Fairholme Capital

Q3 2015 13F · by Bruce Berkowitz, CIO

As of: Sep 30, 2015
Filed: Nov 16, 2015
US stock: $3.5B · prev $4.9B
Positions: 22 · prev 16
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%

Moves23 since the prior filing

+29.7 pp in · −29.7 pp out

New 9 +22.76 pp
Added 5 +6.95 pp
Trimmed 6 −28.84 pp
Exited 3 −0.89 pp

The book

Very concentrated · behaves like 10 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

High turnover · 95% a year, about 1.1 years per position

Low
Moderate
High

Top 5 positions65% of US stock

SHLD Sears Holdings Corp added+2.89 pp added+2.8917.4%
unresolved American Intl Group Inc trimmed+1.66 pp trimmed+1.6615.4%
JOE St. Joe Company trimmed+5.70 pp trimmed+5.7013.5%
BAC Bank of America Corporation trimmed−13.77 pp trimmed−13.7712.3%
unresolved Leucadia National trimmed−0.12 pp trimmed−0.126.0%

Positions22 in this filing · 3 exited


SHLDSears Holdings Corp	17.35%	26,650,148	$602M	added0%	+2.89 pp	10 q
unresolvedAmerican Intl Group Inc	15.43%	23,593,673	$536M	trimmed−3%	+1.66 pp	10 q
JOESt. Joe Company	13.48%	24,454,440	$468M	trimmed−1%	+5.70 pp	10 q
BACBank of America Corporation	12.35%	27,523,418	$429M	trimmed−64%	−13.77 pp	10 q
unresolvedLeucadia National	5.96%	10,208,903	$207M	trimmed−17%	−0.12 pp	10 q
CNQCanadian Natural Resources Limited	5.44%	9,710,500	$189M	new	+5.44 pp	new
CCitigroup Inc.	4.30%	3,010,000	$149M	new	+4.30 pp	new
SRGSeritage Growth Properties Class A of beneficial interest, par value $0.01	3.61%	3,367,250	$125M	new	+3.61 pp	new
unresolvedSears Hldgs Corp	3.40%	6,736,391	$118M	added+5%	+1.44 pp	4 q
SRSCQSears Canada Inc	3.36%	17,901,955	$117M	added+11%	+1.37 pp	4 q
IBMInternational Business Machines Corporation	3.15%	754,400	$109M	new	+3.15 pp	new
DNOWDNOW Inc.	2.88%	6,752,400	$100M	new	+2.88 pp	new
unresolvedBank Of America Corporation	2.32%	14,028,188	$80M	added+1%	+0.57 pp	10 q
NOVNOV Inc.	1.79%	1,653,800	$62M	added+46%	+0.68 pp	2 q
37MMrc Global Inc	1.71%	5,331,400	$59M	new	+1.71 pp	new
LELands' End, Inc.	1.45%	1,863,327	$50M	new	+1.45 pp	new
AIGAmerican International Group, Inc.	1.22%	742,936	$42M	trimmed−96%	−22.43 pp	10 q
BRK.BBERKSHIRE HATHAWAY Class B	0.54%	143,892	$19M	trimmed−6%	+0.12 pp	10 q
ASAASA Gold And Precious Metals Limited	0.13%	578,000	$5M	new	+0.13 pp	new
SHOSSears Hometown and Outlet Stores, Inc.	0.09%	409,800	$3M	new	+0.09 pp	new
BRK.ABerkshire Hathaway Inc.	0.02%	3	$586,000	held	—	10 q
unresolvedBank Of America Corporation	0.01%	1,455,701	$408,000	held	—	6 q
unresolvedJpmorgan Chase & Co	—	−706,300	—	exited	−0.36 pp	—
unresolvedWells Fargo Warrants, 34.01 St	—	−749,050	—	exited	−0.34 pp	—
LNC/WSLincoln National CORP-CW19	—	−181,610	—	exited	−0.19 pp	—