Mason Hawkins' Strategic Exits and Acquisitions Highlighted by Liberty Broadband Corp Sale
Insights from the Latest 13F Filing for Q2 2024
Mason Hawkins (Trades, Portfolio), the seasoned Chairman and CEO of Southeastern Asset Management, has been steering the Longleaf Partners Funds since 1975. A graduate with a B.A. in Finance from the University of Florida and an M.B.A. from the University of Georgia, Hawkins is a staunch value investor. His investment philosophy centers on acquiring stakes in businesses that are not only understandable and have strong balance sheets but are also managed by capable individuals and are trading at prices well below their intrinsic values. Typically, his target investment threshold is companies trading at 60% or less of their intrinsic value, determined through detailed asset and cash flow analyses. His strategy also involves maintaining a concentrated portfolio, often comprising fewer than 25 stocks.
Summary of New Buys
Mason Hawkins (Trades, Portfolio) added a total of 5 stocks to his portfolio this quarter. Noteworthy new acquisitions include:
Liberty Live Group (NASDAQ:LLYVK), with 552,140 shares, making up 0.92% of the portfolio and valued at $21.13 million.
Dole PLC (NYSE:DOLE), comprising 1,627,704 shares, which represent about 0.87% of the portfolio, with a total value of $19.92 million.
Howard Hughes Holdings Inc (NYSE:HHH), with 319,813 shares, accounting for 0.86% of the portfolio and a total value of $19.84 million.
Key Position Increases
During the quarter, Mason Hawkins (Trades, Portfolio) increased his stakes in 13 stocks. Significant increases include:
Melco Resorts and Entertainment Ltd (NASDAQ:MLCO), with an additional 5,991,333 shares, bringing the total to 6,081,603 shares. This adjustment represents a substantial 6,637.13% increase in share count, impacting the current portfolio by 1.95%, and valued at $45.37 million.
PVH Corp (NYSE:PVH), with an additional 207,408 shares, bringing the total to 522,158. This adjustment represents a 65.9% increase in share count, valued at $55.28 million.
Summary of Sold Out Positions
Mason Hawkins (Trades, Portfolio) completely exited 2 holdings in the second quarter of 2024, as detailed below:
Liberty Broadband Corp (NASDAQ:LBRDK): All 944,340 shares were sold, resulting in a -2.08% impact on the portfolio.
Douglas Emmett Inc (NYSE:DEI): All 1,331,344 shares were liquidated, causing a -0.71% impact on the portfolio.
Key Position Reductions
Additionally, Mason Hawkins (Trades, Portfolio) reduced his positions in 23 stocks. The most significant changes include:
CNX Resources Corp (NYSE:CNX) was reduced by 1,849,703 shares, resulting in a -20.43% decrease in shares and a -1.69% impact on the portfolio. The stock traded at an average price of $24.41 during the quarter and has returned 9.56% over the past 3 months and 33.00% year-to-date.
Live Nation Entertainment Inc (NYSE:LYV) was reduced by 264,114 shares, resulting in a -22.64% reduction in shares and a -1.07% impact on the portfolio. The stock traded at an average price of $94.54 during the quarter and has returned -2.33% over the past 3 months and 0.57% year-to-date.
Portfolio Overview
At the end of the second quarter of 2024, Mason Hawkins (Trades, Portfolio)'s portfolio included 47 stocks. The top holdings were 7.63% in CNX Resources Corp (NYSE:CNX), 6.67% in FedEx Corp (NYSE:FDX), 5.81% in Mattel Inc (NASDAQ:MAT), 5.41% in Affiliated Managers Group Inc (NYSE:AMG), and 5.02% in Fidelity National Information Services Inc (NYSE:FIS). The holdings are mainly concentrated in 9 of all the 11 industries: Consumer Cyclical, Communication Services, Consumer Defensive, Industrials, Financial Services, Energy, Technology, Real Estate, Healthcare.
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