Mason Hawkins

Mason Hawkins reshuffled approximately 16% of his disclosed book value over the quarter ended March 31, 2026, with the largest sector addition flowing into Real Estate at $105.1M — roughly 6% of book. Consumer Discretionary and Materials received smaller net additions of $12.1M and $917K respectively. On the trim side, Hawkins reduced Industrials holdings by $55.6M (3% of book), Financials by $31.6M (2% of book), and Health Care by $27.2M (1% of book). The underlying driver was a sweeping portfolio rebuild featuring 27 new positions, anchored by Rayonier (RYN), a timber real estate investment trust, at $221.9M — 10% of book — and IAC at $161.0M (7% of book). Other significant initiations included Regeneron in Health Care, Kraft Heinz in Consumer Staples, and FedEx in Industrials, alongside positions in hospitality names like MGM Resorts and Tripadvisor. Longleaf Partners acknowledged Q1 underperformance, citing market headwinds against companies with complex earnings despite solid underlying cash flow fundamentals, suggesting Hawkins was deploying capital into names the market had temporarily repriced.