Great investors · Mason Hawkins · Q4 2025
What Mason Hawkins bought and sold in Q4 2025
Southeastern Asset Management 13F portfolio as of Dec 31, 2025: 53 positions worth $2.2 bn. Largest: CNX, MAT, PPLI, REGN. Filed with the SEC on Feb 13, 2026.
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 Q4 2025
- IncreasedPeoplePPLI+2.1 pp
- IncreasedPotlatchdelticPCH+1.8 pp
- IncreasedRayonierRYN+1.1 pp
- NewLouisiana-pacificLPX+1.0 pp
- IncreasedAlbertsons CompaniesACI+0.9 pp
- NewNew Oriental Education & Technology GroupEDU+0.9 pp
- IncreasedKraft HeinzKHC+0.9 pp
- IncreasedLiberty CapitalGLIBK+0.8 pp
- IncreasedRegeneron PharmaceuticalsREGN+0.7 pp
Sells in Q4 2025
- ReducedH World GroupHTHT−1.4 pp
- ReducedSharkninjaSN−1.1 pp
- ReducedAvantorAVTR−0.8 pp
- ReducedPVHPVH−0.6 pp
13 companies with material moves, out of 41 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 Q4 2025 13F lists 53 lines of US-listed securities worth $2.2 bn; the largest is CNX at 7.76% of the portfolio. It was accepted by the SEC on Feb 13, 2026 at 4:05 PM ET.
Against the previous quarter, it opened 4 positions (MICC, LPX, EDU and FISV), closed none, added to 19 (PPLI, PCH, RYN and ACI and 15 more) and trimmed 19 (SN, AVTR, PVH and HTHT and 15 more). 11 lines show the same number of shares.
| # | Company | Shares | Value | Weight | Change in shares |
|---|---|---|---|---|---|
| 1 | CNX Resources CNX | 4.7 M | $174M | 7.76% | no change |
| 2 | Mattel MAT | 8.6 M | $170M | 7.57% | +5% |
| 3 | People PPLI | 4.0 M | $156M | 6.95% | +44% |
| 4 | Regeneron Pharmaceuticals REGN | 165,792 | $128M | 5.70% | +15% |
| 5 | Potlatchdeltic PCH | 3.2 M | $126M | 5.60% | +48% |
| 6 | Rayonier RYN | 5.7 M | $123M | 5.48% | +26% |
| 7 | Kraft Heinz KHC | 4.5 M | $109M | 4.85% | +23% |
| 8 | Albertsons Companies ACI | 6.2 M | $106M | 4.72% | +25% |
| 9 | FedEx FDX | 359,122 | $104M | 4.62% | −4.1% |
| 10 | MGM Resorts International MGM | 2.0 M | $74.2M | 3.30% | +16% |
| 11 | BIO RAD Labs BIO | 227,630 | $69.0M | 3.07% | −4.1% |
| 12 | ACM Research ACMR | 1.7 M | $66.3M | 2.95% | +13% |
| 13 | White Mountains Insurance Group WTM | 31,652 | $65.8M | 2.93% | no change |
| 14 | Fortune Brands Innovations FBIN | 1.2 M | $58.9M | 2.62% | +16% |
| 15 | PVH PVH | 736,935 | $49.4M | 2.20% | −21% |
| 16 | Liberty Capital GLIBK | 1.3 M | $49.2M | 2.19% | +53% |
| 17 | Fidelity National Information Services FIS | 622,149 | $41.3M | 1.84% | no change |
| 18 | Tripadvisor TRIP | 2.8 M | $41.3M | 1.84% | +21% |
| 19 | Avantor AVTR | 3.5 M | $40.7M | 1.81% | −31% |
| 20 | Graham Holdings GHC | 35,721 | $39.2M | 1.75% | +1% |
| 21 | Walt Disney DIS | 317,175 | $36.1M | 1.61% | +11% |
| 22 | CNH Industrial CNH | 3.7 M | $34.3M | 1.53% | no change |
| 23 | Shenandoah Telecommunications SHEN | 2.9 M | $34.0M | 1.51% | +20% |
| 24 | Sharkninja SN | 289,266 | $32.4M | 1.44% | −43% |
| 25 | PayPal Holdings PYPL | 554,074 | $32.3M | 1.44% | no change |
| 26 | Dole DOLE | 1.9 M | $29.0M | 1.29% | no change |
| 27 | Boston Beer SAM | 147,997 | $28.9M | 1.29% | +35% |
| 28 | Alexanders ALX | 122,712 | $26.7M | 1.19% | no change |
| 29 | Atlanta Braves Holdings BATRK | 671,014 | $26.5M | 1.18% | no change |
| 30 | Empire State Realty Trust ESRT | 3.7 M | $24.2M | 1.08% | +41% |
| 31 | Clearwater Paper CLW | 1.4 M | $24.0M | 1.07% | +47% |
| 32 | Magnum Ice Cream MICC | 1.4 M | $22.7M | 1.01% | new |
| 33 | Louisiana-pacific LPX | 272,123 | $22.0M | 0.98% | new |
| 34 | New Oriental Education & Technology Group EDU | 379,561 | $20.9M | 0.93% | new |
| 35 | Joint Stock Company Kaspi.kz KSPI | 240,628 | $18.8M | 0.84% | +35% |
| 36 | Melco Resorts & Entertainment MLCO | 1.8 M | $13.6M | 0.61% | −11% |
| 37 | H World Group HTHT | 231,372 | $10.9M | 0.48% | −74% |
| 38 | Liberty Capital GLIBA | 80,675 | $3.0M | 0.13% | no change |
| 39 | Cardinal Health CAH | 8,649 | $1.8M | 0.08% | −19% |
| 40 | XPO XPO | 13,012 | $1.8M | 0.08% | −19% |
| 41 | Affiliated Managers Group AMG | 5,562 | $1.6M | 0.07% | −19% |
| 42 | Henry Schein HSIC | 17,038 | $1.3M | 0.06% | −19% |
| 43 | Hyatt Hotels H | 7,733 | $1.2M | 0.06% | −19% |
| 44 | Live Nation Entertainment LYV | 8,434 | $1.2M | 0.05% | −19% |
| 45 | Enovis ENOV | 44,258 | $1.2M | 0.05% | −19% |
| 46 | Lazard LAZ | 18,608 | $904K | 0.04% | −19% |
| 47 | Madison Square Grdn Sprt COR MSGS | 3,218 | $832K | 0.04% | −20% |
| 48 | RXO RXO | 43,731 | $553K | 0.02% | −19% |
| 49 | Accendra Health ACH | 181,735 | $509K | 0.02% | −19% |
| 50 | Constellation Brands STZ | 3,661 | $505K | 0.02% | no change |
| 51 | Clarivate CLVT | 121,927 | $407K | 0.02% | no change |
| 52 | Hdfc Bank HDB | 10,462 | $382K | 0.02% | −79% |
| 53 | Fiserv FISV | 3,990 | $268K | 0.01% | new |
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.