Mason Hawkins Gives Mickey Mouse the Boot, First Quarter Sells in Review
Demonstrating once again that emotion can never get in the way
of investing decisions, Guru
of Southeastern Asset Management determined in the first quarter
of 2013 that, as the Mickey Mouse Club once sang, "Now it's time
to say goodbye." Hawkins let go of Mickey Mouse and other
timeless icons of entertainment when he sold out his long-held
stake in Walt Disney Co., as well as seven more companies.
Here's a review of the southern gentleman activist's sells as of March 31, 2013:
Sold Out: Walt Disney Co. ( DIS ) - Entertainment
Mason Hawkins sold out his long-time Disney holding, selling 18,216,229 shares at an average price of $54.48 for a 23.8% gain. GuruFocus shows his 20 consecutive quarters of gains trading DIS shares, with the highest gain of 252.7% in the first quarter of 2009.
This trade impacts his portfolio by -4%.
The current share price is $67.47.
DIS data by GuruFocus.com
His holding history:
Sold Out: Willis Group Holdings PLC ( WSH ) - Brokers & Exchanges
Hawkins also had a long-term relationship of positive gains with WSH, starting in the second quarter of 2008, with 20 consecutive quarters of trading since that time. The trading history shows that Hawkins has always gained on this holding, with no losses. The first quarter of 2009 was his highest gaining quarter for 78.8%. Selling out 5,462,500 shares in the first quarter of 2013 at an average price of $36.53, he made a 13% gain. This trade impacts his portfolio by -0.8%.
Sold Out: AbbVie Inc. ( ABBV ) - Pharmaceutical
First buying AbbVie Inc. in the fourth quarter of 2012, Mason Hawkins sold out his ABBV holding in the first quarter of 2013, selling 6,000 shares at an average price of $37.02 for a 22.2% gain. The current share price is $45.23.
Sold Out: General Motors ( GM ) - Autos
Another short-timer stock: Hawkins first bought GM for 28,000 shares in the fourth quarter of 2012 at the average price of $25.20, for a 25.2% gain. Mason Hawkins sold out his GM holding, selling 28,000 shares at an average price of $28.41 for an 11.1% gain. This trade impacts his portfolio by -0.0035%.
The current share price is $31.55.
GM data by GuruFocus.com
Sold Out: Microsoft Corporation ( MSFT ) - Application Software
Another short-timer stock: Hawkins first bought MSFT for 51,295 shares in the fourth quarter of 2012 at the average price of $27.96, for an 18.8% gain. Mason Hawkins sold out his Microsoft holding in the first quarter of 2013, selling 51,295 shares at an average price of $27.69 for a 20% gain. This trade impacts his portfolio by -0.006%.
The current share price is $33.23.
MSFT data by GuruFocus.com
Sold Out: American International Group Inc. ( AIG ) - Insurance
Mason Hawkins also sold out his position with AIG, a position he had initiated in the first quarter of 2012, buying 20,600 shares at an average price of $27.11 for a 68.8% gain. When Hawkins sold out his remaining 80,075 shares at $37.65 per share, he saw a gain of 21.5%. This trade impacts his portfolio by -0.012%.
Sold Out: Potlatch Corp. ( PCH ) - REITs
Mason Hawkins sold out his PCH position as of first quarter 2013, selling off 1,365,200 shares at $43.72 per share for a 13.3% gain.
Sold Out: Franklin Resources Inc. ( BEN ) - Asset Management
Mason Hawkins sold out his BEN position as of first quarter 2013, selling off a little more than 4 million shares at $140.91 per share for a 15.7% gain. His highest gain was in the fourth quarter of 2011 when he first bought 1,097,393 shares at an average price of $99.60, making a 64.1% gain. This trade impacts his portfolio by -2.2%.
Guru Mason Hawkins has been the chairman and CEO of Southeastern Asset Management since 1975, and he and his partners manage the Longleaf Partners Funds. The Southeastern Asset Management portfolio currently lists 37 stocks and a total value of $22.2 billion, with a quarter-over-quarter turnover of 4%.
Here is a summary of activity at Southeastern Asset Management:
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