We initiated four new positions in the quarter: McDonald’s Corporation, Scripps Networks Interactive, Vivendi, and one undisclosed name. Scripps (SNI), a multi-year holding in our Small-Cap Fund, owns various channels, including 100% of HGTV and 69% of The Food Network. Its market capitalization has grown enough for us to own this company in the Partners Fund, and our appraisal has kept pace so that the attractive discount remains.
From Mason Hawkins (Trades, Portfolio)’ Longleaf Partners Q3 2014 Management Discussion.
