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Fairholme Capital

Q1 2014 13F · by Bruce Berkowitz, CIO

As of
Mar 31, 2014
Filed
May 15, 2014
US stock
$9.9B · prev $9.7B
Positions
47 · prev 45
Options notional
$0
Documents
1· no amendments

Picture84.1% US stock

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

  • US stock listed on a US exchange 84.1%
  • Foreign stock not listed in the US 15.9%
  • Notes debt, at principal 0.0%
  • Puts at notional value 0.0%
  • Calls at notional value 0.0%

Moves15 since the prior filing

The book

Very concentrated · behaves like 5 equal-sized positions

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

Low turnover · 6.7% a year, about 14.9 years per position

  1. Low
  2. Moderate
  3. High

Top 5 positions79% of US stock

  1. AIG American International Group, Inc. trimmed−3.67 pp trimmed−3.6738.2%
  2. BAC Bank of America Corporation trimmed+1.20 pp trimmed+1.2017.2%
  3. SHLD Sears Holdings Corp added+1.05 pp added+1.0511.8%
  4. Fannie Mae convertible trimmed+0.93 pp trimmed+0.936.3%
  5. unresolved American Intl Group Inc added0.00 pp added0.005.1%

Positions47 in this filing · 0 exited

AIGAmerican International Group, Inc.38.24%75,681,614$3.8Btrimmed−5%−3.67 pp4 q
BACBank of America Corporation17.19%98,942,515$1.7Btrimmed−1%+1.20 pp4 q
SHLDSears Holdings Corp11.82%24,502,323$1.2Badded+15%+1.05 pp4 q
Fannie Maeconvertible6.25%59,041,819$619Mtrimmed−0%+0.93 pp2 q
unresolvedAmerican Intl Group Inc5.06%24,495,221$501Madded+1%0.00 pp4 q
JOESt. Joe Company4.83%24,847,204$478Mtrimmed−0%−0.08 pp4 q
unresolvedLeucadia National4.54%16,034,558$449Mtrimmed−11%−0.70 pp4 q
Freddie Macconvertible4.43%39,901,900$439Mheld—2 q
Fannie Maeconvertible1.20%6,339,843$119Mheld—2 q
unresolvedBank Of America Corporation0.87%10,519,328$86Madded+6%+0.21 pp4 q
FNMAFannie Mae0.76%19,162,900$75Mtrimmed−26%−0.05 pp2 q
FMCCFreddie Mac0.67%17,180,600$66Mtrimmed−11%+0.09 pp2 q
Freddie Macconvertible0.53%5,799,175$52Mheld—2 q
Freddie Macconvertible0.39%4,196,108$39Mheld—2 q
BRK.BBERKSHIRE HATHAWAY Class B0.36%288,925$36Mtrimmed−59%−0.51 pp4 q
Fannie Maeconvertible0.31%3,672,127$31Mheld—2 q
Freddie Macconvertible0.29%1,699,250$29Mheld—2 q
unresolvedWells Fargo Warrants, 34.01 St0.25%1,346,665$25Mheld—4 q
Freddie Macconvertible0.24%1,339,572$24Mheld—2 q
Freddie Macconvertible0.23%1,377,829$23Mheld—2 q
GNWGenworth Financial, Inc.0.19%1,071,500$19Mheld—4 q
unresolvedThe Hartford Financial Services Group0.15%553,900$15Mheld—4 q
unresolvedJpmorgan Chase & Co0.15%753,300$15Mheld—4 q
CHKChesapeake Energy Corp0.14%536,300$14Mtrimmed−42%−0.12 pp4 q
Fannie Maeconvertible0.14%1,500,000$14Mheld—2 q
Fannie Maeconvertible0.14%1,580,000$14Mheld—2 q
Freddie Macconvertible0.09%546,542$9Mheld—2 q
LNC/WSLincoln National CORP-CW190.09%205,810$9Mheld—4 q
WFCWells Fargo & Co.0.08%149,600$7Mheld—4 q
Fannie Maeconvertible0.05%269,500$5Mheld—2 q
Freddie Macconvertible0.04%447,940$4Mheld—2 q
Freddie Macconvertible0.04%517,900$4Mheld—2 q
Freddie Macconvertible0.04%203,000$3Mheld—2 q
CCitigroup Inc.0.03%54,560$3Mheld—4 q
Freddie Macconvertible0.03%157,500$3Mheld—2 q
TAT&T Inc.0.02%68,500$2Mnew+0.02 ppnew
HIGThe Hartford Insurance Group, Inc.0.02%52,000$2Mheld—4 q
LNCLincoln National Corp.0.02%44,400$2Mheld—4 q
VODVodafone Group PLC0.02%66,000$2Mnew+0.02 ppnew
BRK.ABerkshire Hathaway Inc.0.01%3$562,000trimmed−50%0.00 pp4 q
Freddie Macconvertible0.01%60,900$1Mheld—2 q
Freddie Macconvertible0.01%45,000$785,000held—2 q
Freddie Macconvertible0.00%45,500$423,000held—2 q
Freddie Macconvertible0.00%9,200$166,000held—2 q
Freddie Macconvertible0.00%8,400$151,000held—2 q
Freddie Macconvertible0.00%9,400$169,000held—2 q
Fannie Maeconvertible0.00%4,400$79,000held—2 q

Source

Form
13F-HR
Reading
26 defects · 6 unresolved
Accession
0000919574-14-003448
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 2014-03-31
  • A security outside the official 13F list — CUSIP 313400608 not on the Official 13(f) List for 2014-03-31
  • A security outside the official 13F list — CUSIP 313400624 not on the Official 13(f) List for 2014-03-31
  • A security outside the official 13F list — CUSIP 313400640 not on the Official 13(f) List for 2014-03-31
  • A security outside the official 13F list — CUSIP 313400657 not on the Official 13(f) List for 2014-03-31
  • A security outside the official 13F list — CUSIP 313400665 not on the Official 13(f) List for 2014-03-31
  • A security outside the official 13F list — CUSIP 313400673 not on the Official 13(f) List for 2014-03-31
  • A security outside the official 13F list — CUSIP 313400681 not on the Official 13(f) List for 2014-03-31
  • A security outside the official 13F list — CUSIP 313400699 not on the Official 13(f) List for 2014-03-31
  • A security outside the official 13F list — CUSIP 313400715 not on the Official 13(f) List for 2014-03-31
  • A security outside the official 13F list — CUSIP 313400731 not on the Official 13(f) List for 2014-03-31
  • A security outside the official 13F list — CUSIP 313400749 not on the Official 13(f) List for 2014-03-31
  • A security outside the official 13F list — CUSIP 313400772 not on the Official 13(f) List for 2014-03-31
  • A security outside the official 13F list — CUSIP 313400780 not on the Official 13(f) List for 2014-03-31
  • A security outside the official 13F list — CUSIP 313400798 not on the Official 13(f) List for 2014-03-31
  • A security outside the official 13F list — CUSIP 313400830 not on the Official 13(f) List for 2014-03-31
  • A security outside the official 13F list — CUSIP 313400855 not on the Official 13(f) List for 2014-03-31
  • A security outside the official 13F list — CUSIP 313400863 not on the Official 13(f) List for 2014-03-31
  • A security outside the official 13F list — CUSIP 313586109 not on the Official 13(f) List for 2014-03-31
  • A security outside the official 13F list — CUSIP 313586752 not on the Official 13(f) List for 2014-03-31
  • A security outside the official 13F list — CUSIP 313586760 not on the Official 13(f) List for 2014-03-31
  • A security outside the official 13F list — CUSIP 313586778 not on the Official 13(f) List for 2014-03-31
  • A security outside the official 13F list — CUSIP 313586786 not on the Official 13(f) List for 2014-03-31
  • A security outside the official 13F list — CUSIP 313586794 not on the Official 13(f) List for 2014-03-31
  • A security outside the official 13F list — CUSIP 313586802 not on the Official 13(f) List for 2014-03-31
  • A security outside the official 13F list — CUSIP 313586877 not on the Official 13(f) List for 2014-03-31