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Mason Hawkins

Mason Hawkins

Founder & Chairman — Longleaf Partners / Southeastern Asset Management
Deep Value Long-Term Concentrated Owner-Oriented
AUM (13F)
$2.25B
Positions
53
Latest Filing
Feb 13, 2026
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Fund Founded
1975
Style
Deep Value
Typical Positions
15–25
Net Worth
Undisclosed
Biography

Mason Hawkins co-founded Southeastern Asset Management in 1975 and has spent nearly five decades building one of the most respected deep value investment firms in the United States. Southeastern manages the Longleaf Partners family of mutual funds as well as significant institutional capital. The firm's approach is built on identifying businesses trading at large discounts to their intrinsic value, where management teams have substantial insider ownership and act as genuine owner-operators.

Hawkins and his team are patient and willing to hold positions for many years as value is recognized. The firm applies a strict '60 cents on the dollar' rule — only investing when they believe they can buy a dollar of value for 60 cents or less. Southeastern has been a vocal advocate for shareholder rights and has engaged in several prominent activist situations where management teams were destroying value. The firm is known for its intense focus on management quality and its willingness to challenge underperforming executives publicly.

Investment Philosophy

We will only invest when we can buy a business for 60 cents on the dollar of our appraised value, run by management we trust to act as true owners of the business alongside us.

— Mason Hawkins, Longleaf Partners / Southeastern Asset Management
Notable Trades
WIN
FedEx (long-term)
Southeastern has been a long-term FedEx shareholder, recognizing the durable competitive advantages of its global logistics network.
WIN
Chesapeake Energy activism
Engaged in a long public campaign against Chesapeake's founder Aubrey McClendon over governance failures and excessive compensation.
WIN
Various spinoff situations
Longleaf has a strong track record in corporate spinoffs and restructurings, where complexity creates pricing inefficiency.
LOSS
Energy sector (2014–2016)
Several energy positions were painful during the oil price collapse, as companies Southeastern viewed as undervalued fell further.
CURRENT
International value
Longleaf's funds have expanded internationally, finding value in Asian and European markets where US investors are underexposed.
Top Holdings — Longleaf Partners / Southeastern Asset Management
Top 5 Holdings · Q4 2025 Filed Feb 13, 2026
1
CNX RES CORP
7.8%
2
MATTEL INC
7.6%
3
IAC INC
6.9%
4
REGENERON PHARMACEUTICALS
5.7%
5
POTLATCHDELTIC CORPORATION
5.6%