Mason Hawkins - Longleaf Partners Investment Strategy & Portfolio Analysis
How Longleaf Partners allocates capital, manages risk, and constructs its portfolio — based on SEC 13F filings.
As of Mar 31, 2026, Mason Hawkins's Longleaf Partners portfolio reflects a balanced investor approach across 45 reported 13F positions. Portfolio returns are led by Rayonier Inc. REIT (~11% of total exposure), with the top five holdings representing approximately 43% of reported value. The portfolio maintains structural breadth across 45 positions, with economic weighting tilted toward consumer cyclical companies and consumer defensive companies names. Exposure to high-growth and technology-oriented segments remains limited relative to peers, with performance instead anchored in durable, cash-generating businesses across consumer discretionary, consumer staples, and real estate. The portfolio exhibits low turnover, consistent with a buy-and-hold posture held through multiple reporting cycles. Distinctive traits include Long-Term Holder, Structurally Diversified.
Investment Style
Value, growth, quality, and behavioral classification from latest 13F holdings.
Primary type: Balanced Investor
Traits: Long-Term Holder, Structurally Diversified
Turnover profile
Moderate
Holding horizon
Long-Term
Portfolio Construction
Concentration and position sizing in the latest filing.
Portfolio construction is moderately concentrated: top three names represent 29.1% of assets, top five 43.5%, and the largest single position is 11.3%.
Top 3 weight
29.1%
Top 5 weight
43.5%
Top 10 weight
65.1%
Largest position
11.3%
Top holdings: Rayonier Inc. REIT, Mattel, Inc., IAC Inc., CNX Resources Corporation, Albertsons Companies, Inc. — view full holdings
Sector Preferences
Where capital is allocated by sector.
Capital is tilted toward Consumer Cyclical and Consumer Defensive, with 11 sectors represented in the latest filing.
Leading sectors: Consumer Cyclical, Consumer Defensive, Real Estate
Risk Framework
Concentration, diversification, and turnover tolerance.
This investor accepts moderate single-name risk (largest position 11.3%, top ten 65.1%) and moderate economic diversification (HHI 0.03). Turnover tolerance maps to a moderate profile.
Largest position
11.3%
Top 10 weight
65.1%
Max sector
19.0%
Diversification
Moderate
Strategy Evolution
How the strategy changed between the two most recent filing periods.
Dec 31, 2025 → Mar 31, 2026
- Position count decreased from 49 to 45 (-4 names).
- Top-five concentration rose from 34.7% to 43.5%.
- Largest holding changed from CNX Resources Corporation to Rayonier Inc. REIT.
- Quarter-over-quarter portfolio weight turnover: 15.8%.
For trade-level changes, see the Activity page. View activity.
Similar Investors
Peer group with comparable portfolio behavior.
Similar-investor comparisons are coming soon.