Fairholme Capital

Q1 2017 13F · by Bruce Berkowitz, CIO

As of: Mar 31, 2017
Filed: May 15, 2017
US stock: $1.0B · prev $983M
Positions: 9 · prev 8
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%

Moves7 since the prior filing

+5.8 pp in · −5.8 pp out

New 1 +0.29 pp
Added 3 +5.51 pp
Trimmed 3 −5.75 pp
Exited 0 0.00 pp

The book

Very concentrated · behaves like 3 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 0.8% a year, more than 30 years per position

Low
Moderate
High

Top 5 positions97% of US stock

JOE St. Joe Company trimmed−6.98 pp trimmed−6.9840.3%
SHLD Sears Holdings Corp added+5.94 pp added+5.9432.1%
SRG Seritage Growth Properties Class A of beneficial interest, par value $0.01 added+0.38 pp added+0.3815.3%
LE Lands' End, Inc. trimmed+1.64 pp trimmed+1.646.8%
SRSCQ Sears Canada Inc added−0.81 pp added−0.812.7%

Positions9 in this filing · 0 exited


JOESt. Joe Company	40.26%	24,401,157	$416M	trimmed−0%	−6.98 pp	16 q
SHLDSears Holdings Corp	32.15%	28,915,448	$332M	added+4%	+5.94 pp	16 q
SRGSeritage Growth Properties Class A of beneficial interest, par value $0.01	15.31%	3,666,950	$158M	added+7%	+0.38 pp	7 q
LELands' End, Inc.	6.80%	3,277,427	$70M	trimmed−2%	+1.64 pp	7 q
SRSCQSears Canada Inc	2.71%	20,777,978	$28M	added+2%	−0.81 pp	10 q
unresolvedSears Hldgs Corp	2.02%	6,699,984	$21M	trimmed−0%	−0.41 pp	10 q
SHOSSears Hometown and Outlet Stores, Inc.	0.29%	776,850	$3M	held	—	7 q
WPGWashington Prime Group Inc.	0.29%	340,500	$3M	new	+0.29 pp	new
unresolvedLeucadia National	0.17%	66,000	$2M	held	—	16 q

Source

Form: 13F-HR
Reading: 0 defects · 2 unresolved
Accession: 0000919574-17-004313
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet