13F filing recap · Q2 2014

What did Fairholme Capital Management buy in Q2 2014?

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

$9.94B

Positions

Estimated turnover

5.2%

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

LELands’ End, Inc.$112.92Mreported value+3.36M shares RAIReynolds American Inc$2.67Mreported value+44.3K shares MOAltria Group, Inc.$2.60Mreported value+62.0K shares RIGTransocean Ltd.$2.54Mreported value+56.5K shares MCYMercury General Corp$2.52Mreported value+53.6K shares KKRKkr & Co. Inc.$2.47Mreported value+101.5K shares DODiamond Offshore Drilling, Inc.$2.43Mreported value+49.0K shares OAKOaktree Capital Group, LLC$2.40Mreported value+48.0K shares BAC/WS/BBank of America Corp$1.09Mreported value+1.46M shares

Increased positions

SHLDQSears Holdings Corporation$985.93Mreported value+170.5K shares+0.7%BAC WS ABank of America Corp$83.89Mreported value+1.64M shares+15.6%FNMAFederal National Mortgage Association$80.72Mreported value+1.48M shares+7.7%FMCCFederal Home Loan Mortgage Corp$73.77Mreported value

Reduced positions

AIGAmerican International Group, Inc.$3.81Breported value-5.87M shares-7.8%BACBank of America Corp$1.51Breported value-510.3K shares-0.5%AIG WSAmerican International Group, Inc.$651.41Mreported value-6.3K shares-0.0%JOEThe St. Joe Company$631.60Mreported value-10.3K shares

Exited positions

CHKChesapeake Energy Corporation$13.74Mprior reported value-536.3K shares-100.0%