Fairholme Capital

Q2 2018 13F · by Bruce Berkowitz, CIO

As of: Jun 30, 2018
Filed: Aug 14, 2018
US stock: $744M · prev $701M
Positions: 12 · prev 10
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%

Moves13 since the prior filing

+17.1 pp in · −17.1 pp out

New 4 +7.71 pp
Added 3 +9.43 pp
Trimmed 4 −8.83 pp
Exited 2 −8.30 pp

The book

Very concentrated · behaves like 2 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 32% a year, about 3.1 years per position

Low
Moderate
High

Top 5 positions91% of US stock

JOE St. Joe Company trimmed−7.75 pp trimmed−7.7566.2%
VSTO Vista Outdoor Inc. added+4.02 pp added+4.0210.5%
SHLD Sears Holdings Corp trimmed−1.12 pp trimmed−1.125.5%
T AT&T Inc. added+4.89 pp added+4.895.3%
VST Vistra Corp. trimmed+0.21 pp trimmed+0.213.3%

Positions12 in this filing · 2 exited


JOESt. Joe Company	66.19%	27,444,119	$493M	trimmed−0%	−7.75 pp	21 q
VSTOVista Outdoor Inc.	10.52%	5,055,300	$78M	added+81%	+4.02 pp	2 q
SHLDSears Holdings Corp	5.55%	17,428,147	$41M	trimmed−0%	−1.12 pp	21 q
TAT&T Inc.	5.30%	1,227,300	$39M	added×15.3	+4.89 pp	2 q
VSTVistra Corp.	3.30%	1,037,500	$25M	trimmed−0%	+0.21 pp	2 q
unresolvedHrg Group Inc	2.73%	1,553,250	$20M	new	+2.73 pp	new
unresolvedSpectrum Brands Hldgs Inc	2.67%	243,500	$20M	new	+2.67 pp	new
CCitigroup Inc.	2.11%	235,000	$16M	new	+2.11 pp	new
OAKOaktree Capital Group, LLC	0.99%	181,000	$7M	added×2.2	+0.52 pp	2 q
CLPRClipper Realty Inc.	0.32%	280,000	$2M	held	—	2 q
JEFJefferies Financial Group Inc.	0.20%	66,000	$2M	new	+0.20 pp	new
unresolvedSears Hldgs Corp	0.11%	5,566,341	$835,000	trimmed−0%	−0.17 pp	15 q
SRGSeritage Growth Properties Class A of beneficial interest, par value $0.01	—	−1,595,000	—	exited	−8.09 pp	—
unresolvedLeucadia National	—	−66,000	—	exited	−0.21 pp	—

Source

Form: 13F-HR
Reading: 0 defects · 3 unresolved
Accession: 0000919574-18-005648
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet