Street of Walls Hedge Fund Intelligence 4Q11

www.StreetofWalls.
com
Hedge Fund Intelligence

A detailed Street of Walls break-down of
4Q11 Hedge Fund holdings of the top 23
funds.
By: Street of Walls

Hedge Fund Division
www.StreetofWalls.com
Table of Contents
1
INTRODUCTION.......................................................................................................................................... 4
CROWDEDNESS AMONG NEWLY INITIATED POSITIONS .................................................................... 4
CROWDEDNESS AMONG EXISTING POSITIONS ................................................................................... 6
HEDGE FUND SECTOR CHANGES .......................................................................................................... 7
HEDGE FUND INVESTMENT CHARACTERISTICS.................................................................................. 8
STOCK WRITE-UPS.................................................................................................................................... 9
BAUPOST GROUP.................................................................................................................................... 12
BERKSHIRE HATHAWAY ........................................................................................................................ 14
GREENLIGHT CAPITAL ........................................................................................................................... 16
10 LONE PINE CAPITAL ............................................................................................................................... 18

11 APPALOOSA MANAGEMENT ................................................................................................................. 20
12 PERSHING SQUARE CAPITAL ............................................................................................................... 22
13 MAVERICK CAPITAL................................................................................................................................ 24
14 THIRD POINT ............................................................................................................................................ 26
15 BLUE RIDGE CAPITAL............................................................................................................................. 28
16 PAULSON & CO........................................................................................................................................ 30
17 SOROS FUND MANAGEMENT ................................................................................................................ 32
18 FAIRHOLME CAPITAL ............................................................................................................................. 34
19 TIGER MANAGEMENT ............................................................................................................................. 36
20 PERRY CAPITAL ...................................................................................................................................... 38
21 GLENVIEW CAPITAL................................................................................................................................ 40
22 VIKING GLOBAL....................................................................................................................................... 42
23 FARALLON CAPITAL ............................................................................................................................... 44
24 HAYMAN ADVISORS................................................................................................................................ 46
25 ICAHN CAPITAL ....................................................................................................................................... 48
26 PASSPORT CAPITAL ............................................................................................................................... 50
27 HANAWALT............................................................................................................................................... 52
28 COATUE .................................................................................................................................................... 54
29 HAWKSHAW ............................................................................................................................................. 56
30 JANA PARTNERS..................................................................................................................................... 58
31 DISCLAIMER ............................................................................................................................................. 60
Table of Exhibits
Exhibit 6.1: Baupost Group Positions.............................................................................................................................. 13
Exhibit 7.1: Berkshire Hathaway Positions...................................................................................................................... 15
Exhibit 8.1: Greenlight Capital Positions ......................................................................................................................... 17
Exhibit 9.1: Lone Pine Capital Positions.......................................................................................................................... 19
Exhibit 10.1: Appaloosa Management Positions ............................................................................................................. 21
Exhibit 11.1: Pershing Square Capital Positions ............................................................................................................. 23
Exhibit 12.1: Maverick Capital Positions ......................................................................................................................... 25
Exhibit 13.1: Third Point Positions................................................................................................................................... 27
Exhibit 14.1: Blue Ridge Positions .................................................................................................................................. 29
Exhibit 15.1: Paulson & Co. Positions ............................................................................................................................. 31
Exhibit 16.1: Soros Fund Management Positions ........................................................................................................... 33
Exhibit 17.1: Fairholme Capital Management Positions.................................................................................................. 35
Exhibit 18.1: Tiger Management Positions...................................................................................................................... 37
Exhibit 19.1: Perry Capital Positions ............................................................................................................................... 39
Exhibit 20.1: Glenview Capital Positions ......................................................................................................................... 41
Exhibit 21.1: Viking Global Positions............................................................................................................................... 43
Exhibit 22.1: Farallon Capital Positions........................................................................................................................... 45
Exhibit 23.1: Hayman Advisors Positions........................................................................................................................ 47
Exhibit 24.1: Icahn Capital Positions ............................................................................................................................... 49
Exhibit 25.1: Passport Capital Positions.......................................................................................................................... 51
Exhibit 26.1: Hanawalt Positions ..................................................................................................................................... 53
Exhibit 27.1: Coatue Positions......................................................................................................................................... 55
Exhibit 28.1: Hawkshaw Positions................................................................................................................................... 57
Exhibit 29.1: Jana Positions ............................................................................................................................................ 59
1 INTRODUCTION
Registered hedge funds over $100 million are required by the Securities and Exchange Commission (SEC) to file
quarterly updates on portfolio holdings. These holdings are filed online through form 13-F at sec.gov. Hedge funds
are required to file these holdings no later than 45 days after the end of the calendar quarter. The Street of Walls team
compiled very detailed analyses on 23 of the top Hedge Funds in the industry.
This report focuses on hedge fund positions filed at the end of 4Q 2011 and looks at meaningful changes from the
previous quarter. The report is based on 23 of the top hedge funds.
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2 CROWDEDNESS AMONG NEWLY INITIATED POSITIONS

During 4Q11, the top 23 hedge funds entered many new positions. The Heat Map below identifies the top NEW
positions added during the quarter. NEW names were not previously held in 3Q11.
Tickers in Red represent common or crowded positions. The most crowded new ideas during the quarter were DLPH,
LMCA, and GLD. Other new positions shared among hedge funds but with less overlap were ORCL, VRUS, QCOM,
YHOO, URI, TXN, WFC, and GOOG.
Below is a comp table breaking down the most common new positions outlined in the heat map above.
Ticker
Summary
Price Mkt Cap
EV
2011E
P/E
2012E
2013E
EV/EBITDA
2011E
2012E
2013E
Exposure to 3+ Funds
DELPHI AUTOMOTIV
LIBERTY MEDIA -A
EL PASO CORP
DLPH
LMCA
EP
$30.76
$86.37
$26.96
$10,097
$10,734
$20,788
$8,293
$2,090
$28,738
11.1x
30.0x
26.2x
8.5x
35.5x
22.3x
7.3x
26.8x
21.8x
3.9x
3.5x
10.2x
3.8x
4.4x
8.6x
3.4x
3.9x
8.5x
Exposure to 2 Funds
ORACLE CORP
YAHOO! INC
WESTPORT INNOVAT
UNITED RENTALS
COMVERSE TECH
QUALCOMM INC
MGIC INVT CORP
TEXAS INSTRUMENT
WELLS FARGO & CO
PHARMASSET INC
ORCL
YHOO
WPRT
URI
CMVT
QCOM
MTG
TXN
WFC
VRUS
$28.55
$14.81
$55.42
$39.44
$6.41
$62.46
$4.97
$33.40
$31.06
$136.97
$143,488
$18,369
$2,685
$2,483
$1,340
$105,646
$1,000
$38,167
$163,796
$10,363
$141,866
$17,661
$1,418
$4,864
$1,649
$71,127
$615
$34,829
$268,553
$6,060
12.3x
17.6x
NM
21.1x
19.3x
18.6x
NM
15.3x
11.0x
NM
11.6x
17.6x
NM
12.9x
11.2x
16.3x
NM
18.5x
9.7x
NM
10.6x
15.8x
NM
9.7x
9.3x
14.8x
NM
13.9x
8.6x
NM
8.6x
12.0x
NM
5.2x
8.6x
11.4x
NM
7.9x
10.1x
NM
7.5x
11.5x
NM
4.3x
6.7x
9.0x
NA
9.0x
9.6x
NM
6.9x
11.0x
NM
3.8x
6.2x
7.7x
NA
7.2x
9.4x
NM
Unique Positions
NETAPP INC
RED HAT INC
WILLIAMS-SONOMA
WYNN RESORTS LTD
COGNIZANT TECH-A
LOGITECH INTER-R
FUSION-IO INC
GROUPON INC
PALL CORP
SHANDA INTER-ADR
ENERGIZER HOLDGS
CYTEC INDS
SEMGROUP CORP-A
NETFLIX INC
BMC SOFTWARE INC
KRONOS WORLDWIDE
ECOLAB INC
CF INDUSTRIES HO
PACIFIC DRILLING
EXPEDIA INC
DOLLAR THRIFTY
COOPER COS INC
GOLDMAN SACHS GP
NTAP
RHT
WSM
WYNN
CTSH
LOGI
FIO
GRPN
PLL
SNDA
ENR
CYT
SEMG
NFLX
BMC
KRO
ECL
CF
PACD
EXPE
DTG
COO
GS
$42.96
$48.13
$37.62
$15.01
$70.66
$8.85
$58.19
$19.80
$76.61
$41.28
$78.19
$57.34
$27.40
$118.00
$38.97
$22.60
$61.50
$184.73
$10.96
$32.93
$75.24
$77.93
$116.85
$15,406
$9,296
$3,870
$1,876
$21,348
$1,696
$5,244
$12,732
$8,842
$2,333
$5,110
$2,843
$1,143
$6,539
$6,400
$2,619
$18,474
$12,079
$2,367
$4,401
$2,184
$3,729
$59,672
$9,889
$8,506
$3,580
$16,070
$16,997
$974
$1,873
NA
$6,070
$990
$7,065
$2,262
$1,152
$3,441
$4,378
$2,015
$12,181
$10,277
NA
$3,893
$2,449
$3,691
$600,776
18.4x
44.9x
17.2x
2.7x
23.0x
21.5x
NM
NM
26.1x
36.5x
14.2x
15.7x
NM
23.7x
11.8x
8.3x
24.2x
8.1x
NM
12.0x
14.7x
16.9x
25.9x
16.9x
42.9x
15.4x
2.6x
19.5x
22.6x
NM
NM
22.6x
25.2x
12.7x
14.2x
42.2x
NM
11.5x
7.4x
20.4x
8.0x
12.4x
11.9x
15.6x
15.6x
10.4x
14.2x
34.9x
14.0x
2.3x
16.3x
12.5x
NM
25.4x
20.6x
20.1x
11.2x
12.2x
NM
40.0x
10.0x
NA
17.1x
9.3x
11.5x
10.4x
14.8x
14.4x
8.8x
9.8x
33.6x
7.1x
10.5x
13.6x
8.1x
NM
NA
10.3x
6.6x
8.1x
5.5x
11.8x
8.0x
5.5x
3.6x
9.4x
3.3x
NA
5.4x
4.0x
11.1x
NA
7.6x
23.2x
6.7x
9.9x
11.0x
5.4x
46.0x
NA
9.7x
5.1x
7.8x
4.9x
9.6x
40.0x
4.6x
3.3x
5.3x
3.5x
NA
5.3x
9.1x
9.8x
NM
6.5x
19.3x
6.3x
9.2x
9.2x
4.9x
22.5x
NA
9.3x
3.9x
7.6x
4.5x
9.6x
9.9x
4.5x
NA
4.7x
4.1x
NA
4.8x
9.5x
9.3x
NM
3 CROWDEDNESS AMONG EXISTING POSITIONS

Below we break-down the most shared stocks held in at the top 23 hedge funds. Crowded trades can lead to higher
than normal share price volatility.
We examined the number of positions that were shared among our hedge fund universe, giving us an understanding of
how the herd is acting. For the top 23 hedge funds we cover, the most crowded books were from Jana, Farallon, Lone
Pine, Maverick, Tiger, and Blue Ridge (lots of Tiger Cubs in there). The least crowded positions among the books
were held at Berkshire, Baupost, Hayman, Icahn, and Hawkshaw.
Below are the top 8 positions held at each fund, followed by the amount overlap at other hedge funds. For example,
MSFT is Greenlights second largest position and is owned by 4 other hedge funds we cover.
4 HEDGE FUND SECTOR CHANGES

The percentages below show quarterly changes in sector weighting allocations (as defined by S&P GICS) for each
hedge fund we cover. For example, as defined by publicly available data Baupost increased portfolio allocation ($
amount) into Energy by +1.1% from 3Q11 to 4Q11.
There was a big push within the quarter to Consumer Discretionary (+3.1%), Financials (+0.7%), and Healthcare
(+0.5%) while Industrials (-1.4%) and Materials (-1.5%) declined the most.
Fund managers are adding exposure back into Financials and Healthcare after huge declines the last several quarters.
Government reimbursement risks associated with the Healthcare sector and low rates and mortgage related put-back
problems in Financials may have led managers to trim and exit positions within the space over 2Q11 and 3Q11 and reenter under attractive valuations in 4Q11.
5 HEDGE FUND INVESTMENT CHARACTERISTICS

Out of the 23 hedge funds examined, Consumer Discretionary was the leading sector for investment in 4Q11 (as a %
of sector investments from last quarter) followed by Energy and Technology.
The average market capitalization of hedge fund portfolio companies was $31.0 billion up from $26.5 billion last
quarter. Berkshire and Hanawalt had the highest average market cap exposure while Icahn and Hayman Advisors had
the lowest average market cap exposure.
On average the funds listed below bought companies with a 2011 forward price to earnings ratio of 18.6x. Appaloosa
and Baupost bought into the higher valuation stocks at 47.4x and 28.6x respectively while Glenview and Greenlight
bought into much lower valuations at 13.4x and 14.1x respectively.
Short interest as a percentage of publicly traded floating shares was an average of 5.3% across the 23 funds vs. 5.5%
last quarter. Coatue and Hayman had the highest short interest with 11.5% and 9.6% while Berkshire and Tiger had
the lowest with 2.7% and 2.2%. Owning stocks with high short interest is a sign of contrarian investing.
6 STOCK WRITE-UPS
Here are a few interesting investment write-ups by hedge fund managers in their recent investment letters:
Kerrisdale Capital
Apple, Inc. (Nasdaq:AAPL): Attractive investment opportunities come in all shapes and sizes. Often, we find
ourselves investing in areas we would not have expected to venture into, but which we havent been able to resist after
careful analysis. As such, we typically dont expect a top long holding to be one of the largest companies in the world,
let alone the second largest company in the world by market capitalization. Yet after examining AAPL, we decided that
the stock presented an attractive long opportunity and it comprised one of our largest positions as of year-end. Apple,
at todays prices, is an unusual stock. Fuelled by two products that have been around less than a decade, it nearly
matches Exxon Mobil as the worlds highest valued business. Yet when looking at its financials and the companys
near-term growth outlook, the company is atypically undervalued. It trades at 15x trailing FY 2011 earnings and 12x
expected FY 2012 earnings. Yet that excludes the $81bn of cash and marketable securities on the companys balance
sheet as of 9/30/11 (and which will probably be more than $90bn when the company reports its 12/31/11 financials).
This cash and securities hoard comprises 20% of the companys market capitalization. Netting out the cash and
securities, the company trades at 12x trailing FY 2011 earnings and 9x expected FY 2012 earnings. APPL has
excellent earnings quality, in that its GAAP income very much approximates the companys cash flow from operations
less capital expenditures. Yet despite these low valuation multiples, AAPL is experiencing rapid near-term growth. In
the last twelve months, Apple sold 72 million iPhones, 32 million iPads, 43 million iPods, and 17 million computers.
Gartner forecasts 2012 sales totaling 119 million iPhones and 48 million iPads, implying 50%-60% growth rates in the
companys two largest segments which constituted a combined 60% of FY 2011 sales. On top of this, there are
computer sales growing at 20%+, iTunes growing at 30%+, the potential release of an Apple TV, and a more efficient
use of Apples huge cash reserves for dividends or repurchases. Fuelling part of the growth is the Asia-Pacific market
(i.e. China), which experienced 174% revenue growth from 2010 to 2011. The Asia Pacific region may surpass the
Americas in sales during 2012 and comprise more than 30% of the companys FY 2012 sales. The bear case for Apple
is that at some point, its products will go out of fashion and/or become surpassed technologically. We recognize this
and there is somewhat of a short-term orientation to our investment. But we doubt that such troubles will befall Apple
over the next 6-12 months, and currently, Apple is gaining market share because it is the only manufacturer with
complete control over how hardware and software are packaged together. On platforms where battery life is of utmost
importance, the ability to efficiently design software and hardware that work together is a long-term sustainable
competitive advantage that no other manufacturer has. At todays valuation and with the current operating momentum,
we have been able to get sufficiently comfortable with making AAPL one of our largest longs.
Corsair Capital
Neo Material Technologies, Inc. (TSE:NEM): Neo-Material Technologies announced record third quarter net income
(in fact, more than it had reported in any previous full year) and was recently re-awarded its full share of the 2012 rare
earth quotas by the Chinese Ministry of Commerce. We continue to believe the company has normalized earnings
power of at least $1.00/share (they are over-earning now), has at least $1.00/share of net cash and has at least a
couple of high potential mining projects in the works. At 12x normalized earnings plus its cash and the potential from
the mining projects, we think the company is worth $15+. NEM also bought back stock during the quarter.
Innophos Holdings, Inc. (Nasdaq:IPHS): Innophos Holdings rallied nicely as it reported a solid quarter of earnings
and announced an accretive tuck-in acquisition. We believe the company continues to be on track to achieve cash
earnings of $5.00 per share in 2012, while ending the year with no debt. The company currently pays a quarterly
dividend at an annualized rate of $1.00 per share and has indicated it will increase this as it continues to execute on its
earnings targets. The company trades at under 10x our cash estimate for 2012 and we continue to believe it is worth
15x given the quality of its business model and clean balance sheet.
Greenlight Capital
Dell, Inc. (Nasdaq:DELL): DELL is a large seller of computer and technology products. We established our position at
an average price of $15.53. DELL is another example where the recent business performance has exceeded the
recent stock performance. While the computer business is mature, DELL has broadened its offerings over the last few
years, so that about half its sales and more than half of its gross profits come from other products. DELL has roughly
$7 per share in net cash and investments and currently earns about $2 per share (up from $1.50 in 2010). Accordingly,
DELLs P/E multiple is about 7x, and net of the cash and investments, it is less than 4x. This reflects a valuation
usually associated with collapsing businesses. We expect DELL to continue to grow its earnings per share, albeit at a
modest rate. Over the years, DELL has done a miserable job of allocating capital. During the dot-com heyday, when
the P/E multiple was sky-high, DELL routinely plowed every available dollar back into share repurchases. After the
tech bubble burst and the P/E came down to earth, it opted to hoard cash and pay fancy multiples to acquire growth.
More recently it seems to have figured out that buying back stock at nosebleed prices makes no sense, but share
repurchases at bargain prices can add real shareholder value. During the first three quarters of 2011, DELL
repurchased 7.5% of the company and has the balance sheet to do much more. DELL shares ended the year at
$14.63 per share.
Xerox Corporation (NYSE:XRX): XRX is a document management provider that entered business process
outsourcing when it acquired Affiliated Computer Services (ACS) in February 2010. The combination allows XRX to
sell more value-added services to its current customers and apply XRXs technology to deliver ACSs services more
cheaply. This is our second investment in XRX since the acquisition. The first time, we bought with the stock price
around $9.35, and sold with a modest gain over concerns about XRXs Japanese exposure after the earthquake. That
issue appeared fully discounted by the market during the fourth quarter when we re-established a position at $7.61 per
share, which is less than 8x estimated 2012 earnings. In the first nine months of 2011, XRX signed a significant
amount of new multi-year outsourcing services contracts. XRX has been aggressively cutting costs within the legacy
ACS organization. Over the long-term, XRX is expecting over 6% revenue growth and 10-15% adjusted EPS growth.
XRX expects to spend $1.0-$1.4 billion on share repurchases in 2012, which should make a good dent in the share
count given its current equity capitalization of $11 billion. XRX shares ended the year at $7.96 each.
Founders Capital Management
Coca-Cola (NYSE:KO): Coke represents a global growth story for both customers and shareholders. The company
will produce approximately $7.7 billion of cash for shareholders in 2011, up approximately 10% over 2010. Coke
currently pays an annual dividend of $1.88 per share, which represents approximately a 2.7% yield, and we think the
company will increase its dividend in 2012to around $2.00 per share. Coca-Cola will also repurchase approximately
$3 billion of stock during the next year providing shareholders a 4.75% lookthrough dividend. In 2012, we believe
Coca-Cola will grow its per-share earnings slightly more than 8%, producing around $4.15 per share. Coca-Cola will
remain a long-term holding in our portfolio.
PepsiCo (NYSE:PEP): In 2011, PepsiCo continued to increase its return to shareholders, raising its annual dividend
by more than 7.25%, from $1.92 per share to $2.06 per share. We expect PepsiCo to raise its dividend to
approximately $2.20 per share in 2012, which implies a yield of about 3.3% at the year-end stock price. In addition, we
anticipate the company will repurchase approximately $2.5 billion of stock in 2012. This action adds another 2.4%
return to shareholders, reflecting a 5.7% look-through dividend. In 2012, we expect PepsiCo to grow its per-share
earnings between 5% to 7%, producing around $4.65 per share. In summary, we like the long-term potential and
economics of the beverage and snacks businesses and think there is a multi-decade opportunity for the dominant
companies in this area. PepsiCo has a large position in these growing areas. Our assessment: Why sacrifice
ownership in a great company for which the long-term future is known, for a short-term price movement that is largely
unknown? PepsiCo will remain a long-term holding in our portfolio.
Procter & Gamble (NYSE:PG): With P&Gs eye on increasing economic value, we expect the company to earn
approximately $4.42 per share during calendar 2012 and to return a large portion of its $12 billion in profits to
shareholders in the form of share repurchases and dividends (dividends are expected to be more than $5.7 billion, or
$2.10 per shareequal to a yield of approximately 3.1% at the year-end stock price). We remain excited about P&Gs
global opportunities and will continue to commit capital to this company.
10
Kraft Foods (NYSE:KFT): A few years ago, we allocated a significant amount of capital to Kraft Foods, the largest
packaged food manufacturer in the U.S. and the second largest in the world, with annual sales near $50 billion. Kraft
Foods includes 11 brands that each generate more than $1 billion in revenue, and approximately 70 brands with
annual revenues exceeding $100 million each. Most of these brands are familiar: Kraft Cheese, Oscar Mayer meats,
Philadelphia cream cheese, Maxwell House coffee, Nabisco cookies and crackers, A1 Steak Sauce, Cool Whip,
Miracle Whip, Jell-O, Kool-Aid, and Oreos. Kraft currently pays an annual dividend of $1.16 per share, which
represents approximately a 3.1% yield at the companys year-end stock price. In 2012, we believe Kraft will grow its
per-share earnings at an 11% clip, earning around $2.53 per share. Again, this company fits the description of a
business we want to own.
United Technologies (NYSE:UTX): In 2011, UTC agreed to purchase Goodrich Corporation for $16.4 billion in
cash representing UTCs largest-ever acquisition. Goodrich is a global supplier of systems and services to the
aerospace and defense industry, primarily selling aircraft landing gears, wheels, and brakes. This $8 billion business is
a good fit with UTC and gives the company an opportunity to increase its market share of total content provided on
leading commercial and military aircraft. The acquisition, scheduled to close in 2012, also complements UTCs razor
blade business model, offering significant long-term aftermarket sales that match UTCs existing aerospace business.
We expect UTC to produce approximately $5.48 per share in earnings during 2011 and to increase per-share earnings
to $5.77 per share in 2011.
Lockheed Martin (NYSE:LMT): Lockheed Martin is a $45 billion global security and information technology (IT)
company. The majority of Lockheed Martin's business is with the U.S. Department of Defense as well as U.S. federal
government agencies. The company is the largest provider of IT services, systems integration, and training to the U.S.
government and sells products and services to the governments of other countries as well. Lockheed Martin will
produce approximately $7.61 per share in earnings during 2011 and will distribute well over $2.5 billion in reported
earnings to shareholders through dividends and share buybacks. Incidentally, Lockheed Martin pays an annual
dividend of $4 per share, which represents an approximately 4.9% yield at the companys year-end stock price. We
believe this high payback, coupled with ongoing share repurchases, is owner-oriented. Our plan is to remain patient
long-term investors in Lockheed Martin.
Medtronic (NYSE:MDT): We maintain a large position in Medtronic, the leader in implantable cardioverter
defibrillators (ICDs) and other devices for managing out-of-step hearts. The company also continues to be a leader in
devices that manage chronic diseases of the spine, pancreas, and brain. The stock price of Medtronic remains
stagnant since our initial investment, reflecting the belief of many analysts that the companys core franchises in the
cardiac rhythm management and spinal businesses have slowed down as patient volume has fallen off and managed
care has begun to push back on reimbursement. Nevertheless, we remain excited about this long-term investment. We
expect Medtronic to earn approximately $3.45 per share in its fiscal year ending April, 2012 and to grow earnings 8%
in the following year, to approximately $3.73 per share. The company is also returning money to shareholders via a
97 per share dividend, yielding 2.5% at the year-end stock price. Given Medtronics current franchise strength and
future market opportunity for devices that manage chronic diseases, we plan to hold this quality healthcare company in
our portfolio over the long term.
11
7 BAUPOST GROUP
PM: Seth Klarman

Filing Date: 12/31/2011
Company Address: Boston, MA
During 4Q11 Baupost increased their exposure to the Financials (+1.4%) and Energy (+1.1%) while trimming exposure
within Consumer S. (-0.5%) and Industrials (-2.5%).
Increases in existing positions include:
NWS
ANV
NG
IDIX
New larger positions include:
TRGT
Baupost's portfolio has a 'Contrarian' crowdedness rating(1) across our coverage universe. Weighted for position
sizing 21.7% of Baupost's top positions were found in 3 or more hedge funds we cover. Baupost's portfolio was in the
bottom quartile of our coverage universe.
Baupost Group: Current Allocation

45.0%
40.0%
35.0%
30.0%
25.0%
20.0%
15.0%
10.0%
5.0%
0.0%
40.0%
20.7%
15.6%
14.7%
5.6%
Info
Technology
Healthcare
(1)
Energy
Consumer
Discretionary
Materials
2.7%
Financials
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.
12
Exhibit 6.1: Baupost Group Positions

Ticker
Company Name
Sector
BP
VSAT
HPQ
MSFT
NWSA
NWS
ANV
AVEO
GNW
NG
ENZN
PDLI
ALR
ELOS
IDIX
TRGT
AOI
CPF
ITRN
MGAM
SCMR
BBEP
Avg.
BP PLC-ADR
VIASAT INC
HEWLETT-PACKARD
MICROSOFT CORP
NEWS CORP-A
NEWS CORP-B
ALLIED NEVADA GO
AVEO PHARMACEUTI
GENWORTH FINANCI
NOVAGOLD RES
ENZON PHARMACEUT
PDL BIOPHARMA IN
ALERE INC
SYNERON MEDICAL
IDENIX PHARM
TARGACEPT INC
ALLIANCE ONE INT
CENTRAL PACIFIC
ITURAN LOCATION
MULTIMEDIA GAMES
SYCAMORE NETWORK
BREITBURN ENERGY
Energy
Communications
Technology
Technology
Communications
Communications
Basic Materials
Consumer, Non-cyclical
Financial
Basic Materials
Financial
Industrial
Consumer, Cyclical
Communications
Energy
Source: SEC 13-F Filings.

(1) Includes Calendar Year 2012E Consensus EPS.
(2) Represents Short Interest as percent of Float.
13
Change
(12.7%)
0.0%
(9.6%)
0.0%
(28.5%)
148.8%
14.7%
1.7%
0.0%
49.3%
0.0%
(48.8%)
(35.5%)
0.0%
126.6%
New
0.0%
0.0%
0.0%
0.0%
0.0%
(100.0%)
Value
$512,880,000
$484,260,000
$483,000,000
$311,520,000
$268,343,000
$193,769,000
$121,506,000
$87,456,000
$65,500,000
$63,314,000
$60,306,000
$49,600,000
$46,180,000
$44,280,000
$42,176,000
$33,420,000
$23,900,000
$23,256,000
$23,026,000
$20,049,000
$9,503,000
$0
Shares
12,000,000
10,499,992
18,750,000
12,000,000
15,041,665
10,658,335
4,012,750
5,084,652
10,000,000
7,466,275
9,000,878
8,000,000
2,000,000
4,000,000
5,665,000
6,000,000
8,786,700
1,800,000
1,685,666
2,525,000
530,871
0
% of Filed Mkt Cap ($mn)

17.3%
16.3%
16.3%
10.5%
9.0%
6.5%
4.1%
2.9%
2.2%
2.1%
2.0%
1.7%
1.6%
1.5%
1.4%
1.1%
0.8%
0.8%
0.8%
0.7%
0.3%
0.0%
$149,378.2
$1,941.9
$58,529.0
$262,882.9
$49,858.7
$49,858.7
$2,933.2
$563.3
$4,703.1
$2,407.8
$360.7
$898.9
$2,207.9
$400.3
$1,291.0
$231.0
$275.2
$579.5
$278.0
$283.7
$543.4
$1,328.9
$26,897.1
Forward P/E (1) SI % Float (2)

6.9x
38.9x
6.5x
11.5x
14.8x
15.3x
85.9x
17.6x
22.1x
NA
NA
5.6x
10.3x
164.7x
NA
NA
NA
4.2x
10.7x
22.0x
NA
20.4x
28.6x
NA
8.0%
0.8%
0.9%
1.5%
0.8%
6.0%
7.9%
2.4%
9.2%
13.2%
11.2%
4.5%
0.4%
9.1%
10.5%
8.6%
1.4%
0.0%
4.0%
5.2%
0.5%
5.1%
8 BERKSHIRE HATHAWAY
PM: Warren Buffet

Company Address: Omaha, NE
During 4Q11 Berkshire increased their exposure to the Energy (+1.2%) and Financials (+1.0%) while trimming
exposure within Consumer S. (-0.9%) and Materials (-2.2%).
IBM
WFC
MCO
DTV
DVA
LMCA
Berkshire's portfolio has a 'Neutral' crowdedness rating(1) across our coverage universe. Weighted for position sizing
30.0% of Berkshire's top positions were found in 3 or more hedge funds we cover. Berkshire's portfolio was in the
middle quartile of our coverage universe.
Berkshire Hathaway: Current Allocation

45.0%
40.0%
35.0%
30.0%
25.0%
20.0%
15.0%
10.0%
5.0%
0.0%
38.3%
32.0%
18.9%
Consumer
Staples
Financials
(1)
Info
Technology
3.5%
3.2%
2.8%
Healthcare
Energy
Consumer
Discretionary
14
Exhibit 7.1: Berkshire Hathaway Positions

Ticker
Company Name
Sector
Change
KO
IBM
WFC
AXP
PG
KFT
WMT
COP
JNJ
USB
MCO
DTV
WPO
MTB
COST
V
CVS
INTC
GD
DVA
DG
TMK
USG
MA
SNY
GE
VRSK
LMCA
UPS
GSK
BK
GCI
IR
CDCO
Avg.
COCA-COLA CO/THE
IBM
WELLS FARGO & CO
AMERICAN EXPRESS
PROCTER & GAMBLE
KRAFT FOODS INC
WAL-MART STORES
CONOCOPHILLIPS
JOHNSON&JOHNSON
US BANCORP
MOODY'S CORP
DIRECTV-A
WASHINGTON POS-B
M&T BANK CORP
COSTCO WHOLESALE
VISA INC-CLASS A
CVS CAREMARK COR
INTEL CORP
GENERAL DYNAMICS
DAVITA INC
DOLLAR GENERAL C
TORCHMARK CORP
USG CORP
MASTERCARD INC-A
SANOFI-ADR
GENERAL ELECTRIC
VERISK ANALYTI-A
LIBERTY MEDIA -A
UNITED PARCEL-B
GLAXOSMITHKL-ADR
BANK NY MELLON
GANNETT CO
INGERSOLL-RAND
COMDISCO HOLDING
Technology
Financial
Financial
Consumer, Cyclical
Energy
Financial
Communications
Communications
Financial
Consumer, Cyclical
Consumer, Cyclical
Technology
Industrial
Consumer, Cyclical
Financial
Industrial
Industrial
Communications
Industrial
Financial
Communications
Industrial
0.0% $13,994,002,000 200,000,000

11.4% $11,751,023,000
63,905,931
6.2% $10,574,872,000 383,703,628
0.0%
$7,151,476,000 151,610,700
0.0%
$5,121,062,000
76,766,036
(3.0%) $3,251,616,000
87,034,713
0.0%
$2,332,860,000
39,037,142
0.0%
$2,120,585,000
29,100,937
(22.5%) $1,903,009,000
29,018,127
0.0%
$1,867,516,000
69,039,426
123.8%
$957,025,000
28,415,250
378.9%
$870,098,000
20,348,400
0.0%
$651,039,000
1,727,765
0.0%
$410,865,000
5,382,040
0.0%
$361,056,000
4,333,363
25.0%
$290,884,000
2,865,008
25.5%
$289,803,000
7,106,500
23.2%
$278,754,000
11,495,000
26.5%
$257,480,000
3,877,122
New
$203,512,000
2,684,500
0.0%
$185,017,000
4,497,247
0.0%
$183,791,000
4,235,818
0.0%
$173,453,000
17,072,192
0.0%
$150,992,000
405,000
731.9%
$148,487,000
4,063,675
0.0%
$139,302,000
7,777,900
(18.0%)
$138,249,000
3,445,029
New
$132,794,000
1,701,400
0.0%
$104,603,000
1,429,200
0.0%
$68,924,000
1,510,500
0.0%
$35,717,000
1,793,915
0.0%
$23,267,000
1,740,231
0.0%
$19,379,000
636,600
26.3%
$9,075,000
1,538,377

15
Value
Shares

21.2%
17.8%
16.0%
10.8%
7.7%
4.9%
3.5%
3.2%
2.9%
2.8%
1.4%
1.3%
1.0%
0.6%
0.5%
0.4%
0.4%
0.4%
0.4%
0.3%
0.3%
0.3%
0.3%
0.2%
0.2%
0.2%
0.2%
0.2%
0.2%
0.1%
0.1%
0.0%
0.0%
0.0%
$156,760.4
$224,390.4
$164,926.9
$61,407.6
$177,975.5
$68,447.4
$205,405.1
$98,266.0
$177,577.5
$56,068.9
$8,575.9
$31,888.9
$3,153.5
$10,427.0
$36,699.3
$77,027.0
$57,434.9
$138,273.3
$25,548.4
$8,056.0
$14,280.0
$5,025.7
$1,477.9
$50,395.8
$100,193.5
$204,960.4
$6,770.6
$10,757.4
$74,235.4
$112,756.5
$26,856.7
$3,569.6
$12,846.1
$22.2
$70,954.6

17.9x
0.6%
14.3x
1.2%
11.1x
0.6%
12.8x
0.6%
16.4x
0.8%
16.9x
0.6%
13.5x
1.2%
8.4x
1.4%
13.0x
1.5%
12.1x
1.5%
15.5x
5.9%
13.0x
2.6%
NA
9.6%
12.0x
3.7%
24.6x
1.2%
21.7x
0.9%
15.7x
0.9%
10.7x
2.2%
9.8x
0.9%
16.8x
1.5%
18.7x
2.4%
10.5x
3.5%
NA
21.3%
21.3x
1.0%
11.2x
NA
14.2x
0.7%
24.2x
0.5%
30.0x
0.7%
17.5x
1.6%
19.5x
NA
10.1x
1.0%
7.0x
9.9%
14.5x
4.2%
NA
0.0%
15.3x
2.7%
9 GREENLIGHT CAPITAL
PM: David Einhorn

Company Address: New York, NY
During 4Q11 Greenlight increased their exposure to the Financials (+8.1%) and Energy (+6.5%) while trimming
exposure within Consumer S. (-3.2%) and Consumer D. (-5.4%).
AAPL
GM
MRVL
ESV
BBY
DELL
DLPH
XRX
LMCA
CA
Greenlight's portfolio has a 'Neutral' crowdedness rating(1) across our coverage universe. Weighted for position sizing
40.0% of Greenlight's top positions were found in 3 or more hedge funds we cover. Greenlight's portfolio was in the
Greenlight Capital: Current Allocation

45.0%
40.0%
35.0%
30.0%
25.0%
20.0%
15.0%
10.0%
5.0%
0.0%
42.5%
23.3%
13.9%
8.4%
Info
Technology
Consumer
Discretionary
(1)
Financials
Healthcare
5.2%
3.3%
Energy
Telecom
Services
16
Exhibit 8.1: Greenlight Capital Positions

Ticker
Company Name
Sector
AAPL
MSFT
GM
GDX
CFN
MRVL
ESV
STX
DELL
BBY
S
BAGL
DLPH
CBS
NCR
XRX
HCA
AHL
HII
LM
LMCA
NVR
ABX
TRV
CA
DST
YHOO
GDXJ
RIMM
CPWR
STBZ
EPL
FSC
BIOF
RJET
TSRA
SYMM
BR
FURX
OVTI
Avg.
APPLE INC
MICROSOFT CORP
GENERAL MOTORS C
MKT VECT-GOLD MI
CAREFUSION CORP
MARVELL TECH GRP
ENSCO PLC-ADR
SEAGATE TECHNOLO
DELL INC
BEST BUY CO INC
SPRINT NEXTEL CO
EINSTEIN NOAH RE
DELPHI AUTOMOTIV
CBS CORP-B
NCR CORP
XEROX CORP
HCA HOLDINGS INC
ASPEN INSURANCE
HUNTINGTON INGAL
LEGG MASON INC
LIBERTY MEDIA -A
NVR INC
BARRICK GOLD CRP
TRAVELERS COS IN
CA INC
DST SYSTEMS INC
YAHOO! INC
MARKET VECTORS J
RESEARCH IN MOTI
COMPUWARE CORP
STATE BANK FINAN
ENERGY PARTNERS
FIFTH STREET FIN
BIOFUEL ENERGY C
REPUBLIC AIRWAYS
TESSERA TECHNOL
SYMMETRICOM INC
BROADRIDGE FINL
FURIEX PHARMACEU
OMNIVISION TECH
Technology
Technology
Consumer, Cyclical
Funds
Technology
Energy
Technology
Technology
Consumer, Cyclical
Communications
Consumer, Cyclical
Consumer, Cyclical
Communications
Technology
Technology
Financial
Industrial
Financial
Communications
Consumer, Cyclical
Basic Materials
Financial
Technology
Technology
Communications
Funds
Technology
Technology
Financial
Energy
Financial
Energy
Consumer, Cyclical
Technology
Communications
Technology
Technology

(2) Represents Short Interes t as percent of Float .
17
Change
11.4%
0.0%
29.0%
0.0%
(5.0%)
4.4%
9.2%
0.0%
New
10.0%
0.0%
0.0%
New
18.5%
(2.6%)
New
(0.0%)
(6.9%)
(6.9%)
30.8%
New
(20.6%)
0.0%
(78.4%)
New
New
New
0.0%
New
0.0%
0.0%
(24.1%)
0.0%
0.0%
0.0%
New
0.0%
(85.4%)
(9.3%)
New
Value
$592,799,000
$393,837,000
$385,321,000
$373,637,000
$308,818,000
$240,624,000
$237,032,000
$236,963,000
$206,282,000
$180,285,000
$172,610,000
$169,803,000
$167,405,000
$160,793,000
$158,191,000
$134,942,000
$123,578,000
$119,073,000
$100,924,000
$81,770,000
$76,489,000
$69,812,000
$61,088,000
$55,136,000
$51,275,000
$51,209,000
$48,695,000
$46,929,000
$42,388,000
$37,099,000
$31,731,000
$19,272,000
$19,128,000
$18,475,000
$11,706,000
$11,651,000
$9,216,000
$9,069,000
$7,425,000
$2,409,000
Shares
1,463,700
15,170,942
19,009,408
7,264,971
12,153,424
17,373,557
5,051,838
14,448,973
14,100,000
7,714,375
73,765,000
10,733,469
8,194,661
5,924,539
9,610,630
16,952,432
5,609,534
4,493,349
3,226,458
3,400,000
980,000
101,767
1,350,000
931,825
2,535,872
1,125,000
3,018,887
1,900,000
2,923,317
4,459,027
2,100,000
1,320,000
1,998,692
27,168,879
3,412,800
695,580
1,709,846
402,143
444,424
196,966

11.3%
7.5%
7.4%
7.2%
5.9%
4.6%
4.5%
4.5%
3.9%
3.5%
3.3%
3.2%
3.2%
3.1%
3.0%
2.6%
2.4%
2.3%
1.9%
1.6%
1.5%
1.3%
1.2%
1.1%
1.0%
1.0%
0.9%
0.9%
0.8%
0.7%
0.6%
0.4%
0.4%
0.4%
0.2%
0.2%
0.2%
0.2%
0.1%
0.0%
$476,441.1
$262,882.9
$42,884.6
$9,040.2
$5,877.5
$9,493.5
$12,871.1
$12,003.4
$32,696.5
$9,132.8
$6,890.4
$247.5
$10,152.6
$19,409.2
$3,421.1
$11,415.4
$11,012.2
$1,964.2
$1,746.4
$3,782.5
$10,757.4
$3,535.7
$48,410.4
$23,313.1
$13,044.4
$2,344.1
$18,387.4
$2,432.6
$7,927.0
$1,927.8
$524.1
$680.0
$841.9
$73.0
$265.7
$899.6
$265.9
$3,004.4
$184.0
$971.2
$27,078.9

14.5x
11.6x
5.2x
NA
15.3x
12.3x
18.2x
12.2x
8.5x
7.8x
NA
19.2x
11.1x
15.2x
11.1x
7.6x
8.8x
NA
9.7x
18.7x
30.0x
30.1x
10.3x
18.0x
12.2x
13.0x
17.6x
NA
3.1x
20.0x
15.6x
14.3x
9.6x
NA
25.7x
14.8x
14.1x
16.5x
NA
7.3x
14.1x
1.1%
0.9%
7.9%
5.4%
0.8%
1.1%
NA
2.7%
4.6%
13.6%
2.2%
3.1%
3.8%
1.7%
1.2%
0.9%
1.5%
2.8%
7.7%
8.0%
0.7%
4.2%
0.5%
1.6%
2.5%
1.2%
2.9%
3.9%
10.9%
1.8%
2.9%
7.2%
11.1%
3.2%
14.6%
3.1%
2.9%
1.4%
8.5%
10.9%
4.3%
10 LONE PINE CAPITAL
PM: Stephen Mandel

Company Address: Greenwich, CT
During 4Q11 LonePine increased their exposure to the Financials (+4.9%) and Consumer D. (+3.9%) while trimming
exposure within Telecom (-2.2%) and Healthcare (-4.1%).
AAPL
GOOG
PCLN
RL
GLD
FTI
BIDU
LULU
LMCA
EP
Lone Pine's portfolio has a 'Crowded' crowdedness rating(1) across our coverage universe. Weighted for position
sizing 53.3% of Lone Pine's top positions were found in 3 or more hedge funds we cover. Lone Pine's portfolio was in
the upper quartile of our coverage universe.
Lone Pine Capital: Current Allocation

40.0%
35.0%
30.0%
25.0%
20.0%
15.0%
10.0%
5.0%
0.0%
35.8%
32.3%
Info
Technology
Consumer
Discretionary
(1)
6.8%
6.0%
6.0%
4.9%
Energy
Healthcare
Financials
Industrials
18
Exhibit 9.1: Lone Pine Capital Positions

Ticker
Company Name
Sector
Change
AAPL
GOOG
PCLN
RL
DG
ESRX
GLD
V
CCI
CTSH
MON
LVS
NTAP
OII
QCOM
TDC
NTES
FTI
WYN
TDG
EQIX
BIDU
WSM
EDU
FOSL
CTRP
WBC
LULU
AH
LMCA
EP
VFC
ST
WSH
GMCR
AMP
KORS
GRA
SWI
EBAY
VIT
KMI
ISS
NWSA
HMIN
HTHT
ARCO
SVN
YNDX
Avg.
APPLE INC
GOOGLE INC-CL A
PRICELINE.COM
RALPH LAUREN COR
DOLLAR GENERAL C
EXPRESS SCRIPT
SPDR GOLD TRUST
VISA INC-CLASS A
CROWN CASTLE INT
COGNIZANT TECH-A
MONSANTO CO
LAS VEGAS SANDS
NETAPP INC
OCEANEERING INTL
QUALCOMM INC
TERADATA CORP
NETEASE.COM-ADR
FMC TECHNOLOGIES
WYNDHAM WORLDWID
TRANSDIGM GROUP
EQUINIX INC
BAIDU INC-SP ADR
WILLIAMS-SONOMA
NEW ORIENTAL-ADR
FOSSIL INC
CTRIP.COM-ADR
WABCO HOLDINGS
LULULEMON ATH
ACCRETIVE HEALTH
LIBERTY MEDIA -A
EL PASO CORP
VF CORP
SENSATA TECHNOLO
WILLIS GRP HLDGS
GREEN MOUNTAIN
AMERIPRISE FINAN
MICHAEL KORS HOL
WR GRACE & CO
SOLARWINDS INC
EBAY INC
VANCEINFO TE-ADR
KINDER MORGAN IN
ISOFTSTONE -ADS
NEWS CORP-A
HOME INNS & -ADR
CHINA LODGIN-ADS
ARCOS DORADOS-A
7 DAYS GROUP-ADR
YANDEX NV-A
Technology
Communications
Communications
Consumer, Cyclical
Consumer, Cyclical
Funds
Communications
Technology
Basic Materials
Consumer, Cyclical
Technology
Energy
Technology
Technology
Communications
Energy
Consumer, Cyclical
Industrial
Communications
Communications
Consumer, Cyclical
Consumer, Cyclical
Communications
Consumer, Cyclical
Consumer, Cyclical
Communications
Energy
Consumer, Cyclical
Industrial
Financial
Financial
Consumer, Cyclical
Basic Materials
Technology
Communications
Technology
Energy
Communications
Consumer, Cyclical
Consumer, Cyclical
Consumer, Cyclical
Consumer, Cyclical
Communications
4.4%
43.6%
126.9%
11.0%
(3.0%)
2.5%
New
111.1%
(12.9%)
(38.2%)
13.5%
31.6%
5.0%
29.7%
(12.4%)
97.6%
17.0%
New
8.0%
1.0%
(11.6%)
New
7.1%
48.0%
50.4%
9.4%
11.6%
New
15.5%
New
New
New
(7.7%)
New
New
0.0%
New
New
(26.0%)
New
0.0%
New
4.0%
(92.8%)
26.2%
63.2%
0.0%
36.7%
(48.7%)

19
Value
Shares
$870,963,000
2,150,527
$870,219,000
1,347,297
$685,954,000
1,466,623
$646,189,000
4,679,814
$631,134,000 15,341,132
$615,775,000 13,778,810
$570,015,000
3,750,348
$487,047,000
4,797,078
$474,168,000 10,584,118
$425,314,000
6,613,493
$415,227,000
5,925,885
$414,363,000
9,697,250
$362,671,000
9,999,193
$361,614,000
7,839,018
$346,115,000
6,327,518
$336,255,000
6,931,662
$334,740,000
7,463,540
$325,826,000
6,238,283
$312,439,000
8,259,034
$298,483,000
3,119,601
$281,851,000
2,779,594
$279,273,000
2,397,810
$240,062,000
6,235,380
$239,471,000
9,957,210
$236,905,000
2,985,195
$220,120,000
9,406,851
$213,106,000
4,910,277
$211,797,000
4,539,163
$208,159,000
9,058,266
$176,648,000
2,263,262
$174,320,000
6,560,799
$172,802,000
1,360,750
$161,754,000
6,155,016
$136,942,000
3,529,442
$124,895,000
2,784,721
$116,724,000
2,351,418
$99,494,000
3,651,155
$91,112,000
1,984,147
$77,927,000
2,788,081
$76,344,000
2,517,124
$71,313,000
7,862,536
$59,391,000
1,846,158
$45,970,000
5,253,739
$34,022,000
1,907,038
$29,921,000
1,159,739
$24,257,000
1,708,210
$16,929,000
824,599
$15,230,000
1,365,951
$12,563,000
637,699

6.4%
6.4%
5.0%
4.7%
4.6%
4.5%
4.2%
3.6%
3.5%
3.1%
3.0%
3.0%
2.7%
2.7%
2.5%
2.5%
2.5%
2.4%
2.3%
2.2%
2.1%
2.0%
1.8%
1.8%
1.7%
1.6%
1.6%
1.6%
1.5%
1.3%
1.3%
1.3%
1.2%
1.0%
0.9%
0.9%
0.7%
0.7%
0.6%
0.6%
0.5%
0.4%
0.3%
0.2%
0.2%
0.2%
0.1%
0.1%
0.1%
$476,441.1
$197,921.2
$29,034.2
$15,909.8
$14,280.0
$25,327.6
$72,355.4
$77,027.0
$14,610.4
$21,519.8
$42,656.2
$43,889.9
$15,431.3
$5,998.6
$106,051.9
$10,380.5
$6,244.5
$12,235.7
$6,437.7
$5,902.0
$6,381.4
$46,373.2
$3,899.8
$4,151.1
$7,348.9
$3,131.7
$3,959.3
$9,305.8
$2,299.2
$10,757.4
$20,830.0
$15,976.1
$5,590.1
$5,946.5
$10,787.2
$12,722.3
$7,881.7
$4,127.7
$2,784.2
$45,145.1
$592.6
$25,921.2
$568.8
$49,858.7
$1,399.2
$861.5
$4,544.7
$790.7
$7,464.4
$31,041.9

14.5x
17.0x
25.1x
24.9x
18.7x
17.4x
NA
21.7x
NA
23.1x
24.6x
26.5x
18.4x
25.7x
18.6x
26.7x
11.9x
31.8x
17.7x
23.1x
NA
6.8x
17.2x
27.0x
25.4x
15.5x
12.9x
NA
NA
30.0x
26.2x
17.6x
16.1x
12.4x
34.9x
11.3x
NA
14.1x
36.5x
17.3x
17.3x
31.1x
18.1x
14.8x
3.9x
6.9x
38.9x
37.9x
1.3x
20.4x
1.1%
1.2%
6.2%
4.9%
2.4%
18.7%
4.1%
0.9%
2.5%
1.3%
1.3%
2.1%
4.9%
2.4%
0.6%
3.0%
NA
4.7%
1.9%
1.1%
11.6%
NA
4.1%
NA
10.2%
NA
0.9%
11.7%
24.7%
0.7%
0.9%
2.4%
3.4%
0.6%
18.8%
1.0%
1.6%
2.5%
8.2%
0.9%
NA
7.7%
NA
1.5%
NA
NA
2.1%
NA
2.5%
4.6%
11 APPALOOSA MANAGEMENT
PM: David Tepper

Company Address: Chatham, NJ
During 4Q11 Appaloosa increased their exposure to the Consumer S. (+6.6%) and Materials (+5.9%) while trimming
exposure within Healthcare (-5.7%) and Info Tech (-9.1%).
AAPL
BSX
ORCL
XLF
DLPH
Appaloosa's portfolio has a 'Contrarian' crowdedness rating(1) across our coverage universe. Weighted for position
sizing 20.0% of Appaloosa's top positions were found in 3 or more hedge funds we cover. Appaloosa's portfolio was in
the bottom quartile of our coverage universe.
Appaloosa Management: Current Allocation

25.0%
22.0%
19.6%
20.0%
18.8%
15.0%
10.9%
10.0%
7.6%
10.0%
5.0%
0.0%
Energy
Info
Technology
(1)
Consumer
Discretionary
Consumer
Staples
Industrials
Financials
20
Exhibit 10.1: Appaloosa Management Positions

Ticker
Company Name
Sector
Change
CVI
GT
AAPL
DF
BSX
ORCL
XLF
CLMT
M
MWA
UAL
IP
VLO
MSFT
LCC
MPG
CF
DLPH
MAS
BZH
Avg.
CVR ENERGY INC

GOODYEAR TIRE
APPLE INC
DEAN FOODS CO
BOSTON SCIENTIFC
ORACLE CORP
SPDR-FINL SELECT
CALUMET SPECIALT
MACY'S INC
MUELLER WATER-A
UNITED CONTINENT
INTL PAPER CO
VALERO ENERGY
MICROSOFT CORP
US AIRWAYS GROUP
MPG OFFICE TRUST
CF INDUSTRIES HO
DELPHI AUTOMOTIV
MASCO CORP
BEAZER HOMES USA
Energy
Consumer, Cyclical
Technology
Consumer, Non-cyclic al
Technology
Funds
Energy
Consumer, Cyclical
Industrial
Consumer, Cyclical
Basic Materials
Energy
Technology
Consumer, Cyclical
Financial
Basic Materials
Consumer, Cyclical
Industrial
Consumer, Cyclical
(20.7%)
(43.7%)
377.1%
(22.1%)
New
New
New
(3.4%)
(77.4%)
(10.5%)
(70.4%)
(78.0%)
(83.7%)
(57.6%)
(65.1%)
(5.2%)
(90.9%)
New
(93.2%)
(84.0%)

21
Value
$93,743,000
$85,831,000
$73,649,000
$69,204,000
$41,639,000
$31,255,000
$27,950,000
$25,985,000
$23,903,000
$23,038,000
$22,416,000
$21,563,000
$19,117,000
$18,830,000
$16,418,000
$8,542,000
$7,152,000
$4,938,000
$1,524,000
$711,000
Shares
5,004,961
6,057,224
181,850
6,178,936
7,797,503
1,218,526
2,150,000
1,288,944
742,803
9,441,736
1,187,901
728,487
908,161
725,350
3,238,217
4,292,354
49,332
229,236
145,409
286,614

15.2%
13.9%
11.9%
11.2%
6.7%
5.1%
4.5%
4.2%
3.9%
3.7%
3.6%
3.5%
3.1%
3.0%
2.7%
1.4%
1.2%
0.8%
0.2%
0.1%
$2,562.6
$3,328.5
$476,441.1
$2,243.0
$8,780.6
$143,588.2
$6,858.7
$1,220.8
$15,504.1
$469.5
$6,895.0
$14,598.2
$14,390.6
$262,882.9
$1,267.7
$133.1
$12,244.6
$10,152.6
$4,275.7
$268.9
$49,405.3

7.6x
7.0x
14.5x
15.8x
13.3x
12.3x
NA
19.5x
13.0x
NA
6.0x
10.7x
7.5x
11.5x
11.5x
NA
8.1x
11.1x
589.5x
NA
47.4x
6.0%
4.1%
1.1%
3.9%
2.2%
0.8%
27.5%
0.8%
2.0%
7.1%
11.5%
3.0%
2.7%
0.9%
13.9%
13.0%
4.0%
3.8%
4.0%
14.4%
6.3%
12 PERSHING SQUARE CAPITAL
PM: William Ackman

During 4Q11 Pershing increased their exposure to the Healthcare (+21.9%) and Industrials (+0.0%) while trimming
exposure within Materials (-5.9%) and Energy (-11.5%).
CP
FBHS
Pershing's portfolio has a 'Neutral' crowdedness rating(1) across our coverage universe. Weighted for position sizing
30.0% of Pershing's top positions were found in 3 or more hedge funds we cover. Pershing's portfolio was in the
Pershing Square Capital: Current Allocation

28.0%
27.6%
27.0%
26.0%
24.5%
25.0%
24.0%
23.8%
Consumer Staples
Consumer Discretionary
24.0%
23.0%
22.0%
21.0%
Industrials
(1)
Financials
22
Exhibit 11.1: Pershing Square Capital Positions

Ticker
Company Name
Sector
Change
CP
JCP
GGP
BEAM
KFT
C
FDO
FBHS
HHC
ALEX
Avg.
CANADIAN PACIFIC
J.C. PENNEY CO
GENERAL GROWTH P
BEAM INC
KRAFT FOODS INC
CITIGROUP INC
FAMILY DOLLAR ST
FORTUNE BRANDS H
HOWARD HUGHE
ALEXANDER & BALD
Industrial
Consumer, Cyclical
Financial
Financial
Consumer, Cyclical
Industrial
Financial
Industrial
497.8%
0.0%
0.0%
0.0%
(16.0%)
(0.0%)
(26.4%)
New
0.0%
0.0%

23
Value
$1,634,529,000
$1,360,853,000
$1,084,951,000
$1,066,534,000
$790,566,000
$687,213,000
$483,471,000
$354,540,000
$157,600,000
$145,399,000
Shares
24,154,408
38,715,571
72,233,712
20,818,545
21,160,759
26,119,845
8,384,863
20,818,545
3,568,017
3,561,943

21.0%
17.5%
14.0%
13.7%
10.2%
8.8%
6.2%
4.6%
2.0%
1.9%
$12,678.1
$8,868.7
$15,377.0
$8,604.6
$68,447.4
$97,570.5
$6,378.1
$3,010.8
$2,071.3
$1,852.5
$22,485.9

23.9x
30.3x
NA
26.1x
16.9x
9.1x
16.5x
33.4x
NA
25.0x
22.6x
1.2%
23.0%
2.3%
0.6%
0.6%
1.8%
2.3%
4.2%
6.8%
3.4%
4.6%
13 MAVERICK CAPITAL
PM: Lee Ainslie

Company Address: Dallas, TX
During 4Q11 Maverick increased their exposure to the Healthcare (+4.3%) and Consumer S. (+3.6%) while trimming
exposure within Financials (-2.8%) and Energy (-5.2%).
TYC
AAPL
JPM
MRVL
CI
SLE
AVGO
SLM
AVY
GOOG
CVS
ARO
TDC
Maverick's portfolio has a 'Crowded' crowdedness rating(1) across our coverage universe. Weighted for position sizing
56.7% of Maverick's top positions were found in 3 or more hedge funds we cover. Maverick's portfolio was in the upper
quartile of our coverage universe.
Maverick Capital: Current Allocation

35.0%
32.5%
30.0%
25.0%
20.7%
16.6%
20.0%
16.2%
15.0%
8.4%
10.0%
5.7%
5.0%
0.0%
Info
Technology
Consumer
Discretionary
(1)
Financials
Healthcare
Industrials
Consumer
Staples
24
Exhibit 12.1: Maverick Capital Positions

Ticker
Company Name
Sector
Change
TYC
GLW
AAPL
JPM
MRVL
CI
APOL
NTAP
SLE
URBN
C
CFN
AVGO
PFE
MCK
DOX
SLM
PGR
NWSA
AVY
YOKU
GOOG
QCOM
CMCSA
CVS
WFC
DG
OC
CMCSK
ARO
TDC
ENDP
FSLR
HMIN
SIRO
AMZN
ORCL
JCP
BAP
LVS
TDG
HCA
CTSH
USB
COF
SAN
TSL
BUD
SIX
IRWD
HSNI
YGE
HTHT
Avg.
TYCO INTL LTD

CORNING INC
APPLE INC
JPMORGAN CHASE
MARVELL TECH GRP
CIGNA CORP
APOLLO GROUP-A
NETAPP INC
SARA LEE CORP
URBAN OUTFITTER
CITIGROUP INC
CAREFUSION CORP
AVAGO TECHNOLOGI
PFIZER INC
MCKESSON CORP
AMDOCS LTD
SLM CORP
PROGRESSIVE CORP
NEWS CORP-A
AVERY DENNISON
YOUKU INC-ADR
GOOGLE INC-CL A
QUALCOMM INC
COMCAST CORP-A
CVS CAREMARK COR
WELLS FARGO & CO
DOLLAR GENERAL C
OWENS CORNING
COMCAST CORP-SPL
AEROPOSTALE INC
TERADATA CORP
ENDO PHARMA HLDG
FIRST SOLAR INC
HOME INNS & -ADR
SIRONA DENTAL SY
AMAZON.COM INC
ORACLE CORP
J.C. PENNEY CO
CREDICORP LTD
LAS VEGAS SANDS
TRANSDIGM GROUP
HCA HOLDINGS INC
COGNIZANT TECH-A
US BANCORP
CAPITAL ONE FINA
BANCO SANTAN-ADR
TRINA SOLAR-ADR
ANHEUSER-SPN ADR
SIX FLAGS ENTERT
IRONWOOD PHARMAC
HSN INC
YINGLI GREEN-ADR
CHINA LODGIN-ADS
Industrial
Communications
Technology
Financial
Technology
Technology
Consumer, Cyclical
Financial
Technology
Communications
Financial
Financial
Communications
Communications
Communications
Technology
Communications
Consumer, Cyclical
Financial
Consumer, Cyclical
Industrial
Communications
Consumer, Cyclical
Technology
Technology
Consumer, Cyclical
Communications
Technology
Consumer, Cyclical
Financial
Consumer, Cyclical
Industrial
Technology
Financial
Financial
Financial
Energy
Consumer, Cyclical
Consumer, Cyclical
Industrial
Consumer, Cyclical
115.0%
(17.3%)
45.3%
19.5%
32.2%
148.5%
(41.4%)
9.0%
New
(3.6%)
10.1%
122.6%
New
43.9%
(43.5%)
19.4%
New
(29.4%)
(10.2%)
New
0.0%
New
(61.7%)
19.7%
New
(65.0%)
(26.6%)
(45.5%)
(26.4%)
New
New
New
(15.9%)
(12.6%)
New
New
(55.7%)
New
New
61.5%
New
(58.9%)
(54.8%)
(69.3%)
New
New
0.0%
36.8%
New
0.0%
(15.3%)
(52.1%)
0.1%

25
Value
$281,454,000
$280,831,000
$279,463,000
$278,448,000
$276,725,000
$270,881,000
$257,744,000
$252,944,000
$214,345,000
$203,974,000
$201,779,000
$198,825,000
$198,362,000
$196,852,000
$195,287,000
$182,843,000
$173,200,000
$170,747,000
$166,116,000
$147,439,000
$145,311,000
$144,682,000
$140,969,000
$118,946,000
$115,365,000
$113,665,000
$113,418,000
$111,269,000
$106,095,000
$104,506,000
$102,787,000
$102,143,000
$101,595,000
$84,655,000
$79,956,000
$79,012,000
$70,756,000
$69,343,000
$63,139,000
$61,421,000
$55,609,000
$54,952,000
$52,235,000
$51,525,000
$50,270,000
$48,070,000
$44,684,000
$36,910,000
$26,052,000
$25,157,000
$24,731,000
$24,491,000
$22,979,000
Shares
6,025,568
21,635,652
690,033
8,374,388
19,980,165
6,449,543
4,784,562
6,973,924
11,329,021
7,401,082
7,669,304
7,824,682
6,873,243
9,096,688
2,506,570
6,408,781
12,925,401
8,751,750
9,311,440
5,140,821
9,273,198
224,000
2,577,127
5,016,692
2,828,970
4,124,267
2,756,879
3,874,270
4,503,187
6,852,869
2,118,885
2,958,102
3,009,324
3,281,217
1,815,539
456,452
2,758,526
1,972,781
576,769
1,437,410
581,199
2,494,422
812,232
1,904,820
1,188,698
635,000
6,689,178
605,178
631,715
2,101,695
682,047
6,445,119
1,618,212

4.0%
4.0%
3.9%
3.9%
3.9%
3.8%
3.6%
3.6%
3.0%
2.9%
2.8%
2.8%
2.8%
2.8%
2.7%
2.6%
2.4%
2.4%
2.3%
2.1%
2.0%
2.0%
2.0%
1.7%
1.6%
1.6%
1.6%
1.6%
1.5%
1.5%
1.4%
1.4%
1.4%
1.2%
1.1%
1.1%
1.0%
1.0%
0.9%
0.9%
0.8%
0.8%
0.7%
0.7%
0.7%
0.7%
0.6%
0.5%
0.4%
0.4%
0.3%
0.3%
0.3%
$23,638.3
$20,997.8
$476,441.1
$147,015.6
$9,493.5
$13,002.9
$6,548.0
$15,431.3
$11,956.1
$4,145.8
$97,570.5
$5,877.5
$8,703.3
$163,463.3
$19,986.2
$5,261.1
$8,317.8
$13,271.4
$49,858.7
$3,248.6
$2,472.0
$197,921.2
$106,051.9
$78,828.4
$57,434.9
$164,926.9
$14,280.0
$3,912.7
$78,828.4
$1,414.3
$10,380.5
$4,081.1
$3,688.6
$1,399.2
$2,643.7
$82,201.3
$143,588.2
$8,868.7
$9,832.2
$43,889.9
$5,902.0
$11,012.2
$21,519.8
$56,068.9
$25,125.3
$14,863.5
$810.8
$105,326.2
$2,584.4
$1,754.0
$2,139.0
$764.6
$861.5
$38,831.8

15.3x
7.9x
14.5x
8.6x
12.3x
8.7x
11.7x
18.5x
22.6x
22.8x
9.1x
15.3x
13.4x
9.2x
13.6x
12.5x
9.0x
14.4x
14.8x
17.5x
NA
17.0x
18.6x
18.4x
15.7x
11.1x
18.7x
14.3x
17.9x
16.6x
26.7x
7.6x
7.3x
3.9x
16.1x
NA
12.3x
30.3x
13.9x
26.5x
23.1x
8.9x
23.1x
12.1x
7.2x
0.0x
NA
17.2x
NA
NA
17.3x
11.1x
6.9x
14.8x
0.6%
0.9%
1.1%
0.9%
1.1%
0.9%
7.4%
4.9%
1.0%
13.7%
1.8%
0.8%
0.7%
0.7%
0.6%
1.3%
1.4%
1.2%
1.5%
8.5%
NA
1.2%
0.6%
1.2%
0.9%
0.6%
2.4%
4.4%
1.1%
10.9%
3.0%
4.9%
27.7%
NA
1.8%
1.9%
0.8%
23.0%
1.3%
2.1%
1.1%
1.5%
1.3%
1.5%
5.4%
NA
NA
NA
8.1%
9.0%
8.0%
NA
NA
4.2%
14 THIRD POINT
PM: Daniel Loeb

During 4Q11 ThirdPoint increased their exposure to the Financials (+10.9%) and Energy (+3.1%) while trimming
exposure within Info Tech (-6.4%) and Industrials (-8.0%).
YHOO
SLE
MJN
GILD
LINTA
MRVL
DISH
PXP
SWKS
LMCA
GS
GNW
ETFC
Third Point's portfolio has a 'Neutral' crowdedness rating(1) across our coverage universe. Weighted for position
sizing 33.3% of Third Point's top positions were found in 3 or more hedge funds we cover. Third Point's portfolio was in
the middle quartile of our coverage universe.
Third Point: Current Allocation

50.0%
45.0%
40.0%
35.0%
30.0%
25.0%
20.0%
15.0%
10.0%
5.0%
0.0%
47.2%
14.8%
Info
Technology
Energy
(1)
14.0%
Consumer
Discretionary
9.7%
Consumer
Staples
5.4%
3.6%
Financials
Materials
26
Exhibit 13.1: Third Point Positions

Ticker
Company Name
Sector
Change
YHOO
SLE
EP
MRVL
DISH
MJN
GILD
PXP
SUN
BIG
SWKS
NWL
LINTA
LMCA
GDI
CE
SNDK
WMB
FMC
EXPE
GS
GLD
GNW
ETFC
CXS
MTG
YPF
WFR
WPX
XRM
SXC
ABX
AXAS
HFC
BIOF
POT
GTI
Avg.
YAHOO! INC
SARA LEE CORP
EL PASO CORP
MARVELL TECH GRP
DISH NETWORK-A
MEAD JOHNSON
GILEAD SCIENCES
PLAINS EXPLORATI
SUNOCO INC
BIG LOTS INC
SKYWORKS SOLUTIO
NEWELL RUBBERMAI
LIBERTY INTERA-A
LIBERTY MEDIA -A
GARDNER DENVER
CELANESE CORP-A
SANDISK CORP
WILLIAMS COS INC
FMC CORP
EXPEDIA INC
GOLDMAN SACHS GP
SPDR GOLD TRUST
GENWORTH FINANCI
E*TRADE FINANCIA
CREXUS INVESTMEN
MGIC INVT CORP
YPF SA-ADR
MEMC ELEC MATER
WPX ENERGY
XERIUM TECHNOLOG
SUNCOKE ENERGY I
BARRICK GOLD CRP
ABRAXAS PETRO
HOLLYFRONTIER CO
BIOFUEL ENERGY C
POTASH CORP SAS
GRAFTECH INTL
Communications
Energy
Technology
Communications
Energy
Energy
Consumer, Cyclical
Technology
Consumer, Cyclical
Communications
Communications
Industrial
Basic Materials
Technology
Energy
Basic Materials
Communications
Financial
Funds
Financial
Financial
Financial
Financial
Energy
Technology
Energy
Basic Materials
Energy
Basic Materials
Energy
Energy
Energy
Basic Materials
Industrial
16.7%
14.7%
(20.7%)
New
New
18.2%
58.3%
New
(4.2%)
(13.2%)
New
(12.9%)
50.0%
New
(9.1%)
6.3%
(50.0%)
(81.0%)
75.0%
(64.9%)
New
(38.5%)
New
New
(1.4%)
New
New
New
New
0.0%
New
(92.8%)
0.0%
(93.7%)
0.0%
New
(94.4%)

27
Value
Shares
$903,291,000 56,000,700
$147,576,000
7,800,000
$147,464,000
5,550,000
$138,500,000 10,000,000
$113,920,000
4,000,000
$89,349,000
1,300,000
$77,767,000
1,900,000
$77,112,000
2,100,000
$74,656,000
1,820,000
$62,304,000
1,650,000
$60,825,000
3,750,000
$49,258,000
3,050,000
$48,645,000
3,000,000
$39,025,000
500,000
$38,530,000
500,000
$37,630,000
850,000
$34,447,000
700,000
$33,020,000
1,000,000
$30,114,000
350,000
$29,020,000
1,000,000
$27,129,000
300,000
$24,318,000
160,000
$22,925,000
3,500,000
$20,139,000
2,530,000
$18,684,000
1,800,000
$18,650,000
5,000,000
$17,340,000
500,000
$14,775,000
3,750,000
$12,719,000
700,000
$11,118,000
1,700,000
$10,080,000
900,000
$7,426,000
164,100
$5,274,000
1,600,351
$4,956,000
211,800
$3,794,000
5,578,800
$2,675,000
64,800
$1,310,000
96,000

36.8%
6.0%
6.0%
5.6%
4.6%
3.6%
3.2%
3.1%
3.0%
2.5%
2.5%
2.0%
2.0%
1.6%
1.6%
1.5%
1.4%
1.3%
1.2%
1.2%
1.1%
1.0%
0.9%
0.8%
0.8%
0.8%
0.7%
0.6%
0.5%
0.5%
0.4%
0.3%
0.2%
0.2%
0.2%
0.1%
0.1%
$18,387.4
$11,956.1
$20,830.0
$9,493.5
$12,847.9
$15,521.1
$33,838.8
$6,225.2
$4,260.7
$2,891.1
$4,708.3
$5,567.1
$10,827.0
$10,757.4
$3,691.3
$8,111.9
$11,466.9
$17,374.4
$6,886.6
$4,397.0
$59,725.3
$72,355.4
$4,703.1
$2,701.7
$867.7
$1,001.8
$13,207.4
$1,054.4
$3,741.0
$133.6
$1,008.8
$48,410.4
$382.7
$7,224.9
$73.0
$40,702.5
$2,282.0
$12,962.6

17.7x
22.6x
26.2x
12.3x
9.2x
27.4x
11.7x
25.7x
NA
15.0x
12.7x
12.0x
25.1x
30.0x
13.1x
11.5x
10.2x
18.9x
16.4x
12.0x
26.0x
NA
22.0x
17.6x
8.2x
NA
2.0x
19.2x
24.1x
9.7x
11.8x
10.4x
29.9x
5.1x
NA
13.4x
16.0x
16.5x
2.9%
1.0%
0.9%
1.1%
1.0%
1.6%
1.9%
4.1%
6.3%
6.1%
3.3%
1.1%
0.6%
0.7%
5.9%
1.8%
2.6%
2.9%
0.9%
16.2%
1.7%
4.1%
2.4%
2.9%
2.2%
20.4%
NA
5.7%
2.5%
3.3%
8.4%
0.5%
20.8%
2.9%
3.2%
0.5%
4.2%
4.1%
15 BLUE RIDGE CAPITAL
PM: John Griffin

During 4Q11 BlueRidge increased their exposure to the Energy (+3.3%) and Consumer S. (+1.8%) while trimming
exposure within Consumer D. (-0.7%) and Financials (-6.0%).
AAPL
AMZN
GOOG
NFLX
MON
ST
DLTR
LBTYA
PCLN
JPM
N/A
Blue Ridge's portfolio has a 'Crowded' crowdedness rating(1) across our coverage universe. Weighted for position
sizing 43.3% of Blue Ridge's top positions were found in 3 or more hedge funds we cover. Blue Ridge's portfolio was in
the upper quartile of our coverage universe.
Blue Ridge: Current Allocation

35.0%
30.0%
28.6%
25.0%
16.9%
20.0%
13.3%
15.0%
13.1%
10.0%
8.4%
7.2%
Industrials
Materials
5.0%
0.0%
Consumer
Discretionary
Financials
(1)
Info
Technology
Healthcare
28
Exhibit 14.1: Blue Ridge Positions

Ticker
Company Name
Sector
AAPL
AMZN
VRX
RRC
GOOG
TMO
NFLX
GDX
MON
ST
NRG
DLTR
LBTYA
EBAY
PCLN
JPM
LVLT
DAL
BLK
CVC
AMTD
BHI
UAL
YOKU
AGNC
GS
NG
EWBC
PMT
BSBR
ILMN
IVN
YNDX
NVR
KKR
XIN
BAP
MTG
GLRE
IVAN
TSLA
DYN
SATS
GBDC
ARCO
DISCK
PACB
NBN
DNKN
Avg.
APPLE INC
AMAZON.COM INC
VALEANT PHARMACE
RANGE RESOURCES
GOOGLE INC-CL A
THERMO FISHER
NETFLIX INC
MKT VECT-GOLD MI
MONSANTO CO
SENSATA TECHNOLO
NRG ENERGY
DOLLAR TREE INC
LIBERTY GLOBAL-A
EBAY INC
PRICELINE.COM
JPMORGAN CHASE
LEVEL 3 COMM INC
DELTA AIR LI
BLACKROCK INC
CABLEVISION SY-A
TD AMERITRADE HO
BAKER HUGHES INC
UNITED CONTINENT
YOUKU INC-ADR
AMERICAN CAPITAL
GOLDMAN SACHS GP
NOVAGOLD RES
EAST WEST BNCRP
PENNYMAC MORTGAG
BANCO SANTANDER
ILLUMINA INC
IVANHOE MINES
YANDEX NV-A
NVR INC
KKR & CO LP
XINYUAN REAL-ADR
CREDICORP LTD
MGIC INVT CORP
GREENLIGHT CAP-A
IVANHOE ENERGY
TESLA MOTORS
DYNEGY INC
ECHOSTAR CORP-A
GOLUB CAPITAL BD
ARCOS DORADOS-A
DISCOVERY COMM-C
PACIFIC BIOSCIEN
NORTHEAST BANCRP
DUNKIN' BRANDS G
Technology
Communications
Energy
Communications
Industrial
Communications
Funds
Basic Materials
Industrial
Utilities
Consumer, Cyclical
Communications
Communications
Communications
Financial
Communications
Consumer, Cyclical
Financial
Communications
Financial
Energy
Consumer, Cyclical
Communications
Financial
Financial
Basic Materials
Financial
Financial
Financial
Basic Materials
Communications
Consumer, Cyclical
Financial
Consumer, Cyclical
Financial
Financial
Financial
Energy
Consumer, Cyclical
Utilities
Communications
Financial
Consumer, Cyclical
Communications
Financial
Consumer, Cyclical

29
Change
61.8%
287.2%
(37.2%)
(90.0%)
890.4%
(56.5%)
80.9%
(14.6%)
107.3%
18.8%
(72.0%)
95.6%
16.9%
(93.6%)
1,353.2%
20.9%
(85.1%)
(95.4%)
792.2%
(4.4%)
(70.7%)
110.2%
13.7%
(41.7%)
(72.7%)
1,217.8%
(57.7%)
(21.6%)
105.4%
(82.3%)
196.0%
(35.9%)
(97.0%)
4,747.1%
476.1%
(98.1%)
3,724.1%
(91.1%)
1,710.5%
(96.4%)
485.2%
(82.9%)
19.9%
35.3%
(90.5%)
(24.3%)
(47.7%)
(71.9%)
(53.9%)
Value
Shares
$419,896,000
1,941,896
$279,128,000
7,519,600
$275,909,000
4,719,627
$242,326,000
470,500
$235,982,000
4,660,000
$229,712,000
2,028,000
$202,492,000
3,669,000
$188,225,000
3,135,000
$171,990,000
6,500,000
$163,847,000
7,725,000
$162,302,000
2,160,000
$152,861,000
4,225,000
$145,681,000
4,940,000
$141,805,000
315,500
$138,100,000
4,585,000
$8,261,000
5,544,275
$93,000,000 12,400,000
$85,106,000
575,000
$80,695,000
5,130,000
$72,128,000
4,905,000
$66,225,000
1,435,000
$58,470,000
3,017,010
$56,115,000
3,430,000
$54,200,000
2,000,000
$51,624,000
546,000
$46,408,000
7,195,000
$45,328,000
3,040,100
$37,906,000
2,384,000
$35,847,000
4,897,100
$35,396,000
865,000
$35,072,000
2,560,000
$33,554,000
1,640,000
$29,746,000
49,250
$24,827,000
2,387,180
$24,618,000 13,752,933
$23,871,000
258,900
$18,514,000
9,900,600
$18,311,000
882,892
$17,104,000 15,985,000
$14,024,000
575,000
$13,864,000
3,365,000
$13,008,000
575,300
$10,241,000
689,655
$8,686,000
933,000
$3,132,000
89,096
$2,793,000
870,000
$2,024,000
157,040
$693,000
25,000
$329,000
401,445

9.8%
6.5%
6.5%
5.7%
5.5%
5.4%
4.7%
4.4%
4.0%
3.8%
3.8%
3.6%
3.4%
3.3%
3.2%
0.2%
2.2%
2.0%
1.9%
1.7%
1.6%
1.4%
1.3%
1.3%
1.2%
1.1%
1.1%
0.9%
0.8%
0.8%
0.8%
0.8%
0.7%
0.6%
0.6%
0.6%
0.4%
0.4%
0.4%
0.3%
0.3%
0.3%
0.2%
0.2%
0.1%
0.1%
0.0%
0.0%
0.0%
$476,441.1
$82,201.3
$13,704.9
$10,430.0
$197,921.2
$21,261.2
$6,612.8
$9,040.2
$42,656.2
$5,590.1
$4,086.8
$10,555.1
$13,638.0
$45,145.1
$29,034.2
$147,015.6
$4,422.9
$8,125.4
$34,933.0
$4,357.8
$9,660.7
$22,591.5
$6,895.0
$2,472.0
$6,869.1
$59,725.3
$2,407.8
$3,349.9
$500.2
$40,664.5
$6,413.6
$12,416.1
$7,464.4
$3,535.7
$10,291.5
$185.4
$9,832.2
$1,001.8
$932.7
$340.1
$3,600.4
$177.9
$2,664.0
$384.4
$4,544.7
$15,400.0
$233.5
$43.7
$3,533.1
$28,679.7

14.5x
NA
16.2x
NA
17.0x
14.3x
23.8x
NA
24.6x
16.1x
21.6x
22.4x
NA
17.3x
25.2x
8.6x
NA
6.9x
16.5x
16.5x
15.3x
12.3x
6.0x
NA
6.1x
26.0x
NA
14.0x
7.4x
NA
39.6x
NA
1.3x
30.1x
20.6x
1.9x
13.9x
NA
49.8x
NA
NA
NA
NA
13.1x
38.9x
15.5x
NA
NA
31.3x
18.3x
1.1%
1.9%
1.7%
2.4%
1.2%
1.0%
20.1%
5.4%
1.3%
3.4%
2.3%
2.8%
2.2%
0.9%
6.2%
0.9%
9.4%
1.1%
2.1%
3.8%
3.9%
1.4%
11.5%
NA
3.0%
1.7%
9.2%
2.5%
4.2%
NA
21.4%
10.0%
2.5%
4.2%
1.0%
NA
1.3%
20.4%
4.7%
2.5%
46.4%
7.6%
1.3%
2.2%
2.1%
0.1%
7.7%
0.0%
4.6%
5.4%
16 PAULSON & CO.
PM: John Paulson

During 4Q11 Paulson increased their exposure to the Energy (+7.5%) and Info Tech (+5.7%) while trimming exposure
within Industrials (-3.0%) and Consumer D. (-6.7%).
MMI
AMCX
NG
GR
MHS
DLPH
VRUS
EP
URI
Paulson's portfolio has a 'Neutral' crowdedness rating(1) across our coverage universe. Weighted for position sizing
36.7% of Paulson's top positions were found in 3 or more hedge funds we cover. Paulson's portfolio was in the middle
Paulson & Co: Current Allocation

45.0%
40.0%
35.0%
30.0%
25.0%
20.0%
15.0%
10.0%
5.0%
0.0%
40.0%
20.4%
15.9%
9.3%
Financials
Materials
(1)
Consumer
Discretionary
Healthcare
7.1%
Energy
4.7%
Info Technology
30
Exhibit 15.1: Paulson & Co. Positions

Ticker
Company Name
Sector
Change
GLD
AU
DLPH
APC
HIG
MYL
MMI
COF
MGM
GFI
XL
AMCX
ACAS
STI
NG
VRUS
LIFE
RKT
GR
SNI
CNO
BAX
IDCC
RAH
MHS
MOS
EP
RIG
WFC
GOLD
BPOP
NWS
FDO
HHC
ABH
TRH
GRFS
VECO
THC
BZ
CBG
IAG
ABX
AEM
BEE
WLT
STBZ
Avg.
SPDR GOLD TRUST

ANGLOGOLD AS-ADR
DELPHI AUTOMOTIV
ANADARKO PETROLE
HARTFORD FINL SV
MYLAN INC
MOTOROLA MOBILIT
CAPITAL ONE FINA
MGM RESORTS INTE
GOLD FIELDS-ADR
XL GROUP PLC
AMC NETWORKS-A
AMERICAN CAPITAL
SUNTRUST BANKS
NOVAGOLD RES
PHARMASSET INC
LIFE TECHNOLOGIE
ROCK-TENN CO-A
GOODRICH CORP
SCRIPPS NET-CL A
CNO FINANCIAL GR
BAXTER INTL INC
INTERDIGITAL INC
RALCORP HLDGS
MEDCO HEALTH SOL
MOSAIC CO/THE
EL PASO CORP
TRANSOCEAN LTD
WELLS FARGO & CO
RANDGOLD RES-ADR
POPULAR INC
NEWS CORP-B
FAMILY DOLLAR ST
HOWARD HUGHE
ABITIBIBOWATER
TRANSATLANTIC HL
GRIFOLS SA-ADR
VEECO INSTRUMENT
TENET HEALTHCARE
BOISE INC
CBRE GROUP INC-A
IAMGOLD CORP
BARRICK GOLD CRP
AGNICO-EAGLE MIN
STRATEGIC HOTELS
WALTER ENERGY
STATE BANK FINAN
Funds
Basic Materials
Consumer, Cyclical
Energy
Financial
Communications
Financial
Consumer, Cyclical
Basic Materials
Financial
Communications
Financial
Financial
Basic Materials
Industrial
Industrial
Communications
Financial
Communications
Basic Materials
Energy
Energy
Financial
Basic Materials
Financial
Communications
Consumer, Cyclical
Financial
Basic Materials
Financial
Technology
Basic Materials
Financial
Basic Materials
Basic Materials
Basic Materials
Financial
Energy
Financial
(14.6%) $2,631,092,000
(6.5%) $1,455,640,000
New $1,114,367,000
(32.4%)
$731,207,000
(3.6%)
$608,561,000
(15.2%)
$452,879,000
22.2%
$426,800,000
(57.2%)
$401,417,000
(8.2%)
$390,266,000
(4.3%)
$358,462,000
(27.9%)
$337,511,000
15.0%
$216,085,000
(17.8%)
$214,577,000
(61.0%)
$209,745,000
13.6%
$194,657,000
New
$192,300,000
(33.9%)
$189,316,000
(28.3%)
$183,537,000
185.5%
$176,600,000
(12.9%)
$166,180,000
(1.7%)
$148,276,000
(54.0%)
$141,718,000
(1.7%)
$128,514,000
(53.6%)
$128,250,000
185.7%
$111,800,000
(1.8%)
$111,455,000
New
$106,280,000
(83.9%)
$100,079,000
(85.4%)
$96,212,000
1.7%
$95,841,000
(1.8%)
$91,421,000
(66.6%)
$89,262,000
(39.4%)
$86,490,000
(14.7%)
$69,727,000
(7.0%)
$68,323,000
(41.6%)
$63,897,000
1.6%
$62,655,000
(1.8%)
$61,293,000
(50.0%)
$51,300,000
(11.9%)
$50,155,000
(64.2%)
$45,993,000
1.7%
$43,903,000
1.7%
$41,779,000
1.7%
$37,327,000
(13.1%)
$30,342,000
(50.0%)
$30,280,000
(17.1%)
$29,117,000

31
Value
Shares
17,310,952
34,290,702
51,734,758
9,579,548
37,449,923
21,103,400
11,000,000
9,492,000
37,417,600
23,505,693
17,071,900
5,750,000
31,883,700
11,850,000
22,954,818
1,500,000
4,865,492
3,180,885
1,427,649
3,917,500
23,498,496
2,864,152
2,949,600
1,500,000
2,000,000
2,210,100
4,000,000
2,606,900
3,491,000
938,700
65,770,600
4,909,900
1,500,000
1,578,600
4,688,259
1,167,500
11,329,997
2,946,800
10,000,000
7,044,300
3,021,900
2,769,900
923,300
1,025,900
5,650,200
500,000
1,928,300

20.3%
11.2%
8.6%
5.6%
4.7%
3.5%
3.3%
3.1%
3.0%
2.8%
2.6%
1.7%
1.7%
1.6%
1.5%
1.5%
1.5%
1.4%
1.4%
1.3%
1.1%
1.1%
1.0%
1.0%
0.9%
0.9%
0.8%
0.8%
0.7%
0.7%
0.7%
0.7%
0.7%
0.5%
0.5%
0.5%
0.5%
0.5%
0.4%
0.4%
0.4%
0.3%
0.3%
0.3%
0.2%
0.2%
0.2%
$72,355.4
$16,555.6
$10,152.6
$42,646.3
$9,431.9
$9,822.6
$11,999.1
$25,125.3
$6,970.7
$11,429.8
$6,361.6
$3,187.6
$3,017.0
$12,444.9
$2,407.8
$10,362.8
$8,357.8
$4,782.1
$15,761.9
$7,095.6
$1,822.0
$32,000.4
$1,799.3
$4,114.9
$24,555.1
$24,508.0
$20,830.0
$17,354.0
$164,926.9
$10,295.4
$1,742.7
$49,858.7
$6,378.1
$2,071.3
$1,503.6
$3,563.7
$4,376.0
$1,123.6
$2,430.2
$876.9
$6,234.7
$6,315.4
$48,410.4
$6,271.4
$1,150.9
$4,235.3
$524.1
$12,791.0

NA
1.8x
11.1x
29.5x
10.9x
11.2x
NA
7.2x
NA
1.6x
NA
22.4x
6.9x
21.3x
NA
NA
12.5x
13.0x
19.9x
15.5x
10.2x
13.1x
20.7x
14.1x
15.2x
11.1x
26.2x
35.1x
11.1x
27.2x
10.6x
15.3x
16.5x
NA
9.1x
NA
15.7x
5.8x
13.4x
10.8x
18.3x
14.1x
10.4x
9.7x
NA
11.7x
15.6x
15.1x
4.1%
NA
3.8%
1.0%
6.1%
7.4%
3.6%
5.4%
9.5%
NA
1.1%
2.7%
0.8%
2.1%
9.2%
2.6%
2.7%
2.8%
1.1%
4.0%
10.7%
0.8%
12.3%
0.8%
1.6%
1.7%
0.9%
1.7%
0.6%
NA
1.5%
0.8%
2.3%
6.8%
10.7%
0.9%
NA
20.6%
6.6%
3.8%
2.8%
0.3%
0.5%
0.4%
5.2%
3.1%
2.9%
5.6%
17 SOROS FUND MANAGEMENT
PM: George Soros

During 4Q11 Soros increased their exposure to the Financials (+12.1%) and Materials (+1.1%) while trimming
exposure within Telecom (-1.8%) and Energy (-3.4%).
AAPL
ESRX
RPF
SLE
BIDU
GOOG
CMVT
WFC
MHS
TXN
KEY
Soros Fund's portfolio has a 'Neutral' crowdedness rating(1) across our coverage universe. Weighted for position
sizing 30.0% of Soros Fund's top positions were found in 3 or more hedge funds we cover. Soros Fund's portfolio was
in the middle quartile of our coverage universe.
Soros Fund Management: Current Allocation

45.0%
40.0%
35.0%
30.0%
25.0%
20.0%
15.0%
10.0%
5.0%
0.0%
39.8%
13.4%
Info Technology
(1)
Energy
13.4%
Consumer
Staples
9.8%
8.2%
7.7%
Consumer
Discretionary
Industrials
Healthcare
32
Exhibit 16.1: Soros Fund Management Positions

Ticker
Company Name
Sector
Change
MSI
IOC
AGRO
GOOG
WPRT
CMVT
EXAR
AAPL
WFC
ESRX
DISH
MRCY
YPF
MHS
EXTR
MDCO
DVA
DTV
CHTR
SLE
TXN
ACTG
KEY
LORL
DAL
SPY
BFLY
BIDU
FCX
STLD
GLD
EJ
VC
KFT
PMTC
LMCA
DLPH
PEP
CHDN
EXPE
TRIP
GM
CKSW
Avg.
MOTOROLA SOLUTIO
INTEROIL CORP
ADECOAGRO SA
GOOGLE INC-CL A
WESTPORT INNOVAT
COMVERSE TECH
EXAR CORP
APPLE INC
WELLS FARGO & CO
EXPRESS SCRIPT
DISH NETWORK-A
MERCURY COMPUTER
YPF SA-ADR
MEDCO HEALTH SOL
EXTREME NETWORKS
MEDICINES COMP
DAVITA INC
DIRECTV-A
CHARTER COM-A
SARA LEE CORP
TEXAS INSTRUMENT
ACACIA RESEARCH
KEYCORP
LORAL SPACE & CO
DELTA AIR LI
SPDR S&P 500 ETF
BLUEFLY INC
BAIDU INC-SP ADR
FREEPORT-MCMORAN
STEEL DYNAMICS
SPDR GOLD TRUST
E-HOUSE CHIN-ADS
VISTEON CORP
KRAFT FOODS INC
PARAMETRIC TECH
LIBERTY MEDIA -A
DELPHI AUTOMOTIV
PEPSICO INC
CHURCHILL DOWNS
EXPEDIA INC
TRIPADVISOR INC
GENERAL MOTORS C
CLICKSOFTWARE TE
Communications
Energy
Communications
Consumer, Cyclical
Communications
Technology
Technology
Financial
Communications
Technology
Energy
Communications
Communications
Communications
Technology
Financial
Communications
Consumer, Cyclical
Funds
Communications
Communications
Basic Materials
Basic Materials
Funds
Financial
Consumer, Cyclical
Technology
Communications
Consumer, Cyclical
Consumer, Cyclical
Communications
Communications
Consumer, Cyclical
Communications
(24.1%)
0.0%
(0.4%)
New
2.2%
New
0.0%
13.9%
New
250.3%
(19.1%)
3.2%
58.0%
New
(0.5%)
(26.5%)
(38.5%)
18.2%
16.2%
72.0%
New
(47.9%)
New
0.0%
New
New
0.0%
169.8%
New
New
76.7%
62.0%
(84.7%)
(2.0%)
44.4%
New
New
89.9%
New
New
New
(48.5%)
(45.6%)

(2) Represents Short Interes t as percent of Float.
33
Value
$231,889,000
$224,697,000
$209,926,000
$167,869,000
$107,301,000
$100,956,000
$43,333,000
$38,475,000
$33,072,000
$32,300,000
$31,440,000
$30,467,000
$29,834,000
$29,439,000
$23,966,000
$23,300,000
$22,743,000
$20,288,000
$19,662,000
$17,558,000
$17,466,000
$14,636,000
$14,539,000
$14,375,000
$14,311,000
$14,125,000
$13,965,000
$13,802,000
$13,623,000
$13,150,000
$12,988,000
$12,797,000
$12,483,000
$12,105,000
$11,869,000
$11,385,000
$11,158,000
$9,853,000
$9,413,000
$9,292,000
$9,240,000
$9,148,000
$8,311,000
Shares
5,009,489
4,394,622
25,384,049
259,900
3,228,063
14,716,666
6,666,666
95,000
1,200,000
722,765
1,103,910
2,292,446
860,255
526,623
8,207,666
1,250,000
300,000
474,453
345,303
928,000
600,000
400,873
1,890,700
221,561
1,769,000
112,552
6,480,070
118,500
370,300
1,000,000
85,450
2,997,000
249,950
324,000
650,000
145,870
518,000
148,500
180,564
320,210
366,510
451,300
866,666

12.2%
11.8%
11.1%
8.8%
5.7%
5.3%
2.3%
2.0%
1.7%
1.7%
1.7%
1.6%
1.6%
1.6%
1.3%
1.2%
1.2%
1.1%
1.0%
0.9%
0.9%
0.8%
0.8%
0.8%
0.8%
0.7%
0.7%
0.7%
0.7%
0.7%
0.7%
0.7%
0.7%
0.6%
0.6%
0.6%
0.6%
0.5%
0.5%
0.5%
0.5%
0.5%
0.4%
$15,895.3
$3,132.8
$1,146.7
$197,921.2
$2,269.2
$1,343.2
$313.0
$476,441.1
$164,926.9
$25,327.6
$12,847.9
$456.7
$13,207.4
$24,555.1
$329.8
$1,135.0
$8,056.0
$31,888.9
$6,754.0
$11,956.1
$38,255.9
$1,716.5
$7,727.9
$2,142.9
$8,125.4
$96,450.0
$57.7
$46,373.2
$42,077.8
$3,444.4
$72,355.4
$509.2
$2,817.0
$68,447.4
$3,155.1
$10,757.4
$10,152.6
$98,713.7
$978.5
$4,397.0
$4,081.3
$42,884.6
$315.2
$20,600.4

19.1x
NA
24.0x
17.0x
NA
19.4x
NA
14.5x
11.1x
17.4x
9.2x
17.3x
2.0x
15.2x
39.2x
9.6x
16.8x
13.0x
NA
22.6x
15.3x
38.1x
8.8x
NA
6.9x
NA
12.0x
6.8x
9.2x
12.9x
NA
NA
14.6x
16.9x
18.9x
30.0x
11.1x
14.3x
22.9x
12.0x
22.0x
5.2x
19.3x
15.1x
1.2%
20.6%
0.2%
1.2%
14.0%
0.9%
2.5%
1.1%
0.6%
18.7%
1.0%
3.4%
NA
1.6%
3.7%
3.8%
1.5%
2.6%
2.8%
1.0%
1.3%
4.3%
1.0%
4.2%
1.1%
41.1%
0.0%
NA
2.5%
2.5%
4.1%
NA
4.2%
0.6%
3.3%
0.7%
3.8%
0.5%
2.3%
16.2%
7.3%
7.9%
0.1%
5.3%
18 FAIRHOLME CAPITAL
PM: Bruce Berkowitz

Company Address: Miami, FL
During 4Q11 Fairholme increased their exposure to the Consumer D. (+3.1%) and Materials (+0.0%) while trimming
exposure within Telecom (-0.3%) and Energy (-2.8%).
N/A
N/A
Fairholme's portfolio has a 'Contrarian' crowdedness rating(1) across our coverage universe. Weighted for position
sizing 20.0% of Fairholme's top positions were found in 3 or more hedge funds we cover. Fairholme's portfolio was in
Fairholme Capital: Current Allocation

91.6%
100.0%
90.0%
80.0%
70.0%
60.0%
50.0%
40.0%
30.0%
20.0%
10.0%
0.0%
8.4%
Financials
(1)
34
Exhibit 17.1: Fairholme Capital Management Positions

Ticker
Company Name
Sector
AIG
CIT
BAC
MBI
SHLD
BRK/A
LUK
JOE
BRK/B
C
JEF
GS
WFC
AGO
RF
Avg.
AMERICAN INTERNA
CIT GROUP INC
BANK OF AMERICA
MBIA INC
SEARS HOLDINGS
BERKSHIRE HATH-A
LEUCADIA NATL
ST JOE CO
BERKSHIRE HATH-B
CITIGROUP INC
JEFFERIES GROUP
GOLDMAN SACHS GP
WELLS FARGO & CO
ASSURED GUARANTY
REGIONS FINANCIA
Financial
Financial
Financial
Financial
Consumer, Cyclical
Financial
Diversified
Financial
Financial
Financial
Financial
Financial
Financial
Financial
Financial

35
Change
Value
Shares
(9.3%) $2,135,434,000
92,044,583
(3.9%)
$649,163,000
18,616,669
(0.7%)
$579,696,000 104,261,795
(4.0%)
$539,297,000
46,531,244
(1.0%)
$511,928,000
16,108,492
(0.7%)
$461,545,000
4,022
(1.2%)
$415,654,000
18,278,538
(1.1%)
$372,348,000
26,184,846
(63.1%)
$208,310,000
2,730,141
(91.5%)
$55,517,000
2,110,093
(62.9%)
$17,604,000
1,280,300
(7.4%)
$1,926,000
21,300
0.0%
$865,000
31,400
0.0%
$679,000
51,700
(100.0%)
$90,000
20,900

35.9%
10.9%
9.7%
9.1%
8.6%
7.8%
7.0%
6.3%
3.5%
0.9%
0.3%
0.0%
0.0%
0.0%
0.0%
$52,247.7
$8,228.3
$82,911.4
$2,245.6
$5,516.1
$197,285.9
$7,199.0
$1,514.9
$197,285.9
$97,570.5
$3,188.2
$59,725.3
$164,926.9
$3,258.3
$7,591.0
$59,379.7

35.4x
NA
10.0x
NA
NA
17.9x
NA
NA
17.2x
9.1x
12.6x
26.0x
11.1x
5.7x
37.4x
18.2x
2.7%
1.7%
1.5%
16.7%
39.0%
0.2%
2.1%
24.9%
1.2%
1.8%
11.1%
1.7%
0.6%
3.7%
1.4%
7.3%
19 TIGER MANAGEMENT
PM: Julian Robertson

During 4Q11 Tiger increased their exposure to the Consumer D. (+15.3%) and Financials (+0.7%) while trimming
exposure within Consumer S. (-4.5%) and Energy (-12.3%).
GS
DGI
GDX
PNC
C
WFC
GDXJ
Tiger's portfolio has a 'Crowded' crowdedness rating(1) across our coverage universe. Weighted for position sizing
42.3% of Tiger's top positions were found in 3 or more hedge funds we cover. Tiger's portfolio was in the upper quartile
of our coverage universe.
Tiger Management: Current Allocation

45.0%
40.0%
35.0%
30.0%
25.0%
20.0%
15.0%
10.0%
5.0%
0.0%
41.0%
23.2%
17.9%
10.5%
5.7%
1.0%
Info Technology
(1)
Financials
Healthcare
Consumer
Discretionary
Industrials
Energy
36
Exhibit 18.1: Tiger Management Positions

Ticker
Company Name
Sector
Change
AAPL
GOOG
GS
VRX
LBTYA
WX
MA
V
QCOM
DGI
GDX
CVC
PNC
C
WFC
AMAP
GDXJ
CRME
LCAV
RYAAY
SU
SEE
SON
NXY
CCL
SIRI
Avg.
APPLE INC
GOOGLE INC-CL A
GOLDMAN SACHS GP
VALEANT PHARMACE
LIBERTY GLOBAL-A
WUXI PHARMAT-ADR
MASTERCARD INC-A
VISA INC-CLASS A
QUALCOMM INC
DIGITALGLOBE INC
MKT VECT-GOLD MI
CABLEVISION SY-A
PNC FINANCIAL SE
CITIGROUP INC
WELLS FARGO & CO
AUTONAVI HOL-ADR
MARKET VECTORS J
CARDIOME PHARMA
LCA-VISION INC
RYANAIR HLDG-ADR
SUNCOR ENERGY
SEALED AIR CORP
SONOCO PRODUCTS
NEXEN INC
CARNIVAL CORP
SIRIUS XM RADIO
Technology
Communications
Financial
Communications
Technology
Communications
Funds
Communications
Financial
Financial
Financial
Technology
Funds
Consumer, Cyclical
Energy
Industrial
Industrial
Energy
Consumer, Cyclical
Communications
(12.7%)
0.0%
11.6%
(15.8%)
(8.8%)
0.0%
(25.9%)
(23.5%)
0.0%
21.9%
New
0.0%
New
New
New
0.0%
New
(18.3%)
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%

37
Value
$27,773,000
$23,344,000
$20,841,000
$18,617,000
$16,724,000
$15,929,000
$15,346,000
$14,195,000
$11,817,000
$10,032,000
$7,972,000
$7,760,000
$7,618,000
$7,235,000
$6,526,000
$5,223,000
$5,017,000
$4,198,000
$3,980,000
$3,427,000
$1,975,000
$836,000
$787,000
$445,000
$325,000
$182,000
Shares
68,576
36,142
230,465
398,730
407,595
1,442,806
41,161
139,812
216,030
586,331
155,000
545,700
132,100
275,000
236,800
520,759
203,100
1,596,106
1,372,577
123,022
68,500
48,600
23,870
27,950
9,950
100,000

11.7%
9.8%
8.8%
7.8%
7.0%
6.7%
6.4%
6.0%
5.0%
4.2%
3.3%
3.3%
3.2%
3.0%
2.7%
2.2%
2.1%
1.8%
1.7%
1.4%
0.8%
0.4%
0.3%
0.2%
0.1%
0.1%
$476,441.1
$197,921.2
$59,725.3
$13,704.9
$13,638.0
$933.2
$50,395.8
$77,027.0
$106,051.9
$751.0
$9,040.2
$4,357.8
$32,413.8
$97,570.5
$164,926.9
$536.2
$2,432.6
$143.0
$144.2
$9,844.9
$55,144.8
$4,014.8
$3,240.4
$10,856.1
$25,036.3
$7,998.7
$54,780.4

14.5x
17.0x
26.0x
16.2x
NA
11.5x
21.3x
21.7x
18.6x
NA
NA
16.5x
10.4x
9.1x
11.1x
14.6x
NA
NA
NA
19.3x
9.7x
11.1x
14.1x
13.9x
13.0x
30.4x
16.0x
1.1%
1.2%
1.7%
1.7%
2.2%
NA
1.0%
0.9%
0.6%
3.6%
5.4%
3.8%
1.4%
1.8%
0.6%
NA
3.9%
1.2%
0.5%
NA
0.3%
1.3%
3.4%
0.9%
4.9%
8.2%
2.2%
20 PERRY CAPITAL
PM: Richard Perry

During 4Q11 Perry increased their exposure to the Energy (+11.2%) and Consumer D. (+10.8%) while trimming
exposure within Consumer S. (-4.1%) and Healthcare (-11.3%).
YHOO
APC
BP
SUG
GM
AMT
DLPH
HTZ
GR
DTG
COO
Perry's portfolio has a 'Crowded' crowdedness rating(1) across our coverage universe. Weighted for position sizing
42.1% of Perry's top positions were found in 3 or more hedge funds we cover. Perry's portfolio was in the upper
Perry Capital: Current Allocation

35.0%
30.3%
30.0%
25.0%
19.8%
20.0%
17.5%
13.4%
15.0%
12.6%
10.0%
5.1%
5.0%
0.0%
Energy
Info
Technology
(1)
Healthcare
Industrials
Consumer
Discretionary
Financials
38
Exhibit 19.1: Perry Capital Positions

Ticker
Company Name
Sector
Change
AMT
YHOO
DLPH
APC
BP
MMI
SUG
UAM
GM
MHS
HTZ
JNJ
NOA
GR
RAD
UCBI
DTG
COO
GCVRZ
Avg.
AMERICAN TOWER C
YAHOO! INC
DELPHI AUTOMOTIV
ANADARKO PETROLE
BP PLC-ADR
MOTOROLA MOBILIT
SOUTHERN UNION
UNIVERSAL AMERIC
GENERAL MOTORS C
MEDCO HEALTH SOL
HERTZ GLOBAL HOL
JOHNSON&JOHNSON
NORTH AMERICAN E
GOODRICH CORP
RITE AID CORP
UNITED COMMUNITY
DOLLAR THRIFTY
COOPER COS INC
SANOFI CVR
Financial
Communications
Consumer, Cyclical
Energy
Energy
Communications
Utilities
Consumer, Cyclical
Energy
Industrial
Consumer, Cyclical
Financial
New
106.8%
New
7.2%
33.5%
(1.2%)
59.3%
0.0%
101.1%
0.0%
New
(11.8%)
0.0%
New
0.0%
0.0%
New
New
(1.2%)

39
Value
Shares
$173,000,000 2,882,849
$170,094,000 10,545,200
$160,730,000 7,461,919
$160,396,000 2,101,350
$129,874,000 3,038,700
$105,892,000 2,729,176
$101,858,000 2,418,855
$97,793,000 7,694,185
$81,518,000 4,021,608
$33,400,000
597,500
$33,050,000 2,820,000
$30,564,000
466,051
$29,614,000 4,598,466
$25,359,000
205,000
$17,879,000 14,190,000
$14,219,000 2,034,162
$12,531,000
178,346
$7,052,000
100,000
$6,789,000 5,657,711

12.4%
12.2%
11.5%
11.5%
9.3%
7.6%
7.3%
7.0%
5.9%
2.4%
2.4%
2.2%
2.1%
1.8%
1.3%
1.0%
0.9%
0.5%
0.5%
$24,819.5
$18,387.4
$10,152.6
$42,646.3
$149,378.2
$11,999.1
$5,476.3
$995.6
$42,884.6
$24,555.1
$5,667.0
$177,577.5
$194.7
$15,761.9
$1,410.6
$527.5
$2,173.6
$3,735.9
$381.6
$28,353.9

NA
17.7x
11.1x
29.5x
6.9x
NA
23.1x
32.0x
5.2x
15.2x
14.8x
13.0x
NA
19.9x
NA
NA
14.7x
17.0x
NA
16.9x
1.3%
2.9%
3.8%
1.0%
NA
3.6%
2.0%
3.4%
7.9%
1.6%
9.1%
1.5%
1.6%
1.1%
7.0%
6.5%
11.8%
1.6%
0.1%
3.8%
21 GLENVIEW CAPITAL
PM: Larry Robbins

During 4Q11 Glenview increased their exposure to the Consumer S. (+1.9%) and Telecom (+1.7%) while trimming
exposure within Consumer D. (-0.9%) and Energy (-1.8%).
CCI
XRX
HCA
AMT
CI
VIAB
DGX
ORCL
OPWV
Glenview's portfolio has a 'Contrarian' crowdedness rating(1) across our coverage universe. Weighted for position
sizing 30.0% of Glenview's top positions were found in 3 or more hedge funds we cover. Glenview's portfolio was in
Glenview Capital: Current Allocation

45.0%
40.0%
35.0%
30.0%
25.0%
20.0%
15.0%
10.0%
5.0%
0.0%
38.3%
19.3%
11.9%
Healthcare
Info Technology
(1)
Consumer
Discretionary
10.5%
10.0%
Financials
Industrials
7.7%
Telecom
Services
40
Exhibit 20.1: Glenview Capital Positions

Ticker
Company Name
Sector
Change
Value
Shares
LIFE
MCK
CCI
TMO
FLEX
TYC
XRX
FIS
HCA
BMC
AIG
AON
AMT
LNCR
TGT
URS
CI
LOW
VIAB
TWC
CAH
LH
SEE
TTWO
DGX
BWC
FISV
GM
ESRX
LBTYA
MTOR
HMA
RRD
CLWR
CVS
STX
EXPE
S
STT
ORCL
LPNT
FDO
MWA
TXT
OPWV
Avg.
LIFE TECHNOLOGIE
MCKESSON CORP
CROWN CASTLE INT
THERMO FISHER
FLEXTRONICS INTL
TYCO INTL LTD
XEROX CORP
FIDELITY NATIONA
HCA HOLDINGS INC
BMC SOFTWARE INC
AMERICAN INTERNA
AON CORP
AMERICAN TOWER C
LINCARE HOLDINGS
TARGET CORP
URS CORP
CIGNA CORP
LOWE'S COS INC
VIACOM INC-B
TIME WARNER CABL
CARDINAL HEALTH
LABORATORY CP
SEALED AIR CORP
TAKE-TWO INTERAC
QUEST DIAGNOSTIC
BABCOCK & WILCOX
FISERV INC
GENERAL MOTORS C
EXPRESS SCRIPT
LIBERTY GLOBAL-A
MERITOR INC
HEALTH MGMT AS-A
RR DONNELLEY & S
CLEARWIRE -CL A
CVS CAREMARK COR
SEAGATE TECHNOLO
EXPEDIA INC
SPRINT NEXTEL CO
STATE ST CORP
ORACLE CORP
LIFEPOINT HOSPIT
FAMILY DOLLAR ST
MUELLER WATER-A
TEXTRON INC
OPENWAVE SYSTEMS
Communications
Industrial
Industrial
Industrial
Technology
Technology
Technology
Financial
Financial
Financial
Consumer, Cyclical
Industrial
Consumer, Cyclical
Communications
Communications
Industrial
Technology
Industrial
Technology
Consumer, Cyclical
Communications
Consumer, Cyclical
Communications
Consumer, Cyclical
Technology
Communications
Communications
Financial
Technology
Consumer, Cyclical
Industrial
Industrial
Communications
(2.6%)
(22.5%)
12.0%
7.5%
(10.6%)
(24.5%)
6.9%
(7.8%)
11.8%
(3.9%)
(8.8%)
(14.3%)
6.7%
(2.4%)
(31.7%)
(10.3%)
1.6%
0.0%
New
(9.1%)
(14.3%)
40.8%
9.4%
160.1%
New
(14.5%)
(67.7%)
(13.0%)
(41.3%)
20.6%
(9.4%)
(14.4%)
(14.5%)
14.6%
0.0%
(36.4%)
(55.6%)
24.5%
8.9%
New
(14.4%)
(63.2%)
(14.1%)
(56.8%)
New
$536,218,000
$359,363,000
$323,983,000
$209,056,000
$209,049,000
$209,019,000
$202,039,000
$194,759,000
$193,208,000
$177,302,000
$168,654,000
$168,018,000
$158,083,000
$141,313,000
$134,101,000
$124,721,000
$115,254,000
$114,556,000
$103,210,000
$97,502,000
$96,841,000
$92,985,000
$81,323,000
$76,135,000
$60,755,000
$59,759,000
$53,249,000
$51,154,000
$49,022,000
$48,467,000
$41,854,000
$38,112,000
$35,743,000
$33,871,000
$31,148,000
$27,193,000
$26,315,000
$25,855,000
$24,142,000
$19,868,000
$18,397,000
$17,598,000
$16,177,000
$12,838,000
$4,057,000
13,780,972
4,612,538
7,231,756
4,648,787
36,934,369
4,474,818
25,381,823
7,324,538
8,770,229
5,408,840
7,269,556
3,590,138
2,634,280
5,496,422
2,618,130
3,551,286
2,744,151
4,513,645
2,272,852
1,533,773
2,384,652
1,081,594
4,725,310
5,618,838
1,046,414
2,475,503
906,527
2,523,621
1,096,936
1,181,251
7,867,279
5,171,276
2,476,983
17,459,027
763,800
1,658,097
906,788
11,049,106
598,900
774,600
495,207
305,207
6,629,738
694,313
2,568,031

41

10.8%
7.2%
6.5%
4.2%
4.2%
4.2%
4.1%
3.9%
3.9%
3.6%
3.4%
3.4%
3.2%
2.8%
2.7%
2.5%
2.3%
2.3%
2.1%
2.0%
1.9%
1.9%
1.6%
1.5%
1.2%
1.2%
1.1%
1.0%
1.0%
1.0%
0.8%
0.8%
0.7%
0.7%
0.6%
0.5%
0.5%
0.5%
0.5%
0.4%
0.4%
0.4%
0.3%
0.3%
0.1%
$8,357.8
$19,986.2
$14,610.4
$21,261.2
$4,822.9
$23,638.3
$11,415.4
$9,223.7
$11,012.2
$6,414.7
$52,247.7
$15,365.9
$24,819.5
$2,377.5
$35,326.0
$3,564.4
$13,002.9
$34,883.8
$26,445.1
$23,996.2
$14,333.8
$8,682.3
$4,014.8
$1,366.1
$9,080.6
$3,099.4
$9,205.1
$42,884.6
$25,327.6
$13,638.0
$757.4
$1,740.6
$2,533.4
$2,418.4
$57,434.9
$12,003.4
$4,397.0
$6,890.4
$19,820.7
$143,588.2
$1,852.1
$6,378.1
$469.5
$7,721.9
$199.1
$16,946.9

12.5x
13.6x
NA
14.3x
8.5x
15.3x
7.6x
13.6x
8.9x
11.8x
35.4x
14.4x
NA
13.9x
12.3x
12.4x
8.7x
17.4x
12.6x
16.3x
14.0x
13.7x
11.1x
NA
12.9x
20.1x
14.3x
5.2x
17.4x
NA
8.2x
8.0x
7.5x
NA
15.7x
12.2x
12.0x
NA
10.8x
12.3x
12.0x
16.5x
NA
21.2x
NA
13.4x
2.7%
0.6%
2.5%
1.0%
1.2%
0.6%
0.9%
1.0%
1.5%
1.7%
2.7%
0.9%
1.3%
7.7%
1.1%
1.4%
0.9%
1.2%
1.5%
2.7%
0.7%
4.7%
1.3%
17.7%
2.1%
0.6%
1.4%
7.9%
18.7%
2.2%
5.8%
3.4%
24.8%
9.0%
0.9%
2.7%
16.2%
2.2%
1.4%
0.8%
7.7%
2.3%
7.1%
4.7%
3.1%
4.1%
22 VIKING GLOBAL
PM: Andreas Halvorsen

Company Address: Greenwich, CT
During 4Q11 Viking increased their exposure to the Financials (+11.0%) and Consumer D. (+2.7%) while trimming
exposure within Consumer S. (-6.5%) and Energy (-8.0%).
AAPL
BIDU
ZCOM
MA
COF
ALXN
EBAY
PRU
ALB
HST
CSCO
TXN
MET
Viking's portfolio has a 'Crowded' crowdedness rating(1) across our coverage universe. Weighted for position sizing
46.7% of Viking's top positions were found in 3 or more hedge funds we cover. Viking's portfolio was in the upper
Viking Global: Current Allocation

30.0%
28.4%
24.8%
25.0%
22.3%
20.0%
15.0%
10.0%
10.0%
8.1%
4.1%
5.0%
0.0%
Info Technology
(1)
Financials
Healthcare
Consumer
Discretionary
Materials
Energy
42
Exhibit 21.1: Viking Global Positions

Ticker
Company Name
Sector
Change
USB
IVZ
AAPL
BIDU
QCOM
MA
LYB
HRB
COF
VRX
EBAY
DVA
PCLN
CFN
ALXN
PRU
AMT
HUM
UHS
ALB
BIIB
SNDK
PWE
CI
HST
SHW
EL
CSCO
TXN
MET
JPM
DHI
CRI
MD
NWSA
FDX
HMA
MON
EOG
LLTC
CVX
OXY
MMC
PXD
C
ESRX
GILD
Avg.
US BANCORP
INVESCO LTD
APPLE INC
BAIDU INC-SP ADR
QUALCOMM INC
MASTERCARD INC-A
LYONDELLBASELL-A
H&R BLOCK INC
CAPITAL ONE FINA
VALEANT PHARMACE
EBAY INC
DAVITA INC
PRICELINE.COM
CAREFUSION CORP
ALEXION PHARM
PRUDENTL FINL
AMERICAN TOWER C
HUMANA INC
UNIVERSAL HLTH-B
ALBEMARLE CORP
BIOGEN IDEC INC
SANDISK CORP
PENN WEST PETROL
CIGNA CORP
HOST HOTELS & RE
SHERWIN-WILLIAMS
ESTEE LAUDER
CISCO SYSTEMS
TEXAS INSTRUMENT
METLIFE INC
JPMORGAN CHASE
DR HORTON INC
CARTER'S INC
MEDNAX INC
NEWS CORP-A
FEDEX CORP
HEALTH MGMT AS-A
MONSANTO CO
EOG RESOURCES
LINEAR TECH CORP
CHEVRON CORP
OCCIDENTAL PETE
MARSH & MCLENNAN
PIONEER NATURAL
CITIGROUP INC
EXPRESS SCRIPT
GILEAD SCIENCES
Financial
Financial
Technology
Communications
Technology
Basic Materials
Financial
Communications
Communications
Financial
Financial
Basic Materials
Technology
Energy
Financial
Basic Materials
Communications
Technology
Financial
Financial
Consumer, Cyclical
Consumer, Cyclical
Communications
Industrial
Basic Materials
Energy
Technology
Energy
Energy
Financial
Energy
Financial
(11.7%)
(20.5%)
14.3%
47.6%
207.9%
50.0%
(4.5%)
(0.9%)
144.1%
(22.0%)
New
4.7%
79.9%
36.2%
369.8%
New
(31.4%)
(48.8%)
(13.0%)
New
(41.6%)
140.5%
(9.0%)
(38.1%)
New
7.8%
(11.3%)
New
New
New
New
55.1%
22.3%
(20.5%)
(62.9%)
New
(18.5%)
31.4%
New
New
New
New
New
(24.1%)
(67.1%)
(41.0%)
New

43
Value
$584,112,000
$528,221,000
$524,029,000
$506,749,000
$464,200,000
$426,319,000
$399,193,000
$386,304,000
$327,986,000
$312,403,000
$288,107,000
$272,831,000
$269,946,000
$261,948,000
$239,088,000
$197,091,000
$196,345,000
$182,651,000
$173,100,000
$167,598,000
$162,488,000
$161,539,000
$158,855,000
$150,974,000
$137,981,000
$136,221,000
$135,569,000
$134,148,000
$130,925,000
$129,340,000
$119,693,000
$111,752,000
$97,809,000
$92,450,000
$86,832,000
$86,508,000
$80,442,000
$77,693,000
$69,577,000
$66,008,000
$56,796,000
$55,507,000
$53,427,000
$53,392,000
$52,383,000
$48,680,000
$43,561,000
Shares
21,593,800
26,292,742
1,293,900
4,350,898
8,486,300
1,143,500
12,286,648
23,656,111
7,755,654
6,691,019
9,499,086
3,598,889
577,166
10,308,891
3,343,896
3,932,400
3,271,887
2,084,825
4,454,456
3,253,700
1,476,496
3,282,646
8,022,996
3,594,630
9,342,000
1,525,951
1,206,996
7,419,700
4,497,600
4,148,200
3,599,800
8,862,200
2,456,900
1,283,863
4,867,300
1,035,900
10,914,861
1,108,800
706,300
2,198,100
533,800
592,400
1,689,659
596,700
1,991,000
1,089,300
1,064,300

6.1%
5.5%
5.5%
5.3%
4.8%
4.4%
4.2%
4.0%
3.4%
3.3%
3.0%
2.8%
2.8%
2.7%
2.5%
2.1%
2.0%
1.9%
1.8%
1.7%
1.7%
1.7%
1.7%
1.6%
1.4%
1.4%
1.4%
1.4%
1.4%
1.3%
1.2%
1.2%
1.0%
1.0%
0.9%
0.9%
0.8%
0.8%
0.7%
0.7%
0.6%
0.6%
0.6%
0.6%
0.5%
0.5%
0.5%
$56,068.9
$11,186.9
$476,441.1
$46,373.2
$106,051.9
$50,395.8
$24,858.9
$4,789.0
$25,125.3
$13,704.9
$45,145.1
$8,056.0
$29,034.2
$5,877.5
$15,283.1
$28,966.6
$24,819.5
$14,715.3
$3,977.8
$5,859.9
$27,744.6
$11,466.9
$9,969.5
$13,002.9
$11,320.9
$10,467.4
$21,688.2
$109,765.4
$38,255.9
$41,273.6
$147,015.6
$4,439.3
$2,532.5
$3,644.2
$49,858.7
$28,640.1
$1,740.6
$42,656.2
$31,184.0
$7,730.5
$215,737.5
$84,872.5
$17,328.0
$13,855.6
$97,570.5
$25,327.6
$33,838.8
$38,215.2

12.1x
14.8x
14.5x
6.8x
18.6x
21.3x
9.1x
10.6x
7.2x
16.2x
17.3x
16.8x
25.1x
15.3x
NA
9.6x
NA
10.6x
10.4x
13.8x
19.7x
10.2x
15.4x
8.7x
NA
20.8x
25.6x
12.1x
15.3x
7.7x
8.6x
29.8x
22.6x
16.6x
14.8x
15.7x
8.0x
24.6x
30.6x
13.9x
8.2x
12.5x
18.2x
34.1x
9.1x
17.4x
11.7x
15.0x
1.5%
1.1%
1.1%
NA
0.6%
1.0%
0.8%
4.7%
5.4%
1.7%
0.9%
1.5%
6.2%
0.8%
1.7%
1.5%
1.3%
1.4%
2.4%
2.4%
0.8%
2.6%
1.1%
0.9%
6.1%
3.3%
2.0%
1.1%
1.3%
2.8%
0.9%
10.0%
8.3%
9.0%
1.5%
1.4%
3.4%
1.3%
1.6%
4.2%
1.0%
0.8%
1.1%
7.0%
1.8%
18.7%
1.9%
3.3%
23 FARALLON CAPITAL
PM: Thomas Steyer

Company Address: San Francisco, CA
During 4Q11 Farallon increased their exposure to the Industrials (+7.9%) and Healthcare (+7.0%) while trimming
exposure within Consumer D. (-2.7%) and Energy (-6.2%).
MMI
GR
ORCL
NWSA
AMT
EP
VRUS
CHKP
QCOM
PLL
SNDA
YHOO
Farallon's portfolio has a 'Crowded' crowdedness rating(1) across our coverage universe. Weighted for position sizing
53.3% of Farallon's top positions were found in 3 or more hedge funds we cover. Farallon's portfolio was in the upper
Farallon Capital: Current Allocation

35.0%
29.9%
30.0%
25.0%
21.0%
20.0%
15.0%
11.7%
10.9%
10.6%
10.1%
Energy
Consumer
Discretionary
Financials
Healthcare
10.0%
5.0%
0.0%
Info Technology
(1)
Industrials
44
Exhibit 22.1: Farallon Capital Positions

Ticker
MMI
GR
EP
OI
VRUS
HPP
ORCL
NWSA
STT
GOOG
UNP
TGT
CMCSA
MSFT
V
GD
AMT
MHS
BP
FIS
TDG
WLP
CHKP
BIN
QCOM
WFC
PLL
KNOL
BAX
CLUB
FEIC
LIFE
THC
SNDA
GEOY
CVS
EBAY
YHOO
HCA
ECA
BECN
WPRT
POT
FSYS
FDP
TTM
NYX
CQB
AATI
GCVRZ
LPLA
FLIR
URI
DOLE
Avg.
Company Name
MOTOROLA MOBILIT
GOODRICH CORP
EL PASO CORP
OWENS-ILLINOIS
PHARMASSET INC
HUDSON PACIFIC P
ORACLE CORP
NEWS CORP-A
STATE ST CORP
GOOGLE INC-CL A
UNION PAC CORP
TARGET CORP
COMCAST CORP-A
MICROSOFT CORP
VISA INC-CLASS A
GENERAL DYNAMICS
AMERICAN TOWER C
MEDCO HEALTH SOL
BP PLC-ADR
FIDELITY NATIONA
TRANSDIGM GROUP
WELLPOINT INC
CHECK POINT SOFT
PROGRESSIVE WAST
QUALCOMM INC
WELLS FARGO & CO
PALL CORP
KNOLOGY INC
BAXTER INTL INC
TOWN SPORTS INTE
FEI COMPANY
LIFE TECHNOLOGIE
TENET HEALTHCARE
SHANDA INTER-ADR
GEOEYE INC
CVS CAREMARK COR
EBAY INC
YAHOO! INC
HCA HOLDINGS INC
ENCANA CORP
BEACON ROOFING S
WESTPORT INNOVAT
POTASH CORP SAS
FUEL SYSTEMS SOL
FRESH DEL MONTE
TATA MOTORS-ADR
NYSE EURONEXT
CHIQUITA BRANDS
ADVANCED ANALOGI
SANOFI CVR
LPL INVESTMENT H
FLIR SYSTEMS
UNITED RENTALS
DOLE FOOD CO INC
Sector
Change
Communications
Industrial
Energy
Industrial
Financial
Technology
Communications
Financial
Communications
Industrial
Consumer, Cyclical
Communications
Technology
Industrial
Financial
Energy
Technology
Industrial
Technology
Industrial
Technology
Financial
Industrial
Communications
Consumer, Cyclical
Industrial
Communications
Communications
Consumer, Cyclical
Communications
Communications
Energy
Consumer, Cyclical
Consumer, Cyclical
Basic Materials
Consumer, Cyclical
Consumer, Cyclical
Financial
Technology
Financial
Industrial
11.9%
180.0%
New
(0.7%)
New
0.0%
23.8%
20.2%
(30.1%)
(22.2%)
(4.2%)
(23.3%)
(37.0%)
(14.0%)
(40.9%)
(36.6%)
93.2%
(19.4%)
0.0%
11.9%
(3.9%)
34.5%
New
0.0%
New
(27.9%)
New
0.0%
23.8%
0.0%
(21.6%)
2.5%
0.0%
New
0.0%
(70.3%)
194.0%
New
9.3%
(6.2%)
6.4%
New
(11.3%)
31.0%
(11.3%)
0.0%
0.0%
(11.3%)
100.4%
0.0%
(87.8%)
14.7%
New
(11.3%)

45
Value
$458,616,000
$424,291,000
$386,785,000
$195,639,000
$159,609,000
$144,911,000
$142,614,000
$138,474,000
$132,580,000
$124,336,000
$113,886,000
$108,190,000
$102,901,000
$100,855,000
$99,499,000
$88,657,000
$84,614,000
$81,055,000
$76,718,000
$75,117,000
$72,659,000
$65,919,000
$64,887,000
$63,728,000
$60,115,000
$59,530,000
$53,984,000
$50,941,000
$43,790,000
$29,842,000
$28,237,000
$21,026,000
$20,943,000
$17,926,000
$17,789,000
$15,628,000
$15,024,000
$15,001,000
$12,888,000
$12,371,000
$8,828,000
$7,785,000
$7,656,000
$7,429,000
$7,357,000
$6,372,000
$6,329,000
$6,311,000
$5,780,000
$5,460,000
$4,068,000
$4,066,000
$3,224,000
$3,145,000
Shares
11,820,000
3,430,000
14,557,200
10,094,900
1,245,000
10,233,860
5,560,000
7,762,000
3,289,000
192,500
1,075,000
2,112,256
4,340,000
3,885,000
980,000
1,335,000
1,410,000
1,450,000
1,795,000
2,825,000
759,399
995,000
1,235,000
3,253,100
1,099,000
2,160,000
944,596
3,587,394
885,000
4,060,082
692,428
540,364
4,082,500
448,043
800,579
383,236
495,345
930,000
585,000
667,636
436,364
234,200
185,455
450,545
294,182
377,014
242,500
756,727
1,000,000
4,550,000
133,206
162,182
109,100
363,636

11.3%
10.4%
9.5%
4.8%
3.9%
3.6%
3.5%
3.4%
3.3%
3.1%
2.8%
2.7%
2.5%
2.5%
2.4%
2.2%
2.1%
2.0%
1.9%
1.8%
1.8%
1.6%
1.6%
1.6%
1.5%
1.5%
1.3%
1.3%
1.1%
0.7%
0.7%
0.5%
0.5%
0.4%
0.4%
0.4%
0.4%
0.4%
0.3%
0.3%
0.2%
0.2%
0.2%
0.2%
0.2%
0.2%
0.2%
0.2%
0.1%
0.1%
0.1%
0.1%
0.1%
0.1%
$11,999.1
$15,761.9
$20,830.0
$4,066.0
$10,362.8
$526.5
$143,588.2
$49,858.7
$19,820.7
$197,921.2
$53,647.6
$35,326.0
$78,828.4
$262,882.9
$77,027.0
$25,548.4
$24,819.5
$24,555.1
$149,378.2
$9,223.7
$5,902.0
$23,178.0
$12,086.0
$2,542.1
$106,051.9
$164,926.9
$7,337.8
$600.9
$32,000.4
$230.5
$1,662.1
$8,357.8
$2,430.2
$2,332.9
$477.0
$57,434.9
$45,145.1
$18,387.4
$11,012.2
$14,823.0
$1,114.7
$2,269.2
$40,702.5
$582.4
$1,422.5
$14,911.2
$7,671.4
$421.8
$258.3
$381.6
$3,624.8
$4,006.6
$2,495.7
$865.6
$30,425.0

NA
19.9x
26.2x
10.4x
NA
NA
12.3x
14.8x
10.8x
17.0x
16.6x
12.3x
18.4x
11.6x
21.7x
9.8x
NA
15.2x
6.9x
13.6x
23.1x
9.5x
20.3x
20.1x
18.6x
11.1x
21.6x
13.8x
13.1x
24.0x
18.0x
12.5x
13.4x
36.5x
10.6x
15.7x
17.3x
17.7x
8.9x
37.1x
18.1x
NA
13.4x
NA
11.7x
0.2x
11.9x
12.6x
NA
NA
16.9x
16.2x
21.1x
7.8x
16.1x
3.6%
1.1%
0.9%
2.1%
2.6%
3.5%
0.8%
1.5%
1.4%
1.2%
0.9%
1.1%
1.2%
0.9%
0.9%
0.9%
1.3%
1.6%
NA
1.0%
1.1%
1.4%
1.1%
0.5%
0.6%
0.6%
2.6%
2.9%
0.8%
3.9%
8.0%
2.7%
6.6%
NA
7.3%
0.9%
0.9%
2.9%
1.5%
3.6%
9.5%
14.0%
0.5%
13.6%
4.2%
NA
1.8%
6.5%
4.1%
0.1%
1.7%
4.6%
29.0%
27.6%
4.6%
24 HAYMAN ADVISORS
PM: Kyle Bass

Company Address: Dallas, TX
During 4Q11 Hayman increased their exposure to the Consumer D. (+55.3%) and Energy (+13.6%) while trimming
exposure within Financials (-21.0%) and Industrials (-45.8%).
N/A
MTG
Hayman's portfolio has a 'Neutral' crowdedness rating(1) across our coverage universe. Weighted for position sizing
33.3% of Hayman's top positions were found in 3 or more hedge funds we cover. Hayman's portfolio was in the middle
Hayman Advisors: Current Allocation

55.3%
60.0%
50.0%
36.5%
40.0%
30.0%
20.0%
8.2%
10.0%
0.0%
Financials
(1)
Industrials
46
Exhibit 23.1: Hayman Advisors Positions

Ticker
Company Name
Sector
MTG
SIX
ATNY
Avg.
MGIC INVT CORP

SIX FLAGS ENTERT
API TECHNOLOGIES
Financial
Consumer, Cyclical
Industrial

47
Change
New
0.0%
0.0%
Value
Shares
$37,479,000 10,047,937
$24,695,000
598,802
$5,558,000 1,747,938

55.3%
36.5%
8.2%
$1,001.8
$2,584.4
$206.8
$1,264.3

NA
NA
NA
#DIV/0!
20.4%
8.1%
0.3%
9.6%
25 ICAHN CAPITAL
PM: Carl Icahn

Company Address: White Plains, NY
During 4Q11 Icahn increased their exposure to the Industrials (+6.7%) and Healthcare (+3.0%) while trimming
exposure within Energy (-1.8%) and Materials (-9.2%).
EP
NAV
WBMD
CVI
Icahn's portfolio has a 'Contrarian' crowdedness rating(1) across our coverage universe. Weighted for position sizing
10.5% of Icahn's top positions were found in 3 or more hedge funds we cover. Icahn's portfolio was in the bottom
Icahn Capital: Current Allocation

40.0%
35.0%
30.0%
25.0%
20.0%
15.0%
10.0%
5.0%
0.0%
34.0%
29.9%
17.1%
8.6%
6.4%
2.2%
Consumer
Discretionary
Info Technology
(1)
Energy
Healthcare
Industrials
Consumer
Staples
48
Exhibit 24.1: Icahn Capital Positions

Ticker
Company Name
Sector
Change
IEP
EP
MSI
MMI
FDML
FRX
ARII
NAV
HAIN
MENT
WBMD
OSK
AMLN
CMC
TTWO
CVI
DYN
ENZN
MOTR
Avg.
ICAHN ENTERPRISE
EL PASO CORP
MOTOROLA SOLUTIO
MOTOROLA MOBILIT
FEDERAL MOGUL
FOREST LABS INC
AMERICAN RAILCAR
NAVISTAR INTL
HAIN CELESTIAL
MENTOR GRAPHICS
WEBMD HEALTH COR
OSHKOSH CORP
AMYLIN PHARM INC
COMMERCIAL METAL
TAKE-TWO INTERAC
CVR ENERGY INC
DYNEGY INC
ENZON PHARMACEUT
MOTRICITY INC
Consumer, Cyclical
Energy
Communications
Communications
Consumer, Cyclical
Industrial
Consumer, Cyclical
Technology
Communications
Consumer, Cyclical
Basic Materials
Technology
Energy
Utilities
Communications
0.0%
9.5%
0.0%
(9.9%)
0.5%
1.1%
0.3%
310.7%
0.0%
0.0%
161.2%
0.0%
0.0%
0.0%
0.0%
New
0.0%
0.0%
0.0%

49
Value
$2,836,729,000
$1,920,446,000
$1,772,547,000
$1,171,480,000
$1,126,683,000
$797,705,000
$283,544,000
$274,684,000
$261,406,000
$218,591,000
$213,745,000
$185,264,000
$163,666,000
$159,391,000
$98,991,000
$71,735,000
$49,977,000
$39,563,000
$6,104,000
Shares
79,238,262
72,278,743
38,292,235
30,192,783
76,385,255
26,361,686
11,848,898
7,251,426
7,130,563
16,120,289
5,692,274
8,665,260
14,381,925
11,525,000
7,305,626
3,829,939
18,042,212
5,904,863
6,782,039

24.3%
16.5%
15.2%
10.1%
9.7%
6.8%
2.4%
2.4%
2.2%
1.9%
1.8%
1.6%
1.4%
1.4%
0.8%
0.6%
0.4%
0.3%
0.1%
$4,085.3
$20,830.0
$15,895.3
$11,999.1
$1,731.8
$8,494.4
$666.6
$3,129.6
$1,787.3
$1,639.1
$1,553.0
$2,321.5
$2,514.6
$1,598.6
$1,366.1
$2,562.6
$177.9
$360.7
$65.7
$4,356.8

NA
26.2x
19.1x
NA
9.0x
7.8x
NA
8.7x
26.5x
16.0x
19.3x
10.7x
NA
30.2x
NA
7.6x
NA
NA
NA
16.5x
0.1%
0.9%
1.2%
3.6%
1.0%
7.5%
1.5%
3.6%
4.7%
3.2%
5.9%
1.5%
8.2%
2.3%
17.7%
6.0%
7.6%
13.2%
25.1%
6.0%
26 PASSPORT CAPITAL
PM: John Burbank

Company Address: San Francisco, CA
During 4Q11 Passport increased their exposure to the Industrials (+3.3%) and Energy (+3.2%) while trimming
exposure within Financials (-3.7%) and Materials (-4.5%).
LINTA
PCLN
X
HUN
TCK
ORIG
GLD
KRO
ECL
CF
PACD
EXPE
Passport's portfolio has a 'Contrarian' crowdedness rating(1) across our coverage universe. Weighted for position
sizing 16.7% of Passport's top positions were found in 3 or more hedge funds we cover. Passport's portfolio was in the
bottom quartile of our coverage universe.
Passport Capital: Current Allocation

50.0%
45.0%
40.0%
35.0%
30.0%
25.0%
20.0%
15.0%
10.0%
5.0%
0.0%
43.4%
16.8%
14.8%
11.0%
8.5%
2.1%
Materials
Energy
(1)
Healthcare
Consumer
Discretionary
Info Technology
Industrials
50
Exhibit 25.1: Passport Capital Positions

Ticker
Company Name
Sector
CYT
MPC
LINTA
THOR
MOS
VVUS
PCLN
WBMD
NSU
HCA
MELI
SCCO
X
WLT
ARAY
HUN
SPN
TCK
ORIG
GLD
KRO
BZ
OI
GOOG
CHMT
ECL
CLF
TKR
AAPL
CF
VALE
RKT
MON
AA
GRA
PX
AKS
MT
KGN
FDO
PACD
AGNC
TYC
EXPE
AGRO
QCOM
QIHU
MJN
SINA
ABX
CRR
NLSN
BUD
ALKS
Avg.
CYTEC INDS
MARATHON PETROLE
LIBERTY INTERA-A
THORATEC CORP
MOSAIC CO/THE
VIVUS INC
PRICELINE.COM
WEBMD HEALTH COR
NEVSUN RESOURCES
HCA HOLDINGS INC
MERCADOLIBRE INC
SOUTHERN COPPER
US STEEL CORP
WALTER ENERGY
ACCURAY INC
HUNTSMAN CORP
SUPERIOR ENERGY
TECK RESOURCES-B
OCEAN RIG UDW IN
SPDR GOLD TRUST
KRONOS WORLDWIDE
BOISE INC
OWENS-ILLINOIS
GOOGLE INC-CL A
CHEMTURA CORP
ECOLAB INC
CLIFFS NATURAL R
TIMKEN CO
APPLE INC
CF INDUSTRIES HO
VALE SA-SP ADR
ROCK-TENN CO-A
MONSANTO CO
ALCOA INC
WR GRACE & CO
PRAXAIR INC
AK STEEL HLDG
ARCELORMITTAL-NY
KEEGAN RESOURCES
FAMILY DOLLAR ST
PACIFIC DRILLING
AMERICAN CAPITAL
TYCO INTL LTD
EXPEDIA INC
ADECOAGRO SA
QUALCOMM INC
QIHOO 360 TE-ADR
MEAD JOHNSON
SINA CORP
BARRICK GOLD CRP
CARBO CERAMICS
NIELSEN HOLDINGS
ANHEUSER-SPN ADR
ALKERMES PLC
Basic Materials
Energy
Communications
Basic Materials
Communications
Communications
Basic Materials
Communications
Basic Materials
Basic Materials
Energy
Basic Materials
Energy
Basic Materials
Energy
Funds
Basic Materials
Basic Materials
Industrial
Communications
Basic Materials
Basic Materials
Basic Materials
Industrial
Technology
Basic Materials
Basic Materials
Industrial
Basic Materials
Basic Materials
Basic Materials
Basic Materials
Basic Materials
Basic Materials
Basic Materials
Consumer, Cyclical
Energy
Financial
Industrial
Communications
Technology
Communications
Communications
Basic Materials
Energy
Communications

51
Change
(1.5%)
(4.5%)
31.6%
(21.7%)
(1.4%)
(0.8%)
123.8%
(21.8%)
(11.6%)
(1.6%)
(28.3%)
(27.4%)
3,312.8%
(87.0%)
0.0%
12.5%
(7.2%)
83.7%
New
New
New
(7.4%)
0.0%
(57.0%)
(35.9%)
New
(9.8%)
(28.3%)
(66.1%)
New
(25.5%)
(28.5%)
(39.3%)
47.3%
0.0%
(73.2%)
920.6%
1,068.3%
(48.9%)
(10.6%)
New
0.0%
(67.3%)
New
(13.1%)
New
New
New
(20.0%)
(10.5%)
(36.5%)
40.8%
(74.1%)
(89.4%)
Value
$131,592,000
$126,452,000
$71,365,000
$67,497,000
$46,476,000
$41,830,000
$30,775,000
$28,369,000
$27,689,000
$25,636,000
$25,365,000
$24,090,000
$22,576,000
$21,989,000
$21,150,000
$20,709,000
$17,946,000
$17,542,000
$16,567,000
$13,922,000
$13,866,000
$12,924,000
$12,669,000
$12,660,000
$12,620,000
$12,366,000
$10,787,000
$10,750,000
$10,368,000
$9,366,000
$9,187,000
$8,701,000
$8,086,000
$7,895,000
$7,857,000
$7,536,000
$7,275,000
$7,247,000
$7,229,000
$6,746,000
$6,621,000
$5,616,000
$5,334,000
$3,947,000
$3,832,000
$3,763,000
$3,714,000
$3,471,000
$3,416,000
$3,231,000
$3,170,000
$3,117,000
$2,909,000
$2,866,000
Shares
2,947,200
3,798,500
4,401,200
2,011,246
921,600
4,290,300
65,800
755,500
4,991,300
1,163,700
318,900
798,200
853,201
363,100
5,000,000
2,070,900
631,000
498,500
1,357,942
91,600
768,600
1,815,200
653,700
19,600
1,112,900
213,900
173,000
277,700
25,600
64,600
428,300
150,800
115,400
912,700
171,100
70,500
880,800
398,400
1,893,700
117,000
711,911
200,000
114,200
136,000
463,359
68,800
236,700
50,500
65,700
71,400
25,700
105,000
47,700
165,083

12.1%
11.6%
6.6%
6.2%
4.3%
3.9%
2.8%
2.6%
2.5%
2.4%
2.3%
2.2%
2.1%
2.0%
1.9%
1.9%
1.7%
1.6%
1.5%
1.3%
1.3%
1.2%
1.2%
1.2%
1.2%
1.1%
1.0%
1.0%
1.0%
0.9%
0.8%
0.8%
0.7%
0.7%
0.7%
0.7%
0.7%
0.7%
0.7%
0.6%
0.6%
0.5%
0.5%
0.4%
0.4%
0.3%
0.3%
0.3%
0.3%
0.3%
0.3%
0.3%
0.3%
0.3%
$2,846.2
$15,647.6
$10,827.0
$2,111.3
$24,508.0
$971.5
$29,034.2
$1,553.0
$789.0
$11,012.2
$4,281.8
$27,904.8
$4,171.6
$4,235.3
$503.1
$3,192.2
$4,612.2
$23,406.0
$2,175.6
$72,355.4
$2,650.7
$876.9
$4,066.0
$197,921.2
$1,409.3
$18,561.6
$9,600.1
$5,261.3
$476,441.1
$12,244.6
$135,021.7
$4,782.1
$42,656.2
$11,172.8
$4,127.7
$32,961.6
$917.5
$34,282.2
$374.5
$6,378.1
$2,367.4
$6,869.1
$23,638.3
$4,397.0
$1,146.7
$106,051.9
$2,117.3
$15,521.1
$4,288.6
$48,410.4
$2,128.1
$10,090.6
$105,326.2
$2,349.5
$21,184.2

15.7x
6.5x
25.1x
23.6x
11.1x
NA
25.1x
19.3x
5.1x
8.9x
NA
11.9x
NA
11.7x
NA
8.0x
14.1x
9.5x
20.7x
NA
8.3x
10.8x
10.4x
17.0x
14.7x
24.2x
5.7x
11.7x
14.5x
8.1x
9.7x
13.0x
24.6x
14.5x
14.1x
20.2x
NA
16.4x
NA
16.5x
NA
6.1x
15.3x
12.0x
24.0x
18.6x
37.2x
27.4x
NA
10.4x
16.3x
17.4x
17.2x
NA
16.1x
3.1%
1.2%
0.6%
2.5%
1.7%
17.7%
6.2%
5.9%
0.7%
1.5%
7.5%
6.4%
20.4%
3.1%
9.5%
3.0%
15.0%
0.8%
1.8%
4.1%
21.5%
3.8%
2.1%
1.2%
3.8%
1.5%
4.6%
1.3%
1.1%
4.0%
NA
2.8%
1.3%
7.1%
2.5%
1.0%
19.5%
NA
0.3%
2.3%
0.1%
3.0%
0.6%
16.2%
0.2%
0.6%
NA
1.6%
12.9%
0.5%
23.4%
6.4%
NA
6.5%
6.0%
27 HANAWALT

During 4Q11 Hanawalt increased their exposure to the Energy (+4.0%) and Consumer D. (+1.4%) while trimming
exposure within Industrials (-0.1%) and Materials (-5.4%).
N/A
CMCSA
Hanawalt's portfolio has a 'Neutral' crowdedness rating(1) across our coverage universe. Weighted for position sizing
33.3% of Hanawalt's top positions were found in 3 or more hedge funds we cover. Hanawalt's portfolio was in the
Hanawalt Associates: Current Allocation

80.0%
70.0%
60.0%
50.0%
40.0%
30.0%
20.0%
10.0%
0.0%
71.9%
14.9%
Consumer
Discretionary
(1)
Financials
11.3%
Consumer Staples
1.0%
0.9%
Energy
Info Technology
52
Exhibit 26.1: Hanawalt Positions

Ticker
Company Name
Sector
BBBY
LOW
HD
AAN
COST
WFC
USB
CMCSA
COP
MSFT
SHLD
AXP
AXE
KMX
BRK/A
Avg.
BED BATH &BEYOND

LOWE'S COS INC
HOME DEPOT INC
AARON'S INC
COSTCO WHOLESALE
WELLS FARGO & CO
US BANCORP
COMCAST CORP-A
CONOCOPHILLIPS
MICROSOFT CORP
SEARS HOLDINGS
AMERICAN EXPRESS
ANIXTER INTL INC
CARMAX INC
BERKSHIRE HATH-A
Consumer, Cyclical
Consumer, Cyclical
Consumer, Cyclical
Consumer, Cyclical
Financial
Financial
Communications
Energy
Technology
Consumer, Cyclical
Financial
Communications
Consumer, Cyclical
Financial

53
Change
Value
0.0% $104,329,000
0.0%
$62,894,000
0.0%
$45,338,000
0.0%
$41,597,000
0.0%
$41,061,000
0.0%
$34,766,000
0.0%
$18,145,000
$5,596,000
New
0.0%
$3,806,000
0.0%
$2,987,000
0.0%
$2,014,000
0.0%
$1,026,000
0.0%
$415,000
0.0%
$399,000
0.0%
$214,000
Shares
1,820,438
3,252,000
1,379,300
1,647,421
499,957
1,441,383
770,800
267,500
60,100
120,000
35,019
22,840
8,750
16,711
2

28.6%
17.3%
12.4%
11.4%
11.3%
9.5%
5.0%
1.5%
1.0%
0.8%
0.6%
0.3%
0.1%
0.1%
0.1%
$14,380.7
$34,883.8
$72,311.1
$2,118.8
$36,699.3
$164,926.9
$56,068.9
$78,828.4
$98,266.0
$262,882.9
$5,516.1
$61,407.6
$2,317.8
$6,840.6
$197,285.9
$72,982.3

15.7x
17.4x
19.4x
16.0x
24.6x
11.1x
12.1x
18.4x
8.4x
11.6x
NA
12.8x
12.7x
16.9x
17.9x
15.4x
2.7%
1.2%
1.4%
6.3%
1.2%
0.6%
1.5%
1.2%
1.4%
0.9%
39.0%
0.6%
9.4%
6.4%
0.2%
4.9%
28 COATUE
PM: Philippe Laffont

During 4Q11 Coatue increased their exposure to the Financials (+10.8%) and Energy (+2.0%) while trimming
exposure within Consumer D. (-4.2%) and Materials (-8.5%).
GOOG
QCOM
PCLN
LNKD
NTAP
RHT
WSM
WYNN
CTSH
LOGI
Coatue's portfolio has a 'Contrarian' crowdedness rating(1) across our coverage universe. Weighted for position sizing
30.0% of Coatue's top positions were found in 3 or more hedge funds we cover. Coatue's portfolio was in the bottom
Coatue Management: Current Allocation

80.0%
70.0%
60.0%
50.0%
40.0%
30.0%
20.0%
10.0%
0.0%
74.8%
20.7%
Info Technology
(1)
Consumer
Discretionary
3.3%
0.9%
0.3%
Consumer Staples
Materials
Telecom Services
54
Exhibit 27.1: Coatue Positions

Ticker
Company Name
Sector
Change
AAPL
GOOG
QCOM
BIDU
PCLN
AMZN
NTAP
CMG
INTU
GMCR
SLAB
CHKP
RHT
LNKD
ATML
HRB
MCP
AOL
WSM
WYNN
CTSH
STEC
RIMM
NTRI
LOGI
DRIV
LVLT
QNST
FIO
GRPN
Avg.
APPLE INC
GOOGLE INC-CL A
QUALCOMM INC
BAIDU INC-SP ADR
PRICELINE.COM
AMAZON.COM INC
NETAPP INC
CHIPOTLE MEXICAN
INTUIT INC
GREEN MOUNTAIN
SILICON LABS
CHECK POINT SOFT
RED HAT INC
LINKEDIN CORP-A
ATMEL CORP
H&R BLOCK INC
MOLYCORP INC
AOL INC
WILLIAMS-SONOMA
WYNN RESORTS LTD
COGNIZANT TECH-A
STEC INC
RESEARCH IN MOTI
NUTRISYSTEM INC
LOGITECH INTER-R
DIGITAL RIVER
LEVEL 3 COMM INC
QUINSTREET INC
FUSION-IO INC
GROUPON INC
Technology
Communications
Technology
Communications
Communications
Communications
Technology
Consumer, Cyclical
Technology
Technology
Technology
Technology
Communications
Technology
#NAME?
Communications
Consumer, Cyclical
Consumer, Cyclical
Technology
Technology
Technology
Communications
Technology
Communications
Communications
Communications
Technology
Communications
(4.1%)
70.8%
13.4%
(7.1%)
89.0%
(26.4%)
New
(29.1%)
(35.4%)
(51.3%)
(5.5%)
(78.6%)
New
76.7%
(3.6%)
0.0%
172.3%
(3.5%)
New
New
New
0.0%
(52.1%)
0.0%
New
0.0%
(93.3%)
0.0%
New
New

55
Value
$517,934,000
$503,073,000
$247,671,000
$216,004,000
$197,962,000
$189,628,000
$158,308,000
$109,226,000
$93,083,000
$92,206,000
$88,590,000
$58,391,000
$46,050,000
$42,641,000
$32,711,000
$30,641,000
$25,902,000
$25,705,000
$22,322,000
$21,176,000
$17,416,000
$17,001,000
$10,934,000
$9,418,000
$8,755,000
$8,663,000
$8,650,000
$6,801,000
$6,258,000
$1,032,000
Shares
1,278,849
778,871
4,527,800
1,854,590
423,257
1,095,483
4,364,697
323,401
1,769,971
2,055,886
2,040,312
1,111,345
1,115,300
676,744
4,038,335
1,876,360
1,080,136
1,702,302
579,782
191,652
270,821
1,979,181
754,051
728,383
1,125,376
576,792
509,122
726,631
258,582
50,000

18.4%
17.9%
8.8%
7.7%
7.0%
6.7%
5.6%
3.9%
3.3%
3.3%
3.1%
2.1%
1.6%
1.5%
1.2%
1.1%
0.9%
0.9%
0.8%
0.8%
0.6%
0.6%
0.4%
0.3%
0.3%
0.3%
0.3%
0.2%
0.2%
0.0%
$476,441.1
$197,921.2
$106,051.9
$46,373.2
$29,034.2
$82,201.3
$15,431.3
$12,021.4
$17,065.0
$10,787.2
$1,943.7
$12,086.0
$9,324.7
$9,392.5
$4,838.8
$4,789.0
$2,407.8
$1,808.6
$3,899.8
$14,997.4
$21,519.8
$456.4
$7,927.0
$320.3
$1,701.5
$673.5
$4,422.9
$500.3
$2,459.2
$12,893.2
$37,056.3

14.5x
17.0x
18.6x
6.8x
25.1x
NA
18.5x
NA
21.6x
34.9x
25.4x
20.3x
45.0x
NA
11.3x
10.6x
18.6x
20.2x
17.2x
21.5x
23.1x
14.3x
3.1x
24.0x
21.5x
15.6x
NA
11.5x
NA
NA
19.2x
1.1%
1.2%
0.6%
NA
6.2%
1.9%
4.9%
8.1%
2.3%
18.8%
10.3%
1.1%
2.7%
17.9%
3.3%
4.7%
30.7%
15.7%
4.1%
5.2%
1.3%
19.8%
10.9%
28.7%
6.9%
8.4%
9.4%
10.6%
53.0%
42.5%
11.5%
29 HAWKSHAW
PM: Kian Ghazi

During 4Q11 Hawkshaw increased their exposure to the Energy (+7.8%) and Healthcare (+1.3%) while trimming
exposure within Materials (0.0%) and Financials (-9.7%).
BTH
GLD
SCMR
EA
WPRT
Hawkshaw's portfolio has a 'Contrarian' crowdedness rating(1) across our coverage universe. Weighted for position
sizing 14.3% of Hawkshaw's top positions were found in 3 or more hedge funds we cover. Hawkshaw's portfolio was in
Hawkshaw Capital: Current Allocation

45.0%
40.0%
35.0%
30.0%
25.0%
20.0%
15.0%
10.0%
5.0%
0.0%
42.5%
40.3%
12.2%
5.0%
Info Technology
(1)
Financials
Industrials
56
Exhibit 28.1: Hawkshaw Positions

Ticker
Company Name
Sector
Change
BTH
IM
GLD
ANF
XOXO
TLB
SCMR
ANN
SYMC
EA
AVNW
FFEX
WPRT
FALC
Avg.
BLYTH INC
INGRAM MICRO INC
SPDR GOLD TRUST
ABERCROMBIE & FI
XO GROUP INC
TALBOTS INC
SYCAMORE NETWORK
ANN INC
SYMANTEC CORP
ELECTRONIC ARTS
AVIAT NETWORKS I
FROZEN FOOD EXPR
WESTPORT INNOVAT
FALCONSTOR SOFTW
Consumer, Cyclical
Funds
Consumer, Cyclical
Communications
Consumer, Cyclical
Communications
Consumer, Cyclical
Communications
Technology
Communications
Industrial
Consumer, Cyclical
Technology
68.4%
(0.0%)
New
(0.0%)
(0.0%)
(0.0%)
New
(0.0%)
(50.2%)
New
(0.0%)
(0.3%)
New
(0.0%)

57
Value
$15,872,000
$12,024,000
$11,413,000
$9,786,000
$7,396,000
$6,875,000
$5,731,000
$5,109,000
$4,501,000
$4,185,000
$3,993,000
$2,415,000
$2,280,000
$1,904,000
Shares
279,436
661,007
75,090
200,375
886,814
2,584,544
320,190
206,182
287,602
203,170
2,181,982
1,872,328
68,578
737,879

17.0%
12.9%
12.2%
10.5%
7.9%
7.4%
6.1%
5.5%
4.8%
4.5%
4.3%
2.6%
2.4%
2.0%
$497.8
$3,009.7
$72,355.4
$4,169.1
$270.5
$208.0
$543.4
$1,253.1
$13,108.1
$5,729.7
$166.2
$22.0
$2,269.2
$137.4
$7,410.0

NA
11.3x
NA
20.0x
27.7x
NA
NA
13.9x
11.3x
18.7x
NA
NA
NA
NA
17.2x
8.7%
1.2%
4.1%
8.4%
5.3%
21.2%
5.2%
13.4%
1.8%
4.7%
3.0%
0.1%
14.0%
3.7%
6.8%
30 JANA PARTNERS
PM: Barry Rosenstein & Gary Claar

During 4Q11 Jana increased their exposure to the Industrials (+14.8%) and Info Tech (+4.1%) while trimming
exposure within Financials (-4.9%) and Consumer S. (-5.0%).
AAPL
APC
EXPE
LIFE
RKT
MPC
LMCA
ENR
CYT
SEMG
NFLX
BMC
CMVT
Jana's portfolio has a 'Crowded' crowdedness rating(1) across our coverage universe. Weighted for position sizing
46.4% of Jana's top positions were found in 3 or more hedge funds we cover. Jana's portfolio was in the upper quartile
of our coverage universe.
JANA Partners: Current Allocation

45.0%
40.0%
35.0%
30.0%
25.0%
20.0%
15.0%
10.0%
5.0%
0.0%
39.4%
34.1%
13.3%
Energy
Consumer
Discretionary
(1)
Info
Technology
4.9%
3.6%
3.3%
Materials
Consumer
Staples
Healthcare
58
Exhibit 29.1: Jana Positions

Ticker
Company Name
Sector
Change
MPC
MHP
EP
AAPL
LMCA
APC
EXPE
ENR
CYT
LINTA
LIFE
SEMG
MSI
NFLX
BMC
CMVT
RKT
GOOG
TRIP
DLPH
GLD
SUN
CVG
XLS
HCA
OPK
WPX
VAC
Avg.
MARATHON PETROLE
MCGRAW-HILL COS
EL PASO CORP
APPLE INC
LIBERTY MEDIA -A
ANADARKO PETROLE
EXPEDIA INC
ENERGIZER HOLDGS
CYTEC INDS
LIBERTY INTERA-A
LIFE TECHNOLOGIE
SEMGROUP CORP-A
MOTOROLA SOLUTIO
NETFLIX INC
BMC SOFTWARE INC
COMVERSE TECH
ROCK-TENN CO-A
GOOGLE INC-CL A
TRIPADVISOR INC
DELPHI AUTOMOTIV
SPDR GOLD TRUST
SUNOCO INC
CONVERGYS CORP
EXELIS INC
HCA HOLDINGS INC
OPKO HEALTH
WPX ENERGY
MARRIOTT VACATIO
Energy
Communications
Energy
Technology
Communications
Energy
Communications
Industrial
Basic Materials
Communications
Energy
Communications
Communications
Technology
Communications
Industrial
Communications
Communications
Consumer, Cyclical
Funds
Energy
Industrial
Energy
Consumer, Cyclical
New
(14.0%)
(70.8%)
9.9%
New
42.8%
56.1%
New
New
(28.1%)
155.3%
New
(14.5%)
New
New
New
154.8%
(66.8%)
New
New
New
(73.4%)
(75.9%)
New
(89.0%)
(21.8%)
New
New

59
Value
Shares
$553,836,000 16,636,720
$395,465,000 8,793,978
$134,603,000 5,065,987
$104,805,000
258,777
$101,636,000 1,302,191
$94,462,000 1,237,542
$88,770,000 3,058,923
$77,311,000
997,824
$67,034,000 1,501,313
$63,228,000 3,899,338
$52,512,000 1,349,584
$51,107,000 1,961,141
$46,463,000 1,003,741
$44,941,000
648,594
$44,142,000 1,346,615
$42,229,000 6,155,837
$40,151,000
695,856
$36,689,000
56,803
$22,956,000
910,607
$19,154,000
889,226
$18,268,000
120,191
$16,908,000
412,194
$15,058,000 1,179,161
$12,004,000 1,326,386
$10,065,000
456,892
$9,786,000 1,997,234
$6,302,000
346,851
$4,103,000
239,097

25.5%
18.2%
6.2%
4.8%
4.7%
4.3%
4.1%
3.6%
3.1%
2.9%
2.4%
2.4%
2.1%
2.1%
2.0%
1.9%
1.8%
1.7%
1.1%
0.9%
0.8%
0.8%
0.7%
0.6%
0.5%
0.5%
0.3%
0.2%
$15,647.6
$12,646.2
$20,830.0
$476,441.1
$10,757.4
$42,646.3
$4,397.0
$5,124.9
$2,846.2
$10,827.0
$8,357.8
$1,147.3
$15,895.3
$6,612.8
$6,414.7
$1,343.2
$4,782.1
$197,921.2
$4,081.3
$10,152.6
$72,355.4
$4,260.7
$1,593.3
$1,923.3
$11,012.2
$1,415.1
$3,741.0
$776.3
$34,141.0

6.5x
15.7x
26.2x
14.5x
30.0x
29.5x
12.0x
14.2x
15.7x
25.1x
12.5x
182.8x
19.1x
23.8x
11.8x
19.4x
13.0x
17.0x
22.0x
11.1x
NA
NA
12.8x
5.2x
8.9x
NA
24.1x
21.3x
23.8x
1.2%
2.7%
0.9%
1.1%
0.7%
1.0%
16.2%
4.9%
3.1%
0.6%
2.7%
3.7%
1.2%
20.1%
1.7%
0.9%
2.8%
1.2%
7.3%
3.8%
4.1%
6.3%
6.5%
1.1%
1.5%
16.8%
2.5%
5.9%
4.4%
31 DISCLAIMER
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buy or sell securities, investment products, financial instruments, or to participate in any particular investment strategy.
The information, opinions, material, and any other content provided on www.streetofwalls.com, or provided by Street of
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financial instruments, or to participate in any particular investment strategy. The ideas and comments on the site are
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opinions and information on the site are constructed without thought to any individual person, corporate entity, or any
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understand that any investment in any security contains many risk factors, and the discussions of any security on the
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Street of Walls Hedge Fund Intelligence 4Q11

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Hedge Fund Intelligence

By: Street of Walls

CROWDEDNESS AMONG NEWLY INITIATED POSITIONS .................................................................... 4

CROWDEDNESS AMONG EXISTING POSITIONS ................................................................................... 6

HEDGE FUND SECTOR CHANGES .......................................................................................................... 7

HEDGE FUND INVESTMENT CHARACTERISTICS.................................................................................. 8

BERKSHIRE HATHAWAY ........................................................................................................................ 14

GREENLIGHT CAPITAL ........................................................................................................................... 16

10 LONE PINE CAPITAL ............................................................................................................................... 18

2 CROWDEDNESS AMONG NEWLY INITIATED POSITIONS

3 CROWDEDNESS AMONG EXISTING POSITIONS

4 HEDGE FUND SECTOR CHANGES

5 HEDGE FUND INVESTMENT CHARACTERISTICS

PM: Seth Klarman

Baupost Group: Current Allocation

Exhibit 6.1: Baupost Group Positions

Source: SEC 13-F Filings.

% of Filed Mkt Cap ($mn)

Forward P/E (1) SI % Float (2)

PM: Warren Buffet

Berkshire Hathaway: Current Allocation

Exhibit 7.1: Berkshire Hathaway Positions

0.0% $13,994,002,000 200,000,000

Source: SEC 13-F Filings.

% of Filed Mkt Cap ($mn)

Forward P/E (1) SI % Float (2)

PM: David Einhorn

Greenlight Capital: Current Allocation

Exhibit 8.1: Greenlight Capital Positions

Source: SEC 13-F Filings.

% of Filed Mkt Cap ($mn)

Forward P/E (1) SI % Float (2)

10 LONE PINE CAPITAL

PM: Stephen Mandel

Lone Pine Capital: Current Allocation

Exhibit 9.1: Lone Pine Capital Positions

Source: SEC 13-F Filings.

% of Filed Mkt Cap ($mn)

Forward P/E (1) SI % Float (2)

PM: David Tepper

Appaloosa Management: Current Allocation

Exhibit 10.1: Appaloosa Management Positions

CVR ENERGY INC

Source: SEC 13-F Filings.

% of Filed Mkt Cap ($mn)

Forward P/E (1) SI % Float (2)

12 PERSHING SQUARE CAPITAL

PM: William Ackman

Pershing Square Capital: Current Allocation

Exhibit 11.1: Pershing Square Capital Positions

Source: SEC 13-F Filings.

% of Filed Mkt Cap ($mn)

Forward P/E (1) SI % Float (2)

PM: Lee Ainslie

Maverick Capital: Current Allocation

Exhibit 12.1: Maverick Capital Positions

TYCO INTL LTD

Source: SEC 13-F Filings.

% of Filed Mkt Cap ($mn)

Forward P/E (1) SI % Float (2)

PM: Daniel Loeb

Third Point: Current Allocation

Exhibit 13.1: Third Point Positions