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Fairholme Capital

Q4 2013 13F · by Bruce Berkowitz, CIO

As of
Dec 31, 2013
Filed
Feb 14, 2014
US stock
$9.7B · prev $8.4B
Positions
45 · prev 19
Options notional
$0
Documents
1· no amendments

Picture86.6% US stock

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

  • US stock listed on a US exchange 86.6%
  • Foreign stock not listed in the US 13.4%
  • Notes debt, at principal 0.0%
  • Puts at notional value 0.0%
  • Calls at notional value 0.0%

Moves34 since the prior filing

The book

Very concentrated · behaves like 4 equal-sized positions

  1. Very concentrated
  2. Concentrated
  3. Focused
  4. Diversified

Low turnover · 12% a year, about 8.5 years per position

  1. Low
  2. Moderate
  3. High

Top 5 positions79% of US stock

  1. AIG American International Group, Inc. trimmed−7.02 pp trimmed−7.0241.9%
  2. BAC Bank of America Corporation added−0.31 pp added−0.3116.0%
  3. SHLD Sears Holdings Corp added−3.90 pp added−3.9010.8%
  4. Fannie Mae convertible new+5.32 pp new+5.325.3%
  5. unresolved Leucadia National trimmed−0.76 pp trimmed−0.765.2%

Positions45 in this filing · 0 exited

AIGAmerican International Group, Inc.41.91%79,752,186$4.1Btrimmed−6%−7.02 pp3 q
BACBank of America Corporation15.99%99,742,115$1.6Badded0%−0.31 pp3 q
SHLDSears Holdings Corp10.77%21,331,673$1.0Badded+3%−3.90 pp3 q
Fannie Maeconvertible5.32%59,049,119$517Mnew+5.32 ppnew
unresolvedLeucadia National5.24%17,957,927$509Mtrimmed−3%−0.76 pp3 q
unresolvedAmerican Intl Group Inc5.06%24,250,009$491Mtrimmed−0%−0.39 pp3 q
JOESt. Joe Company4.91%24,863,504$477Mtrimmed−1%−0.90 pp3 q
Freddie Macconvertible3.68%39,901,900$358Mnew+3.68 ppnew
Fannie Maeconvertible0.93%6,339,843$90Mnew+0.93 ppnew
BRK.BBERKSHIRE HATHAWAY Class B0.87%710,225$84Mtrimmed−1%−0.09 pp3 q
FNMAFannie Mae0.81%25,990,900$78Mnew+0.81 ppnew
unresolvedBank Of America Corporation0.66%9,904,428$64Mheld—3 q
FMCCFreddie Mac0.58%19,386,300$56Mnew+0.58 ppnew
Freddie Macconvertible0.42%5,799,175$41Mnew+0.42 ppnew
Freddie Macconvertible0.31%4,196,108$30Mnew+0.31 ppnew
CHKChesapeake Energy Corp0.26%928,000$25Madded+17%+0.02 pp3 q
Fannie Maeconvertible0.26%3,672,127$25Mnew+0.26 ppnew
Freddie Macconvertible0.24%1,699,250$23Mnew+0.24 ppnew
unresolvedWells Fargo Warrants, 34.01 St0.22%1,346,665$21Mheld—3 q
Freddie Macconvertible0.19%1,377,829$19Mnew+0.19 ppnew
Freddie Macconvertible0.18%1,339,572$18Mnew+0.18 ppnew
GNWGenworth Financial, Inc.0.17%1,071,500$17Mheld—3 q
unresolvedThe Hartford Financial Services Group0.16%553,900$15Mheld—3 q
unresolvedJpmorgan Chase & Co0.15%753,300$15Mheld—3 q
Fannie Maeconvertible0.12%1,500,000$12Mnew+0.12 ppnew
Fannie Maeconvertible0.11%1,580,000$11Mnew+0.11 ppnew
LNC/WSLincoln National CORP-CW190.09%205,810$9Mheld—3 q
Freddie Macconvertible0.08%546,542$7Mnew+0.08 ppnew
WFCWells Fargo & Co.0.07%149,600$7Mheld—3 q
Freddie Macconvertible0.04%517,900$4Mnew+0.04 ppnew
Fannie Maeconvertible0.04%269,500$4Mnew+0.04 ppnew
CCitigroup Inc.0.03%54,560$3Mheld—3 q
Freddie Macconvertible0.03%447,940$3Mnew+0.03 ppnew
Freddie Macconvertible0.03%203,000$3Mnew+0.03 ppnew
Freddie Macconvertible0.02%157,500$2Mnew+0.02 ppnew
HIGThe Hartford Insurance Group, Inc.0.02%52,000$2Mheld—3 q
LNCLincoln National Corp.0.02%44,400$2Mheld—3 q
BRK.ABerkshire Hathaway Inc.0.01%6$1Mheld—3 q
Freddie Macconvertible0.01%60,900$804,000new+0.01 ppnew
Freddie Macconvertible0.01%45,000$594,000new+0.01 ppnew
Freddie Macconvertible0.00%45,500$333,000new0.00 ppnew
Freddie Macconvertible0.00%9,200$127,000new0.00 ppnew
Freddie Macconvertible0.00%8,400$107,000new0.00 ppnew
Freddie Macconvertible0.00%9,400$132,000new0.00 ppnew
Fannie Maeconvertible0.00%4,400$62,000new0.00 ppnew

Source

Form
13F-HR
Reading
26 defects · 6 unresolved
Accession
0000919574-14-001790
Options
none in this filing
Notes
none in this filing
SEC cross-check
SEC data set not published yet
  • A security outside the official 13F list — CUSIP 313400301 not on the Official 13(f) List for 2013-12-31
  • A security outside the official 13F list — CUSIP 313400608 not on the Official 13(f) List for 2013-12-31
  • A security outside the official 13F list — CUSIP 313400624 not on the Official 13(f) List for 2013-12-31
  • A security outside the official 13F list — CUSIP 313400640 not on the Official 13(f) List for 2013-12-31
  • A security outside the official 13F list — CUSIP 313400657 not on the Official 13(f) List for 2013-12-31
  • A security outside the official 13F list — CUSIP 313400665 not on the Official 13(f) List for 2013-12-31
  • A security outside the official 13F list — CUSIP 313400673 not on the Official 13(f) List for 2013-12-31
  • A security outside the official 13F list — CUSIP 313400681 not on the Official 13(f) List for 2013-12-31
  • A security outside the official 13F list — CUSIP 313400699 not on the Official 13(f) List for 2013-12-31
  • A security outside the official 13F list — CUSIP 313400715 not on the Official 13(f) List for 2013-12-31
  • A security outside the official 13F list — CUSIP 313400731 not on the Official 13(f) List for 2013-12-31
  • A security outside the official 13F list — CUSIP 313400749 not on the Official 13(f) List for 2013-12-31
  • A security outside the official 13F list — CUSIP 313400772 not on the Official 13(f) List for 2013-12-31
  • A security outside the official 13F list — CUSIP 313400780 not on the Official 13(f) List for 2013-12-31
  • A security outside the official 13F list — CUSIP 313400798 not on the Official 13(f) List for 2013-12-31
  • A security outside the official 13F list — CUSIP 313400830 not on the Official 13(f) List for 2013-12-31
  • A security outside the official 13F list — CUSIP 313400855 not on the Official 13(f) List for 2013-12-31
  • A security outside the official 13F list — CUSIP 313400863 not on the Official 13(f) List for 2013-12-31
  • A security outside the official 13F list — CUSIP 313586109 not on the Official 13(f) List for 2013-12-31
  • A security outside the official 13F list — CUSIP 313586752 not on the Official 13(f) List for 2013-12-31
  • A security outside the official 13F list — CUSIP 313586760 not on the Official 13(f) List for 2013-12-31
  • A security outside the official 13F list — CUSIP 313586778 not on the Official 13(f) List for 2013-12-31
  • A security outside the official 13F list — CUSIP 313586786 not on the Official 13(f) List for 2013-12-31
  • A security outside the official 13F list — CUSIP 313586794 not on the Official 13(f) List for 2013-12-31
  • A security outside the official 13F list — CUSIP 313586802 not on the Official 13(f) List for 2013-12-31
  • A security outside the official 13F list — CUSIP 313586877 not on the Official 13(f) List for 2013-12-31