Fairholme Capital

Q4 2015 13F · by Bruce Berkowitz, CIO

As of: Dec 31, 2015
Filed: Feb 16, 2016
US stock: $2.4B · prev $3.5B
Positions: 19 · prev 22
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%

Moves20 since the prior filing

+20.2 pp in · −20.2 pp out

New 0 0.00 pp
Added 10 +20.18 pp
Trimmed 7 −13.98 pp
Exited 3 −6.22 pp

The book

Very concentrated · behaves like 7 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 16% a year, about 6.5 years per position

Low
Moderate
High

Top 5 positions74% of US stock

SHLD Sears Holdings Corp added+6.47 pp added+6.4723.8%
unresolved American Intl Group Inc trimmed+6.05 pp trimmed+6.0521.5%
JOE St. Joe Company added+5.16 pp added+5.1618.6%
SRG Seritage Growth Properties Class A of beneficial interest, par value $0.01 added+1.97 pp added+1.975.6%
DNOW DNOW Inc. added+1.79 pp added+1.794.7%

Positions19 in this filing · 3 exited


SHLDSears Holdings Corp	23.82%	28,203,148	$580M	added+6%	+6.47 pp	11 q
unresolvedAmerican Intl Group Inc	21.48%	22,006,722	$523M	trimmed−7%	+6.05 pp	11 q
JOESt. Joe Company	18.64%	24,517,040	$454M	added0%	+5.16 pp	11 q
SRGSeritage Growth Properties Class A of beneficial interest, par value $0.01	5.58%	3,378,350	$136M	added0%	+1.97 pp	2 q
DNOWDNOW Inc.	4.67%	7,185,000	$114M	added+6%	+1.79 pp	2 q
unresolvedBank Of America Corporation	4.01%	16,813,403	$98M	added+20%	+1.69 pp	11 q
SRSCQSears Canada Inc	3.84%	18,312,049	$94M	added+2%	+0.48 pp	5 q
unresolvedLeucadia National	3.25%	4,545,221	$79M	trimmed−55%	−2.71 pp	11 q
unresolvedSears Hldgs Corp	3.09%	6,851,099	$75M	added+2%	−0.31 pp	5 q
37MMrc Global Inc	2.99%	5,634,300	$73M	added+6%	+1.28 pp	2 q
LELands' End, Inc.	2.93%	3,041,727	$71M	added+63%	+1.48 pp	2 q
BACBank of America Corporation	2.70%	3,908,303	$66M	trimmed−86%	−9.65 pp	11 q
CNQCanadian Natural Resources Limited	0.99%	1,107,100	$24M	trimmed−89%	−4.45 pp	2 q
BRK.BBERKSHIRE HATHAWAY Class B	0.73%	135,242	$18M	trimmed−6%	+0.19 pp	11 q
AIGAmerican International Group, Inc.	0.69%	271,560	$17M	trimmed−63%	−0.53 pp	11 q
IBMInternational Business Machines Corporation	0.27%	47,900	$7M	trimmed−94%	−2.88 pp	2 q
SHOSSears Hometown and Outlet Stores, Inc.	0.26%	776,300	$6M	added+89%	+0.17 pp	2 q
unresolvedBank Of America Corporation	0.02%	1,455,701	$393,000	held	—	7 q
BRK.ABerkshire Hathaway Inc.	0.02%	3	$593,000	held	—	11 q
CCitigroup Inc.	—	−3,010,000	—	exited	−4.30 pp	—
NOVNOV Inc.	—	−1,653,800	—	exited	−1.79 pp	—
ASAASA Gold And Precious Metals Limited	—	−578,000	—	exited	−0.13 pp	—