13F filing recap · Q3 2011

What did Fairholme Capital Management buy in Q3 2011?

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

$8.21B

Positions

Estimated turnover

14.5%

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

BAC WS ABank of America Corp$16.69Mreported value+6.16M shares VZVerizon Communications Inc$4.78Mreported value+130.0K shares TAT&T Inc.$4.56Mreported value+160.0K shares RDS-AShell Plc$4.31Mreported value+70.0K shares TELFYTelefonica S.a.$4.21Mreported value+220.0K shares SANBanco Santander, S.a.$4.10Mreported value+510.0K shares WFC WSWells Fargo & Company/mn$3.26Mreported value+423.3K shares WFCWells Fargo & Company/mn$757.0Kreported value+31.4K shares

Increased positions

BACBank of America Corp$642.67Mreported value+5.36M shares+5.4%BRK.ABerkshire Hathaway Inc$432.54Mreported value+28 shares+0.7%MBIMbia Inc.$352.33Mreported value+1.63M shares+3.5%

Reduced positions

AIGAmerican International Group, Inc.$2.23Breported value-1.68M shares-1.6%SHLDQSears Holdings Corporation$935.89Mreported value-110.0K shares-0.7%CCitigroup Inc$638.55Mreported value-1.46M shares-5.5%BAMBrookfield Corporation$612.89Mreported value-5.02M shares

Exited positions

MSMorgan Stanley$275.31Mprior reported value-11.96M shares-100.0%LLYEli Lilly & Co$7.84Mprior reported value-209.0K shares-100.0%RRRRsc Holdings, Inc.$1.08Mprior reported value-90.0K shares-100.0%