75% in Kellanova Co (K, Financial), and 4.72% in FedEx Corp (FDX, Financial). The holdings are mainly concentrated across 10 of the 11 industries, including Consumer Cyclical, Communication Services, Consumer Defensive, Industrials, Financial Services, Technology, Healthcare, Energy, Real Estate, and Basic Materials.
This article, generated by GuruFocus, is designed to provide general insights and is not tailored financial advice. Our commentary is rooted in historical data and analyst projections, utilizing an impartial methodology, and is not intended to serve as specific investment guidance. It does not formulate a recommendation to purchase or divest any stock and does not consider individual investment objectives or financial circumstances. Our objective is to deliver long-term, fundamental data-driven analysis. Be aware that our analysis might not incorporate the most recent, price-sensitive company announcements or qualitative information. GuruFocus holds no position in the stocks mentioned herein.
