Southeastern Asset Management

In Q2 2026, Southeastern Asset Management held 46 US-listed stocks worth $1.9bn. Its biggest move was buying Abbott Laboratories (now 4.0% of the portfolio), followed by selling all of its Bio-Rad Laboratories (2.2% the quarter before). It started 2 new positions and sold out of 4. Its largest holding is Rayonier at 11%.

Source: SEC Form 13F for Q2 2026, filed 14 Aug 2026, and the funds’ Form N-PORT filings. How we use them

Latest 13F

Q2 2026

Filed 14 Aug 2026

Fund assets

$692m

1 US-registered fund

Q3 2026 13F due

26 days

Expected Mon 16 Nov

What changed in Q2 2026

New positions

Abbott Laboratories4.0% of the portfolio
Tencent Music Entertainment Group1.0% of the portfolio

Added to

Avantor+34% shares, now 2.4%
Empire State Realty Trust+34% shares, now 2.5%
CNX Resources+16% shares, now 8.3%
Clearwater Paper+0.9% shares, now 1.3%
Boston Beer+23% shares, now 1.4%

Trimmed

FedEx-21% shares, now 3.2%
Sharkninja-75% shares, now 0.5%
Tripadvisor-51% shares, now 1.6%
Acm Research-82% shares, now 0.9%
New Oriental Education & Technology-21% shares, now 1.0%

Sold out

Bio-Rad Laboratorieswas 2.2%
Constellation Brandswas under 0.1%
Clarivatewas under 0.1%
Fiservwas under 0.1%

Against Q1 2026, by number of shares and adjusted for splits. Up to five of each, largest first; the full list is below.

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36% of the $630m of shares held in Southeastern Asset Management’s one US-registered fund, Longleaf Partners Global Fund, by value, are not in its 13F. Those holdings are marked with a gold dot below.

US holdings from the 13F

Q2 2026, filed 14 Aug 2026 (filing): 2 new, 8 added to, 23 trimmed, 4 sold out. Select a row to see it over time. How this works

Changes compare share counts with Q1 2026, adjusted for stock splits. Share classes of the same company are combined. Values are at quarter-end prices.

13F holdings with change from the previous quarter

RayonierRYN	$202m	9,491,347	10.5%$202m	Trimmed -12%	10.9%
MattelMAT	$171m	12,322,555	8.9%$171m	Trimmed -3.8%	9.2%
CNX ResourcesCNX	$158m	4,663,053	8.3%$158m	Added +16%	7.6%
IACPPLI	$145m	3,131,835	7.5%$145m	Trimmed -22%	7.9%
Albertsons CompaniesACI	$117m	8,636,262	6.1%$117m	Added +16%	6.2%
Regeneron PharmaceuticalsREGN	$95.0m	152,322	5.0%$95.0m	Added +17%	5.0%
Fortune Brands InnovationsFBIN	$92.6m	1,687,109	4.8%$92.6m	Trimmed -22%	4.1%
Kraft HeinzKHC	$85.2m	3,607,946	4.5%$85.2m	Trimmed -8.6%	4.4%
Abbott LaboratoriesABT	$76.3m	840,747	4.0%$76.3m	New	–
FedExFDX	$61.0m	194,828	3.2%$61.0m	Trimmed -21%	4.3%
MGM Resorts InternationalMGM	$55.9m	1,169,513	2.9%$55.9m	Trimmed -30%	3.0%
Empire State Realty TrustESRT	$47.0m	8,696,434	2.5%$47.0m	Added +34%	1.7%
AvantorAVTR	$46.8m	4,725,478	2.4%$46.8m	Added +34%	1.4%
PVHPVH	$46.8m	629,897	2.4%$46.8m	Trimmed -14%	2.5%
Gci LibertyGLIBA	$43.3m	2,008,116	2.3%$43.3m	Added +43%	2.6%
CNH IndustrialCNH	$39.5m	3,518,270	2.1%$39.5m	Trimmed -5.3%	2.0%
Shenandoah TelecommunicationsSHEN	$39.5m	2,616,797	2.1%$39.5m	Trimmed -11%	2.2%
White Mountains Insurance GroupWTM	$35.5m	17,104	1.9%$35.5m	Trimmed -9.3%	2.0%
Graham HoldingsGHC	$33.3m	29,156	1.7%$33.3m	Trimmed -23%	2.0%
Atlanta Braves HoldingsBATRK	$31.4m	605,091	1.6%$31.4m	Trimmed -9.8%	1.4%
TripadvisorTRIP	$31.0m	2,258,466	1.6%$31.0m	Trimmed -51%	2.4%
Fidelity National Information ServicesFIS	$29.9m	769,137	1.6%$29.9m	Trimmed -7.1%	1.9%
Alexander'sALX	$27.3m	99,013	1.4%$27.3m	Unchanged	1.1%
Boston BeerSAM	$25.9m	146,043	1.4%$25.9m	Added +23%	1.3%
Clearwater PaperCLW	$24.1m	1,539,556	1.3%$24.1m	Added +0.9%	1.1%
DoleDOLE	$24.0m	1,752,155	1.3%$24.0m	Trimmed -9.4%	1.4%
Tencent Music Entertainment GroupTME	$19.2m	2,305,210	1.0%$19.2m	New	–
New Oriental Education & TechnologyEDU	$18.9m	411,598	1.0%$18.9m	Trimmed -21%	1.4%
Kaspi Kz JscKSPI	$18.5m	212,999	1.0%$18.5m	Trimmed -11%	0.9%
Acm ResearchACMR	$17.7m	139,478	0.9%$17.7m	Trimmed -82%	1.5%
Magnum ICE CreamMICC	$17.4m	1,001,588	0.9%$17.4m	Trimmed -38%	1.2%
SharkninjaSN	$9.6m	63,234	0.5%$9.6m	Trimmed -75%	1.3%
H World GroupHTHT	$8.6m	205,682	0.5%$8.6m	Trimmed -11%	0.6%
Melco Resorts and EntmntMLCO	$8.5m	1,607,854	0.4%$8.5m	Trimmed -10%	0.5%
Affiliated Managers GroupAMG	$1.9m	5,562	0.1%$1.9m	Unchanged	0.1%
Cardinal HealthCAH	$1.7m	7,337	0.1%$1.7m	Unchanged	0.1%
Live Nation EntertainmentLYV	$1.5m	8,434	0.1%$1.5m	Unchanged	0.1%
Hyatt HotelsH	$1.5m	7,733	0.1%$1.5m	Unchanged	0.1%
Henry ScheinHSIC	$1.4m	17,038	0.1%$1.4m	Unchanged	0.1%
XPO LogisticsXPO	$1.3m	6,336	0.1%$1.3m	Unchanged	0.1%
Madison Square Garden SportsMSGS	$1.3m	3,218	0.1%$1.3m	Unchanged	0.1%
RXORXO	$1.2m	43,731	0.1%$1.2m	Unchanged	0.0%
Paypal HoldingsPYPL	$970k	22,463	0.1%$970k	Unchanged	0.1%
EnovisENOV	$916k	44,258	0.1%$916k	Unchanged	0.1%
LazardLAZ	$780k	18,608	0.0%$780k	Unchanged	0.0%
HDFC BankHDB	$270k	10,462	0.0%$270k	Unchanged	0.0%
Bio-Rad LaboratoriesBIO	–	–	–	Sold out	2.2%
Constellation BrandsSTZ	–	–	–	Sold out	0.0%
ClarivateCLVT	–	–	–	Sold out	0.0%
FiservFISV	–	–	–	Sold out	0.0%

Download the Q2 2026 holdings: CSV · JSON · Markdown

How the portfolio has changed

Each bar is one 13F. Select a bar or press play to see that quarter’s 12 largest positions. How this works

Bars are split by share of the US portfolio: the six biggest holdings over the period in colour, everything else in grey. The last eight quarters are shown in full, earlier years at year end.

2013

2015

2017

2019

2021

2023

Q4 ’24

Q2 ’25

Q4 ’25

Q2 ’26

CNXFDXMATPPLICTLLevel 3 CommunicationsEverything else

Q2 2026

Q4 2013Q2 2026

Longleaf Partners Global Fund

1 year+9.3%

3 yearsa year+10.5%

5 yearsa year+2.7%

10 yearsa year+7.6%

Yearly costs0.95%

Total returns after fees for the LLGLX share class (the cheapest one with a full record). 1, 3 and 5-year figures run to 30 Jun 2026, built from the monthly returns the fund reports in its N-PORT filings and checked against its shareholder reports. The 10-year figure is from the shareholder report to 30 Jun 2026. Costs are the expense ratio in the half-year report to 30 Jun 2026, about $116 a year on $10,000. Past returns don’t predict future ones.

Full portfolio at 30 Jun 2026, from the fund’s N-PORT filing. Net assets $692m. Cash, bonds and other assets make up 8.9%. Changes are against 31 Mar 2026: 1 new, 8 added to, 6 trimmed, 2 sold out.

Longleaf Partners Global Fund holdings with change from the previous filing

RayonierRYN	United States	7.7%	Trimmed -3.6%	8.1%
IACPPLI	United States	7.2%	Trimmed -18%	7.9%
ExorEXO Amsterdam	Netherlands	7.1%	Added +6.6%	7.0%
Canal PlusCAN London	France	6.9%	Trimmed -9.8%	6.5%
Magnum Ice CreamMICC Amsterdam	Netherlands	6.2%	Added +20%	4.6%
CNX ResourcesCNX	United States	6.0%	Added +23%	5.8%
MattelMAT	United States	5.7%	Unchanged	6.3%
Regeneron PharmaceuticalsREGN	United States	4.8%	Added +28%	4.8%
Albertsons CompaniesACI	United States	4.7%	Added +26%	5.0%
IDP EducationIEL Sydney	Australia	4.5%	Added +136%	3.6%
Fortune Brands InnovationsFBIN	United States	4.3%	Unchanged	3.2%
Koninklijke PhilipsPHIA Amsterdam	Netherlands	3.7%	Added +3.7%	3.8%
Kraft HeinzKHC	United States	3.5%	Unchanged	3.5%
Gruma S.A.B.de C.V.GRUMAB Mexico City	Mexico	3.4%	Unchanged	4.0%
Jollibee FoodsJFC Manila	Philippines	3.4%	Added +40%	3.4%
Abbott LaboratoriesABT	United States	3.2%	New	–
GlanbiaGLB Dublin	Ireland	2.7%	Trimmed -47%	3.7%
MGM Resorts InternationalMGM	United States	2.4%	Trimmed -28%	2.7%
FedExFDX	United States	2.4%	Trimmed -16%	3.4%
Medley4480 Tokyo	Japan	1.3%	Unchanged	1.3%
		–	Sold out	4.5%
		–	Sold out	1.3%

Look-through earnings

Southeastern Asset Management’s share of the profits of the US companies it holds. How this works

For each holding, the fraction of the company it owns times the company’s net income. Look-through earnings explained.

Look-through earnings, Q2 2026

$72.4m

Last 12 months, holdings with SEC financials

Price paid for those earnings

25.1×

Value of those holdings ÷ their earnings

Earnings per share growth

+7.8%

Same holdings, against a year earlier

Portfolio covered

95%

Of the 13F value

$183m2017

$196m2018

$48.7m2019

−$103m2020

$133m2021

−$193m2022

$156m2023

−$11.8m2024

$56.6m2025

$22.2m2026*

Q1 Q2 Q3 Q4 · each quarter is that quarter’s profits times the stake reported at its end. *2026 so far: 2 quarters. Click a quarter to see its holdings.

Holdings behind

Look-through earnings by holding, Q2 2026

IACPPLI	4.1%	$336m	$13.9m	$20.9m	–
CNX ResourcesCNX	3.0%	$949m	$28.8m	$6.1m	+580.1%
Alexander'sALX	1.9%	$170m	$3.3m	$3.0m	+354.0%
Graham HoldingsGHC	0.7%	$542m	$3.7m	$1.9m	-19.6%
Regeneron PharmaceuticalsREGN	0.1%	$4.3bn	$6.2m	$1.9m	-0.5%
Albertsons CompaniesACI	1.7%	$65.7m	$1.1m	$1.5m	-92.0%
White Mountains Insurance GroupWTM	0.7%	$1.1bn	$8.0m	$1.4m	+476.6%
MGM Resorts InternationalMGM	0.5%	$426m	$1.9m	$1.3m	-15.6%
Gci LibertyGLIBA	5.0%	−$337m	−$16.9m	$803k	–
Boston BeerSAM	1.4%	−$69.1m	−$974k	$727k	-192.7%
DoleDOLE	1.8%	$59.7m	$1.1m	$476k	+147.9%
Abbott LaboratoriesABT	0.05%	$5.4bn	$2.6m	$448k	-61.0%
TripadvisorTRIP	1.9%	$5.0m	$96k	$429k	-91.5%
CNH IndustrialCNH	0.3%	$311m	$882k	$391k	-61.8%
Fidelity National Information ServicesFIS	0.1%	$3.4bn	$5.0m	$344k	+2957.3%
AvantorAVTR	0.7%	−$578m	−$4.0m	$266k	-184.7%
Acm ResearchACMR	0.2%	$150m	$292k	$173k	+25.8%
Affiliated Managers GroupAMG	0.02%	$856m	$177k	$38k	+125.9%
Live Nation EntertainmentLYV	0.00%	$135m	$5k	$10k	-85.9%
Hyatt HotelsH	0.01%	$79.0m	$6k	$9k	-81.9%
Atlanta Braves HoldingsBATRK	0.9%	−$64.2m	−$598k	−$114k	–
Fortune Brands InnovationsFBIN	1.4%	$149m	$2.1m	−$318k	-61.7%
Shenandoah TelecommunicationsSHEN	4.7%	−$38.2m	−$1.8m	−$361k	–
MattelMAT	4.3%	$428m	$18.2m	−$777k	-8.4%
Empire State Realty TrustESRT	3.2%	$3.1m	$99k	−$835k	-92.4%
PVHPVH	1.4%	−$169m	−$2.3m	−$1.4m	-138.0%
Clearwater PaperCLW	9.6%	−$49.3m	−$4.7m	−$2.1m	-124.7%
FedExFDX	0.08%	$4k	$0k	−$2.3m	+9.7%
Kraft HeinzKHC	0.3%	−$3.4bn	−$10.3m	−$16.6m	–
RayonierRYN	3.7%	$465m	$17.3m	–	-21.2%

Net income is as reported (GAAP), so it includes one-off items and, for some companies, gains or losses on investments they hold. Companies that report under IFRS (most non-US companies) or whose shares we can’t match reliably are left out; “portfolio covered” shows how much is included. Look-through earnings explained. Growth compares earnings per share over the last 12 months with the 12 months a year earlier, for holdings profitable in both.

5% stake filings

Holdings of 5% or more of a company (13D and 13G), usually reported well before the next 13F. How this works

Southeastern Asset Management’s filings since December 2024, newest first. An amendment showing less than 5% means the holding fell below the threshold. A 13D means the holder may seek to influence the company. How to read a 13D.

Company	Owns	Form	Filed
Gci Liberty	5.4%	13G	14 Aug 2026
Empire State Realty Trust	5.1%	13G	14 Aug 2026
Shenandoah Telecommunications	4.7%below 5%	13G/A	14 Aug 2026
IAC	4.6%below 5%	13G/A	14 Aug 2026
Gci Liberty	3.7%below 5%	13G/A	15 May 2026

US holdings by sector

Consumer discretionary17.5%
Financials17.1%
Consumer staples12.8%
Technology11.6%
Health care9.1%
Other8.8%
Energy8.3%
Industrials6.4%
Communication and media5.3%
Insurance1.9%
Materials1.3%

Sectors are grouped from each company’s SEC industry code, as a share of the Q2 2026 13F.

US portfolio value by quarter

$2.7bnQ3 ’23

$2.6bnQ4 ’23

$2.6bnQ1 ’24

$2.3bnQ2 ’24

$2.1bnQ3 ’24

$2.1bnQ4 ’24

$1.9bnQ1 ’25

$2.0bnQ2 ’25

$2.0bnQ3 ’25

$2.2bnQ4 ’25

$2.0bnQ1 ’26

$1.9bnQ2 ’26

From each quarter’s 13F. Changes reflect both trading and share-price moves.