Great investors · Mason Hawkins · Q2 2025
What Mason Hawkins bought and sold in Q2 2025
Southeastern Asset Management 13F portfolio as of Jun 30, 2025: 49 positions worth $2.0 bn. Largest: CNX, MAT, PPLI, KHC. Filed with the SEC on Aug 14, 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 Q2 2025
- NewFortune Brands InnovationsFBIN+2.7 pp
- IncreasedPVHPVH+2.6 pp
- NewWalt DisneyDIS+1.8 pp
- NewAngiANGI+1.6 pp
- IncreasedKraft HeinzKHC+1.6 pp
- NewACM ResearchACMR+1.5 pp
- NewClearwater PaperCLW+1.3 pp
- IncreasedRegeneron PharmaceuticalsREGN+1.2 pp
- IncreasedShenandoah TelecommunicationsSHEN+0.9 pp
- IncreasedPeoplePPLI+0.9 pp
- NewJoint Stock Company Kaspi.kzKSPI+0.8 pp
- NewAlexandersALX+0.7 pp
Sells in Q2 2025
- ReducedAffiliated Managers GroupAMG−4.1 pp
- ReducedHF SinclairDINO−1.9 pp
- ReducedMillicom International CellularTIGO−1.9 pp
- ReducedAlbertsons CompaniesACI−1.7 pp
- ReducedFidelity National Information ServicesFIS−1.4 pp
- ReducedOscar HealthOSCR−1.3 pp
- Sold outHoward Hughes HoldingsHHH−0.8 pp
- ReducedWestrock CoffeeWEST−0.6 pp
- ReducedHyatt HotelsH−0.6 pp
- ReducedGraham HoldingsGHC−0.6 pp
- ReducedCNX ResourcesCNX−0.5 pp
- ReducedPark Hotels & ResortsPK−0.5 pp
25 companies with material moves, out of 42 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 Q2 2025 13F lists 49 lines of US-listed securities worth $2.0 bn; the largest is CNX at 7.58% of the portfolio. It was accepted by the SEC on Aug 14, 2025 at 4:05 PM ET.
Against the previous quarter, it opened 8 positions (FBIN, DIS, ANGI and ACMR and 4 more), closed 2 (HHH and GOOG), added to 13 (PVH, SHEN, KHC and REGN and 9 more) and trimmed 19 (DINO, ACI, FIS and TIGO and 15 more). 9 lines show the same number of shares.
| # | Company | Shares | Value | Weight | Change in shares |
|---|---|---|---|---|---|
| 1 | CNX Resources CNX | 4.5 M | $150M | 7.58% | −6.8% |
| 2 | Mattel MAT | 7.2 M | $142M | 7.18% | +5.6% |
| 3 | People PPLI | 2.9 M | $109M | 5.52% | +19% |
| 4 | Kraft Heinz KHC | 3.7 M | $94.9M | 4.78% | +49% |
| 5 | PVH PVH | 1.4 M | $94.0M | 4.74% | +126% |
| 6 | FedEx FDX | 379,536 | $86.3M | 4.35% | −2.4% |
| 7 | Regeneron Pharmaceuticals REGN | 160,581 | $84.3M | 4.25% | +40% |
| 8 | Fidelity National Information Services FIS | 949,257 | $77.3M | 3.90% | −27% |
| 9 | BIO RAD Labs BIO | 315,285 | $76.1M | 3.84% | −2.6% |
| 10 | Albertsons Companies ACI | 3.5 M | $74.5M | 3.75% | −32% |
| 11 | HF Sinclair DINO | 1.8 M | $72.0M | 3.63% | −34% |
| 12 | MGM Resorts International MGM | 1.8 M | $61.0M | 3.08% | −8% |
| 13 | Fortune Brands Innovations FBIN | 1.0 M | $53.1M | 2.68% | new |
| 14 | Sharkninja SN | 531,660 | $52.6M | 2.65% | −2.5% |
| 15 | CNH Industrial CNH | 3.8 M | $48.7M | 2.46% | −2.6% |
| 16 | Melco Resorts & Entertainment MLCO | 6.4 M | $46.3M | 2.33% | +26% |
| 17 | Hyatt Hotels H | 306,492 | $42.8M | 2.16% | −22% |
| 18 | PayPal Holdings PYPL | 565,860 | $42.1M | 2.12% | no change |
| 19 | Graham Holdings GHC | 42,899 | $40.6M | 2.05% | −22% |
| 20 | Millicom International Cellular TIGO | 1.0 M | $38.9M | 1.96% | −49% |
| 21 | White Mountains Insurance Group WTM | 21,094 | $37.9M | 1.91% | +14% |
| 22 | Potlatchdeltic PCH | 956,247 | $36.7M | 1.85% | +17% |
| 23 | Walt Disney DIS | 290,330 | $36.0M | 1.82% | new |
| 24 | Dole DOLE | 2.4 M | $34.3M | 1.73% | +4.1% |
| 25 | Tripadvisor TRIP | 2.6 M | $33.8M | 1.70% | +50% |
| 26 | Angi ANGI | 2.1 M | $31.6M | 1.59% | new |
| 27 | Atlanta Braves Holdings BATRK | 671,014 | $31.4M | 1.58% | −21% |
| 28 | Shenandoah Telecommunications SHEN | 2.3 M | $31.3M | 1.58% | +151% |
| 29 | ACM Research ACMR | 1.2 M | $30.7M | 1.55% | new |
| 30 | H World Group HTHT | 896,756 | $30.4M | 1.53% | no change |
| 31 | Clearwater Paper CLW | 937,921 | $25.5M | 1.29% | new |
| 32 | Empire State Realty Trust ESRT | 2.6 M | $21.3M | 1.07% | +69% |
| 33 | Boston Beer SAM | 106,317 | $20.3M | 1.02% | no change |
| 34 | Oscar Health OSCR | 881,857 | $18.9M | 0.95% | −58% |
| 35 | Joint Stock Company Kaspi.kz KSPI | 188,806 | $16.0M | 0.81% | new |
| 36 | Westrock Coffee WEST | 2.7 M | $15.3M | 0.77% | −45% |
| 37 | Alexanders ALX | 63,503 | $14.3M | 0.72% | new |
| 38 | Park Hotels & Resorts PK | 1.3 M | $13.7M | 0.69% | −42% |
| 39 | Hdfc Bank HDB | 39,094 | $3.0M | 0.15% | −17% |
| 40 | Live Nation Entertainment LYV | 14,086 | $2.1M | 0.11% | no change |
| 41 | XPO XPO | 15,980 | $2.0M | 0.10% | no change |
| 42 | Cardinal Health CAH | 10,644 | $1.8M | 0.09% | −39% |
| 43 | Henry Schein HSIC | 20,962 | $1.5M | 0.08% | +34% |
| 44 | Affiliated Managers Group AMG | 6,838 | $1.3M | 0.07% | −99% |
| 45 | Enovis ENOV | 36,583 | $1.1M | 0.06% | no change |
| 46 | Accendra Health ACH | 125,400 | $1.1M | 0.06% | new |
| 47 | Lazard LAZ | 22,863 | $1.1M | 0.06% | no change |
| 48 | RXO RXO | 53,978 | $849K | 0.04% | no change |
| 49 | Madison Square Grdn Sprt COR MSGS | 4,028 | $842K | 0.04% | no change |
Positions it closed (2)
- Howard Hughes Holdings HHHwas 0.86% · 217,395 shares
- Alphabet GOOGwas 0.05% · 6,527 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.