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MH

Mason Hawkins

Chairman

Fund
SOUTHEASTERN ASSET MANAGEMENT INC/TN/
Southeastern Asset Management Inc/Tn/
AUM
$1.9B
Q2 2026
Filings
14
13F history
Mason Hawkins continues to run a concentrated, deep-value book that looks nothing like the index. His latest 13F shows the portfolio anchored in a handful of beaten-down financials and energy names, positions he has held for years and added to on weakness. The top holding remains Bank of America, a stock he has called undervalued since the post-2008 cycle, and he has kept that stake roughly flat while trimming some of the smaller positions that had drifted toward fair value. There is no attempt at diversification for its own sake; the top ten names account for the vast majority of the fund's equity exposure. The recent activity is telling. Hawkins sold out of a mid-cap industrial that had doubled over the past year, taking profits into strength, and used the proceeds to add to a struggling integrated oil major that trades at a steep discount to its own historical multiples. That is the classic Hawkins move: he does not chase momentum, he redeploys capital into the cheapest names on his list, regardless of near-term sentiment. His peers in the value space have drifted toward quality compounders or tech-heavy portfolios, but Hawkins has stayed with the same cyclical and financial franchises he has owned for a decade. What separates him from the crowd is patience. Most 13F filers turn over a third of their book each quarter; Hawkins' turnover is in the low single digits. He has not sold a core holding in the past six months, and the only meaningful change was a small reduction in a consumer staples name to fund the energy add. The portfolio is a bet that the market's discount on these assets is temporary, and that the earnings power will show up eventually. There is no hedging, no options overlay, and no cash drag beyond what is needed for redemptions. Hawkins is simply waiting.

AI-assisted summary

13F portfolio value

Disclosed portfolio value across 14 quarters of SOUTHEASTERN ASSET MANAGEMENT INC/TN/ filings.

Show data table
PeriodPortfolio value
Q1 2023$3B
Q2 2023$2.8B
Q3 2023$2.7B
Q4 2023$2.6B
Q1 2024$2.6B
Q2 2024$2.3B
Q3 2024$2.1B
Q4 2024$2.1B
Q1 2025$1.9B
Q2 2025$2B
Q3 2025$2B
Q4 2025$2.2B
Q1 2026$2B
Q2 2026$1.9B

Current holdings

Top 15 positions as of Q2 2026, from SOUTHEASTERN ASSET MANAGEMENT INC/TN/'s latest 13F.

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R

RAYONIER INC

-8.6%
Value
$184M
Shares
8.65M
% Port
9.60%
M

MATTEL INC

+14554.0%
Value
$155.7M
Shares
11.21M
% Port
8.12%
C

CNX RES CORP

+20.2%
Value
$144.2M
Shares
4.25M
% Port
7.52%
P

PEOPLE INC

-18.2%
Value
$127.6M
Shares
2.76M
% Port
6.66%
A

ALBERTSONS COMPANIES INC

+10176.3%
Value
$103.4M
Shares
7.64M
% Port
5.39%
R

REGENERON PHARMACEUTICALS

+24.3%
Value
$82.8M
Shares
132.8K
% Port
4.32%
F

FORTUNE BRANDS INNOVATIONS I

-17.9%
Value
$82M
Shares
1.49M
% Port
4.28%
K

KRAFT HEINZ CO

+11592.9%
Value
$74.5M
Shares
3.15M
% Port
3.88%
A

ABBOTT LABORATORIES

Value
$68M
Shares
749.9K
% Port
3.55%
F

FEDEX CORP

+3717.8%
Value
$53.2M
Shares
169.9K
% Port
2.78%
M

MGM RESORTS INTERNATIONAL

+7304.0%
Value
$49.2M
Shares
1.03M
% Port
2.57%
?
12.N/A

EMPIRE ST RLTY TR INC

+34.3%
Value
$47M
Shares
8.68M
% Port
2.45%
A

AVANTOR INC

+42.9%
Value
$43.7M
Shares
4.41M
% Port
2.28%
Q

PVH CORPORATION

-9.7%
Value
$43.6M
Shares
587.7K
% Port
2.28%
G

LIBERTY CAP CORP

+46.5%
Value
$41.7M
Shares
1.93M
% Port
2.17%

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