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Southeastern Asset Management’s Top Stock Picks

#3 McDonald’s Corporation (NYSE:MCD)

Shares held (as of September 30): 8,441,032

Total Value (as of September 30): $831.70 million

Percent of Portfolio (as of September 30): 7.02%

Southeastern’s stake in McDonald’s Corporation (NYSE:MCD) decreased by 14% over the quarter. The company’s stock trades up 17.42% year-to-date. After a number of disappointing quarters, McDonald’s Corporation (NYSE:MCD) reported better-than-expected financial results for the third quarter with income of $1.3 billion, compared to $1.1 billion in a year ago quarter, while its revenue amounted to $6.6 billion, compared to about $7 billion in the same quarter a year ago. Shares of McDonald’s Corporation (NYSE:MCD) have been doing well, gaining 17.42% year-to-date. In most recent 13F, Stephen J. Errico’s Locust Wood Capital Advisers reported owning 464,587 shares of McDonald’s.

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#2 FedEx Corporation (NYSE:FDX)

Shares held (as of September 30): 6,386,107

Total Value (as of September 30): $919.47 million

Percent of Portfolio (as of September 30): 7.76%

Southeastern added about 1.25 million shares to its holding of FedEx Corporation (NYSE:FDX) during the third quarter. For the quarter ended August 31, FedEx Corporation (NYSE:FDX) posted revenue of $12.3 billion, up from $11.7 billion in the same period last year. The company’s net income rose to $692 million, compared to $653 million delivered a year earlier. FedEx Corporation (NYSE:FDX)’s stock has declined by 8.94% year-to-date. Another investor that likes FedEx is Edgar Wachenheim’s Greenhaven Associates, with ownership of 4.52 million shares of the company as of the end of the third quarter.

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#1 Level 3 Communications Inc. (NYSE:LVLT)

Shares held (as of September 30): 40,494,314

Total Value (as of September 30): $1.77 billion

Percent of Portfolio (as of September 30): 14.93%

Level 3 Communications Inc. (NYSE:LVLT) is represented as Southeastern’s top holding, despite the investor reducing its share ownership by 1.39 million shares over the quarter. With a market cap of nearly $18 billion, Level 3 Communications Inc. (NYSE:LVLT) is a provider of a range of integrated communications services. The company’s s net income for the third quarter declined to $1 million from $81 million year over year on the back of a non-recurring charge of about $171 million related to the deconsolidation of the company’s Venezuelan subsidiary’s operations. Excluding this charge, the company’s income amounted to $172 million. Shares of Level 3 Communications Inc. (NYSE:LVLT) have gained 3.45% during the last three months. Jim Simons’ Renaissance Technologies holds 942,141 shares of the company as of the end of the third quarter.

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Disclosure: none

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