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Fairholme Capital

Q4 2016 13F · by Bruce Berkowitz, CIO

As of
Dec 31, 2016
Filed
Feb 14, 2017
US stock
$983M · prev $1.2B
Positions
8 · prev 12
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%

Moves9 since the prior filing

The book

Very concentrated · behaves like 3 equal-sized positions

  1. Very concentrated
  2. Concentrated
  3. Focused
  4. Diversified

Low turnover · 0.1% a year, more than 30 years per position

  1. Low
  2. Moderate
  3. High

Top 5 positions97% of US stock

  1. JOE St. Joe Company trimmed+11.25 pp trimmed+11.2547.2%
  2. SHLD Sears Holdings Corp trimmed+0.66 pp trimmed+0.6626.2%
  3. SRG Seritage Growth Properties Class A of beneficial interest, par value $0.01 held held14.9%
  4. LE Lands' End, Inc. trimmed+1.27 pp trimmed+1.275.2%
  5. SRSCQ Sears Canada Inc added−0.46 pp added−0.463.5%

Positions8 in this filing · 4 exited

JOESt. Joe Company47.24%24,429,257$464Mtrimmed−0%+11.25 pp15 q
SHLDSears Holdings Corp26.21%27,716,348$257Mtrimmed−0%+0.66 pp15 q
SRGSeritage Growth Properties Class A of beneficial interest, par value $0.0114.93%3,433,750$147Mheld—6 q
LELands' End, Inc.5.16%3,344,727$51Mtrimmed−0%+1.27 pp6 q
SRSCQSears Canada Inc3.52%20,333,775$35Madded+1%−0.46 pp9 q
unresolvedSears Hldgs Corp2.43%6,718,568$24Mtrimmed−0%+0.59 pp9 q
SHOSSears Hometown and Outlet Stores, Inc.0.37%776,850$4Mheld—6 q
unresolvedLeucadia National0.16%66,000$2Mheld—15 q
unresolvedAmerican Intl Group Inc—−4,368,490—exited−7.42 pp—
unresolvedBank Of America Corporation—−13,023,864—exited−4.82 pp—
BACBank of America Corporation—−1,713,203—exited−2.15 pp—
unresolvedBank Of America Corporation—−1,455,701—exited−0.01 pp—

Source

Form
13F-HR
Reading
0 defects · 2 unresolved
Accession
0000919574-17-001998
Options
none in this filing
Notes
none in this filing
SEC cross-check
SEC data set not published yet