United States
Founder of Southeastern Asset Management; Longleaf Partners value funds; quarterly commentaries across US, International, and Global strategies.
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Longleaf warns markets have reached dangerous speculative levels, with AI-driven multiples disconnected from actual free cash flow.
Auto-generated beat summary over window ending Jul 16, 2026. Not investment advice. Verify before acting.
| Security | Shares | Market value | % of portfolio |
|---|---|---|---|
| RAYONIER INC COM | 10,762,643Shares increased 90% | $221.9M | 10.9% |
| MATTEL INC COM |
| 12,812,157Shares increased 49% |
| $186.2M |
| 9.2% |
| IAC INC COM NEW | 4,022,729Shares increased 1% | $161.0M | 7.9% |
| CNX RES CORP COM | 4,014,111Shares decreased 15% | $154.7M | 7.6% |
| ALBERTSONS COS INC COMMON STOCK | 7,419,801Shares increased 20% | $126.4M | 6.2% |
| REGENERON PHARMACEUTICALS COM | 130,662Shares decreased 21% | $101.0M | 5.0% |
| KRAFT HEINZ CO COM | 3,948,713Shares decreased 12% | $88.8M | 4.4% |
| FEDEX CORP COM | 247,495Shares decreased 31% | $88.2M | 4.3% |
| FORTUNE BRANDS INNOVATIONS I COM | 2,153,285Shares increased 83% | $83.9M | 4.1% |
| MGM RESORTS INTERNATIONAL COM | 1,662,961Shares decreased 18% | $61.5M | 3.0% |
| PVH CORPORATION COM | 736,935 | $51.4M | 2.5% |
| GCI LIBERTY INC COM SER C | 1,321,110 | $49.2M | 2.4% |
| TRIPADVISOR INC COM | 4,598,068Shares increased 62% | $49.0M | 2.4% |
| BIO RAD LABS INC CL A | 162,804Shares decreased 28% | $45.4M | 2.2% |
| SHENANDOAH TELECOMMUNICATION COM | 2,940,296 | $45.3M | 2.2% |
| G9618E107WHITE MTNS INS GROUP LTD COM | 18,864Shares decreased 40% | $41.4M | 2.0% |
| N20944109CNH INDL N V SHS | 3,716,808 | $40.9M | 2.0% |
| GRAHAM HLDGS CO COM CL B | 37,760Shares increased 6% | $39.9M | 2.0% |
| FIDELITY NATL INFORMATION SV COM | 827,501Shares increased 33% | $38.8M | 1.9% |
| EMPIRE ST RLTY TR INC CL A | 6,473,317Shares increased 75% | $33.7M | 1.7% |
| ACM RESH INC COM CL A | 782,900Shares decreased 53% | $30.8M | 1.5% |
| NEW ORIENTAL ED & TECHNOLOGY SPON ADR | 522,280Shares increased 38% | $29.6M | 1.5% |
| ATLANTA BRAVES HLDGS INC COM SER C | 671,014 | $28.7M | 1.4% |
| DOLE PLC ORD SHS | 1,933,708 | $27.6M | 1.4% |
| AVANTOR INC COM | 3,520,212Shares decreased 1% | $27.6M | 1.4% |
| BOSTON BEER INC CL A | 118,401Shares decreased 20% | $27.3M | 1.3% |
| SHARKNINJA INC COM SHS | 250,666Shares decreased 13% | $26.5M | 1.3% |
| MAGNUM ICE CREAM CO NV ORD SHS | 1,619,620Shares increased 13% | $24.2M | 1.2% |
| ALEXANDERS INC COM | 99,013Shares decreased 19% | $23.4M | 1.2% |
| CLEARWATER PAPER CORP COM | 1,525,491Shares increased 10% | $21.9M | 1.1% |
| KASPI KZ JSC SPONSORED ADS | 240,628 | $17.8M | 0.9% |
| H WORLD GROUP LTD SPONSORED ADS | 231,372 | $11.6M | 0.6% |
| MELCO RESORTS AND ENTMNT LTD ADR | 1,797,254 | $10.2M | 0.5% |
| GCI LIBERTY INC COM SER A | 80,675 | $3.0M | 0.1% |
| CARDINAL HEALTH INC COM | 7,337Shares decreased 15% | $1.6M | 0.1% |
| AFFILIATED MANAGERS GROUP COM | 5,562 | $1.5M | 0.1% |
| LIVE NATION ENTERTAINMENT IN COM | 8,434 | $1.3M | 0.1% |
| SCHEIN HENRY INC COM | 17,038 | $1.3M | 0.1% |
| XPO INC COM | 6,336Shares decreased 51% | $1.2M | 0.1% |
| HYATT HOTELS CORP COM CL A | 7,733 | $1.1M | 0.1% |
| MADISON SQUARE GRDN SPRT COR CL A | 3,218 | $1.0M | 0.1% |
| PAYPAL HLDGS INC COM | 22,463Shares decreased 96% | $1.0M | 0.0% |
| ENOVIS CORPORATION COM | 44,258 | $1.0M | 0.0% |
| LAZARD INC COM | 18,608 | $0.8M | 0.0% |
| RXO INC COMMON STOCK | 43,731 | $0.6M | 0.0% |
| CONSTELLATION BRANDS INC CL A | 3,661 | $0.5M | 0.0% |
| CLARIVATE PLC ORD SHS | 121,927 | $0.3M | 0.0% |
| HDFC BANK LTD SPONSORED ADS | 10,462 | $0.3M | 0.0% |
| FISERV INC COM | 3,990 | $0.2M | 0.0% |
How the book's sector weights moved
Mason Hawkins's Longleaf Partners made its most consequential portfolio move in Q1 2026 by adding a net $105.1M to Real Estate — roughly 6% of the disclosed book — even as the firm publicly warned that AI-driven multiples had reached dangerous speculative levels disconnected from actual free cash flow. The tension is hard to miss. While Longleaf flagged equity markets as broadly overvalued, the firm's largest sector shift landed in Real Estate, an asset class whose valuations are more directly tied to interest rates and tangible cash flows than to AI sentiment. On the trimmed side, Longleaf pulled back from Industrials by $55.6M (≈3% of book), reduced Financials by $31.6M (≈2% of book), and cut Health Care by $27.2M (≈1% of book). Consumer Discretionary and Materials each saw modest additions of $12.1M and $917K respectively. Across the full window, $299.4M — approximately 16% of the book — was reshuffled, a meaningful repositioning that points to Longleaf seeking tangible-asset exposure even as it cautioned investors about speculative excess elsewhere in the market.
AI summary of filed 13F sector changes
Real Estate rose most (▲ +12pp) · Consumer Discretionary fell most (▼ −4pp)
43 of 49 holdings classified · Sectors derived from free SEC SIC codes + curated overrides.
Latest filed · 2026-03-31
Every entry below is an auto-generated factual summary of a public filing or disclosure. Not investment advice. Verify before acting.
