Fairholme Capital

Q2 2016 13F · by Bruce Berkowitz, CIO

As of: Jun 30, 2016
Filed: Aug 15, 2016
US stock: $1.5B · prev $1.7B
Positions: 12 · prev 13
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%

Moves11 since the prior filing

+11.2 pp in · −11.2 pp out

New 0 0.00 pp
Added 6 +11.23 pp
Trimmed 4 −3.98 pp
Exited 1 −7.26 pp

The book

Very concentrated · behaves like 5 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 24% a year, about 4.1 years per position

Low
Moderate
High

Top 5 positions86% of US stock

JOE St. Joe Company added+5.00 pp added+5.0029.9%
SHLD Sears Holdings Corp added+1.53 pp added+1.5326.1%
BAC Bank of America Corporation added+4.86 pp added+4.8611.9%
SRG Seritage Growth Properties Class A of beneficial interest, par value $0.01 trimmed+1.38 pp trimmed+1.3811.8%
unresolved American Intl Group Inc trimmed−5.21 pp trimmed−5.216.8%

Positions12 in this filing · 1 exited


JOESt. Joe Company	29.85%	24,450,397	$433M	added+2%	+5.00 pp	13 q
SHLDSears Holdings Corp	26.13%	27,863,548	$379M	added+5%	+1.53 pp	13 q
BACBank of America Corporation	11.86%	12,973,003	$172M	added+51%	+4.86 pp	13 q
SRGSeritage Growth Properties Class A of beneficial interest, par value $0.01	11.79%	3,433,750	$171M	trimmed−0%	+1.38 pp	4 q
unresolvedAmerican Intl Group Inc	6.85%	5,320,453	$99M	trimmed−50%	−5.21 pp	13 q
SRSCQSears Canada Inc	4.09%	19,924,663	$59M	added+5%	+0.89 pp	7 q
unresolvedBank Of America Corporation	3.79%	15,794,903	$55M	trimmed−6%	−0.16 pp	13 q
LELands' End, Inc.	3.39%	2,999,427	$49M	added+3%	−1.11 pp	4 q
unresolvedSears Hldgs Corp	1.80%	6,732,415	$26M	trimmed−0%	+0.01 pp	7 q
SHOSSears Hometown and Outlet Stores, Inc.	0.36%	776,850	$5M	added0%	+0.06 pp	4 q
unresolvedLeucadia National	0.08%	66,000	$1M	held	—	13 q
unresolvedBank Of America Corporation	0.01%	1,455,701	$121,000	held	—	9 q
DNOWDNOW Inc.	—	−6,781,500	—	exited	−7.26 pp	—

Source

Form: 13F-HR
Reading: 0 defects · 5 unresolved
Accession: 0000919574-16-014989
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet