Fairholme Capital

Q3 2013 13F · by Bruce Berkowitz, CIO

As of: Sep 30, 2013
Filed: Nov 14, 2013
US stock: $8.4B · prev $7.7B
Positions: 19 · prev 19
Options notional: $0
Documents: 1· no amendments

Picture100.0% US stock

Full picture · of what this 13F reports is US stock

US stock listed on a US exchange 100.0%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves13 since the prior filing

+3.5 pp in · −3.5 pp out

New 0 0.00 pp
Added 1 +3.51 pp
Trimmed 12 −3.52 pp
Exited 0 0.00 pp

The book

Very concentrated · behaves like 3 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 1.0% a year, more than 30 years per position

Low
Moderate
High

Top 5 positions92% of US stock

AIG American International Group, Inc. trimmed−1.14 pp trimmed−1.1448.9%
BAC Bank of America Corporation trimmed−0.58 pp trimmed−0.5816.3%
SHLD Sears Holdings Corp added+3.51 pp added+3.5114.7%
unresolved Leucadia National trimmed−0.36 pp trimmed−0.366.0%
JOE St. Joe Company trimmed−1.04 pp trimmed−1.045.8%

Positions19 in this filing · 0 exited


AIGAmerican International Group, Inc.	48.93%	84,931,830	$4.1B	trimmed−1%	−1.14 pp	2 q
BACBank of America Corporation	16.30%	99,696,715	$1.4B	trimmed−1%	−0.58 pp	2 q
SHLDSears Holdings Corp	14.67%	20,758,173	$1.2B	added+2%	+3.51 pp	2 q
unresolvedLeucadia National	6.00%	18,604,766	$507M	trimmed−0%	−0.36 pp	2 q
JOESt. Joe Company	5.81%	25,010,633	$491M	trimmed−0%	−1.04 pp	2 q
unresolvedAmerican Intl Group Inc	5.45%	24,261,438	$460M	trimmed−0%	−0.31 pp	2 q
BRK.BBERKSHIRE HATHAWAY Class B	0.96%	716,125	$81M	trimmed−1%	−0.10 pp	2 q
unresolvedBank Of America Corporation	0.71%	9,904,428	$60M	held	—	2 q
CHKChesapeake Energy Corp	0.24%	794,400	$21M	trimmed−1%	+0.03 pp	2 q
unresolvedWells Fargo Warrants, 34.01 St	0.22%	1,346,665	$19M	held	—	2 q
GNWGenworth Financial, Inc.	0.16%	1,071,500	$14M	trimmed−0%	0.00 pp	2 q
unresolvedThe Hartford Financial Services Group	0.15%	553,900	$12M	held	—	2 q
unresolvedJpmorgan Chase & Co	0.15%	753,300	$13M	held	—	2 q
LNC/WSLincoln National CORP-CW19	0.08%	205,810	$7M	held	—	2 q
WFCWells Fargo & Co.	0.07%	149,600	$6M	trimmed−1%	−0.01 pp	2 q
CCitigroup Inc.	0.03%	54,560	$3M	trimmed−5%	−0.01 pp	2 q
HIGThe Hartford Insurance Group, Inc.	0.02%	52,000	$2M	trimmed−2%	0.00 pp	2 q
LNCLincoln National Corp.	0.02%	44,400	$2M	trimmed−3%	0.00 pp	2 q
BRK.ABerkshire Hathaway Inc.	0.01%	6	$1M	held	—	2 q

Source

Form: 13F-HR
Reading: 0 defects · 6 unresolved
Accession: 0000919574-13-006704
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet