SOUTHEASTERN ASSET MANAGEMENT INC/TN/

Long Only Manager • Value

SOUTHEASTERN ASSET MANAGEMENT INC/TN/ is a Value-focused institution based in Memphis, TN led by Raymond Eugene Glotzbach, reporting $4.3B in AUM as of Q3 2025 with 52% concentrated in top 10 holdings.

CEORaymond Eugene Glotzbach

Portfolio Value: $2.0B
Positions: 49
Top Holding: CNX at 7.79%
Last Reported: Q3 2025

Address5100 Poplar Ave, Suite 2450, Memphis, TN, 38137-4000, United States

Top Holdings

Largest long holdings in SOUTHEASTERN ASSET MANAGEMENT INC/TN/'s portfolio (52% of total portfolio)

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Holding	Sector	Position	Weight	Traded	Ownership	Owned Since
1 CNX Resources CNX	Oil & Gas Exploration & Production Energy	$152.7M	7.79%	+$9.3M Bought	3.36% 4.8M shares	≤ Q2 2013 Held for 12y 5m+
2 Mattel MAT	Leisure Consumer Cyclical	$137.4M	7.01%	+$15.8M Bought	2.53% 8.2M shares	Q3 2017 Held for 8y 2m
3 Rayonier RYN	REIT - Specialty Real Estate	$119.3M	6.09%	+$119.3M Bought	2.92% 4.5M shares	Q3 2025 Held for 2 months
4 The Kraft Heinz Company KHC	Packaged Foods Consumer Defensive	$94.7M	4.83%	-$960.5K Sold	0.31% 3.6M shares	Q4 2024 Held for 11 months
5 IAC, Inc. IAC	Internet Content & Information Communication Services	$94.3M	4.81%	-$5.6M Sold	— 2.8M shares	Q3 2021 Held for 4y 2m
6 FedEx FDX	Integrated Freight & Logistics Industrials	$88.3M	4.51%	-$1.2M Sold	0.16% 374.4K shares	≤ Q2 2013 Held for 12y 5m+
7 PotlatchDeltic Corporation PCH	REIT - Specialty Real Estate	$86.9M	4.43%	+$47.9M Bought	2.76% 2.1M shares	Q1 2024 Held for 1y 8m
8 Albertsons Companies ACI	Grocery Stores Consumer Defensive	$86.6M	4.42%	+$25.9M Bought	0.88% 4.9M shares	Q3 2024 Held for 1y 2m
9 Regeneron Pharmaceuticals REGN	Biotechnology Healthcare	$81.3M	4.15%	-$9.0M Sold	0.14% 144.6K shares	Q1 2025 Held for 8 months
10 PVH PVH	Apparel - Manufacturers Consumer Cyclical	$78.4M	4.00%	-$36.4M Sold	1.94% 935.4K shares	Q2 2022 Held for 3y 5m

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Changes

Portfolio activity, position movements, and quarter-over-quarter changes in SOUTHEASTERN ASSET MANAGEMENT INC/TN/'s latest filing

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Market Value

$2.0B

Prior: $2.0B

Q/Q Change

-1.23%

-$24.4M

Net Flows % of MV

-7.8%

Turnover Ratio

19.47%

New Purchases

4 stocks

$97.4M

Added To

12 stocks

+$146.4M

Sold Out Of

6 stocks

$190.3M

Reduced Holdings

21 stocks

-$206.4M

Increased Positions

Position	Shares Δ	Change
1 Avantor AVTR	New	0 → 5.1M +$64.3M
2 GCI Liberty, Inc. Series C GCI Group Common Stock GLIBK	New	0 → 863.7K +$32.2M
3 Constellation Brands STZ	New	0 → 3.7K +$493.0K
4 Clarivate CLVT	New	0 → 121.9K +$467.0K
5 PotlatchDeltic Corporation PCH	+122.93%	956.2K → 2.1M +$47.9M

Decreased Positions

Position	Shares Δ	Change
1 HF Sinclair DINO	Sold	1.8M → 0 −$72.0M
2 Millicom International Cellular TIGO	Sold	1.0M → 0 −$38.9M
3 Angi Inc. ANGI	Sold	2.1M → 0 −$31.6M
4 Oscar Health OSCR	Sold	881.9K → 0 −$18.9M
5 Westrock Coffee Company WEST	Sold	2.7M → 0 −$15.3M