13F filing recap · Q3 2006

What did Fairholme Capital Management buy in Q3 2006?

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

$3.37B

Positions

Estimated turnover

29.7%

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

PWEPenn West Energy Trust$306.76Mreported value+8.34M shares USGUsg Corporation$94.32Mreported value+2.01M shares KALUKaiser Aluminum Corp$2.40Mreported value+54.2K shares OKEOneok Partners, L.p.$225.0Kreported value+4.0K shares WRPWellsford Real Properties, Inc.$79.0Kreported value+10.8K shares

Increased positions

BRK.ABerkshire Hathaway Inc$632.86Mreported value+317 shares+5.0%CNQCanadian Natural Resources Limited$560.89Mreported value+3.75M shares+43.8%ECHOEchostar Corporation$445.38Mreported value+426.2K shares+3.2%MHKMohawk Industries, Inc.$200.93Mreported value+678.4K shares

Reduced positions

LUKLeucadia National Corporation$169.03Mreported value-157.8K shares-2.4%SHLDQSears Holdings Corporation$156.05Mreported value-8.8K shares-0.9%NLYAnnaly Capital Management, Inc.$42.22Mreported value-1.82M shares-36.2%HOFDHomefed Corp$21.41Mreported value-204 shares

Exited positions

ANAutonation, Inc.$16.08Mprior reported value-750.0K shares-100.0%WFCWells Fargo & Company/mn$4.83Mprior reported value-72.0K shares-100.0%IAACInternational Assets Holding Corporation$232.0Kprior reported value-14.1K shares-100.0%WRPWellsford Real Properties, Inc.$80.0Kprior reported value