Fairholme Capital

Q3 2018 13F · by Bruce Berkowitz, CIO

As of: Sep 30, 2018
Filed: Nov 14, 2018
US stock: $599M · prev $744M
Positions: 9 · prev 12
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

+4.0 pp in · −4.0 pp out

New 2 +3.97 pp
Added 0 0.00 pp
Trimmed 6 +4.80 pp
Exited 5 −8.82 pp

The book

Very concentrated · behaves like 2 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 16% a year, about 6.3 years per position

Low
Moderate
High

Top 5 positions97% of US stock

JOE St. Joe Company trimmed+10.60 pp trimmed+10.6076.8%
VSTO Vista Outdoor Inc. trimmed+0.02 pp trimmed+0.0210.5%
VST Vistra Corp. trimmed+0.91 pp trimmed+0.914.2%
SPB Spectrum Brands Holdings, Inc. new+3.63 pp new+3.633.6%
SHLD Sears Holdings Corp trimmed−3.28 pp trimmed−3.282.3%

Positions9 in this filing · 5 exited


JOESt. Joe Company	76.79%	27,394,450	$460M	trimmed−0%	+10.60 pp	22 q
VSTOVista Outdoor Inc.	10.54%	3,532,000	$63M	trimmed−30%	+0.02 pp	3 q
VSTVistra Corp.	4.21%	1,015,300	$25M	trimmed−2%	+0.91 pp	3 q
SPBSpectrum Brands Holdings, Inc.	3.63%	291,228	$22M	new	+3.63 pp	new
SHLDSears Holdings Corp	2.27%	14,055,740	$14M	trimmed−19%	−3.28 pp	22 q
TAT&T Inc.	1.94%	346,900	$12M	trimmed−72%	−3.36 pp	3 q
BRK.BBERKSHIRE HATHAWAY Class B	0.34%	9,600	$2M	new	+0.34 pp	new
JEFJefferies Financial Group Inc.	0.24%	66,000	$1M	held	—	2 q
unresolvedSears Hldgs Corp	0.02%	5,549,754	$117,000	trimmed−0%	−0.09 pp	16 q
unresolvedHrg Group Inc	—	−1,553,250	—	exited	−2.73 pp	—
unresolvedSpectrum Brands Hldgs Inc	—	−243,500	—	exited	−2.67 pp	—
CCitigroup Inc.	—	−235,000	—	exited	−2.11 pp	—
OAKOaktree Capital Group, LLC	—	−181,000	—	exited	−0.99 pp	—
CLPRClipper Realty Inc.	—	−280,000	—	exited	−0.32 pp	—

Source

Form: 13F-HR
Reading: 0 defects · 1 unresolved
Accession: 0000919574-18-007491
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet