Fairholme Capital

Q1 2018 13F · by Bruce Berkowitz, CIO

As of: Mar 31, 2018
Filed: May 15, 2018
US stock: $701M · prev $726M
Positions: 10 · prev 5
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

+10.8 pp in · −10.8 pp out

New 5 +10.81 pp
Added 0 0.00 pp
Trimmed 4 −10.78 pp
Exited 0 0.00 pp

The book

Very concentrated · behaves like 2 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 43% a year, about 2.3 years per position

Low
Moderate
High

Top 5 positions98% of US stock

JOE St. Joe Company trimmed+4.58 pp trimmed+4.5873.9%
SRG Seritage Growth Properties Class A of beneficial interest, par value $0.01 trimmed−10.15 pp trimmed−10.158.1%
SHLD Sears Holdings Corp trimmed−5.21 pp trimmed−5.216.7%
VSTO Vista Outdoor Inc. new+6.50 pp new+6.506.5%
VST Vistra Corp. new+3.09 pp new+3.093.1%

Positions10 in this filing · 0 exited


JOESt. Joe Company	73.94%	27,481,780	$518M	trimmed−1%	+4.58 pp	20 q
SRGSeritage Growth Properties Class A of beneficial interest, par value $0.01	8.09%	1,595,000	$57M	trimmed−51%	−10.15 pp	11 q
SHLDSears Holdings Corp	6.67%	17,499,797	$47M	trimmed−27%	−5.21 pp	20 q
VSTOVista Outdoor Inc.	6.50%	2,789,700	$46M	new	+6.50 pp	new
VSTVistra Corp.	3.09%	1,039,000	$22M	new	+3.09 pp	new
OAKOaktree Capital Group, LLC	0.47%	84,000	$3M	new	+0.47 pp	new
TAT&T Inc.	0.41%	80,000	$3M	new	+0.41 pp	new
CLPRClipper Realty Inc.	0.34%	280,000	$2M	new	+0.34 pp	new
unresolvedSears Hldgs Corp	0.28%	5,578,747	$2M	trimmed−4%	0.00 pp	14 q
unresolvedLeucadia National	0.21%	66,000	$2M	held	—	20 q

Source

Form: 13F-HR
Reading: 0 defects · 2 unresolved
Accession: 0000919574-18-003812
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet