Fairholme Capital

Q3 2017 13F · by Bruce Berkowitz, CIO

As of: Sep 30, 2017
Filed: Nov 14, 2017
US stock: $907M · prev $982M
Positions: 5 · 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%

Moves8 since the prior filing

+7.5 pp in · −7.5 pp out

New 0 0.00 pp
Added 1 +7.47 pp
Trimmed 3 −0.04 pp
Exited 4 −7.44 pp

The book

Very concentrated · behaves like 2 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 13% a year, about 7.9 years per position

Low
Moderate
High

Top 5 positions100% of US stock

JOE St. Joe Company added+7.47 pp added+7.4756.1%
SHLD Sears Holdings Corp trimmed−3.10 pp trimmed−3.1022.9%
SRG Seritage Growth Properties Class A of beneficial interest, par value $0.01 trimmed+2.87 pp trimmed+2.8719.1%
unresolved Sears Hldgs Corp trimmed+0.19 pp trimmed+0.191.6%
unresolved Leucadia National held held0.2%

Positions5 in this filing · 4 exited


JOESt. Joe Company	56.14%	27,002,485	$509M	added+6%	+7.47 pp	18 q
SHLDSears Holdings Corp	22.95%	28,508,998	$208M	trimmed−1%	−3.10 pp	18 q
SRGSeritage Growth Properties Class A of beneficial interest, par value $0.01	19.14%	3,766,650	$174M	trimmed−1%	+2.87 pp	9 q
unresolvedSears Hldgs Corp	1.58%	6,640,451	$14M	trimmed−1%	+0.19 pp	12 q
unresolvedLeucadia National	0.18%	66,000	$2M	held	—	18 q
LELands' End, Inc.	—	−2,855,900	—	exited	−4.33 pp	—
SRSCQSears Canada Inc	—	−21,562,974	—	exited	−1.76 pp	—
WPGWashington Prime Group Inc.	—	−1,331,300	—	exited	−1.14 pp	—
SHOSSears Hometown and Outlet Stores, Inc.	—	−776,850	—	exited	−0.21 pp	—

Source

Form: 13F-HR
Reading: 0 defects · 2 unresolved
Accession: 0000919574-17-008128
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet