Great investors · Mason Hawkins · Q1 2025
What Mason Hawkins bought and sold in Q1 2025
Southeastern Asset Management 13F portfolio as of Mar 31, 2025: 43 positions worth $1.9 bn. Largest: CNX, MAT, PPLI, ACI. Filed with the SEC on May 15, 2025.
The 13F is filed by Southeastern Asset Management, not by Mason Hawkins personally: these are the whole firm's positions. A “position” is a distinct security in the filing (by CUSIP); share classes of the same company are shown added together.
Buys in Q1 2025
- NewRegeneron PharmaceuticalsREGN+3.4 pp
- NewTripadvisorTRIP+1.2 pp
- NewShenandoah TelecommunicationsSHEN+0.5 pp
Sells in Q1 2025
- Sold outRTXRTX−2.9 pp
- ReducedAffiliated Managers GroupAMG−1.8 pp
- ReducedMattelMAT−0.7 pp
- ReducedAlbertsons CompaniesACI−0.7 pp
- ReducedMGM Resorts InternationalMGM−0.7 pp
- ReducedPeoplePPLI−0.6 pp
- ReducedOscar HealthOSCR−0.6 pp
- ReducedMillicom International CellularTIGO−0.6 pp
- Sold outAnywhere Real Estate−0.5 pp
- ReducedFidelity National Information ServicesFIS−0.5 pp
- ReducedKraft HeinzKHC−0.5 pp
- ReducedCNH IndustrialCNH−0.5 pp
16 companies with material moves, out of 30 positions with a change. Only moves of 0.5 points of the portfolio or more are listed, measured as “traded weight” (what was bought or sold, excluding price effects). Smaller changes exist and are not listed: a position may have gone up or down without appearing above.
The full 13F, line by line
Southeastern Asset Management's Q1 2025 13F lists 43 lines of US-listed securities worth $1.9 bn; the largest is CNX at 8.03% of the portfolio. It was accepted by the SEC on May 15, 2025 at 5:27 PM ET.
Against the previous quarter, it opened 3 positions (REGN, TRIP and SHEN), closed 4 (RTX, Anywhere Real Estate, Liberty Media and Liberty Media), added to 4 (SN, CNX, PVH and BIO) and trimmed 19 (AMG, MAT, ACI and PPLI and 15 more). 17 lines show the same number of shares.
| # | Company | Shares | Value | Weight | Change in shares |
|---|---|---|---|---|---|
| 1 | CNX Resources CNX | 4.8 M | $151M | 8.03% | +6.7% |
| 2 | Mattel MAT | 6.8 M | $133M | 7.08% | −10% |
| 3 | People PPLI | 2.5 M | $113M | 6.01% | −11% |
| 4 | Albertsons Companies ACI | 5.1 M | $111M | 5.94% | −12% |
| 5 | Fidelity National Information Services FIS | 1.3 M | $96.9M | 5.17% | −11% |
| 6 | FedEx FDX | 388,714 | $94.8M | 5.05% | −9.7% |
| 7 | HF Sinclair DINO | 2.7 M | $87.7M | 4.68% | −2.9% |
| 8 | Affiliated Managers Group AMG | 479,771 | $80.6M | 4.30% | −32% |
| 9 | BIO RAD Labs BIO | 323,805 | $78.9M | 4.20% | +5% |
| 10 | Kraft Heinz KHC | 2.5 M | $74.9M | 3.99% | −13% |
| 11 | Regeneron Pharmaceuticals REGN | 114,880 | $72.9M | 3.88% | new |
| 12 | Millicom International Cellular TIGO | 2.0 M | $61.1M | 3.26% | −16% |
| 13 | MGM Resorts International MGM | 1.9 M | $57.2M | 3.05% | −20% |
| 14 | Graham Holdings GHC | 55,157 | $53.0M | 2.82% | −6.6% |
| 15 | Hyatt Hotels H | 390,999 | $47.9M | 2.55% | no change |
| 16 | CNH Industrial CNH | 3.9 M | $47.4M | 2.53% | −19% |
| 17 | Sharkninja SN | 545,403 | $45.5M | 2.42% | +24% |
| 18 | PVH PVH | 605,686 | $39.2M | 2.09% | +19% |
| 19 | PayPal Holdings PYPL | 571,093 | $37.3M | 1.99% | −1.5% |
| 20 | Potlatchdeltic PCH | 820,355 | $37.0M | 1.97% | −17% |
| 21 | White Mountains Insurance Group WTM | 18,484 | $35.6M | 1.90% | −3.9% |
| 22 | Westrock Coffee WEST | 4.9 M | $35.2M | 1.88% | no change |
| 23 | Atlanta Braves Holdings BATRK | 851,017 | $34.0M | 1.81% | no change |
| 24 | Dole DOLE | 2.4 M | $34.0M | 1.81% | no change |
| 25 | H World Group HTHT | 904,892 | $33.5M | 1.79% | −2.9% |
| 26 | Oscar Health OSCR | 2.1 M | $27.5M | 1.47% | −33% |
| 27 | Melco Resorts & Entertainment MLCO | 5.1 M | $26.7M | 1.42% | −2.8% |
| 28 | Boston Beer SAM | 106,317 | $25.4M | 1.35% | no change |
| 29 | Park Hotels & Resorts PK | 2.3 M | $24.7M | 1.32% | no change |
| 30 | Tripadvisor TRIP | 1.7 M | $24.5M | 1.31% | new |
| 31 | Howard Hughes Holdings HHH | 217,395 | $16.1M | 0.86% | no change |
| 32 | Empire State Realty Trust ESRT | 1.6 M | $12.2M | 0.65% | no change |
| 33 | Shenandoah Telecommunications SHEN | 909,818 | $11.4M | 0.61% | new |
| 34 | Hdfc Bank HDB | 46,922 | $3.1M | 0.17% | −26% |
| 35 | Cardinal Health CAH | 17,581 | $2.4M | 0.13% | no change |
| 36 | Live Nation Entertainment LYV | 14,086 | $1.8M | 0.10% | no change |
| 37 | XPO XPO | 15,980 | $1.7M | 0.09% | no change |
| 38 | Enovis ENOV | 36,583 | $1.4M | 0.07% | no change |
| 39 | Henry Schein HSIC | 15,600 | $1.1M | 0.06% | no change |
| 40 | RXO RXO | 53,978 | $1.0M | 0.06% | no change |
| 41 | Alphabet GOOG | 6,527 | $1.0M | 0.05% | no change |
| 42 | Lazard LAZ | 22,863 | $990K | 0.05% | no change |
| 43 | Madison Square Grdn Sprt COR MSGS | 4,028 | $784K | 0.04% | no change |
Positions it closed (4)
- RTX RTXwas 2.87% · 524,993 shares
- Anywhere Real Estate was 0.54% · 3.5 M shares
- Liberty Media was 0.51% · 159,319 shares
- Liberty Media was 0.17% · 55,259 shares
One row per line of the filing (by CUSIP): share classes of the same company are listed separately here. “Change in shares” compares the count with the previous quarter, split-adjusted; the value is the one reported in the 13F at quarter end, not today's price.
Original documents: Southeastern Asset Management's 13F filings on EDGAR (SEC) ↗
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Source: 13F filings with the SEC. A 13F shows the portfolio at quarter-end and is filed up to 45 days later: these are not real-time positions. Not investment advice.