Fairholme Capital

Q2 2017 13F · by Bruce Berkowitz, CIO

As of: Jun 30, 2017
Filed: Aug 14, 2017
US stock: $982M · prev $1.0B
Positions: 9 · prev 9
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

+9.3 pp in · −9.2 pp out

New 0 0.00 pp
Added 4 +9.27 pp
Trimmed 3 −9.20 pp
Exited 0 0.00 pp

The book

Very concentrated · behaves like 3 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 2.8% a year, more than 30 years per position

Low
Moderate
High

Top 5 positions97% of US stock

JOE St. Joe Company added+8.41 pp added+8.4148.7%
SHLD Sears Holdings Corp trimmed−6.10 pp trimmed−6.1026.1%
SRG Seritage Growth Properties Class A of beneficial interest, par value $0.01 added+0.96 pp added+0.9616.3%
LE Lands' End, Inc. trimmed−2.47 pp trimmed−2.474.3%
SRSCQ Sears Canada Inc added−0.95 pp added−0.951.8%

Positions9 in this filing · 0 exited


JOESt. Joe Company	48.67%	25,484,557	$478M	added+4%	+8.41 pp	17 q
SHLDSears Holdings Corp	26.05%	28,864,348	$256M	trimmed−0%	−6.10 pp	17 q
SRGSeritage Growth Properties Class A of beneficial interest, par value $0.01	16.27%	3,807,150	$160M	added+4%	+0.96 pp	8 q
LELands' End, Inc.	4.33%	2,855,900	$43M	trimmed−13%	−2.47 pp	8 q
SRSCQSears Canada Inc	1.76%	21,562,974	$17M	added+4%	−0.95 pp	11 q
unresolvedSears Hldgs Corp	1.39%	6,693,474	$14M	trimmed−0%	−0.63 pp	11 q
WPGWashington Prime Group Inc.	1.14%	1,331,300	$11M	added×3.9	+0.85 pp	2 q
SHOSSears Hometown and Outlet Stores, Inc.	0.21%	776,850	$2M	held	—	8 q
unresolvedLeucadia National	0.18%	66,000	$2M	held	—	17 q

Source

Form: 13F-HR
Reading: 0 defects · 2 unresolved
Accession: 0000919574-17-006238
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet