Great investors · Mason Hawkins · Q3 2025
What Mason Hawkins bought and sold in Q3 2025
Southeastern Asset Management 13F portfolio as of Sep 30, 2025: 49 positions worth $2.0 bn. Largest: CNX, MAT, RYN, KHC. Filed with the SEC on Nov 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 Q3 2025
- NewRayonierRYN+6.0 pp
- NewAvantorAVTR+3.2 pp
- IncreasedPotlatchdelticPCH+2.4 pp
- IncreasedAlbertsons CompaniesACI+1.3 pp
- IncreasedWhite Mountains Insurance GroupWTM+0.9 pp
- IncreasedMattelMAT+0.8 pp
- IncreasedAlexandersALX+0.7 pp
- IncreasedACM ResearchACMR+0.6 pp
Sells in Q3 2025
- Sold outHF SinclairDINO−3.6 pp
- ReducedHyatt HotelsH−2.1 pp
- ReducedMelco Resorts & EntertainmentMLCO−2.0 pp
- Sold outMillicom International CellularTIGO−2.0 pp
- ReducedPVHPVH−1.8 pp
- Sold outAngiANGI−1.6 pp
- ReducedBIO RAD LabsBIO−1.1 pp
- ReducedFidelity National Information ServicesFIS−1.1 pp
- Sold outOscar HealthOSCR−1.0 pp
- Sold outWestrock CoffeeWEST−0.8 pp
- Sold outPark Hotels & ResortsPK−0.7 pp
19 companies with material moves, out of 43 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 Q3 2025 13F lists 49 lines of US-listed securities worth $2.0 bn; the largest is CNX at 7.79% of the portfolio. It was accepted by the SEC on Nov 14, 2025 at 4:05 PM ET.
Against the previous quarter, it opened 6 positions (RYN, AVTR, GLIBK and GLIBA and 2 more), closed 6 (DINO, TIGO, ANGI and OSCR and 2 more), added to 11 (PCH, ACI, ALX and WTM and 7 more) and trimmed 22 (PVH, BIO, FIS and MLCO and 18 more). 10 lines show the same number of shares.
| # | Company | Shares | Value | Weight | Change in shares |
|---|---|---|---|---|---|
| 1 | CNX Resources CNX | 4.8 M | $153M | 7.79% | +6.5% |
| 2 | Mattel MAT | 8.2 M | $137M | 7.01% | +13% |
| 3 | Rayonier RYN | 4.5 M | $119M | 6.09% | new |
| 4 | Kraft Heinz KHC | 3.6 M | $94.7M | 4.83% | −1% |
| 5 | People PPLI | 2.8 M | $94.3M | 4.81% | −5.6% |
| 6 | FedEx FDX | 374,380 | $88.3M | 4.51% | −1.4% |
| 7 | Potlatchdeltic PCH | 2.1 M | $86.9M | 4.43% | +123% |
| 8 | Albertsons Companies ACI | 4.9 M | $86.6M | 4.42% | +43% |
| 9 | Regeneron Pharmaceuticals REGN | 144,607 | $81.3M | 4.15% | −9.9% |
| 10 | PVH PVH | 935,398 | $78.4M | 4.00% | −32% |
| 11 | BIO RAD Labs BIO | 237,254 | $66.5M | 3.40% | −25% |
| 12 | Avantor AVTR | 5.1 M | $64.3M | 3.28% | new |
| 13 | MGM Resorts International MGM | 1.7 M | $60.6M | 3.09% | −1.5% |
| 14 | ACM Research ACMR | 1.5 M | $58.1M | 2.97% | +25% |
| 15 | Fortune Brands Innovations FBIN | 1.0 M | $54.2M | 2.77% | −1.5% |
| 16 | White Mountains Insurance Group WTM | 31,652 | $52.9M | 2.70% | +50% |
| 17 | Sharkninja SN | 507,418 | $52.3M | 2.67% | −4.6% |
| 18 | Graham Holdings GHC | 35,357 | $41.6M | 2.12% | −18% |
| 19 | Fidelity National Information Services FIS | 626,109 | $41.3M | 2.11% | −34% |
| 20 | CNH Industrial CNH | 3.7 M | $40.3M | 2.06% | −1.2% |
| 21 | Tripadvisor TRIP | 2.3 M | $38.1M | 1.95% | −9.5% |
| 22 | PayPal Holdings PYPL | 559,156 | $37.5M | 1.91% | −1.2% |
| 23 | H World Group HTHT | 876,862 | $34.3M | 1.75% | −2.2% |
| 24 | Shenandoah Telecommunications SHEN | 2.4 M | $32.9M | 1.68% | +7% |
| 25 | Walt Disney DIS | 285,860 | $32.7M | 1.67% | −1.5% |
| 26 | Liberty Capital GLIBK | 863,691 | $32.2M | 1.64% | new |
| 27 | Alexanders ALX | 122,712 | $28.8M | 1.47% | +93% |
| 28 | Atlanta Braves Holdings BATRK | 671,014 | $27.9M | 1.42% | no change |
| 29 | Dole DOLE | 1.9 M | $26.0M | 1.33% | −21% |
| 30 | Boston Beer SAM | 109,238 | $23.1M | 1.18% | +2.7% |
| 31 | Empire State Realty Trust ESRT | 2.6 M | $20.1M | 1.03% | no change |
| 32 | Clearwater Paper CLW | 937,921 | $19.5M | 0.99% | no change |
| 33 | Melco Resorts & Entertainment MLCO | 2.0 M | $18.4M | 0.94% | −69% |
| 34 | Joint Stock Company Kaspi.kz KSPI | 178,444 | $14.6M | 0.74% | −5.5% |
| 35 | Liberty Capital GLIBA | 80,675 | $3.0M | 0.15% | new |
| 36 | XPO XPO | 15,980 | $2.1M | 0.11% | no change |
| 37 | Hdfc Bank HDB | 49,874 | $1.7M | 0.09% | −36% |
| 38 | Live Nation Entertainment LYV | 10,380 | $1.7M | 0.09% | −26% |
| 39 | Cardinal Health CAH | 10,644 | $1.7M | 0.09% | no change |
| 40 | Enovis ENOV | 54,461 | $1.7M | 0.08% | +49% |
| 41 | Affiliated Managers Group AMG | 6,838 | $1.6M | 0.08% | no change |
| 42 | Henry Schein HSIC | 20,962 | $1.4M | 0.07% | no change |
| 43 | Hyatt Hotels H | 9,508 | $1.3M | 0.07% | −97% |
| 44 | Lazard LAZ | 22,863 | $1.2M | 0.06% | no change |
| 45 | Accendra Health ACH | 223,660 | $1.1M | 0.05% | +78% |
| 46 | Madison Square Grdn Sprt COR MSGS | 4,028 | $914K | 0.05% | no change |
| 47 | RXO RXO | 53,978 | $830K | 0.04% | no change |
| 48 | Constellation Brands STZ | 3,661 | $493K | 0.03% | new |
| 49 | Clarivate CLVT | 121,927 | $467K | 0.02% | new |
Positions it closed (6)
- HF Sinclair DINOwas 3.63% · 1.8 M shares
- Millicom International Cellular TIGOwas 1.96% · 1.0 M shares
- Angi ANGIwas 1.59% · 2.1 M shares
- Oscar Health OSCRwas 0.95% · 881,857 shares
- Westrock Coffee WESTwas 0.77% · 2.7 M shares
- Park Hotels & Resorts PKwas 0.69% · 1.3 M 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.