hedge fund intelligence 1q12

7/31/2019 Hedge Fund Intelligence 1Q12

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www.StreetofWalls.com

By: Street of WallsHedge Fund Division

Copyright 2012 Street of Walls, LLC. All rights Reserved

HedgeFundIntelligenceA detailed Street of Walls break-down of

1Q12 Hedge Fund holdings of the top 22funds.


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www.StreetofWalls.com 2Copyright Street of Walls

Table of Contents

1 INTRODUCTION .......................................................................................................................................... 4

2 CROWDEDNESS AMONG NEWLY INITIATED POSITIONS.................................................................... 43 CROWDEDNESS AMONG EXISTING POSITIONS...................................................................................7

4 HEDGE FUND SECTOR CHANGES .......................................................................................................... 8

5 HEDGE FUND INVESTMENT CHARACTERISTICS.................................................................................. 9

6 STOCK WRITE-UPS.................................................................................................................................. 10

7 BAUPOST GROUP.................................................................................................................................... 13

8 BERKSHIRE HATHAWAY........................................................................................................................15

9 GREENLIGHT CAPITAL........................................................................................................................... 17

10 LONE PINE CAPITAL ...............................................................................................................................19

11 APPALOOSA MANAGEMENT ................................................................................................................. 21

12 PERSHING SQUARE CAPITAL ............................................................................................................... 23

13 MAVERICK CAPITAL................................................................................................................................ 25

14 THIRD POINT ............................................................................................................................................ 27

15 BLUE RIDGE CAPITAL............................................................................................................................. 29

16 PAULSON & CO........................................................................................................................................ 31

17 SOROS FUND MANAGEMENT................................................................................................................ 33

18 FAIRHOLME CAPITAL .............................................................................................................................35

19 TIGER MANAGEMENT .............................................................................................................................37

20 PERRY CAPITAL ......................................................................................................................................39

21 GLENVIEW CAPITAL................................................................................................................................ 41

22 VIKING GLOBAL....................................................................................................................................... 43

23 FARALLON CAPITAL...............................................................................................................................45

24 HAYMAN ADVISORS................................................................................................................................ 47

25 ICAHN CAPITAL .......................................................................................................................................49

26 PASSPORT CAPITAL ............................................................................................................................... 51

27 COATUE ....................................................................................................................................................53

28 HAWKSHAW ............................................................................................................................................. 5529 JANA PARTNERS..................................................................................................................................... 57

30 DISCLAIMER ............................................................................................................................................. 59


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Table of Exhibits

Exhibit 7.1: Baupost Group Positions.............................................................................................................................. 14Exhibit 8.1: Berkshire Hathaway Positions...................................................................................................................... 16

Exhibit 9.1: Greenlight Capital Positions ......................................................................................................................... 18Exhibit 10.1: Lone Pine Capital Positions........................................................................................................................ 20Exhibit 11.1: Appaloosa Management Positions............................................................................................................. 22Exhibit 12.1: Pershing Square Capital Positions ............................................................................................................. 24Exhibit 13.1: Maverick Capital Positions ......................................................................................................................... 26Exhibit 14.1: Third Point Positions................................................................................................................................... 28Exhibit 15.1: Blue Ridge Positions .................................................................................................................................. 30Exhibit 16.1: Paulson & Co. Positions ............................................................................................................................. 32Exhibit 17.1: Soros Fund Management Positions ........................................................................................................... 34Exhibit 18.1: Fairholme Capital Management Positions.................................................................................................. 36Exhibit 19.1: Tiger Management Positions...................................................................................................................... 38Exhibit 20.1: Perry Capital Positions ............................................................................................................................... 40Exhibit 21.1: Glenview Capital Positions ......................................................................................................................... 42

Exhibit 22.1: Viking Global Positions............................................................................................................................... 44Exhibit 23.1: Farallon Capital Positions........................................................................................................................... 46Exhibit 24.1: Hayman Advisors Positions........................................................................................................................ 48Exhibit 25.1: Icahn Capital Positions ............................................................................................................................... 50Exhibit 26.1: Passport Capital Positions.......................................................................................................................... 52Exhibit 27.1: Coatue Positions......................................................................................................................................... 54Exhibit 28.1: Hawkshaw Positions................................................................................................................................... 56Exhibit 29.1: Jana Positions ............................................................................................................................................ 58


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1 INTRODUCTION

Registered hedge funds over $100 million are required by the Securities and Exchange Commission (SEC) to filequarterly updates on portfolio holdings. These holdings are filed online through form 13-F at sec.gov. Hedge fundsare required to file these holdings no later than 45 days after the end of the calendar quarter. The Street of Walls teamcompiled very detailed analyses on 22 of the top Hedge Funds in the industry.

This report focuses on hedge fund positions filed at the end of 1Q 2012 and looks at meaningful changes from theprevious quarter. The report is based on 22 of the top hedge funds.

FREE sign up for 2012 Reports: www.streetofwalls.com/guides/free-hedge-fund-intelligence

2 CROWDEDNESS AMONG NEWLY INITIATED POSITIONS

During 1Q12, the top 22 hedge funds entered many new positions. The Heat Map below identifies the top NEWpositions added during the quarter. NEW names were not previously held in 4Q11.

Tickers in Red represent common or crowded positions. The most crowded new ideas during the quarter were AAPL,GOOG, WYNN, and HCA. Other new positions shared among hedge funds but with less overlap were PCLN, DTV,LBTYA, SHW, ANV, NFLX, VRSN, SHW, TRIP, and SIRI.


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Below is a comp table breaking down the most common new positions outlined in the heat map above.

Summary P/E EV/EBITDATicker Price Mkt Cap EV 2011E 2012E 2013E 2011E 2012E 2013E

Exposure to 3+ FundsAPPLE INC AAPL $530.38 $495,938 $450,392 15.1x 10.9x 9.9x 9.9x 7.0x 5.9xWYNN RESORTS LTD WYNN $101.94 $10,246 $19,451 18.3x 16.8x 14.3x 12.7x 12.5x 11.3xHCA HOLDINGS INC HCA $24.63 $10,807 $39,565 8.6x 7.0x 6.5x 7.0x 6.2x 6.0xGOOGLE INC-CL A GOOG $600.40 $195,639 $164,307 16.7x 13.8x 11.7x 12.1x 8.6x 7.3x

Exposure to 2 FundsBROADCOM CORP-A BRCM $31.32 $17,257 $18,704 10.8x 10.6x 9.8x 14.8x 9.7x 8.8xSIRIUS XM RADIO SIRI $1.89 $7,165 $10,962 26.9x 26.5x 19.2x 11.6x 12.2x 9.6xLIBERTY GLOBAL-A LBTYA $46.38 $12,643 NA NM 37.0x 19.1x NA NA NASHERWIN-WILLIAMS SHW $116.07 $11,987 $ 12,663 24.0x 18.8x 15.8x 13.2x 11.0x 9.6xALLIED NEVADA GO ANV $24.81 $2,230 $2,720 NM 21.2x 10.4x NM 15.5x 7.7xTHOMAS & BETTS TNB $71.99 $3,803 $7,529 20.3x 17.2x 15.2x 20.1x 17.3x 15.8xPRICELINE.COM PCLN $632.00 $31,469 $33,660 27.0x 19.9x 15.9x 23.2x 16.7x 13.2xDIRECTV-A DTV $45.38 $29,724 $46,001 13.1x 10.4x 8.5x 6.6x 6.1x 5.6xCITIGROUP INC C $26.01 $76,265 $814,746 7.1x 6.4x 5.6x 15.2x NA NAEQUINIX INC EQIX $147.81 $7,008 $9,700 NM NM 39.2x 14.7x 11.1x 9.4x

Unique PositionsCOVENTRY HEALTH CVH $29.03 $4,147 $4,783 10.1x 10.5x 9.0x 5.4x 6.0x 5.6xHESS CORP HES $44.60 $15,236 $26,814 6.2x 7.0x 5.8x 4.3x 3.5x 3.0xVISTEON CORP VC $40.39 $2,119 $3,402 13.0x 11.8x 9.2x 6.1x 6.1x 5.3xBARNES & NOBLE BKS $17.01 $1,024 $952 NM NM NM 5.3x 4.9x 5.4xCOCA-COLA ENTER CCE $27.17 $8,152 $11,317 12.5x 11.8x 10.6x 8.4x 8.1x 7.7xAVIS BUDGET GROU CAR $13.59 $1,442 $10,650 8.2x 5.5x 5.3x 4.6x 13.0x 12.6xSTRAYER EDUCATIO STRA $91.93 $1,091 $1,158 10.4x 13.3x 12.4x 5.8x 7.3x 7.0xDARLING INTL DAR $14.04 $1,651 $2,271 9.6x 10.9x 9.1x 5.8x 6.4x 6.1xGAP INC/THE GPS $25.71 $12,539 $13,493 15.8x 13.5x 12.0x 6.7x 6.3x 5.6x

WALT DISNEY CO DIS $43.81 $78,304 $93,731 16.5x 14.2x 12.3x 9.5x 8.4x 7.6xROSS STORES INC ROST $60.66 $13,741 $13,502 21.6x 18.2x 16.2x 11.2x 9.6x 8.5xBE AEROSPACE BEAV $41.59 $4,321 $6,182 18.3x 14.8x 12.0x 12.6x 9.9x 8.5xESTEE LAUDER EL $54.54 $21,212 $24,113 24.8x 21.9x 19.0x 14.3x 13.3x 11.7xULTA SALON COSME ULTA $85.32 $5,365 $4,556 46.9x 35.3x 28.1x 17.3x 13.2x 4.7xBANCO SANTANDER BSBR $7.69 $29,225 $82,010 NM 4.3x 3.6x NA NA NAOWENS CORNING OC $28.37 $3,451 $6,593 12.7x 13.5x 9.4x 8.5x 8.7x 7.1xVIRGIN MEDIA INC VMED $21.48 $5,966 $9,978 45.7x 21.4x 13.5x 6.3x 6.0x 5.7xMERCURY GEN CORP MCY $43.50 $2,387 $2,336 15.6x 16.5x 16.3x NA NA NAMONSTER WORLDWID MWW $8.45 $1,025 $1,074 22.8x 28.8x 18.7x 7.7x 7.0x 6.0xMEMC ELEC MATER WFR $1.73 $399 $2,615 7.2x NM 4.6x 32.0x 10.7x 7.7xTELLABS INC TLAB $3.55 $1,300 $549 NM NM 45.5x NM 9.7x 6.2xFAMILY DOLLAR ST FDO $64.16 $7,490 $6,736 19.5x 16.8x 14.4x 7.9x 7.1x 6.1x


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3 CROWDEDNESS AMONG EXISTING POSITIONS

Below we break-down the most shared stocks held in at the top 22 hedge funds. Crowded trades can lead to higherthan normal share price volatility.

We examined the number of positions that were shared among our hedge fund universe, giving us an understanding ofhow the herd is acting. For the top 22 hedge funds we cover, the most crowded books were from Third Point,Maverick, Lone Pine, Appaloosa, and Blue Ridge (lots of Tiger Cubs in there). The least crowded positions amongthe books were held at Hawkshaw, Hayman, Icahn, Fairholme, and Baupost.

Below are the top 8 positions held at each fund, followed by the amount overlap at other hedge funds. For example,AAPL is Greenlights largest position and is owned by 12 other hedge funds we cover.


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4 HEDGE FUND SECTOR CHANGES

The percentages below show quarterly changes in sector weighting allocations (as defined by S&P GICS) for eachhedge fund we cover. For example, as defined by publicly available data Baupost increased portfolio allocation ($amount) into Energy by +3.1% from 4Q11 to 1Q12.

There was a big push within the quarter to Energy (+2.3%), Financials (+0.7%), and Consumer Staples (+0.9%) whileConsumer Discretionary (-0.7%) and Industrials (-2.6%) declined the most.

Excluding large allocation from Hayman, Financials saw a -2.0% decline in sector exposures. Low rates and mortgagerelated put-back problems in Financials may have led managers to trim and exit positions within the space throughout2011 and into 2012.


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5 HEDGE FUND INVESTMENT CHARACTERISTICS

Out of the 22 hedge funds examined, Energy was the leading sector for investment in 1Q12 (as a % of sectorinvestments from last quarter) followed by Consumer Discretionary and Staples.

The average market capitalization of hedge fund portfolio companies was $30.1 billion up from $31.0 billion lastquarter. Fairholme and Third Point had the highest average market cap exposure while Icahn and Hayman Advisorshad the lowest average market cap exposure.

On average the funds listed below bought companies with a 2012 forward price to earnings ratio of 17.5x vs 18.6x lastquarter. Appaloosa and Viking bought into the higher valuation stocks at 47.4x and 27.9x respectively while Glenviewand Hayman bought into much lower valuations at 12.4x and 11.8x respectively.

Short interest as a percentage of publicly traded floating shares was an average of 6.6% across the 22 funds vs. 5.3%last quarter. Tiger and Coatue had the highest short interest with 26.6% and 10.0% while Viking and Third Point hadthe lowest with 3.2% and 3.0%. Owning stocks with high short interest is a sign of contrarian investing.


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6 STOCK WRITE-UPS

Here are a few interesting investment write-ups by hedge fund managers in their recent investment letters:

Prem V. Watsa, Fairfax Financial Holdings Limited (aka the Buffett of Canada)We continue to fully hedge our common stock portfolios as our concerns about the United States discussed in our2010 Annual Report persist, and have been magnified by the financial crisis in Europe, including the underlyingausterity programs, and the recent bursting of the Chinese real estate bubble. As for the United States, as we havediscussed many times before, if we thought the 2008/2009 great contraction was like any other recession the U.S. hasexperienced in the past 50 years, we would not be hedging today. However, we continue to worry that the NorthAmerican economy may experience a time period like the U.S. in the 1930s and Japan since 1990, during whichnominal GDP remains flat for ten plus years with many bouts of deflation. To combat the great contraction of2008/2009, the U.S., as well as Europe and most countries in the world, went all in with huge stimulus programs.They have no ammunition left now and austerity is the slogan of the day, worldwide! While the Fed continues its manyquantitative easing programs and the ECB and others follow suit, the key question in our minds is whether the centralbanks can get consumers and businesses to stop deleveraging and perhaps releverage again given the very highleverage they begin with. Total private debt as a percentage of GDP in the U.S. has just begun to come down from

levels even higher than the 1930s.

As for Europe, 2011 laid bare the leverage there, with the assets of its banking system being 2.6 times its GDP.Frances top five banks, for example, have assets of $9 trillion versus a GDP of $2.7 trillion for France. Much of theassets of the French banking system (and other countries in Europe) are financed by wholesale funds as opposed tostable retail deposits. Today, while we think this is very unlikely, there is the possibility of the Euro breaking apart, withdisastrous consequences to the world economy. All of this reminds us of the late 1980s in Japan, when it was reportedthat Japanese housewives were buying stocks with grocery money. For the last ten years, after the Nikkei Dow Jonescame down by 75% from its high, the Japanese housewives have been keeping their money in Japanese governmentbonds or in bank deposits yielding less than 1%. The point is, the psychology changed in Japan, and the questiontoday is whether the same thing has happened in the U.S. and Europe after the great contraction in 2008/2009. Withhouse prices down by almost half and lots of concern over unemployment and the economy, the question is, has thepsychology changed in the U.S. towards saving and away from spending. Only time will tell but it is an area we

continue to monitor closely.

As for China, late in 2011 the Chinese bubble in real estate burst. Developers have reduced prices by 25%+ to sellapartments in Shanghai causing riots by angry buyers who paid full price. Expect apartment prices in China to comedown significantly in the next few years. This may result in a hard landing in China, again with major consequences forthe world economy. As the table below shows, the parabolic increase in commodity prices has stalled in 2011 andmany commodities like copper have begun to decline:

Cotton is down 37% and may be a harbinger of what is to come!

Of course if commodities, particularly oil and metals, come down, Canada will not be spared. Canada has benefittedgreatly from the commodity boom and our housing sector, particularly in Toronto and Vancouver, has gone up very


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significantly. As George Athanassakos, Chair of the Ben Graham Centre for Value Investing at the Richard Ivey Schoolof Business, said in his recent article in the Globe and Mail, this time is not different for Canadas housing bubble.There are more condos in construction in Toronto than in the 12 major cities in the U.S. combined, including New Yorkand Los Angeles!! Caveat emptor if you own many houses or condos in Canada.

Yet optimism continues to prevail in the financial markets as corporate spreads are back to levels prior to the greatcontraction in 2008 and stock markets are rallying on hopes of repeating the increases from the 2008/2009 bottoms.Record high profit margins on the S&P 500 are being extrapolated into the future, but they may well regress to themean. We have a mini-tech bubble in progress similar to the one we witnessed in 1999/2000, as shown in the tablebelow:

Given interest rates at close to absolute zero and no fiscal stimulus bullets available in the western world, we continueto maintain our 100% equity hedge. Ben Grahams observation that only 1 in 100 survived the 1929-1932 debacle ifone was not bearish in 1925 continues to ring in our ears!

Phillipe Laffont, Coatue Management

Apple (AAPL):We invested in Apple in 2003. When we got involved with Apple, the stock was at $10. We did not getinvolved until maybe it was at $100. We missed the whole iPod. When the iPhone came in, we thought it would be arepeat of the iPod. Today you still have the iPhone 5 coming out, which I think will be an incredible product and thenpotentially Apple TV. This is an amazing company. They have so much growth going on. They represent 5-10% of themarket and they can get a much bigger market share.

Facebook (FB):It is clearly an incredible company and it also has an incredible management team. One of the thingsto respect about Mark Zuckerberg is that he has surrounded himself with great executives. The tough part about aninvestment is you are looking for good businesses, good management team, but it is different if you buy a stock at 30or at 100. I would like to get as many shares as possible. That's what probably everyone wants to do. I'm sure thestock is incredibly oversubscribed. The real decision is what will happen. We have lots of previous examples (of risks),both in the year 2000, 1999, but even as recently as LinkedIn. LinkedIn had a small float. The stock started at a lowIPO price. The stock moved all the way up, came all the way back down, and in a few months later it's back to where it

started. It is possible the same happens to Facebook. I do not know. It is a great business. Not only do they have thepotential to grow their advertising a lot, but in addition they are making money with mobile games. They have a lot ofnew potential growth products.

Equinix (EQIX): We pitched Equinix at the Ira Sohn conference yesterday. It's a great story. Basically, if I amBloomberg, I want to get my news feeds from the NASDAQ and the New York Stock Exchange very close to me so Ihave the prices immediately. By putting my servers right next to them, I can get those prices and send them out to allof my customers. Bloomberg needs to have their servers right next to the servers of these other companies, and that is


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what Equinix allows you to do. I think the demand for the internet will continue to grow. We are in the early innings.The company is growing 25-30% revenues and EBITDA. It should continue to do thatWe started buying it years agoreally and have just been adding on to the position. I think right now we might be the largest shareholder of thecompany.


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7 BAUPOST GROUP

PM: Seth Klarman Filing Date: 3/31/2012 Company Address: Boston, MA

During 1Q12 Baupost increased their exposure to the Energy (+3.1%) and Materials (+0.4%) while trimming exposurewithin Consumer D. (-1.9%) and Consumer S. (-2.2%).

Increases in existing positions include: IDIX NG

New larger positions include: THRX

Baupost's portfolio has a 'Contrarian' crowdedness rating(1) across our coverage universe. Weighted for position

sizing 26.3% of Baupost's top positions were found in 3 or more hedge funds we cover. Baupost's portfolio was in thebottom quartile of our coverage universe.

Baupost Group: Current Allocation

40.6%

18.5% 17.8%14.5%

6.7%1.1%

0.0%5.0%

10.0%

15.0%

20.0%25.0%30.0%

35.0%

40.0%45.0%

Info

Technology

Healthcare Consumer

Discretionary

Energy Materials Consumer

Staples

(1)We evaluate security holdings across our hedge fund universe to determine which funds have overlapping positions. We use a proprietary position

weighting of the top 30 portfolio securities to determine our view. Our rating is relative to only the funds we cover.


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Exhibi t 7.1: Baupost Group Posit ions

Ticker Company Name Sector Change Value Shares % of Filed Mkt Cap ($mn) Forward P/E (1) SI % Float (2)

VSAT VIASAT INC Communications 0.0% $506,205,000 10,499,992 17.4% $1,807.4 36.4x 10.1%

BP BP PLC-ADR Energy (22.3%) $419,441,000 9,320,900 14.4% $117,617.2 5.4x NA

HPQ HEWLETT-PACKARD Technology (8.0%) $411,068,000 17,250,000 14.2% $42,433.8 4.7x 2.0%

NWSA NEWS CORP-A Communications 0.0% $296,471,000 15,041,665 10.2% $46,823.7 14.6x 1.9%

THRX THERAVANCE Consumer, Non-cyclical New $283,799,000 14,553,800 9.8% $1,759.4 NA 14.4%

MSFT MICROSOFT CORP Technology (41.7%) $225,785,000 7,000,000 7.8% $245,893.4 10.8x 0.9%

NW S NEW S CORP-B Communications 0.0% $212,847,000 10,658,335 7.3% $46,823.7 14.8x 0.6%

ANV ALLIED NEVADA GO Basic Materials 0.0% $130,535,000 4,012,750 4.5% $2,230.3 62.0x 5.5%

IDIX IDENIX PHARM Consumer, Non-cyclical 45.6% $80,758,000 8,249,000 2.8% $875.3 NA 15.0%

NG NOVAGOLD RES Basic Materials 33.9% $71,800,000 10,000,000 2.5% $1,518.1 NA 11.3%

AVEO AVEO PHARMACEUTI Consumer, Non-cyclical 0.0% $63,101,000 5,084,652 2.2% $491.5 15.2x 5.2%

ENZN ENZON PHARMACEUT Consumer, Non-cyclical 0.0% $61,566,000 9,000,878 2.1% $290.8 NA 10.1%

ELOS SYNERON MEDICAL Consumer, Non-cyclical 0.0% $42,880,000 4,000,000 1.5% $369.5 149.4x 0.3%

AOI ALLIANCE ONE INT Consumer, Non-cyclical 0.0% $33,126,000 8,786,700 1.1% $281.3 NA 9.3%

CPF CENTRAL PACIFIC Financial 0.0% $23,310,000 1,800,000 0.8% $554.7 4.0x 1.1%

ITRN ITURAN LOCATION Industr ial 0.0% $22,655,000 1,685,666 0.8% $270.5 10.5x 0.1%

SCMR SYCAMORE NETWORK Communications 0.0% $9,418,000 530,871 0.3% $421.0 NA 4.4%MGAM MULTIMEDIA GAMES Consumer, Cyclical (76.9%) $6,396,000 583,538 0.2% $351.8 27.3x 3.8%

ALR ALERE INC Consumer, Non-cyclical (93.1%) $3,582,000 137,700 0.1% $1,494.9 7.5x 4.8%

Avg. $26,963.6 27.9x 5.6%Source: SEC 13-F Filings.

(1) Includes Calendar Year 2012E Consensus EPS.

(2) Represents Short Interest as percent of Float.


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8 BERKSHIRE HATHAWAY

PM: Warren Buffet Filing Date: 3/31/2012 Company Address: Omaha, NE

During 1Q12 Berkshire increased their exposure to the Consumer D. (+3.1%) and Energy (+0.6%) while trimmingexposure within Materials (-3.5%) and Industrials (-0.2%).

Increases in existing positions include: WFC WMT DTV DVA LMCA

New larger positions include: GM VIAB

Berkshire's portfolio has a 'Neutral' crowdedness rating(1) across our coverage universe. Weighted for position sizing33.3% of Berkshire's top positions were found in 3 or more hedge funds we cover. Berkshire's portfolio was in themiddle quartile of our coverage universe.

Berkshire Hathaway: Current Allocation

35.3% 35.1%

18.9%

3.6% 3.4% 2.3%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%35.0%

40.0%

Financials Consumer

Staples

Info

Technology

Healthcare Consumer

Discretionary

Energy




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Exhibi t 8.1: Berkshire Hathaway Posit ions


KO COCA-COLA CO/THE Consumer, Non-cyclical 0.0% $14,802,000,000 200,000,000 19.7% $167,200.0 19.3x 0.8%WFC WELLS FARGO & CO Financial 2.8% $13,462,596,000 394,334,928 17.9% $164,412.7 11.0x 0.6%

IBM IBM Technology 0.8% $13,436,163,000 64,395,700 17.8% $225,944.5 14.6x 1.0%AXP AMERICAN EXPRESS Financial 0.0% $8,772,196,000 151,610,700 11.6% $63,760.6 13.4x 1.1%

PG PROCTER & GAMBLE Consumer, Non-cyclical (4.6%) $4,923,411,000 73,254,136 6.5% $174,051.5 16.2x 0.5%KFT KRAFT FOODS INC Consumer, Non-cyclical (10.4%) $2,965,432,000 78,017,165 3.9% $68,242.3 16.8x 0.6%

WMT WAL-MART STORES Consumer, Cyclical 19.7% $2,858,538,000 46,708,142 3.8% $212,304.1 14.1x 1.2%COP CONOCOPHILLIPS Energy 0.0% $2,211,963,000 29,100,937 2.9% $64,264.8 5.8x 1.3%

USB US BANCORP Financial (0.0%) $2,187,165,000 69,039,326 2.9% $57,337.1 12.5x 1.0%JNJ JOHNSON&JOHNSON Consumer, Non-cyclical 0.0% $1,914,036,000 29,018,127 2.5% $173,982.7 12.7x 1.6%

MCO MOODY'S CORP Consumer, Non-cyclical 0.0% $1,196,282,000 28,415,250 1.6% $7,994.8 14.3x 5.0%DTV DIRECTV-A Communications 13.0% $1,134,800,000 22,999,600 1.5% $29,723.8 13.1x 2.0%

WPO WASHINGTON POS-B Communications 0.0% $645,441,000 1,727,765 0.9% $2,536.6 13.7x 10.9%DVA DAVITA INC Consumer, Non-cyclical 123.5% $541,020,000 6,000,000 0.7% $7,596.1 15.7x 2.0%

MTB M&T BANK CORP Financial 0.0% $467,591,000 5,382,040 0.6% $10,214.5 11.7x 4.2%COST COSTCO WHOLESALE Consumer, Cyclical 0.0% $393,469,000 4,333,363 0.5% $35,993.7 24.1x 0.9%V VISA INC-CLASS A Consumer, Non-cyclical 0.0% $338,071,000 2,865,008 0.4% $75,746.4 21.5x 1.1%

CVS CVS CAREMARK COR Consumer, Cyclical 0.0% $318,371,000 7,106,500 0.4% $56,937.2 15.9x 0.9%

USG USG CORP Industrial 0.0% $293,642,000 17,072,192 0.4% $1,483.9 NA 26.0%GD GENERAL DYNAMICS Industrial 0.0% $284,503,000 3,877,122 0.4% $22,840.8 8.7x 0.8%LMCA LIBERTY MEDIA -A Communications 76.3% $264,450,000 3,000,000 0.4% $9,840.3 14.1x 0.4%

GM GENERAL MOTORS C Consumer, Cyclical New $256,500,000 10,000,000 0.3% $33,164.8 4.0x 8.6%INTC INTEL CORP Technology (32.6%) $217,751,000 7,745,000 0.3% $131,158.2 10.3x 1.9%

TMK TORCHMARK CORP Financia l 0.0% $211,156,000 4,235,818 0.3% $4,479.7 9.7x 1.9%MA MASTERCARD INC-A Consumer, Non-cyclical 0.0% $170,319,000 405,000 0.2% $49,880.8 21.1x 1.1%

DG DOLLAR GENERAL C Consumer, Cyclical (19.1%) $168,037,000 3,637,164 0.2% $15,137.6 19.9x 1.3%SNY SANOFI-ADR Consumer, Non-cyclical 0.0% $157,467,000 4,063,675 0.2% $91,692.0 10.3x NAGE GENERAL ELECTRIC Industr ia l 0.0% $156,102,000 7,777,900 0.2% $200,514.8 13.8x 0.7%

BK BANK NY MELLON Financial 212.6% $135,308,000 5,607,466 0.2% $24,140.6 9.2x 1.4%UPS UNITED PARCEL-B Industr ia l 0.0% $115,365,000 1,429,200 0.2% $70,974.1 17.0x 1.8%

VRSK VERISK ANALYTI-A Consumer, Non-cyclical (35.3%) $104,750,000 2,230,148 0.1% $8,496.9 27.0x 0.5%VIAB VIACOM INC-B Communications New $75,541,000 1,591,670 0.1% $24,477.0 12.0x 1.4%

GSK GLAXOSMITHKL-ADR Consumer, Non-cyclical 0.0% $67,837,000 1,510,500 0.1% $111,207.1 19.4x NAGCI GANNETT CO Communications 0.0% $26,678,000 1,740,231 0.0% $3,045.0 6.1x 9.9%

IR INGERSOLL-RAND Industr ial (0.1%) $26,299,000 636,000 0.0% $11,993.8 14.2x 2.2%Avg. $68,936.3 14.2x 2.9%

Source: SEC 13-F Filings.

(1) Includes Calendar Year 2012E Consensus EPS.(2) Represents Short Interest as percent of Float.


17/59



9 GREENLIGHT CAPITAL

PM: David Einhorn Filing Date: 3/31/2012 Company Address: New York, NY

During 1Q12 Greenlight increased their exposure to the Financials (+4.7%) and Energy (+0.2%) while trimmingexposure within Consumer D. (-2.1%) and Consumer S. (-1.7%).

Increases in existing positions include: DST

New larger positions include: CSC EXPE

Greenlight's portfolio has a 'Neutral' crowdedness rating(1) across our coverage universe. Weighted for position sizing

33.3% of Greenlight's top positions were found in 3 or more hedge funds we cover. Greenlight's portfolio was in themiddle quartile of our coverage universe.

Greenlight Capital: Current Allocation

47.2%

23.5%

11.8%

6.7% 4.0% 3.5%

0.0%5.0%

10.0%15.0%20.0%25.0%30.0%35.0%40.0%45.0%50.0%

Info

Technology

Consumer

Discretionary

Financials Healthcare Energy Telecom

Services




18/59



Exhibi t 9.1: Greenli ght Capital Posit ions


AAPL APPLE INC Technology 0.0% $877,445,000 1,463,700 15.9% $495,938.2 15.1x 1.2%

STX SEAGATE TECHNOLO Technology 0.6% $391,803,000 14,538,126 7.1% $11,443.1 12.3x 3.2%

GM GENERAL MOTORS C Consumer, Cyclical (22.1%) $379,957,000 14,813,163 6.9% $33,164.8 4.0x 8.6%

GDX MKT VECT-GOLD MI Funds 0.0% $360,125,000 7,264,971 6.5% $7,656.1 NA 5.0%

MRVL MARVELL TECH GRP Technology 5.7% $288,995,000 18,372,247 5.2% $7,309.5 9.5x 1.2%

CFN CAREFUSION CORP Consumer, Non-cyclical (14.3%) $269,994,000 10,412,441 4.9% $5,472.5 14.4x 2.0%

DLPH DELPHI AUTOMOTIV Consumer, Cyclical 0.0% $252,633,000 8,194,661 4.6% $8,947.9 9.8x 0.9%

MSFT MICROSOFT CORP Technology (50.6%) $241,465,000 7,487,295 4.4% $245,893.4 10.8x 0.9%

ESV ENSCO PLC-ADR Energy (23.9%) $203,377,000 3,842,365 3.7% $10,981.3 15.4x NA

DELL DELL INC Technology (15.1%) $198,610,000 11,964,405 3.6% $25,972.5 6.9x 4.4%

S SPRINT NEXTEL CO Communications (7.5%) $194,555,000 68,265,000 3.5% $7,017.3 NA 4.7%

BBY BEST BUY CO INC Consumer, Cyclical 0.0% $182,676,000 7,714,375 3.3% $6,312.7 5.1x 19.8%

NCR NCR CORP Technology (12.7%) $182,093,000 8,387,490 3.3% $3,384.0 11.0x 1.2%

BAGL EINSTEIN NOAH RE Consumer, Cyclical 0.0% $160,143,000 10,733,469 2.9% $262.6 19.0x 3.0%

CBS CBS CORP-B Communications (23.6%) $153,568,000 4,528,681 2.8% $19,844.6 15.8x 1.4%

XRX XEROX CORP Technology (9.2%) $124,373,000 15,392,717 2.2% $9,636.4 6.6x 1.7%

AHL ASPEN INSURANCE Financial (8.7%) $114,581,000 4,101,000 2.1% $1,931.7 NA 2.8%HII HUNTINGTON INGAL Industr ial (14.7%) $110,700,000 2,750,995 2.0% $1,772.6 9.0x 5.8%

HCA HCA HOLDINGS INC Consumer, Non-cyclical (25.6%) $103,290,000 4,175,000 1.9% $10,807.5 8.6x 2.9%

LM LEGG MASON INC Financial 0.0% $94,962,000 3,400,000 1.7% $3,368.9 16.7x 5.2%

LMCA LIBERTY MEDIA -A Communications 0.0% $86,387,000 980,000 1.6% $9,840.3 14.1x 0.4%

DST DST SYSTEMS INC Technology 39.4% $85,018,000 1,567,734 1.5% $2,329.1 12.7x 1.9%

CSC COMPUTER SCIENCE Technology New $71,856,000 2,400,000 1.3% $3,993.2 5.7x 4.9%

CA CA INC Technology (0.0%) $69,878,000 2,535,472 1.3% $11,782.1 11.4x 4.1%

NVR NVR INC Consumer, Cyclical (37.1%) $46,521,000 64,050 0.8% $3,880.7 32.6x 4.4%

ABX BARRICK GOLD CRP Basic Materials (25.0%) $44,024,000 1,012,500 0.8% $37,140.3 7.9x 0.4%

CPWR COMPUWARE CORP Technology 0.0% $40,979,000 4,459,027 0.7% $1,787.9 18.6x 1.6%

STBZ STATE BANK FINAN Financial 0.0% $36,771,000 2,100,000 0.7% $513.6 15.9x 3.7%

EXPE EXPEDIA INC Communications New $33,440,000 1,000,000 0.6% $5,442.1 14.8x 24.7%

GDXJ MARKET VECTORS J Funds (36.8%) $29,460,000 1,200,000 0.5% $1,803.4 NA 3.5%

RIMM RESEARCH IN MOTI Technology (45.3%) $23,536,000 1,600,000 0.4% $5,760.5 2.3x 12.2%

FSC FIFTH STREET FIN Financial 0.0% $19,508,000 1,998,692 0.4% $743.4 8.5x 10.1%

BIOF BIOFUEL ENERGY C Energy 0.0% $17,660,000 27,168,879 0.3% $38.7 NA 3.9%

RJET REPUBLIC AIRWAYS Consumer, Cyclical 0.0% $16,859,000 3,412,800 0.3% $230.1 33.9x 15.9%TSRA TESSERA TECHNOL Technology 0.0% $11,999,000 695,580 0.2% $737.4 12.4x 3.1%

SYMM SYMMETRICOM INC Communications 0.0% $9,866,000 1,709,846 0.2% $226.4 12.4x 2.9%





19/59



10 LONE PINE CAPITAL

PM: Stephen Mandel Filing Date: 3/31/2012 Company Address: Greenwich, CT

During 1Q12 LonePine increased their exposure to the Energy (+3.4%) and Industrials (+2.6%) while trimmingexposure within Consumer S. (-2.4%) and Financials (-6.0%).

Increases in existing positions include: EP QCOM NTEST MON EQIX

New larger positions include:

AZO GPS DIS ROST BEAV

Lone Pine's portfolio has a 'Crowded' crowdedness rating(1) across our coverage universe. Weighted for positionsizing 50.0% of Lone Pine's top positions were found in 3 or more hedge funds we cover. Lone Pine's portfolio was inthe upper quartile of our coverage universe.

Lone Pine Capital: Current Allocation

35.7%

29.8%

9.3%7.0%

4.5% 4.4%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

40.0%

Consumer

Discretionary

Info

Technology

Energy Industrials Financials Materials




20/59



Exhibi t 10.1: Lone Pine Capit al Posit ions


EP EL PASO CORP Energy 382.2% $934,838,000 31,635,809 5.8% $22,145.3 NA 1.4%

GOOG GOOGLE INC-CL A Communications (3.0%) $838,301,000 1,307,312 5.2% $195,638.9 16.7x 1.4%

PCLN PRICELINE.COM Communicat ions (26.3%) $775,681,000 1,081,089 4.8% $31,469.4 27.0x 5.8%

AAPL APPLE INC Technology (41.5%) $754,800,000 1,258,944 4.7% $495,938.2 15.1x 1.2%

DG DOLLAR GENERAL C Consumer, Cyclical (12.3%) $621,237,000 13,446,688 3.9% $15,137.6 19.9x 1.3%

GLD SPDR GOLD TRUST Funds 0.0% $608,081,000 3,750,348 3.8% $65,436.5 NA 4.2%

V VISA INC-CLASS A Consumer, Non-cyc lical (5.4%) $535,294,000 4,536,386 3.3% $75,746.4 21.5x 1.1%

RL RALPH LAUREN COR Consumer, Cyclical (35.4%) $527,179,000 3,024,031 3.3% $13,067.2 20.5x 1.8%

QCOM QUALCOMM INC Technology 21.3% $522,588,000 7,678,339 3.2% $95,965.1 16.7x 1.1%

NTES NETEASE INC-ADR Communications 20.0% $520,384,000 8,956,696 3.2% $7,689.2 14.5x NA

MON MONSANTO CO Basic Mater ials 9.8% $519,075,000 6,507,957 3.2% $37,281.8 21.3x 0.7%

EQIX EQUINIX INC Communications 13.8% $498,192,000 3,164,127 3.1% $7,008.2 NA 11.5%

TDC TERADATA CORP Technology 4.3% $492,599,000 7,228,162 3.1% $11,000.8 28.2x 2.3%

LVS LAS VEGAS SANDS Consumer, Cyclical (16.6%) $465,345,000 8,083,114 2.9% $38,158.7 23.0x 2.4%

CTSH COGNIZANT TECH-A Technology (12.1%) $447,132,000 5,810,687 2.8% $18,156.8 19.4x 1.4%

CCI CROWN CASTLE INT Communications (22.2%) $439,368,000 8,237,127 2.7% $15,488.6 NA 2.1%

ESRX EXPRESS SCRIPTS Consumer, Non-cyclical (45.0%) $410,378,000 7,574,345 2.5% $40,982.8 17.1x 4.6%OII OCEANEERING INTL Energy (4.4%) $404,051,000 7,497,700 2.5% $5,041.5 21.6x 1.1%

AZO AUTOZONE INC Consumer, Cyclical New $395,781,000 1,064,500 2.5% $14,514.9 17.9x 4.2%

TDG TRANSDIGM GROUP Industrial 6.8% $385,696,000 3,331,859 2.4% $6,069.5 23.5x 0.9%

WYN WYNDHAM WORLDWID Consumer, Cyclical (18.0%) $314,806,000 6,768,567 2.0% $6,825.6 18.8x 2.5%

GPS GAP INC/THE Consumer, Cyclical New $293,055,000 11,210,965 1.8% $12,539.4 15.8x 6.2%

LULU LULULEMON ATH Consumer, Cyclical (16.1%) $284,639,000 3,808,895 1.8% $9,778.9 NA 10.8%

GMCR GREEN MOUNTAIN Consumer, Non-cyclical 115.0% $280,406,000 5,986,474 1.7% $3,736.2 12.0x 22.3%

EDU NEW ORIENTAL-ADR Consumer, Non-cyclical (1.9%) $268,180,000 9,766,210 1.7% $4,084.6 26.8x NA

DIS WALT DISNEY CO Communications New $257,987,000 5,892,808 1.6% $78,304.5 16.5x 2.1%

WBC WABCO HOLDINGS Consumer, Cyclical (15.1%) $252,222,000 4,170,336 1.6% $3,295.6 10.8x 0.9%

FOSL FOSSIL INC Consumer, Cyclical (36.9%) $248,795,000 1,885,095 1.5% $4,352.6 15.2x 8.2%

KORS MICHAEL KORS HOL Consumer, Cyclical 44.1% $245,059,000 5,259,900 1.5% $7,234.6 NA 2.2%

ROST ROSS STORES INC Consumer, Cyclical New $231,081,000 3,977,296 1.4% $13,740.7 21.6x 1.6%

LMCA LIBERTY MEDIA -A Communications 0.0% $199,507,000 2,263,262 1.2% $9,840.3 14.1x 0.4%

ST SENSATA TECHNOLO Industrial (3.9%) $197,962,000 5,912,845 1.2% $5,413.4 15.6x 4.0%

BEAV BE AEROSPACE Industrial New $197,950,000 4,259,738 1.2% $4,321.4 18.3x 2.8%

EL ESTEE LAUDER Consumer, Non-cyclica l New $195,956,000 3,163,643 1.2% $21,211.6 24.8x 2.6%VFC VF CORP Consumer, Cyclical (2.9%) $192,803,000 1,320,750 1.2% $14,663.2 16.3x 1.7%

GRA WR GRACE & CO Basic Mater ials 67.9% $192,562,000 3,331,525 1.2% $3,754.1 12.8x 1.4%

AH ACCRETIVE HEALTH Consumer, Non-cyclical (2.2%) $176,984,000 8,862,492 1.1% $1,129.7 25.8x 23.7%

KMI KINDER MORGAN IN Energy 129.6% $163,856,000 4,239,475 1.0% $26,108.5 31.6x 42.3%

ULTA ULTA SALON COSME Consumer, Cyclical New $123,568,000 1,330,266 0.8% $5,365.2 46.9x 2.1%

BSBR BANCO SANTANDER Financial New $114,806,000 12,519,785 0.7% $29,225.2 NA NA

CTRP CTRIP.COM-ADR Communicat ions (44.3%) $113,401,000 5,240,339 0.7% $2,714.8 12.8x NA

VIT VANCEINFO TE-ADR Technology (3.1%) $91,717,000 7,617,690 0.6% $409.2 13.1x NA

OC OW ENS CORNING Industrial New $89,597,000 2,486,720 0.6% $3,451.1 12.7x 6.2%

WYNN WYNN RESORTS LTD Consumer, Cyclical New $86,817,000 695,207 0.5% $10,246.5 18.3x 4.0%

TRIP TRIPADVISOR INC Communicat ions New $66,546,000 1,865,613 0.4% $5,456.8 27.7x 12.6%

ARBA ARIBA INC Technology New $50,839,000 1,554,231 0.3% $3,616.0 42.0x 3.5%

ISS ISOFTSTONE -ADS Consumer, Non-cyclical 0.0% $46,391,000 5,253,739 0.3% $393.8 15.1x NA

TSCO TRACTOR SUPPLY Consumer, Cyclical New $21,492,000 237,326 0.1% $6,618.9 30.5x 3.5%

SVN 7 DAYS GROUP-ADR Consumer, Cyclical (18.9%) $13,888,000 1,108,375 0.1% $482.8 23.0x NA

HTHT CHINA LODGIN-ADS Consumer, Cyclical (44.4%) $11,110,000 950,364 0.1% $723.1 6.4x NA





21/59



11 APPALOOSA MANAGEMENT

PM: David Tepper Filing Date: 3/31/2012 Company Address: Chatham, NJ

During 1Q12 Appaloosa increased their exposure to the Consumer D. (+38.7%) and Financials (+6.4%) while trimmingexposure within Energy (-11.8%) and Industrials (-17.2%).

Increases in existing positions include: AAPL UAL GT LCC


QQQ C GOOG QCOM BRCM F HUN

Appaloosa's portfolio has a 'Crowded' crowdedness rating(1) across our coverage universe. Weighted for positionsizing 46.7% of Appaloosa's top positions were found in 3 or more hedge funds we cover. Appaloosa's portfolio was inthe upper quartile of our coverage universe.

Appaloosa Management: Current Allocation

46.4%

25.9%

11.8%7.0% 4.8% 2.7%

0.0%5.0%

10.0%15.0%20.0%25.0%30.0%35.0%40.0%45.0%50.0%

Financials Info Technology Industrials Consumer

Discretionary

Energy Materials




22/59



Exhibit 11.1: Appaloosa Management Positions


QQQ POWERSH-QQQ Funds New $1,273,602,000 18,854,218 33.0% $30,049.3 NA 16.1%

AAPL APPLE INC Technology 276.7% $410,637,000 685,000 10.6% $495,938.2 15.1x 1.2%

C CITIGROUP INC Financial New $222,747,000 6,094,305 5.8% $76,265.4 7.1x 1.1%

UAL UNITED CONTINENT Consumer, Cyclical 570.8% $171,313,000 7,968,035 4.4% $6,950.0 6.0x 11.0%

GOOG GOOGLE INC-CL A Communications New $103,969,000 162,137 2.7% $195,638.9 16.7x 1.4%

QCOM QUALCOMM INC Technology New $102,947,000 1,513,486 2.7% $95,965.1 16.7x 1.1%

GT GOODYEAR TIRE Consumer, Cyclical 42.8% $97,070,000 8,651,496 2.5% $2,456.9 5.2x 7.0%

BRCM BROADCOM CORP-A Technology New $95,009,000 2,417,523 2.5% $17,257.3 10.8x 2.1%

CVI CVR ENERGY INC Energy (35.9%) $85,865,000 3,209,911 2.2% $2,645.0 8.2x 19.3%

F FORD MOTOR CO Consumer, Cyclical New $81,631,000 6,535,715 2.1% $38,201.8 6.6x 4.0%

LCC US AIRWAYS GROUP Consumer, Cyclical 229.1% $80,888,000 10,657,243 2.1% $1,633.0 14.8x 12.5%

HUN HUNTSMAN CORP Basic Materials New $71,980,000 5,137,764 1.9% $3,049.1 7.5x 5.5%

BAC BANK OF AMERICA Financial New $71,358,000 7,456,408 1.8% $75,652.4 8.6x 1.3%

ORCL ORACLE CORP Technology 91.5% $68,056,000 2,333,883 1.8% $127,412.5 11.0x 0.9%

DAL DELTA AIR LI Consumer, Cyclical New $66,795,000 6,740,189 1.7% $8,615.0 7.2x 0.9%

XLF SPDR-FINL SELECT Funds 96.1% $66,532,000 4,216,200 1.7% $4,916.9 NA 25.4%

VLO VALERO ENERGY Energy 181.0% $65,769,000 2,552,161 1.7% $11,853.6 6.3x 2.4%HIG HARTFORD FINL SV Financial New $60,199,000 2,855,744 1.6% $7,525.6 8.8x 6.8%

GM GENERAL MOTORS C Consumer, Cyclical New $56,485,000 2,202,153 1.5% $33,164.8 4.0x 8.6%

MAS MASCO CORP Industrial 2,754.9% $55,502,000 4,151,256 1.4% $4,231.6 592.5x 6.4%

DF DEAN FOODS CO Consumer, Non-cyclical (28.4%) $53,612,000 4,427,112 1.4% $2,607.0 18.4x 1.6%

OC OWENS CORNING Industrial New $52,938,000 1,469,279 1.4% $3,451.1 12.7x 6.2%

EMC EMC CORP/MA Technology New $49,011,000 1,640,261 1.3% $52,366.8 16.5x 1.7%

MRVL MARVELL TECH GRP Technology New $41,378,000 2,630,524 1.1% $7,309.5 9.5x 1.2%

MSFT MICROSOFT CORP Technology 72.3% $40,313,000 1,250,000 1.0% $245,893.4 10.8x 0.9%

CLMT CALUMET SPECIALT Energy 0.0% $34,054,000 1,288,944 0.9% $1,263.8 17.9x 0.7%

SNDK SANDISK CORP Technology New $33,772,000 681,021 0.9% $7,680.2 6.8x 4.7%

FIO FUSION-IO INC Technology New $32,782,000 1,153,879 0.8% $1,839.5 78.6x 29.4%

MWA MUELLER WATER-A Industrial 0.0% $31,441,000 9,441,736 0.8% $528.0 NA 6.5%

TWO TWO HARBORS INVE Financial New $30,420,000 3,000,000 0.8% $2,140.0 6.4x 5.3%

NUAN NUANCE COMMUNICA Technology New $24,093,000 941,869 0.6% $6,335.2 14.4x 7.7%

SPY SPDR S&P 500 ETF Funds New $21,682,000 154,079 0.6% $92,093.6 NA 36.7%

IP INTL PAPER CO Basic Materials (24.3%) $19,350,000 551,287 0.5% $12,629.8 9.3x 2.1%

M MACY'S INC Consumer, Cyclical (37.1%) $18,554,000 467,001 0.5% $14,746.8 12.4x 2.3%CF CF INDUSTRIES HO Basic Materials 40.5% $12,663,000 69,332 0.3% $10,305.8 6.9x 2.9%

CIM CHIMERA INV CORP Financial New $12,505,000 4,418,884 0.3% $2,794.2 5.5x 2.6%

MPG MPG OFFICE TRUST Financial 0.0% $10,044,000 4,292,354 0.3% $90.9 NA 9.7%

MFA MFA FINANCIAL Financial New $7,691,000 1,029,583 0.2% $2,627.1 7.5x 3.3%

DLPH DELPHI AUTOMOTIV Consumer, Cyclical 0.0% $7,244,000 229,236 0.2% $8,947.9 9.8x 0.9%

BYD BOYD GAMING CORP Consumer, Cyclical New $5,456,000 695,975 0.1% $600.9 694.0x 19.8%

ITB ISHARES-DJ HO CO Funds New $4,734,000 321,595 0.1% $640.9 NA 7.3%

NTAP NETAPP INC Technology New $4,477,000 100,000 0.1% $12,000.5 14.2x 4.7%

BZH BEAZER HOMES USA Consumer, Cyclical 0.0% $931,000 286,614 0.0% $259.1 NA 12.1%





23/59



12 PERSHING SQUARE CAPITAL

PM: William Ackman Filing Date: 3/31/2012 Company Address: New York, NY

During 1Q12 Pershing increased their exposure to the Consumer D. (+5.3%) and Healthcare (+1.0%) while trimmingexposure within Energy (-4.6%) and Materials (-1.6%).

Increases in existing positions include: JCP ALEX

New larger positions include: None

Pershing's portfolio has a 'Crowded' crowdedness rating(1) across our coverage universe. Weighted for position sizing

40.0% of Pershing's top positions were found in 3 or more hedge funds we cover. Pershing's portfolio was in the upperquartile of our coverage universe.

Pershing Square Capital: Current Allocation

29.8% 28.6%

22.4%19.2%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

Financials Industria ls Consumer Staples Consumer Discre tionary




24/59



Exhibit 12.1: Pershing Square Capital Positions


CP CANADIAN PACIFIC Industr ial 0.0% $1,834,943,000 24,159,888 22.7% $12,397.2 23.3x 0.5%

JCP J.C. PENNEY CO Consumer, Cyclical 0.9% $1,384,454,000 39,075,771 17.1% $5,739.1 18.6x 24.1%

GGP GENERAL GROWTH P Financial 0.0% $1,227,250,000 72,233,712 15.2% $15,278.1 NA 2.3%

BEAM BEAM INC Consumer, Non-cyclical 0.0% $1,219,342,000 20,818,545 15.1% $8,830.2 26.4x 0.5%

C CITIGROUP INC Financial 0.0% $954,854,000 26,124,594 11.8% $76,265.4 7.1x 1.1%

KFT KRAFT FOODS INC Consumer, Non-cyclical (26.7%) $589,390,000 15,506,172 7.3% $68,242.3 16.8x 0.6%

FBHS FORTUNE BRANDS H Industrial (36.0%) $294,044,000 13,323,249 3.6% $3,476.7 37.6x 1.8%

HHC HOWARD HUGHE Financial 0.0% $227,889,000 3,568,017 2.8% $2,181.7 NA 5.9%

ALEX ALEXANDER & BALD Industrial 2.3% $176,594,000 3,644,870 2.2% $2,028.9 27.2x 3.8%

FDO FAMILY DOLLAR ST Consumer, Cyclical (68.8%) $165,468,000 2,614,863 2.0% $7,489.8 19.5x 3.1%





25/59



13 MAVERICK CAPITAL

PM: Lee Ainslie Filing Date: 3/31/2012 Company Address: Dallas, TX

During 1Q12 Maverick increased their exposure to the Consumer S. (+6.7%) and Materials (+4.6%) while trimmingexposure within Consumer D. (-7.8%) and Healthcare (-2.1%).

Increases in existing positions include: AVGO QCOM GOOG CFN


SWKS M PCLN DTV VRX ESRX

Maverick's portfolio has a 'Crowded' crowdedness rating(1) across our coverage universe. Weighted for position sizing56.7% of Maverick's top positions were found in 3 or more hedge funds we cover. Maverick's portfolio was in the upperquartile of our coverage universe.

Maverick Capital: Current Allocation

31.5%

22.6%20.7%

10.2% 8.5%6.1%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

Info

Technology

Healthcare Consumer

Discretionary

Consumer

Staples

Financials Industrials




26/59



Exhibi t 13.1: Maverick Capit al Posit ions


CI CIGNA CORP Consumer, Non-cyclical 1.3% $321,728,000 6,532,539 4.7% $12,371.9 8.2x 0.9%

AVGO AVAGO TECHNOLOGI Technology 17.3% $314,147,000 8,061,247 4.6% $7,317.7 11.2x 0.7%

QCOM QUALCOMM INC Technology 77.5% $311,357,000 4,574,744 4.5% $95,965.1 16.7x 1.1%

AAPL APPLE INC Technology (25.4%) $308,608,000 514,733 4.5% $495,938.2 15.1x 1.2%

GOOG GOOGLE INC-CL A Communications 94.8% $279,786,000 436,320 4.1% $195,638.9 16.7x 1.4%

CFN CAREFUSION CORP Consumer, Non-cyclical 8.9% $220,962,000 8,521,463 3.2% $5,472.5 14.4x 2.0%

JPM JPMORGAN CHASE Financial (44.2%) $214,971,000 4,675,308 3.1% $127,485.3 7.5x 0.8%

CVS CVS CAREMARK COR Consumer, Cyclical 68.6% $213,718,000 4,770,502 3.1% $56,937.2 15.9x 0.9%

MCK MCKESSON CORP Consumer, Non-cyclical (2.9%) $213,615,000 2,433,806 3.1% $20,585.5 14.7x 1.6%

ENDP ENDO PHARMA HLDG Consumer, Non-cyclical 86.2% $213,357,000 5,508,833 3.1% $3,852.0 7.0x 5.3%

YOKU YOUKU INC-ADR Communicat ions 0.0% $203,918,000 9,273,198 3.0% $2,314.2 NA NA

SLE SARA LEE CORP Consumer, Non-cyc lical (16.7%) $203,292,000 9,442,246 2.9% $12,254.5 23.2x 2.7%

PFE PFIZER INC Consumer, Non-cyclical (20.6%) $163,647,000 7,226,628 2.4% $169,007.2 9.8x 0.8%

SWKS SKYWORKS SOLUTIO Technology New $161,684,000 5,847,539 2.3% $4,443.5 12.0x 3.9%

DG DOLLAR GENERAL C Consumer, Cyclical 26.8% $161,540,000 3,496,541 2.3% $15,137.6 19.9x 1.3%

M MACY'S INC Consumer, Cyclical New $130,824,000 3,292,818 1.9% $14,746.8 12.4x 2.3%

DOX AMDOCS LTD Communications (35.5%) $130,621,000 4,136,208 1.9% $5,127.2 12.0x 1.0%

PCLN PRICELINE.COM Communicat ions New $126,926,000 176,900 1.8% $31,469.4 27.0x 5.8%

BAP CREDICORP LTD Financial 60.0% $121,654,000 922,880 1.8% $9,449.3 13.3x 1.7%

DTV DIRECTV-A Communications New $120,108,000 2,434,300 1.7% $29,723.8 13.1x 2.0%

ORCL ORACLE CORP Technology 47.8% $118,877,000 4,076,728 1.7% $127,412.5 11.0x 0.9%

TYC TYCO INTL LTD Industrial (64.9%) $118,860,000 2,115,703 1.7% $24,207.7 15.7x 0.5%

NTAP NETAPP INC Technology (62.0%) $118,646,000 2,650,118 1.7% $12,000.5 14.2x 4.7%

VRX VALEANT PHARMACE Consumer, Non-cyclical New $116,720,000 2,175,793 1.7% $14,388.5 16.1x 2.2%

AVY AVERY DENNISON Consumer, Non-cyclical (25.5%) $115,464,000 3,832,190 1.7% $2,972.4 16.5x 6.6%

TDG TRANSDIGM GROUP Industrial 68.1% $113,113,000 977,138 1.6% $6,069.5 23.5x 0.9%

ESRX EXPRESS SCRIPTS Consumer, Non-cyclical New $112,539,000 2,077,140 1.6% $40,982.8 17.1x 4.6%

GMCR GREEN MOUNTAIN Consumer, Non-cyclical New $107,381,000 2,292,500 1.6% $3,736.2 12.0x 22.3%

GRPN GROUPON INC Communications New $104,729,000 6,331,120 1.5% $7,478.3 NA 43.8%

ARO AEROPOSTALE INC Consumer, Cyclical (30.8%) $102,536,000 4,742,623 1.5% $1,497.0 17.0x 9.6%

SLM SLM CORP Financial (51.0%) $99,771,000 6,330,638 1.4% $6,287.1 7.1x 2.0%

FMX FOMENTO ECON-ADR Consumer, Non-cyclical New $98,659,000 1,199,215 1.4% $28,149.9 1.9x NA

NWSA NEWS CORP-A Communications (47.2%) $96,965,000 4,919,590 1.4% $46,823.7 14.6x 1.9%

CMCSA COMCAST CORP-A Communications (35.6%) $96,943,000 3,230,372 1.4% $76,068.4 17.9x 1.2%

OC OW ENS CORNING Industrial (45.7%) $75,864,000 2,105,582 1.1% $3,451.1 12.7x 6.2%LBTYA LIBERTY GLOBAL-A Communications New $73,202,000 1,461,709 1.1% $12,432.3 NA 2.4%

SHLD SEARS HOLDINGS Consumer, Cyclical New $72,395,000 1,092,755 1.0% $5,559.2 NA 29.2%

BUD ANHEUSER-SPN ADR Consumer, Non-cyclical 50.6% $66,289,000 911,568 1.0% $109,744.9 18.0x NA

C CITIGROUP INC Financial (78.5%) $60,266,000 1,648,854 0.9% $76,265.4 7.1x 1.1%

CMCSK COMCAST CORP-SPL Communications (56.2%) $58,267,000 1,974,497 0.8% $76,068.4 17.7x 3.2%

AET AETNA INC Consumer, Non-cyclical New $56,652,000 1,129,430 0.8% $13,628.5 7.6x 1.6%

CTSH COGNIZANT TECH-A Technology (9.5%) $56,579,000 735,265 0.8% $18,156.8 19.4x 1.4%

PGR PROGRESSIVE CORP Financial (72.3%) $56,245,000 2,426,447 0.8% $13,023.7 14.3x 3.5%

SIRO SIRONA DENTAL SY Consumer, Non-cyclical (41.0%) $55,236,000 1,071,713 0.8% $2,391.6 14.6x 1.4%

TDC TERADATA CORP Technology (61.9%) $55,005,000 807,120 0.8% $11,000.8 28.2x 2.3%

HRB H&R BLOCK INC Consumer, Non-cyc lical New $53,531,000 3,250,208 0.8% $4,262.5 9.9x 5.1%

DVA DAVITA INC Consumer, Non-cyclical New $52,805,000 585,616 0.8% $7,596.1 15.7x 2.0%

CTXS CITRIX SYSTEMS Technology New $49,682,000 629,598 0.7% $13,930.8 30.2x 0.9%

FDO FAMILY DOLLAR ST Consumer, Cyclical New $42,569,000 672,712 0.6% $7,489.8 19.5x 3.1%




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14 THIRD POINT

PM: Daniel Loeb Filing Date: 3/31/2012 Company Address: New York, NY

During 1Q12 ThirdPoint increased their exposure to the Energy (+5.5%) and Consumer S. (+1.4%) while trimmingexposure within Materials (-3.8%) and Industrials (-6.5%).

Increases in existing positions include: YHOO SLE LMCA

New larger positions include: DLPH

AAPL UTX GOOG MHS

Third Point's portfolio has a 'Crowded' crowdedness rating(1) across our coverage universe. Weighted for positionsizing 63.3% of Third Point's top positions were found in 3 or more hedge funds we cover. Third Point's portfolio was inthe upper quartile of our coverage universe.

Third Point: Current Allocation

45.0%

19.5%

8.3% 6.9% 5.9% 4.8%

0.0%5.0%

10.0%15.0%20.0%25.0%30.0%35.0%40.0%45.0%50.0%

Info Technology Consumer

Discretionary

Energy Financials Consumer

Staples

Industrials




28/59



Exhibit 14.1: Third Point Positions


YHOO YAHOO! INC Communications 25.9% $1,073,016,000 70,500,400 26.8% $18,792.3 18.4x 2.0%

DLPH DELPHI AUTOMOTIV Consumer, Cyclical New $417,990,000 13,339,711 10.4% $8,947.9 9.8x 0.9%

SLE SARA LEE CORP Consumer, Non-cyclical 31.7% $221,221,000 10,275,000 5.5% $12,254.5 23.2x 2.7%

AAPL APPLE INC Technology New $217,037,000 362,000 5.4% $495,938.2 15.1x 1.2%

UTX UNITED TECH CORP Industrial New $182,468,000 2,200,000 4.5% $65,964.1 13.2x 0.9%

GOOG GOOGLE INC-CL A Communications New $179,547,000 280,000 4.5% $195,638.9 16.7x 1.4%

MRVL MARVELL TECH GRP Technology (7.5%) $145,503,000 9,250,000 3.6% $7,309.5 9.5x 1.2%

MHS MEDCO HEALTH SOL Consumer, Non-cyclical New $140,600,000 2,000,000 3.5% NA NA 2.4%

FDO FAMILY DOLLAR ST Consumer, Cyclical New $136,052,000 2,150,000 3.4% $7,489.8 19.5x 3.1%

COF CAPITAL ONE FINA Financial New $119,841,000 2,150,000 3.0% $28,512.2 7.2x 1.3%

EP EL PASO CORP Energy (27.9%) $118,200,000 4,000,000 2.9% $22,145.3 NA 1.4%

CSCO CISCO SYSTEMS Communications New $105,750,000 5,000,000 2.6% $88,706.4 9.8x 0.9%

ANF ABERCROMBIE & FI Consumer, Cyclical New $91,778,000 1,850,000 2.3% $3,040.7 15.0x 7.6%

WFC WELLS FARGO & CO Financial New $87,057,000 2,550,000 2.2% $164,412.7 11.0x 0.6%

TER TERADYNE INC Technology New $84,450,000 5,000,000 2.1% $2,673.1 10.3x 9.0%

ESRX EXPRESS SCRIPTS Consumer, Non-cyclical New $81,270,000 1,500,000 2.0% $40,982.8 17.1x 4.6%

PXD PIONEER NATURAL Energy New $72,534,000 650,000 1.8% $11,731.6 28.6x 8.8%DVN DEVON ENERGY CO Energy New $71,120,000 1,000,000 1.8% $24,842.3 16.2x 1.4%

WFT WEATHERFORD INTL Energy New $69,414,000 4,600,000 1.7% $9,380.7 29.4x 2.4%

DISH DISH NETWORK-A Communications (50.0%) $65,860,000 2,000,000 1.6% $12,740.2 8.4x 0.9%

IVN IVANHOE MINES Basic Materials New $51,155,000 3,250,000 1.3% $6,375.6 NA 13.9%

LMCA LIBERTY MEDIA -A Communications 10.0% $48,482,000 550,000 1.2% $9,840.3 14.1x 0.4%

MCK MCKESSON CORP Consumer, Non-cyclical New $48,274,000 550,000 1.2% $20,585.5 14.7x 1.6%

TEVA TEVA PHARM-ADR Consumer, Non-cyclical New $36,048,000 800,000 0.9% $36,675.1 7.8x NA

GLD SPDR GOLD TRUST Funds 0.0% $25,939,000 160,000 0.6% $65,436.5 NA 4.2%

GS GOLDMAN SACHS GP Financial (33.3%) $24,874,000 200,000 0.6% $48,362.5 21.2x 1.5%

GNW GENWORTH FINANCI Financial (28.6%) $20,800,000 2,500,000 0.5% $2,398.5 11.3x 1.5%

LBTYA LIBERTY GLOBAL-A Communications New $17,964,000 358,700 0.4% $12,432.3 NA 2.4%

THOR THORATEC CORP Consumer, Non-cyclical New $16,855,000 500,000 0.4% $1,818.8 20.8x 2.4%

MJN MEAD JOHNSON Consumer, Non-cyclical (84.6%) $16,496,000 200,000 0.4% $16,515.1 29.0x 2.1%

ABX BARRICK GOLD CRP Basic Materials 48.7% $10,609,000 244,000 0.3% $37,140.3 7.9x 0.4%

XRM XERIUM TECHNOLOG Basic Materials (20.4%) $8,733,000 1,354,000 0.2% $59.2 5.3x 5.3%

BIOF BIOFUEL ENERGY C Energy 0.0% $3,626,000 5,578,800 0.1% $38.7 NA 3.9%

Avg. $46,224.4 15.2x 3.0%Source: SEC 13-F Filings.(1) Includes Calendar Year 2012E Consensus EPS.



29/59



15 BLUE RIDGE CAPITAL

PM: John Griffin Filing Date: 3/31/2012 Company Address: New York, NY

During 1Q12 BlueRidge increased their exposure to the Energy (+8.9%) and Financials (+5.2%) while trimmingexposure within Consumer D. (-5.3%) and Consumer S. (-3.2%).

Increases in existing positions include: JPM TMO RRC DAL


LOW HCA TRIP RL VRSN GILD

Blue Ridge's portfolio has a 'Crowded' crowdedness rating(1) across our coverage universe. Weighted for positionsizing 46.7% of Blue Ridge's top positions were found in 3 or more hedge funds we cover. Blue Ridge's portfolio was inthe upper quartile of our coverage universe.

Blue Ridge: Current Allocation

37.6%

18.5%

11.6% 9.9% 9.6% 8.4%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

40.0%

Consumer

Discretionary

Info

Technology

Financia ls Heal thcare Industria ls Materia ls




30/59



Exhibi t 15.1: Blue Ridge Posit ions



PCLN PRICELINE.COM Communicat ions (87.9%) $397,495,000 554,000 6.6% $31,469.4 27.0x 5.8%

AMZN AMAZON.COM INC Communications (76.8%) $352,751,000 1,741,896 5.9% $96,344.9 NA 2.9%

MON MONSANTO CO Basic Mater ials (33.3%) $345,760,000 4,335,000 5.7% $37,281.8 21.3x 0.7%

GOOG GOOGLE INC-CL A Communications (88.8%) $333,445,000 520,000 5.5% $195,638.9 16.7x 1.4%

JPM JPMORGAN CHASE Financia l 10.7% $282,087,000 6,135,000 4.7% $127,485.3 7.5x 0.8%

NFLX NETFLIX INC Communications (35.5%) $272,070,000 2,365,000 4.5% $3,883.9 14.1x 21.7%

ST SENSATA TECHNOLO Industrial 1.9% $263,655,000 7,875,000 4.4% $5,413.4 15.6x 4.0%

TMO THERMO FISHER Industrial 129.8% $262,731,000 4,660,000 4.4% $18,563.5 12.9x 0.6%

RRC RANGE RESOURCES Energy 811.7% $249,404,000 4,289,720 4.1% $9,967.9 NA 4.5%

LBTYA LIBERTY GLOBAL-A Communications (1.1%) $244,641,000 4,885,000 4.1% $12,432.3 NA 2.4%

LOW LOWE'S COS INC Consumer, Cyclica l New $222,672,000 7,096,000 3.7% $34,145.0 17.4x 1.3%

HCA HCA HOLDINGS INC Consumer, Non-cyclical New $186,787,000 7,550,000 3.1% $10,807.5 8.6x 2.9%

DLTR DOLLAR TREE INC Consumer, Cyclical (54.6%) $181,421,000 1,920,000 3.0% $11,009.0 24.1x 2.6%

TRIP TRIPADVISOR INC Communications New $166,757,000 4,675,000 2.8% $5,456.8 27.7x 12.6%

RL RALPH LAUREN COR Consumer, Cyclical New $162,999,000 935,000 2.7% $13,067.2 20.5x 1.8%

VRSN VERISIGN INC Communications New $148,031,000 3,860,000 2.5% $6,101.5 25.9x 5.6%GILD GILEAD SCIENCES Consumer, Non-cyclical New $145,114,000 2,970,000 2.4% $37,820.7 12.9x 1.8%

SIRI SIRIUS XM RADIO Communicat ions New $143,197,000 61,990,000 2.4% $7,164.9 26.9x 7.3%

MLM MARTIN MAR MTLS Industr ial New $138,721,000 1,620,000 2.3% $3,128.7 33.7x 13.0%

DAL DELTA AIR LI Consumer, Cyclical 2,056.5% $122,946,000 12,400,000 2.0% $8,615.0 7.2x 0.9%

BLK BLACKROCK INC Financial (88.8%) $117,818,000 575,000 2.0% $30,867.3 14.5x 1.8%

WBC WABCO HOLDINGS Consumer, Cyclical New $105,538,000 1,745,000 1.8% $3,295.6 10.8x 0.9%

KORS MICHAEL KORS HOL Consumer, Cyclical New $103,663,000 2,225,000 1.7% $7,234.6 NA 2.2%

AMTD TD AMERITRADE HO Financial 241.8% $96,825,000 4,905,000 1.6% $9,349.1 14.8x 4.3%

UAL UNITED CONTINENT Consumer, Cyclical 17.9% $86,982,000 4,045,678 1.4% $6,950.0 6.0x 11.0%

BIDU BAIDU INC-SP ADR Communications New $82,724,000 567,500 1.4% $40,281.9 5.9x NA

C CITIGROUP INC Financial New $81,141,000 2,220,000 1.3% $76,265.4 7.1x 1.1%

YOKU YOUKU INC-ADR Communicat ions 80.0% $79,164,000 3,600,000 1.3% $2,314.2 NA NA

MTG MGIC INVT CORP Financial 1,021.4% $49,107,000 9,900,600 0.8% $448.5 NA 17.9%

XIN XINYUAN REAL-ADR Consumer, Cyclical 5,212.1% $47,723,000 13,752,933 0.8% $236.7 4.5x NA

YNDX YANDEX NV-A Communications 3,229.9% $44,067,000 1,640,000 0.7% $6,664.0 1.1x 1.2%


TSLA TESLA MOTORS Consumer, Cyclica l (82.9%) $21,413,000 575,000 0.4% $2,899.7 NA 41.4%IVAN IVANHOE ENERGY Energy 2,680.0% $16,784,000 15,985,000 0.3% $268.4 NA 2.6%

PACB PACIFIC BIOSCIEN Consumer, Non-cyclical 454.0% $2,975,000 870,000 0.0% $117.3 NA 8.7%

NBN NORTHEAST BANCRP Financial 357.2% $1,440,000 114,300 0.0% $76.5 NA 0.0%





31/59



16 PAULSON &CO.

PM: John Paulson Filing Date: 3/31/2012 Company Address: New York, NY

During 1Q12 Paulson increased their exposure to the Energy (+3.2%) and Materials (+0.3%) while trimming exposurewithin Industrials (-2.2%) and Info Tech (-4.7%).

Increases in existing positions include: MYL BAX MHS EP NG IDCC

New larger positions include: MLU NVLS COV ABVT TND VIAB

Paulson's portfolio has a 'Neutral' crowdedness rating(1) across our coverage universe. Weighted for position sizing36.7% of Paulson's top positions were found in 3 or more hedge funds we cover. Paulson's portfolio was in the middlequartile of our coverage universe.

Paulson & Co: Current Allocation

39.4%

19.1%15.5%

9.8%5.0% 4.9%

0.0%

5.0%

10.0%

15.0%

20.0%25.0%

30.0%

35.0%

40.0%

45.0%

Financials ConsumerDiscretionary

Materials Healthcare Info Technology Energy




32/59



Exhibit 16.1: Paulson & Co. Positions


GLD SPDR GOLD TRUST Funds 0.0% $2,806,452,000 17,310,952 20.5% $65,436.5 NA 4.2%

DLPH DELPHI AUTOMOTIV Consumer, Cyclical (12.0%) $1,438,898,000 45,534,758 10.5% $8,947.9 9.8x 0.9%

AU ANGLOGOLD AS-ADR Basic Materials (3.3%) $1,224,358,000 33,162,460 8.9% $13,204.7 1.4x NA

HIG HARTFORD FINL SV Financial 0.1% $789,882,000 37,470,676 5.8% $7,525.6 8.8x 6.8%

MYL MYLAN INC Consumer, Non-cyclical 16.1% $574,605,000 24,503,400 4.2% $8,920.6 10.2x 5.3%

MGM MGM RESORTS INTE Consumer, Cyclical 0.6% $512,782,000 37,649,200 3.7% $5,050.6 NA 8.5%

APC ANADARKO PETROLE Energy (37.6%) $468,657,000 5,982,345 3.4% $31,412.8 21.6x 1.2%

COF CAPITAL ONE FINA Financia l (13.6%) $457,068,000 8,200,000 3.3% $28,512.2 7.2x 1.3%

MMI MOTOROLA MOBILIT Communications 0.0% $431,640,000 11,000,000 3.2% $11,904.1 NA 2.7%

BAX BAXTER INTL INC Consumer, Non-cyclical 88.5% $322,812,000 5,400,000 2.4% $28,361.2 12.0x 0.7%

MHS MEDCO HEALTH SOL Consumer, Non-cyclical 100.0% $281,200,000 4,000,000 2.1% NA NA 2.4%

GFI GOLD FIELDS-ADR Basic Mater ia ls (19.8%) $262,121,000 18,857,600 1.9% $8,854.0 1.2x NA

AMCX AMC NETWORKS-A Communications 0.0% $256,623,000 5,750,000 1.9% $2,842.1 20.1x 1.9%

XL XL GROUP PLC Financial (33.9%) $244,915,000 11,291,600 1.8% $6,343.2 NA 1.3%

LIFE LIFE TECHNOLOGIE Consumer, Non-cyclical 2.3% $243,016,000 4,977,792 1.8% $7,323.4 11.0x 3.7%

EP EL PASO CORP Energy 100.0% $236,400,000 8,000,000 1.7% $22,145.3 NA 1.4%


CNO CNO FINANCIAL GR Financial (0.9%) $181,129,000 23,281,369 1.3% $1,547.9 8.5x 11.1%

GR GOODRICH CORP Industrial 0.0% $179,084,000 1,427,649 1.3% $15,707.2 19.7x 1.1%

ACAS AMERICAN CAPITAL Financial (42.9%) $157,790,000 18,199,543 1.2% $2,900.3 6.9x 1.1%

SNI SCRIPPS NET-CL A Communicat ions (23.4%) $146,070,000 3,000,000 1.1% $7,733.6 17.8x 8.8%

IDCC INTERDIGITAL INC Communications 35.6% $139,440,000 4,000,000 1.0% $1,126.1 13.1x 12.9%

STI SUNTRUST BANKS Financ ial (52.3%) $136,606,000 5,651,894 1.0% $11,689.0 19.9x 1.6%

RKT ROCK-TENN CO-A Indus trial (37.1%) $135,120,000 2,000,000 1.0% $3,677.4 10.0x 1.9%

BPOP POPULAR INC Financial 0.0% $134,830,000 65,770,600 1.0% $1,490.3 9.1x 1.2%

WFC WELLS FARGO & CO Financial 0.0% $119,183,000 3,491,000 0.9% $164,412.7 11.0x 0.6%

RAH RALCORP HLDGS Consumer, Non-cyclical 0.0% $111,135,000 1,500,000 0.8% $3,813.4 13.1x 0.8%

NVLS NOVELLUS SYS Technology New $99,820,000 2,000,000 0.7% $3,039.7 13.6x 7.2%

COV COVIDIEN PLC Consumer, Non-cyclica l New $98,424,000 1,800,000 0.7% $25,517.3 12.7x 1.2%

FDO FAMILY DOLLAR ST Consumer, Cyclical 0.0% $94,920,000 1,500,000 0.7% $7,489.8 19.5x 3.1%

GRFS GRIFOLS SA-ADR Consumer, Non-cyclical (1.1%) $86,396,000 11,205,745 0.6% $5,747.5 32.2x NA

ABVT ABOVENET INC Communications New $82,800,000 1,000,000 0.6% $2,181.5 30.3x 3.2%

GOLD RANDGOLD RES-ADR Basic Materials (0.9%) $81,866,000 930,502 0.6% $7,012.6 18.5x NA

HHC HOW ARD HUGHE Financial (25.3%) $75,367,000 1,180,000 0.6% $2,181.7 NA 5.9%

TNB THOMAS & BETTS Indus tr ial New $71,910,000 1,000,000 0.5% $3,803.4 20.3x 1.1%

GEN GENON ENERGY INC Uti li ties 564.7% $65,670,000 31,571,989 0.5% $1,491.6 NA 1.2%

BZ BOISE INC Basic Materials (0.4%) $57,604,000 7,016,300 0.4% $676.3 9.0x 3.1%

IAG IAMGOLD CORP Bas ic Mater ials 40.1% $51,590,000 3,881,900 0.4% $3,662.9 9.0x 0.2%

VIAB VIACOM INC-B Communications New $47,460,000 1,000,000 0.3% $24,477.0 12.0x 1.4%

ABH ABITIBIBOWATER Basic Mater ia ls (29.6%) $47,124,000 3,300,000 0.3% $1,021.7 6.0x 8.6%

QSFT QUEST SOFTWARE Technology New $46,540,000 2,000,000 0.3% $2,066.1 18.1x 2.7%

GET GAYLORD ENTMNT Consumer, Cyclical New $41,888,000 1,360,000 0.3% $1,601.5 NA 17.8%

ABX BARRICK GOLD CRP Basic Materials (0.9%) $39,784,000 915,000 0.3% $37,140.3 7.9x 0.4%

HCA HCA HOLDINGS INC Consumer, Non-cyclical New $39,584,000 1,600,000 0.3% $10,807.5 8.6x 2.9%

URI UNITED RENTALS Consumer, Non-cyclical 0.0% $35,809,000 834,900 0.3% $3,097.9 17.7x 22.2%

AEM AGNICO-EAGLE MIN Basic Materials (0.9%) $33,934,000 1,016,600 0.2% $6,189.7 NA 1.8%

ANV ALLIED NEVADA GO Basic Materials New $32,807,000 1,008,521 0.2% $2,230.3 NA 5.5%

W LT W ALTER ENERGY Energy 0.0% $29,605,000 500,000 0.2% $3,077.1 8.5x 6.6%

POST POST HOLDINGS IN Consumer, Non-cyclical New $27,342,000 830,300 0.2% $1,016.2 NA 4.1%




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17 SOROS FUND MANAGEMENT

PM: George Soros Filing Date: 3/31/2012 Company Address: New York, NY

During 1Q12 Soros increased their exposure to the Consumer D. (+7.0%) and Consumer S. (+3.5%) while trimmingexposure within Financials (-17.6%) and Info Tech (-1.9%).

Increases in existing positions include: SLE ACTG DISH CHTR ELN


CVI STI CVX M XLP TSO

Soros Fund's portfolio has a 'Contrarian' crowdedness rating(1) across our coverage universe. Weighted for positionsizing 30.0% of Soros Fund's top positions were found in 3 or more hedge funds we cover. Soros Fund's portfolio wasin the bottom quartile of our coverage universe.

Soros Fund Management: Current Allocation

22.2%

16.7%

13.8% 13.5%12.2%

10.7%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

Info Technology Consumer

Staples

Energy Consumer

Discretionary

Financials Industrials




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Exhibit 17.1: Soros Fund Management Positions

Ticker Company Name Sector Change Value Shares % of Filed Mkt Cap ($mn) Forward P/E(1)

SI % Float(2)

AGRO ADECOAGRO SA Consumer, Non-cyclical 0.0% $274,402,000 25,384,049 10.1% $1,057.1 18.5x 0.3%

SLE SARA LEE CORP Consumer, Non-cyclical 697.0% $159,234,000 7,395,910 5.9% $12,254.5 23.2x 2.7%

MSI MOTOROLA SOLUTIO Communications (45.4%) $139,011,000 2,734,816 5.1% $13,718.2 18.0x 0.8%

WPRT WESTPORT INNOVAT Consumer, Cyclical (8.5%) $120,820,000 2,952,606 4.4% $1,301.5 NA 35.4%

CMVT COMVERSE TECH Communications 9.9% $111,065,000 16,166,666 4.1% $1,355.3 20.0x 1.0%

ACTG ACACIA RESEARCH Consumer, Non-cyclical 531.5% $105,666,000 2,531,518 3.9% $1,728.6 33.1x 4.5%

CVI CVR ENERGY INC Energy New $100,195,000 3,745,600 3.7% $2,645.0 8.2x 19.3%

IOC INTEROIL CORP Energy (64.3%) $80,758,000 1,570,858 3.0% $2,652.0 NA 25.1%

STI SUNTRUST BANKS Financ ial New $77,054,000 3,188,000 2.8% $11,689.0 19.9x 1.6%

CVX CHEVRON CORP Energy New $73,137,000 682,000 2.7% $194,229.5 7.4x 1.0%

DISH DISH NETWORK-A Communications 87.2% $68,052,000 2,066,597 2.5% $12,740.2 8.4x 0.9%

CHTR CHARTER COM-A Communications 209.4% $67,778,000 1,068,203 2.5% $6,202.5 NA 3.6%

ELN ELAN CORP-ADR Consumer, Non-cyclical 1,014.3% $58,540,000 3,900,000 2.2% $7,715.0 NA NA

M MACY'S INC Consumer, Cyclical New $57,410,000 1,445,000 2.1% $14,746.8 12.4x 2.3%

EXAR EXAR CORP Technology 0.0% $56,000,000 6,666,666 2.1% $357.4 NA 2.9%

ESRX EXPRESS SCRIPTS Consumer, Non-cyclical 32.8% $52,013,000 960,000 1.9% $40,982.8 17.1x 4.6%

GLD SPDR GOLD TRUST Funds 274.0% $51,812,000 319,550 1.9% $65,436.5 NA 4.2%

XLP SPDR-CONS STAPLE Funds New $37,624,000 1,104,000 1.4% $5,647.2 NA 14.7%

TSO TESORO CORP Energy New $34,194,000 1,274,000 1.3% $3,107.0 5.4x 4.9%EXTR EXTREME NETWORKS Communications 7.2% $33,691,000 8,796,666 1.2% $322.9 38.1x 6.7%

CRM SALESFORCE.COM Technology New $30,902,000 200,000 1.1% $20,195.1 NA 9.8%

JPM JPMORGAN CHASE Financ ial New $27,882,000 606,400 1.0% $127,485.3 7.5x 0.8%

DTV DIRECTV-A Communications 8.4% $25,387,000 514,529 0.9% $29,723.8 13.1x 2.0%

MPC MARATHON PETROLE Energy New $25,149,000 580,000 0.9% $11,898.0 5.2x 1.1%

GE GENERAL ELECTRIC Industrial New $25,128,000 1,252,000 0.9% $200,514.8 13.8x 0.7%

MRCY MERCURY COMPUTER Technology (17.3%) $25,110,000 1,895,120 0.9% $365.0 13.7x 2.8%

RIG TRANSOCEAN LTD Energy New $24,998,000 457,000 0.9% $14,861.3 29.0x 1.5%


MSTR MICROSTRATEGY Technology New $23,213,000 165,805 0.9% $1,398.9 NA 6.7%

VLO VALERO ENERGY Energy New $23,090,000 896,000 0.9% $11,853.6 6.3x 2.4%

HFC HOLLYFRONTIER CO Energy New $22,923,000 713,000 0.8% $5,831.8 4.4x 2.7%

FITB FIFTH THIRD BANC Financial New $21,313,000 1,517,500 0.8% $12,278.2 11.3x 1.5%

XYL XYLEM INC Industrial 328.6% $20,693,000 745,688 0.8% $4,574.7 12.8x 1.3%

TRIP TRIPADVISOR INC Communications 45.3% $18,995,000 532,510 0.7% $5,456.8 27.7x 12.6%

LORL LORAL SPACE & CO Communications 2.9% $18,150,000 228,011 0.7% $1,794.2 15.9x 3.8%

PFE PFIZER INC Consumer, Non-cyclica l New $18,015,000 795,000 0.7% $169,007.2 9.8x 0.8%

LVLT LEVEL 3 COMM INC Communications New $17,141,000 666,200 0.6% $4,825.4 NA 5.6%COF CAPITAL ONE FINA F inancial New $17,112,000 307,000 0.6% $28,512.2 7.2x 1.3%

CHDN CHURCHILL DOWNS Consumer, Cyclical 69.2% $17,082,000 305,576 0.6% $1,031.2 16.8x 3.3%

DVA DAVITA INC Consumer, Non-cyclical (41.7%) $15,780,000 175,000 0.6% $7,596.1 15.7x 2.0%

C CITIGROUP INC Financial New $15,351,000 420,000 0.6% $76,265.4 7.1x 1.1%

RF REGIONS FINANCIA Financ ial New $15,098,000 2,291,000 0.6% $8,658.2 38.3x 1.2%

WFC WELLS FARGO & CO Financial (63.3%) $15,056,000 441,000 0.6% $164,412.7 11.0x 0.6%

GS GOLDMAN SACHS GP Financial New $14,924,000 120,000 0.5% $48,362.5 21.2x 1.5%

CIB BANCOLOMBIA-ADR Financial New $14,766,000 228,361 0.5% $12,903.0 0.0x NA

SPRD SPREADTRUM-ADR Technology New $13,943,000 845,000 0.5% $756.6 5.8x NA

KFT KRAFT FOODS INC Consumer, Non-cyclical 11.4% $13,722,000 361,000 0.5% $68,242.3 16.8x 0.6%

VC VISTEON CORP Consumer, Cyclical 0.0% $13,247,000 249,950 0.5% $2,119.4 13.0x 2.7%

OC OWENS CORNING Industrial 73.6% $13,151,000 365,000 0.5% $3,451.1 12.7x 6.2%

LMCA LIBERTY MEDIA -A Communications (2.9%) $12,492,000 141,712 0.5% $9,840.3 14.1x 0.4%

AZPN ASPEN TECHNOLOGY Technology 100.0% $12,318,000 600,000 0.5% $1,952.9 NA 3.2%

HMIN HOME INNS & -ADR Consumer, Cyclical 846.2% $12,069,000 473,100 0.4% $983.7 3.1x NA

BFLY BLUEFLY INC Communications 0.0% $11,988,000 6,480,070 0.4% $45.7 NA 0.1%

CKSW CLICKSOFTWARE TE Communications 8.2% $11,886,000 937,399 0.4% $265.6 16.4x 1.1%

DLPH DELPHI AUTOMOTIV Consumer, Cyclical (29.0%) $11,629,000 368,000 0.4% $8,947.9 9.8x 0.9%

GM GENERAL MOTORS C Consumer, Cyclical 0.0% $11,576,000 451,300 0.4% $33,164.8 4.0x 8.6%

PEP PEPSICO INC Consumer, Non-cyc lical 13.5% $11,180,000 168,500 0.4% $106,537.3 15.5x 0.5%

EXPE EXPEDIA INC Communications 3.1% $11,042,000 330,210 0.4% $5,442.1 14.8x 24.7%

EJ E-HOUSE CHIN-ADS F inancial (36.7%) $11,003,000 1,897,000 0.4% $406.7 17.3x NA

CIEN CIENA CORP Communications 333.3% $10,524,000 650,000 0.4% $1,133.1 NA 25.0%

BMRN BIOMARIN PHARMAC Consumer, Non-cyclical 300.0% $10,275,000 300,000 0.4% $4,234.7 NA 9.6%





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18 FAIRHOLME CAPITAL

PM: Bruce Berkowitz Filing Date: 3/31/2012 Company Address: Miami, FL

During 1Q12 Fairholme increased their exposure to the Energy (+6.1%) and Materials (+0.0%) while trimmingexposure within Consumer D. (-6.1%) and Info Tech (0.0%).

Increases in existing positions include: SHLD JEF

New larger positions include: OSH MCY

Fairholme's portfolio has a 'Contrarian' crowdedness rating(1) across our coverage universe. Weighted for positionsizing 18.8% of Fairholme's top positions were found in 3 or more hedge funds we cover. Fairholme's portfolio was inthe bottom quartile of our coverage universe.

Fairholme Capital: Current Allocation

85.5%

14.5%

0.0%

10.0%

20.0%

30.0%40.0%

50.0%

60.0%

70.0%

80.0%

90.0%

Financials Consumer Discretionary




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Exhibi t 18.1: Fair holme Capit al Management Posit ions


AIG AMERICAN INTERNA Financial (0.6%) $2,819,861,000 91,464,833 37.9% $48,966.7 27.8x 2.0%

SHLD SEARS HOLDINGS Consumer, Cyclical 4.4% $1,113,893,000 16,813,480 15.0% $5,559.2 NA 29.2%

BAC BANK OF AMERICA Financia l (1.4%) $984,165,000 102,838,555 13.2% $75,652.4 8.6x 1.3%

CIT CIT GROUP INC Financial (0.5%) $763,869,000 18,522,529 10.3% $6,745.5 NA 1.3%

LUK LEUCADIA NATL Diversified (0.5%) $474,524,000 18,180,980 6.4% $5,133.8 NA 2.1%

JOE ST JOE CO Financial (1.8%) $474,185,000 25,715,428 6.4% $1,540.1 NA 25.7%

MBI MBIA INC Financial (0.6%) $453,303,000 46,255,370 6.1% $1,571.9 3.9x 18.9%

BRK/A BERKSHIRE HATH-A Financial (60.9%) $191,749,000 1,573 2.6% $196,832.0 18.4x 0.2%

BRK/B BERKSHIRE HATH-B Financi

hedge fund intelligence 1q12

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