Fairholme Capital

Q4 2017 13F · by Bruce Berkowitz, CIO

Picture100.0% US stock

Full picture · of what this 13F reports is US stock

+13.2 pp in · −13.3 pp out

Very concentrated · behaves like 2 equal-sized positions

Low turnover · 8.9% a year, about 11.2 years per position

JOE St. Joe Company added+13.22 pp added+13.2269.4%
SRG Seritage Growth Properties Class A of beneficial interest, par value $0.01 trimmed−0.90 pp trimmed−0.9018.2%
SHLD Sears Holdings Corp trimmed−11.07 pp trimmed−11.0711.9%
unresolved Sears Hldgs Corp trimmed−1.30 pp trimmed−1.300.3%
unresolved Leucadia National held held0.2%


JOESt. Joe Company	69.36%	27,897,499	$504M	added+3%	+13.22 pp	19 q
SRGSeritage Growth Properties Class A of beneficial interest, par value $0.01	18.24%	3,273,398	$132M	trimmed−13%	−0.90 pp	10 q
SHLDSears Holdings Corp	11.88%	24,084,301	$86M	trimmed−16%	−11.07 pp	19 q
unresolvedSears Hldgs Corp	0.28%	5,830,968	$2M	trimmed−12%	−1.30 pp	13 q
unresolvedLeucadia National	0.24%	66,000	$2M	held	—	19 q