Insights from the Latest 13F Filing for Q3 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 robust businesses with competent management at prices well below their intrinsic value. Typically, his target is companies trading at 60% or less of their intrinsic value, determined through asset valuation and discounted cash flow analysis. His strategy also involves maintaining a concentrated portfolio, often comprising fewer than 25 stocks.

• Warning! GuruFocus has detected 7 Warning Signs with CNX.

New Additions to the Portfolio

Mason Hawkins (Trades, Portfolio) made notable new investments in the third quarter of 2024 by adding two stocks to his portfolio:

• Albertsons Companies Inc (NYSE:ACI) was the primary new addition with 2,772,731 shares, representing 2.42% of the portfolio and valued at $51.24 million.

• Henry Schein Inc (NASDAQ:HSIC) was also added with 15,600 shares, making up about 0.05% of the portfolio, valued at $1,137,240.

Key Position Increases

During the same period, Hawkins increased his stakes in four companies:

• PotlatchDeltic Corp (NASDAQ:PCH) saw an addition of 117,045 shares, bringing the total to 989,166 shares. This adjustment increased the share count by 13.42% and had a 0.25% impact on the current portfolio, valued at $44.56 million.

• Dole PLC (NYSE:DOLE) also saw an increase of 146,001 shares, bringing the total to 1,773,705 shares. This adjustment increased the share count by 8.97% and the total value to $28.89 million.

Significant Exits

Mason Hawkins (Trades, Portfolio) decided to exit five positions entirely in the third quarter of 2024:

• Kellanova Co (NYSE:K) was a major exit, with all 1,969,069 shares sold, impacting the portfolio by -4.95%.

• Fiserv Inc (NYSE:FI) was another significant exit, with all 211,917 shares sold, impacting the portfolio by -1.38%.

Major Reductions in Holdings

Hawkins also reduced his positions in 27 stocks. Notable reductions include:

• Warner Bros. Discovery Inc (NASDAQ:WBD) was reduced by 4,160,040 shares, a -38.41% decrease, impacting the portfolio by -1.35%. The stock traded at an average price of $7.81 during the quarter.

• CNX Resources Corp (NYSE:CNX) was reduced by 1,032,240 shares, a -14.33% decrease, impacting the portfolio by -1.09%. The stock traded at an average price of $26.93 during the quarter.