Mason Hawkins: Net Worth, Performance and Portfolio

Published on July 13, 2023 at 1:19 pm by Sheryar Siddiq in Hedge Funds, News

In this article, we will discuss billionaire Mason Hawkins’ net worth, hedge fund returns, and portfolio. You can skip our detailed analysis of Hawkins’ investment philosophy and his hedge fund’s performance over the years, and go directly to read Mason Hawkins’ Top 5 Stock Picks.

Otis “Mason” Hawkins, an American value investor with over 51 years of investing experience, is recognized as the founder, chairman, and Chief Executive Officer of Southeastern Asset Management. Since its establishment in 1975, Hawkins has led Southeastern Asset Management, which has grown into an employee-owned global investment management firm with its 13F portfolio totaling $2.95 billion as of Q1 2023. Prior to founding his hedge fund, he served as the Director of Research for two different financial institutions: the Atlantic National Bank in Jacksonville, Florida, and the First Tennessee Investment Management in Memphis. While contended, the 75-year-old billionaire’s net worth is estimated to be around $1.8 billion.

Mason Hawkins is renowned for his strategy of concentrating investments in a select few undervalued companies that possess strong financial foundations and capable management teams. The billionaire investor adheres to a disciplined approach of investing in stocks that are priced at 60% or less of their intrinsic value, subsequently selling them when their stock prices surpass that threshold. He emphasizes the significance of maintaining a focused portfolio composed of the most promising investment opportunities. Typically, his managed portfolios consist of fewer than 25 stocks.

Southeastern Asset Management also assumes the role of investment advisor for Longleaf Partners Fund, a set of mutual funds and Undertakings for Collective Investment in Transferable Securities (UCITS), established in 1987. Over the past three years, the fund returned 13.59%, compared with a 14.60% return of the S&P 500.

As of March, Southeastern Asset Management’s 13F equity portfolio totals $2.96 billion and comprises 43 stocks, with six new positions and a quarterly turnover ratio of 11%. The top sectors in terms of portfolio weight include communication services, consumer cyclical, industrials, and financial services, accounting for 25.68%, 23.73%, 12.89%, and 9.55% respectively. Noteworthy holdings of Hawkins in Q1 include FedEx Corporation (NYSE:FDX), CNX Resources Corporation (NYSE:CNX), and Warner Bros. Discovery Inc. (NASDAQ:WBD). This article will further delve into Mason Hawkins’ top 10 stock holdings, highlighting his preferred selections.

Our Methodology:

To make our list of the top stock picks of Mason Hawkins’ Southeastern Asset Management for the first quarter of 2023, we took a look at its latest filings with the SEC and picked the 10 investments that the hedge fund held the highest stakes in.

10. General Electric Company (NYSE:GE)

Southeastern Asset Management’s Q1 2023 Stake: $117.9 million

Founded in 1892 and incorporated in the state of New York, General Electric Company (NYSE:GE) is a renowned American multinational conglomerate. With its headquarters situated in Boston, Massachusetts, the company operates across multiple industries including aviation, power, renewable energy, digital industry, additive manufacturing, and venture capital and finance. Mason Hawkins’ reduced his shares in General Electric Company (NYSE:GE) by 34% in Q1 to end March with a position worth almost $118 million.

As of July 3, General Electric Company (NYSE:GE) offers a quarterly dividend of $0.08 per share, with a dividend yield of 0.29%. It is worth noting that the stock is scheduled to go ex-dividend on July 10. Additionally, General Electric Company (NYSE:GE) reported a Q1 non-GAAP EPS of $0.27 and a revenue of $14.5 billion on April 25, outperforming Wall Street estimates by $0.13 and $1.04 billion, respectively.

Insider Monkey’s database of 943 hedge funds shows that 59 hedge funds tracked by Insider Monkey held stakes in General Electric Company (NYSE:GE) as of the end of the first quarter of 2023. The biggest stakeholder of General Electric Company (NYSE:GE) during this period was Chris Hohn’s TCI Fund Management which owns a $2.5 billion stake in the company.

Vulcan Value Partners made the following comment about General Electric Company (NYSE:GE) in its Q1 2023 investor letter:

“General Electric Company (NYSE:GE) was a material contributor during the quarter. With the successful spin-off of GE HealthCare in early January, the company operates in two major markets: GE Aerospace and GE Vernova. GE Aerospace powers three out of every four commercial flights. GE Vernova helps generate 30% of the world’s electricity and has a meaningful role to play in the energy transition. The company’s service activities, which are higher margin and more resilient, represent approximately 60% of revenue and 85% of its backlog. The company reported strong fourth quarter 2022 results and management’s 2023 outlook is positive.”

Much like FedEx Corporation (NYSE:FDX), CNX Resources Corporation (NYSE:CNX), and Warner Bros. Discovery Inc. (NASDAQ:WBD), Southeastern Asset Management holds considerable confidence in General Electric Company (NYSE:GE).

9. PVH Corp. (NYSE:PVH)

Southeastern Asset Management’s Q1 2023 Stake: $125 million

PVH Corp. (NYSE:PVH), formerly known as the Phillips-Van Heusen Corporation, is an American clothing company which owns brands such as Tommy Hilfiger, Calvin Klein, Warner’s, Olga and True & Co. The company also licenses brands such as Kenneth Cole New York and Michael Kors. By the end of the 2025, the company expects to reach a revenue of $12.5 billion, which translates into around an 8% CAGR from 2021 onwards.

Southeastern Asset Management initiated its position in PVH Corp. (NYSE:PVH) during the second quarter of 2022, at an average quarterly share price $69.14. Currently, the company represents 4.22% of Mason Hawkins’ portfolio.

According to Insider Monkey’s first quarter database, 33 hedge funds were long PVH Corp. (NYSE:PVH), compared to 37 funds in the prior quarter. Richard S. Pzena’s Pzena Investment Management is the largest stakeholder of the company, with a position worth $644.17 million.

Longleaf Partners Fund made the following comment about PVH Corp. (NYSE:PVH) in its Q4 2022 investor letter:

“PVH Corp. (NYSE:PVH) – Apparel company PVH, which owns brands Tommy Hilfiger and Calvin Klein, is a new position that has quickly rebounded from 3Q lows after it was kicked out of the S&P 500 in September. The company reported solid revenue growth and increased guidance for the full year. PVH has repurchased shares at a 12% annualized pace, and both the CEO and CFO have bought shares personally in the second half, indicating their confidence in the company.”

8. Affiliated Managers Group, Inc. (NYSE:AMG)

Southeastern Asset Management’s Q1 2023 Stake: $131.5 million

Affiliated Managers Group, Inc. (NYSE:AMG) serves as a valuable strategic partner to independent investment management firms worldwide. The company holds equity stakes in a range of partner-owned traditional investment managers, hedge funds, and specialized private equity firms, collectively referred to as its “Affiliates.” Southeastern Asset Management reportedly holds 923,358 AMG shares worth approximately $131.5 million as of the first quarter of 2023.

Earlier this June, Affiliated Managers Group, Inc. (NYSE:AMG), has entered into a definitive agreement to acquire a minority equity interest in Forbion Group Holding B.V. The transaction is expected to close in the second half of 2023.

According to Insider Monkey’s first quarter database, 37 hedge funds were bullish on Affiliated Managers Group, Inc. (NYSE:AMG), and John W. Rogers’ Ariel Investments is the biggest stakeholder of the company, with 1.09 million shares worth $155.54 million.

Ariel Fund made the following comment about Affiliated Managers Group, Inc. (NYSE:AMG) in its Q1 2023 investor letter:

“Finally, boutique asset manager, Affiliated Managers Group, Inc. (NYSE:AMG) declined in the period. Although global equity and quantitative outflows continue to moderate, AMG is experiencing strong investment performance within the alternatives segment as well as generating higher performance fees across its diversified set of strategies. Looking ahead, we remain excited about its pipeline of new investments in secular growth areas such as private markets, dedicated ESG strategies, liquid alternatives and wealth management. Meanwhile, AMG continues to take advantage of the company’s low valuation, actively retiring 26% of AMG’s shares outstanding since 2019.”

7. IAC Inc. (NASDAQ:IAC)

Southeastern Asset Management’s Q1 2023 Stake: $132.28 million

Headquartered in New York, IAC Inc. (NASDAQ:IAC) is a prominent media and internet company that specializes in creating and delivering a wide range of original digital content. The company’s content portfolio encompasses articles, illustrations, videos, and images that span diverse subjects including entertainment, food, home, beauty, travel, health, family, luxury, and fashion. IAC Inc. (NASDAQ:IAC) announced its financial results for FQ1 on May 9, surpassing expectations on Wall Street with a revenue of $1.08 billion, exceeding estimates by $22.66 million. Southeastern Asset Management reported holds $132.28 million worth of stakes in the media company, making up 4.47% of the hedge fund’s portfolio.

According to Insider Monkey’s Q1 data, 49 hedge funds were bullish on IAC Inc. (NASDAQ:IAC), compared to 54 funds in the prior quarter. Dennis Hong’s ShawSpring Partners is the largest stakeholder of the company, with 3.50 million shares worth nearly $194 million.

Cove Street Capital made the following comment about IAC Inc. (NASDAQ:IAC) in its second quarter 2023 investor letter:

“On to other contributors, IAC Inc. (NASDAQ:IAC), which is the holding company for media investor Barry Diller, has recovered significantly so far in 2023. As CEO Joey Levin pointed out in his Q1 quarterly letter, IAC traded at an enterprise value below its 18% stake in MGM Resorts International (Ticker: MGM) and 85% position in Angi (Ticker; ANGI)…meaning you effectively “get” 31% of Turo, the equity of publishing giant DotDash Meredith, Care.com, Vivian Health, and other IAC companies for “free.” Levin became CEO of Angi in late 2022 and has already shown tremendous progress in improving product, rationalizing services, and restoring profitability. DotDash Meredith has shown some recovery from January ad-recession lows as it continues to migrate Meredith’s print publications to its digital platform. MGM is seeing continued strength at its Vegas properties and now has the tailwind of China’s domestic re-opening for its Macau properties. This is one of our largest positions, and we remain confident in this portfolio of businesses and IAC’s ability to allocate capital.”

6. MGM Resorts International (NYSE:MGM)

Southeastern Asset Management’s Q1 2023 Stake: $145.49 million

MGM Resorts International (NYSE:MGM) is an American global hospitality and entertainment company operating destination resorts in Las Vegas. The company’s portfolio encompasses 31 unique hotel and gaming destinations globally, including some of the most recognizable resort brands in the industry, including the Bellagio, Mandalay Bay, and the MGM Grand. Mason Hawkins’ hedge fund reduced its shares in MGM Resorts International (NYSE:MGM) by 13% in Q1 to end March with a position worth almost $145.49 million.

According to Insider Monkey’s first quarter database, 54 hedge funds were bullish on MGM Resorts International (NYSE:MGM), compared to 48 funds in the prior quarter. Keith Meister’s Corvex Capital is the largest stakeholder of the company, with 6.67 million shares worth $296.4 million.

Baron Real Estate Fund made the following comment about MGM Resorts International (NYSE:MGM) in its first quarter 2023 investor letter:

“MGM Resorts International (NYSE:MGM) is a leading global casino and entertainment company with 29 unique hotels and casinos including some of the most recognizable resort brands such as Bellagio, MGM Grand, ARIA, and Park MGM.

At its recent price of only $44 per share, we believe MGM’s domestic valuation is compelling at a sizeable discount to our estimate of the company’s sum-of-the-parts value of approximately $60 per share.

MGM Resorts International is a global casino and entertainment company that has properties in Las Vegas, high-end U.S. regional destinations, and Macau. Shares performed well in the first quarter following strong year-end business results and expectations for strong growth in 2023.

We remain optimistic about the prospects for MGM because:

We expect growth prospects in Las Vegas, which represent approximately 65% of the company’s cash flow, to remain strong due to strength in business group and convention activity, an increase in international visitation, and events throughout the calendar year (concerts, shows, and sports such as Formula 1 racing), which should appeal to leisure travelers…” (Click here to read the full text)

MGM Resorts International (NYSE:MGM) ranks among the likes of FedEx Corporation (NYSE:FDX), CNX Resources Corporation (NYSE:CNX), and Warner Bros. Discovery Inc. (NASDAQ:WBD) as a notable position in Mason Hawkins’s investment portfolio.

Click to continue reading and see Mason Hawkins’ Top 5 Stock Picks.

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Published on October 30, 2024 at by Inan Dogan, PhD

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Meet the company that could save the green energy revolution

Published on November 27, 2024 at by Insider Monkey Staff

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Click to continue reading…

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