Mason Hawkins (Southeastern Asset Management) disclosed in his Q1 2026 13F filing a 90% increase in RYN to $222M (10.9% of portfolio), elevating it to the top holding, while MAT was boosted 49% to $186M (9.2%). On the sell side, four positions — PCH ($126M), DIS ($36M), LPX ($22M), and ACH — were fully liquidated, and PYPL was slashed 96% to $1M, effectively closing the position. Total AUM is approximately $1.7B across 20 holdings.
Top 5 Holdings — Q1 2026
- RYN: $222M (10.9%)
- MAT: $186M (9.2%)
- IAC: $161M (7.9%)
- CNX: $155M (7.6%)
- ACI: $126M (6.2%)
Q1 2026 Key Portfolio Moves
The defining theme of Hawkins' quarter is concentration and conviction. With no new positions initiated, the focus was entirely on reweighting within existing holdings — the top 10 names now represent 62.6% of total AUM. The aggressive builds in RYN (Rayonier, timber REIT) and MAT (Mattel) signal strong conviction in real asset and consumer goods valuations. IAC was nudged up 1%, reflecting a defensive hold.
- RYN: Added +90% ($222M, 10.9%) — Elevated to top holding; concentrated bet on real assets via timber REIT
- MAT: Added +49% ($186M, 9.2%) — Deep-value conviction in Mattel; rises to second-largest position
- PCH: Full exit ($126M → 0) — Signals a within-sector rotation out of PCH in favor of RYN in timber
- DIS: Full exit ($36M → 0) — Complete withdrawal from media & entertainment exposure
- PYPL: Reduced -96% ($1M) — Fintech position effectively closed
On the sell side, the simultaneous exit from both PCH and LPX — timber and housing-related names — stands out. Liquidating both while sharply increasing RYN within the same sector reads as a deliberate stock-swap strategy within timber assets. The full exit from DIS signals a loss of conviction in media and entertainment, while the sharp reductions in PYPL (-96%) and XPO (-51%) reflect a rapid pullback from fintech and logistics exposure.
Where the Concentrated Portfolio Strategy Goes from Here
With no new additions this quarter, Hawkins reaffirmed his high-conviction, concentrated approach, maintaining a tight 20-stock portfolio. The top 5 holdings — RYN, MAT, IAC, CNX, and ACI — account for 41.8% of AUM, a structure that amplifies single-stock risk in volatile markets. The PCH-out/RYN-in rotation within timber, alongside the steady holds in healthcare, consumer staples, and logistics blue chips such as REGN, KHC, and FDX, suggest a deliberate balancing act between defensive positioning and deep value. Key things to watch in the next filing: any new position initiations and the potential for further increases in MAT and IAC.
