Mason Hawkins

Full summary

Mason Hawkins disclosed a broad rebalancing in Q2 2026, marked by a major new position in Abbott Laboratories (ABT) worth $76.3M—approximately 4% of his disclosed book—alongside systematic trimming across multiple holdings. The largest reduction came in FedEx, where Hawkins cut −$27.1M, the largest reduction in FDX on record with us since 2025-Q2, as part of a fourth consecutive quarterly trim. He also reduced positions in SN (−$16.9M, −75% QoQ, fourth consecutive trim), TRIP (−$18.1M, −51% QoQ), and RYN (−$19.9M, −12% QoQ), while trimming smaller stakes in PPLI, MGM, HTHT, KHC, DOLE, and MICC. Counterbalancing the exits, Hawkins added to AVTR (+$19.2M, +34% QoQ), the second-largest addition in the quarter, and made smaller additions to REGN, CLW, ACI, and SAM. The net effect was a reshuffling rather than a wholesale retreat—total trims exceeded additions, but the pattern reflects selective repositioning rather than broad liquidation. In his accompanying letter, Hawkins articulated a deep-value, concentrated strategy deliberately positioned against the AI-driven melt-up, betting on company-specific catalysts and eventual mean reversion after a bruising year. The Q2 moves—exiting or reducing momentum-sensitive names like TRIP and FDX while opening a defensive healthcare position in ABT and adding to AVTR—align with that thesis of hunting for dislocated valuations outside the AI narrative.

Underlying filings

1. Institutional holdingMason HawkinsJun 30, 2026Trimmed SN · −187.4k shares · −$16.9M
2. Institutional holdingMason HawkinsJun 30, 2026Trimmed PPLI · −890.9k shares · −$16.5M
3. Institutional holdingMason HawkinsJun 30, 2026Trimmed HTHT · −25.7k shares · −$3.1M
4. Institutional holdingMason HawkinsJun 30, 2026Trimmed MGM · −493.4k shares · −$5.6M
5. Institutional holdingMason HawkinsJun 30, 2026Trimmed RYN · −1.3M shares · −$19.9M
6. Institutional holdingMason HawkinsJun 30, 2026Added to REGN · +21.7k shares · −$6.0M
7. Institutional holdingMason HawkinsJun 30, 2026Trimmed TRIP · −2.3M shares · −$18.1M
8. Institutional holdingMason HawkinsJun 30, 2026Added to CLW · +14.1k shares · +$2.2M
9. Institutional holdingMason HawkinsJun 30, 2026Added to AVTR · +1.2M shares · +$19.2M
10. Institutional holdingMason HawkinsJun 30, 2026Trimmed KHC · −340.8k shares · −$3.6M
11. Institutional holdingMason HawkinsJun 30, 2026Trimmed FDX · −52.7k shares · −$27.1M
12. Institutional holdingMason HawkinsJun 30, 2026Added to ACI · +1.2M shares · −$9.6M
13. Institutional holdingMason HawkinsJun 30, 2026Trimmed DOLE · −181.6k shares · −$3.6M
14. Institutional holdingMason HawkinsJun 30, 2026Trimmed MICC · −618.0k shares · −$6.8M
15. Institutional holdingMason HawkinsJun 30, 2026Added to SAM · +27.6k shares · −$1.4M
16. Institutional holdingMason HawkinsJun 30, 2026Opened position in ABT · 840.7k shares · $76.3M