The value fund managed by Mason Hawkins established one new position while increasing its position in 21 stocks. The new position by Longleaf is DineEquity (DIN) which operates IHOP and Applebees. Dine Equity currently has negative earnings but I have a feeling this might be a real estate play as DIN currently has about 1 billiion of real estate on its balance sheet while the market cap is 456 million. Could it be that Longleaf is hoping for a private equity group to come and scoop up DIN? Who knows. The increased positions were small except for two. Sun Microsystems (JAVA), which was increased by 41 million shares and Liberty Media (LMDIA), which was increased by roughly 29 million shares, were increased substantially but I have little knowledge of both companies.
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