13F filing recap · Q4 2003

What did Fairholme Capital Management buy in Q4 2003?

Reported stock-position changes between this filing and the previous one. US-listed stocks across every Fairholme account, including accounts that belong to no fund below.

Stock value

$720.26M

Positions

Estimated turnover

17.4%

Turnover is a proxy: verified trade-origin share changes valued at period-end and divided by average reported stock value. SEC holdings reports do not disclose execution dates or prices. Corporate actions and unreconciled activity are excluded.

New positions

DUKDuke Energy Corp$2.12Mreported value+103.8K shares WMBWilliams Companies, Inc.$1.15Mreported value+117.2K shares DJCODaily Journal Corporation$565.0Kreported value+18.2K shares MCIPMci Inc$353.0Kreported value+15.0K shares TECHBio-Techne Corp$227.0Kreported value+6.0K shares RLIRli Corp$215.0Kreported value+5.8K shares

Increased positions

LUKLeucadia National Corporation$181.85Mreported value+1.17M shares+42.0%BRK.ABerkshire Hathaway Inc$176.76Mreported value+23 shares+1.1%BRK.BBerkshire Hathaway Inc$98.36Mreported value+511 shares+1.5%WTMWhite Mountains Insurance Group, Ltd$41.90Mreported value+200 shares

Reduced positions

MKLMarkel Group Inc.$57.07Mreported value-1.8K shares-0.8%MCYMercury General Corp$50.43Mreported value-7.8K shares-0.7%OHPOxford Health Plans, Inc.$2.76Mreported value-1.5K shares-2.3%HSBCHSBC Holdings Plc$2.49Mreported value-37.7K shares

Exited positions

WTELWiltel Communications Group, Inc.$40.13Mprior reported value-2.50M shares-100.0%JZEOFJz Equity Partners Plc$6.45Mprior reported value-3.32M shares-100.0%KFTKraft Foods Inc$619.0Kprior reported value-21.0K shares-100.0%EGOVEURNic Inc$419.0Kprior reported value-88.8K shares