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Fairholme Capital

Q3 2014 13F · by Bruce Berkowitz, CIO

As of
Sep 30, 2014
Filed
Nov 14, 2014
US stock
$7.3B · prev $9.9B
Positions
24 · prev 55
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%

Moves46 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 · 2.2% a year, more than 30 years per position

  1. Low
  2. Moderate
  3. High

Top 5 positions92% of US stock

  1. AIG American International Group, Inc. trimmed+6.53 pp trimmed+6.5344.9%
  2. BAC Bank of America Corporation trimmed+7.72 pp trimmed+7.7222.9%
  3. SHLD Sears Holdings Corp added−1.06 pp added−1.068.9%
  4. unresolved American Intl Group Inc trimmed+1.51 pp trimmed+1.518.1%
  5. JOE St. Joe Company trimmed+0.46 pp trimmed+0.466.8%

Positions24 in this filing · 34 exited

AIGAmerican International Group, Inc.44.86%60,311,704$3.3Btrimmed−14%+6.53 pp6 q
BACBank of America Corporation22.94%97,710,665$1.7Btrimmed−1%+7.72 pp6 q
SHLDSears Holdings Corp8.86%25,506,273$644Madded+3%−1.06 pp6 q
unresolvedAmerican Intl Group Inc8.06%24,479,806$585Mtrimmed−0%+1.51 pp6 q
JOESt. Joe Company6.81%24,809,498$494Mtrimmed−0%+0.46 pp6 q
unresolvedLeucadia National4.95%15,082,165$360Mtrimmed−4%+0.81 pp6 q
unresolvedBank Of America Corporation1.28%12,358,428$93Madded+2%+0.44 pp6 q
BRK.BBERKSHIRE HATHAWAY Class B0.54%283,700$39Mtrimmed−2%+0.17 pp6 q
unresolvedWells Fargo Warrants, 34.01 St0.37%1,346,665$27Mheld—6 q
LELands' End, Inc.0.25%448,419$18Mtrimmed−87%−0.89 pp2 q
unresolvedThe Hartford Financial Services Group0.22%553,900$16Mheld—6 q
unresolvedJpmorgan Chase & Co0.21%753,300$15Mheld—6 q
CHKChesapeake Energy Corp0.17%536,900$12Mnew+0.17 ppnew
LNC/WSLincoln National CORP-CW190.13%205,810$9Mheld—6 q
WFCWells Fargo & Co.0.11%149,600$8Mheld—6 q
CCitigroup Inc.0.04%54,560$3Mheld—6 q
BPBP p.l.c.0.03%54,000$2Mnew+0.03 ppnew
HIGThe Hartford Insurance Group, Inc.0.03%52,000$2Mheld—6 q
unresolvedKkr & Co L P DEL0.03%101,500$2Mheld—2 q
LNCLincoln National Corp.0.03%44,400$2Mheld—6 q
NYCBFlagstar Bank, National Association0.03%148,000$2Mnew+0.03 ppnew
VODVodafone Group PLC0.03%71,000$2Mheld—3 q
unresolvedBank Of America Corporation0.02%1,455,701$1Mheld—2 q
BRK.ABerkshire Hathaway Inc.0.01%3$621,000held—6 q
Fannie Maeconvertible—−59,023,319—exited−6.14 pp—
Freddie Macconvertible—−39,901,900—exited−4.38 pp—
Fannie Maeconvertible—−6,339,843—exited−1.18 pp—
FNMAFannie Mae—−20,645,300—exited−0.81 pp—
FMCCFreddie Mac—−19,110,900—exited−0.74 pp—
Freddie Macconvertible—−5,799,175—exited−0.55 pp—
Freddie Macconvertible—−4,196,108—exited−0.39 pp—
Fannie Maeconvertible—−3,672,127—exited−0.32 pp—
Freddie Macconvertible—−1,699,250—exited−0.29 pp—
Freddie Macconvertible—−1,339,572—exited−0.24 pp—
Freddie Macconvertible—−1,377,829—exited−0.23 pp—
GNWGenworth Financial, Inc.—−1,071,500—exited−0.19 pp—
Fannie Maeconvertible—−1,500,000—exited−0.14 pp—
Fannie Maeconvertible—−1,580,000—exited−0.14 pp—
Freddie Macconvertible—−546,542—exited−0.09 pp—
Freddie Macconvertible—−517,900—exited−0.05 pp—
Fannie Maeconvertible—−269,500—exited−0.05 pp—
Freddie Macconvertible—−447,940—exited−0.04 pp—
Freddie Macconvertible—−203,000—exited−0.04 pp—
MOAltria Group, Inc.—−62,000—exited−0.03 pp—
Freddie Macconvertible—−157,500—exited−0.03 pp—
MCYMercury General Corp.—−53,600—exited−0.03 pp—
unresolvedReynolds American—−44,300—exited−0.03 pp—
RIGTransocean LTD.—−56,500—exited−0.03 pp—
TAT&T Inc.—−68,500—exited−0.02 pp—
DONDiamond Offshore Drilling—−49,000—exited−0.02 pp—
OAKOaktree Capital Group, LLC—−48,000—exited−0.02 pp—
Freddie Macconvertible—−60,900—exited−0.01 pp—
Freddie Macconvertible—−45,000—exited−0.01 pp—
Freddie Macconvertible—−45,500—exited0.00 pp—
Freddie Macconvertible—−9,200—exited0.00 pp—
Freddie Macconvertible—−8,400—exited0.00 pp—
Freddie Macconvertible—−9,400—exited0.00 pp—
Fannie Maeconvertible—−4,400—exited0.00 pp—

Source

Form
13F-HR
Reading
0 defects · 8 unresolved
Accession
0000919574-14-006682
Options
none in this filing
Notes
none in this filing
SEC cross-check
SEC data set not published yet