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Fairholme Capital

Q2 2014 13F · by Bruce Berkowitz, CIO

As of
Jun 30, 2014
Filed
Aug 14, 2014
US stock
$9.9B · prev $9.9B
Positions
55 · prev 47
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%

Moves22 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 · 6.6% a year, about 15.2 years per position

  1. Low
  2. Moderate
  3. High

Top 5 positions76% of US stock

  1. AIG American International Group, Inc. trimmed+0.09 pp trimmed+0.0938.3%
  2. BAC Bank of America Corporation trimmed−1.97 pp trimmed−1.9715.2%
  3. SHLD Sears Holdings Corp added−1.90 pp added−1.909.9%
  4. unresolved American Intl Group Inc trimmed+1.49 pp trimmed+1.496.5%
  5. JOE St. Joe Company trimmed+1.52 pp trimmed+1.526.3%

Positions55 in this filing · 1 exited

AIGAmerican International Group, Inc.38.33%69,810,314$3.8Btrimmed−8%+0.09 pp5 q
BACBank of America Corporation15.22%98,432,215$1.5Btrimmed−1%−1.97 pp5 q
SHLDSears Holdings Corp9.92%24,672,823$986Madded+1%−1.90 pp5 q
unresolvedAmerican Intl Group Inc6.55%24,488,935$651Mtrimmed−0%+1.49 pp5 q
JOESt. Joe Company6.35%24,836,898$632Mtrimmed−0%+1.52 pp5 q
Fannie Maeconvertible6.14%59,023,319$611Mtrimmed−0%−0.11 pp3 q
Freddie Macconvertible4.38%39,901,900$435Mheld—3 q
unresolvedLeucadia National4.14%15,715,357$412Mtrimmed−2%−0.40 pp5 q
Fannie Maeconvertible1.18%6,339,843$117Mheld—3 q
LELands' End, Inc.1.14%3,362,757$113Mnew+1.14 ppnew
unresolvedBank Of America Corporation0.84%12,158,028$84Madded+16%−0.03 pp5 q
FNMAFannie Mae0.81%20,645,300$81Madded+8%+0.05 pp3 q
FMCCFreddie Mac0.74%19,110,900$74Madded+11%+0.07 pp3 q
Freddie Macconvertible0.55%5,799,175$54Mheld—3 q
Freddie Macconvertible0.39%4,196,108$39Mheld—3 q
BRK.BBERKSHIRE HATHAWAY Class B0.37%288,625$37Mtrimmed−0%+0.01 pp5 q
Fannie Maeconvertible0.32%3,672,127$32Mheld—3 q
Freddie Macconvertible0.29%1,699,250$28Mheld—3 q
unresolvedWells Fargo Warrants, 34.01 St0.29%1,346,665$29Mheld—5 q
Freddie Macconvertible0.24%1,339,572$24Mheld—3 q
Freddie Macconvertible0.23%1,377,829$23Mheld—3 q
GNWGenworth Financial, Inc.0.19%1,071,500$19Mheld—5 q
unresolvedThe Hartford Financial Services Group0.15%553,900$15Mheld—5 q
unresolvedJpmorgan Chase & Co0.15%753,300$15Mheld—5 q
Fannie Maeconvertible0.14%1,500,000$14Mheld—3 q
Fannie Maeconvertible0.14%1,580,000$14Mheld—3 q
Freddie Macconvertible0.09%546,542$9Mheld—3 q
LNC/WSLincoln National CORP-CW190.09%205,810$9Mheld—5 q
WFCWells Fargo & Co.0.08%149,600$8Mheld—5 q
Freddie Macconvertible0.05%517,900$5Mheld—3 q
Fannie Maeconvertible0.05%269,500$5Mheld—3 q
Freddie Macconvertible0.04%447,940$4Mheld—3 q
Freddie Macconvertible0.04%203,000$4Mheld—3 q
MOAltria Group, Inc.0.03%62,000$3Mnew+0.03 ppnew
CCitigroup Inc.0.03%54,560$3Mheld—5 q
Freddie Macconvertible0.03%157,500$3Mheld—3 q
MCYMercury General Corp.0.03%53,600$3Mnew+0.03 ppnew
unresolvedReynolds American0.03%44,300$3Mnew+0.03 ppnew
RIGTransocean LTD.0.03%56,500$3Mnew+0.03 ppnew
TAT&T Inc.0.02%68,500$2Mheld—2 q
DONDiamond Offshore Drilling0.02%49,000$2Mnew+0.02 ppnew
HIGThe Hartford Insurance Group, Inc.0.02%52,000$2Mheld—5 q
unresolvedKkr & Co L P DEL0.02%101,500$2Mnew+0.02 ppnew
LNCLincoln National Corp.0.02%44,400$2Mheld—5 q
OAKOaktree Capital Group, LLC0.02%48,000$2Mnew+0.02 ppnew
VODVodafone Group PLC0.02%71,000$2Madded+8%0.00 pp2 q
unresolvedBank Of America Corporation0.01%1,455,701$1Mnew+0.01 ppnew
BRK.ABerkshire Hathaway Inc.0.01%3$570,000held—5 q
Freddie Macconvertible0.01%60,900$1Mheld—3 q
Freddie Macconvertible0.01%45,000$831,000held—3 q
Freddie Macconvertible0.00%45,500$425,000held—3 q
Freddie Macconvertible0.00%9,200$166,000held—3 q
Freddie Macconvertible0.00%8,400$151,000held—3 q
Freddie Macconvertible0.00%9,400$166,000held—3 q
Fannie Maeconvertible0.00%4,400$78,000held—3 q
CHKChesapeake Energy Corp—−536,300—exited−0.14 pp—

Source

Form
13F-HR
Reading
26 defects · 9 unresolved
Accession
0000919574-14-004823
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 2014-06-30
  • A security outside the official 13F list — CUSIP 313400608 not on the Official 13(f) List for 2014-06-30
  • A security outside the official 13F list — CUSIP 313400624 not on the Official 13(f) List for 2014-06-30
  • A security outside the official 13F list — CUSIP 313400640 not on the Official 13(f) List for 2014-06-30
  • A security outside the official 13F list — CUSIP 313400657 not on the Official 13(f) List for 2014-06-30
  • A security outside the official 13F list — CUSIP 313400665 not on the Official 13(f) List for 2014-06-30
  • A security outside the official 13F list — CUSIP 313400673 not on the Official 13(f) List for 2014-06-30
  • A security outside the official 13F list — CUSIP 313400681 not on the Official 13(f) List for 2014-06-30
  • A security outside the official 13F list — CUSIP 313400699 not on the Official 13(f) List for 2014-06-30
  • A security outside the official 13F list — CUSIP 313400715 not on the Official 13(f) List for 2014-06-30
  • A security outside the official 13F list — CUSIP 313400731 not on the Official 13(f) List for 2014-06-30
  • A security outside the official 13F list — CUSIP 313400749 not on the Official 13(f) List for 2014-06-30
  • A security outside the official 13F list — CUSIP 313400772 not on the Official 13(f) List for 2014-06-30
  • A security outside the official 13F list — CUSIP 313400780 not on the Official 13(f) List for 2014-06-30
  • A security outside the official 13F list — CUSIP 313400798 not on the Official 13(f) List for 2014-06-30
  • A security outside the official 13F list — CUSIP 313400830 not on the Official 13(f) List for 2014-06-30
  • A security outside the official 13F list — CUSIP 313400855 not on the Official 13(f) List for 2014-06-30
  • A security outside the official 13F list — CUSIP 313400863 not on the Official 13(f) List for 2014-06-30
  • A security outside the official 13F list — CUSIP 313586109 not on the Official 13(f) List for 2014-06-30
  • A security outside the official 13F list — CUSIP 313586752 not on the Official 13(f) List for 2014-06-30
  • A security outside the official 13F list — CUSIP 313586760 not on the Official 13(f) List for 2014-06-30
  • A security outside the official 13F list — CUSIP 313586778 not on the Official 13(f) List for 2014-06-30
  • A security outside the official 13F list — CUSIP 313586786 not on the Official 13(f) List for 2014-06-30
  • A security outside the official 13F list — CUSIP 313586794 not on the Official 13(f) List for 2014-06-30
  • A security outside the official 13F list — CUSIP 313586802 not on the Official 13(f) List for 2014-06-30
  • A security outside the official 13F list — CUSIP 313586877 not on the Official 13(f) List for 2014-06-30