Hedge Fund Intelligence 1Q12

www.StreetofWalls.
com
Hedge Fund Intelligence

A detailed Street of Walls break-down of
1Q12 Hedge Fund holdings of the top 22
funds.
By: Street of Walls

Hedge Fund Division
Copyright 2012 Street of Walls, LLC. All rights Reserved
www.StreetofWalls.com
Table of Contents
1
INTRODUCTION.......................................................................................................................................... 4
CROWDEDNESS AMONG NEWLY INITIATED POSITIONS .................................................................... 4
CROWDEDNESS AMONG EXISTING POSITIONS ................................................................................... 7
HEDGE FUND SECTOR CHANGES .......................................................................................................... 8
HEDGE FUND INVESTMENT CHARACTERISTICS.................................................................................. 9
STOCK WRITE-UPS.................................................................................................................................. 10
BAUPOST GROUP.................................................................................................................................... 13
BERKSHIRE HATHAWAY ........................................................................................................................ 15
GREENLIGHT CAPITAL ........................................................................................................................... 17
10 LONE PINE CAPITAL ............................................................................................................................... 19

11 APPALOOSA MANAGEMENT ................................................................................................................. 21
12 PERSHING SQUARE CAPITAL ............................................................................................................... 23
13 MAVERICK CAPITAL................................................................................................................................ 25
14 THIRD POINT ............................................................................................................................................ 27
15 BLUE RIDGE CAPITAL............................................................................................................................. 29
16 PAULSON & CO........................................................................................................................................ 31
17 SOROS FUND MANAGEMENT ................................................................................................................ 33
18 FAIRHOLME CAPITAL ............................................................................................................................. 35
19 TIGER MANAGEMENT ............................................................................................................................. 37
20 PERRY CAPITAL ...................................................................................................................................... 39
21 GLENVIEW CAPITAL................................................................................................................................ 41
22 VIKING GLOBAL....................................................................................................................................... 43
23 FARALLON CAPITAL ............................................................................................................................... 45
24 HAYMAN ADVISORS................................................................................................................................ 47
25 ICAHN CAPITAL ....................................................................................................................................... 49
26 PASSPORT CAPITAL ............................................................................................................................... 51
27 COATUE .................................................................................................................................................... 53
28 HAWKSHAW ............................................................................................................................................. 55
29 JANA PARTNERS..................................................................................................................................... 57
30 DISCLAIMER ............................................................................................................................................. 59
Copyright Street of Walls
Table of Exhibits
Exhibit 7.1: Baupost Group Positions.............................................................................................................................. 14
Exhibit 8.1: Berkshire Hathaway Positions...................................................................................................................... 16
Exhibit 9.1: Greenlight Capital Positions ......................................................................................................................... 18
Exhibit 10.1: Lone Pine Capital Positions........................................................................................................................ 20
Exhibit 11.1: Appaloosa Management Positions ............................................................................................................. 22
Exhibit 12.1: Pershing Square Capital Positions ............................................................................................................. 24
Exhibit 13.1: Maverick Capital Positions ......................................................................................................................... 26
Exhibit 14.1: Third Point Positions................................................................................................................................... 28
Exhibit 15.1: Blue Ridge Positions .................................................................................................................................. 30
Exhibit 16.1: Paulson & Co. Positions ............................................................................................................................. 32
Exhibit 17.1: Soros Fund Management Positions ........................................................................................................... 34
Exhibit 18.1: Fairholme Capital Management Positions.................................................................................................. 36
Exhibit 19.1: Tiger Management Positions...................................................................................................................... 38
Exhibit 20.1: Perry Capital Positions ............................................................................................................................... 40
Exhibit 21.1: Glenview Capital Positions ......................................................................................................................... 42
Exhibit 22.1: Viking Global Positions............................................................................................................................... 44
Exhibit 23.1: Farallon Capital Positions........................................................................................................................... 46
Exhibit 24.1: Hayman Advisors Positions........................................................................................................................ 48
Exhibit 25.1: Icahn Capital Positions ............................................................................................................................... 50
Exhibit 26.1: Passport Capital Positions.......................................................................................................................... 52
Exhibit 27.1: Coatue Positions......................................................................................................................................... 54
Exhibit 28.1: Hawkshaw Positions................................................................................................................................... 56
Exhibit 29.1: Jana Positions ............................................................................................................................................ 58
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 22 of the top Hedge Funds in the industry.
This report focuses on hedge fund positions filed at the end of 1Q 2012 and looks at meaningful changes from the
previous quarter. The report is based on 22 of the top hedge funds.
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2 CROWDEDNESS AMONG NEWLY INITIATED POSITIONS

During 1Q12, the top 22 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 4Q11.
Tickers in Red represent common or crowded positions. The most crowded new ideas during the quarter were AAPL,
GOOG, WYNN, and HCA. Other new positions shared among hedge funds but with less overlap were PCLN, DTV,
LBTYA, SHW, ANV, NFLX, VRSN, SHW, TRIP, and SIRI.
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Below is a comp table breaking down the most common new positions outlined in the heat map above.
Ticker
Summary
Price Mkt Cap
EV
2011E
P/E
2012E
2013E
2011E
EV/EBITDA
2012E
2013E
Exposure to 3+ Funds
APPLE INC
WYNN RESORTS LTD
HCA HOLDINGS INC
GOOGLE INC-CL A
AAPL
WYNN
HCA
GOOG
$530.38
$101.94
$24.63
$600.40
$495,938
$10,246
$10,807
$195,639
$450,392
$19,451
$39,565
$164,307
15.1x
18.3x
8.6x
16.7x
10.9x
16.8x
7.0x
13.8x
9.9x
14.3x
6.5x
11.7x
9.9x
12.7x
7.0x
12.1x
7.0x
12.5x
6.2x
8.6x
5.9x
11.3x
6.0x
7.3x
Exposure to 2 Funds
BROADCOM CORP-A
SIRIUS XM RADIO
LIBERTY GLOBAL-A
SHERWIN-WILLIAMS
ALLIED NEVADA GO
THOMAS & BETTS
PRICELINE.COM
DIRECTV-A
CITIGROUP INC
EQUINIX INC
BRCM
SIRI
LBTYA
SHW
ANV
TNB
PCLN
DTV
C
EQIX
$31.32
$1.89
$46.38
$116.07
$24.81
$71.99
$632.00
$45.38
$26.01
$147.81
$17,257
$7,165
$12,643
$11,987
$2,230
$3,803
$31,469
$29,724
$76,265
$7,008
$18,704
$10,962
NA
$12,663
$2,720
$7,529
$33,660
$46,001
$814,746
$9,700
10.8x
26.9x
NM
24.0x
NM
20.3x
27.0x
13.1x
7.1x
NM
10.6x
26.5x
37.0x
18.8x
21.2x
17.2x
19.9x
10.4x
6.4x
NM
9.8x
19.2x
19.1x
15.8x
10.4x
15.2x
15.9x
8.5x
5.6x
39.2x
14.8x
11.6x
NA
13.2x
NM
20.1x
23.2x
6.6x
15.2x
14.7x
9.7x
12.2x
NA
11.0x
15.5x
17.3x
16.7x
6.1x
NA
11.1x
8.8x
9.6x
NA
9.6x
7.7x
15.8x
13.2x
5.6x
NA
9.4x
Unique Positions
COVENTRY HEALTH
HESS CORP
VISTEON CORP
BARNES & NOBLE
COCA-COLA ENTER
AVIS BUDGET GROU
STRAYER EDUCATIO
DARLING INTL
GAP INC/THE
WALT DISNEY CO
ROSS STORES INC
BE AEROSPACE
ESTEE LAUDER
ULTA SALON COSME
BANCO SANTANDER
OWENS CORNING
VIRGIN MEDIA INC
MERCURY GEN CORP
MONSTER WORLDWID
MEMC ELEC MATER
TELLABS INC
FAMILY DOLLAR ST
CVH
HES
VC
BKS
CCE
CAR
STRA
DAR
GPS
DIS
ROST
BEAV
EL
ULTA
BSBR
OC
VMED
MCY
MWW
WFR
TLAB
FDO
$29.03
$44.60
$40.39
$17.01
$27.17
$13.59
$91.93
$14.04
$25.71
$43.81
$60.66
$41.59
$54.54
$85.32
$7.69
$28.37
$21.48
$43.50
$8.45
$1.73
$3.55
$64.16
$4,147
$15,236
$2,119
$1,024
$8,152
$1,442
$1,091
$1,651
$12,539
$78,304
$13,741
$4,321
$21,212
$5,365
$29,225
$3,451
$5,966
$2,387
$1,025
$399
$1,300
$7,490
$4,783
$26,814
$3,402
$952
$11,317
$10,650
$1,158
$2,271
$13,493
$93,731
$13,502
$6,182
$24,113
$4,556
$82,010
$6,593
$9,978
$2,336
$1,074
$2,615
$549
$6,736
10.1x
6.2x
13.0x
NM
12.5x
8.2x
10.4x
9.6x
15.8x
16.5x
21.6x
18.3x
24.8x
46.9x
NM
12.7x
45.7x
15.6x
22.8x
7.2x
NM
19.5x
10.5x
7.0x
11.8x
NM
11.8x
5.5x
13.3x
10.9x
13.5x
14.2x
18.2x
14.8x
21.9x
35.3x
4.3x
13.5x
21.4x
16.5x
28.8x
NM
NM
16.8x
9.0x
5.8x
9.2x
NM
10.6x
5.3x
12.4x
9.1x
12.0x
12.3x
16.2x
12.0x
19.0x
28.1x
3.6x
9.4x
13.5x
16.3x
18.7x
4.6x
45.5x
14.4x
5.4x
4.3x
6.1x
5.3x
8.4x
4.6x
5.8x
5.8x
6.7x
9.5x
11.2x
12.6x
14.3x
17.3x
NA
8.5x
6.3x
NA
7.7x
32.0x
NM
7.9x
6.0x
3.5x
6.1x
4.9x
8.1x
13.0x
7.3x
6.4x
6.3x
8.4x
9.6x
9.9x
13.3x
13.2x
NA
8.7x
6.0x
NA
7.0x
10.7x
9.7x
7.1x
5.6x
3.0x
5.3x
5.4x
7.7x
12.6x
7.0x
6.1x
5.6x
7.6x
8.5x
8.5x
11.7x
4.7x
NA
7.1x
5.7x
NA
6.0x
7.7x
6.2x
6.1x
3 CROWDEDNESS AMONG EXISTING POSITIONS

Below we break-down the most shared stocks held in at the top 22 hedge funds. Crowded trades can lead to 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 22 hedge funds we cover, the most crowded books were from Third Point,
Maverick, Lone Pine, Appaloosa, and Blue Ridge (lots of Tiger Cubs in there). The least crowded positions among
the books were held at Hawkshaw, Hayman, Icahn, Fairholme, and Baupost.
Below are the top 8 positions held at each fund, followed by the amount overlap at other hedge funds. For example,
AAPL is Greenlights largest position and is owned by 12 other hedge funds we cover.
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 +3.1% from 4Q11 to 1Q12.
There was a big push within the quarter to Energy (+2.3%), Financials (+0.7%), and Consumer Staples (+0.9%) while
Consumer Discretionary (-0.7%) and Industrials (-2.6%) declined the most.
Excluding large allocation from Hayman, Financials saw a -2.0% decline in sector exposures. Low rates and mortgage
related put-back problems in Financials may have led managers to trim and exit positions within the space throughout
2011 and into 2012.
5 HEDGE FUND INVESTMENT CHARACTERISTICS

Out of the 22 hedge funds examined, Energy was the leading sector for investment in 1Q12 (as a % of sector
investments from last quarter) followed by Consumer Discretionary and Staples.
The average market capitalization of hedge fund portfolio companies was $30.1 billion up from $31.0 billion last
quarter. Fairholme and Third Point 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 2012 forward price to earnings ratio of 17.5x vs 18.6x last
quarter. Appaloosa and Viking bought into the higher valuation stocks at 47.4x and 27.9x respectively while Glenview
and Hayman bought into much lower valuations at 12.4x and 11.8x respectively.
Short interest as a percentage of publicly traded floating shares was an average of 6.6% across the 22 funds vs. 5.3%
last quarter. Tiger and Coatue had the highest short interest with 26.6% and 10.0% while Viking and Third Point had
the lowest with 3.2% and 3.0%. 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:
Prem V. Watsa, Fairfax Financial Holdings Limited (aka the Buffett of Canada)
We continue to fully hedge our common stock portfolios as our concerns about the United States discussed in our
2010 Annual Report persist, and have been magnified by the financial crisis in Europe, including the underlying
austerity programs, and the recent bursting of the Chinese real estate bubble. As for the United States, as we have
discussed many times before, if we thought the 2008/2009 great contraction was like any other recession the U.S. has
experienced in the past 50 years, we would not be hedging today. However, we continue to worry that the North
American economy may experience a time period like the U.S. in the 1930s and Japan since 1990, during which
nominal GDP remains flat for ten plus years with many bouts of deflation. To combat the great contraction of
2008/2009, the U.S., as well as Europe and most countries in the world, went all in with huge stimulus programs.
They have no ammunition left now and austerity is the slogan of the day, worldwide! While the Fed continues its many
quantitative easing programs and the ECB and others follow suit, the key question in our minds is whether the central
banks can get consumers and businesses to stop deleveraging and perhaps releverage again given the very high
leverage they begin with. Total private debt as a percentage of GDP in the U.S. has just begun to come down from
levels even higher than the 1930s.
As for Europe, 2011 laid bare the leverage there, with the assets of its banking system being 2.6 times its GDP.
Frances top five banks, for example, have assets of $9 trillion versus a GDP of $2.7 trillion for France. Much of the
assets of the French banking system (and other countries in Europe) are financed by wholesale funds as opposed to
stable retail deposits. Today, while we think this is very unlikely, there is the possibility of the Euro breaking apart, with
disastrous consequences to the world economy. All of this reminds us of the late 1980s in Japan, when it was reported
that Japanese housewives were buying stocks with grocery money. For the last ten years, after the Nikkei Dow Jones
came down by 75% from its high, the Japanese housewives have been keeping their money in Japanese government
bonds or in bank deposits yielding less than 1%. The point is, the psychology changed in Japan, and the question
today is whether the same thing has happened in the U.S. and Europe after the great contraction in 2008/2009. With
house prices down by almost half and lots of concern over unemployment and the economy, the question is, has the
psychology changed in the U.S. towards saving and away from spending. Only time will tell but it is an area we
continue to monitor closely.
As for China, late in 2011 the Chinese bubble in real estate burst. Developers have reduced prices by 25%+ to sell
apartments in Shanghai causing riots by angry buyers who paid full price. Expect apartment prices in China to come
down significantly in the next few years. This may result in a hard landing in China, again with major consequences for
the world economy. As the table below shows, the parabolic increase in commodity prices has stalled in 2011 and
many commodities like copper have begun to decline:
Cotton is down 37% and may be a harbinger of what is to come!

Of course if commodities, particularly oil and metals, come down, Canada will not be spared. Canada has benefitted
greatly from the commodity boom and our housing sector, particularly in Toronto and Vancouver, has gone up very
10
significantly. As George Athanassakos, Chair of the Ben Graham Centre for Value Investing at the Richard Ivey School
of Business, said in his recent article in the Globe and Mail, this time is not different for Canadas housing bubble.
There are more condos in construction in Toronto than in the 12 major cities in the U.S. combined, including New York
and Los Angeles!! Caveat emptor if you own many houses or condos in Canada.
Yet optimism continues to prevail in the financial markets as corporate spreads are back to levels prior to the great
contraction in 2008 and stock markets are rallying on hopes of repeating the increases from the 2008/2009 bottoms.
Record high profit margins on the S&P 500 are being extrapolated into the future, but they may well regress to the
mean. We have a mini-tech bubble in progress similar to the one we witnessed in 1999/2000, as shown in the table
below:
Given interest rates at close to absolute zero and no fiscal stimulus bullets available in the western world, we continue
to maintain our 100% equity hedge. Ben Grahams observation that only 1 in 100 survived the 1929-1932 debacle if
one was not bearish in 1925 continues to ring in our ears!
Phillipe Laffont, Coatue Management
Apple (AAPL): We invested in Apple in 2003. When we got involved with Apple, the stock was at $10. We did not get
involved until maybe it was at $100. We missed the whole iPod. When the iPhone came in, we thought it would be a
repeat of the iPod. Today you still have the iPhone 5 coming out, which I think will be an incredible product and then
potentially Apple TV. This is an amazing company. They have so much growth going on. They represent 5-10% of the
market and they can get a much bigger market share.
Facebook (FB): It is clearly an incredible company and it also has an incredible management team. One of the things
to respect about Mark Zuckerberg is that he has surrounded himself with great executives. The tough part about an
investment is you are looking for good businesses, good management team, but it is different if you buy a stock at 30
or at 100. I would like to get as many shares as possible. That's what probably everyone wants to do. I'm sure the
stock is incredibly oversubscribed. The real decision is what will happen. We have lots of previous examples (of risks),
both in the year 2000, 1999, but even as recently as LinkedIn. LinkedIn had a small float. The stock started at a low
IPO price. The stock moved all the way up, came all the way back down, and in a few months later it's back to where it
started. It is possible the same happens to Facebook. I do not know. It is a great business. Not only do they have the
potential to grow their advertising a lot, but in addition they are making money with mobile games. They have a lot of
new potential growth products.
Equinix (EQIX): We pitched Equinix at the Ira Sohn conference yesterday. It's a great story. Basically, if I am
Bloomberg, I want to get my news feeds from the NASDAQ and the New York Stock Exchange very close to me so I
have the prices immediately. By putting my servers right next to them, I can get those prices and send them out to all
of my customers. Bloomberg needs to have their servers right next to the servers of these other companies, and that is
11
what Equinix allows you to do. I think the demand for the internet will continue to grow. We are in the early innings.
The company is growing 25-30% revenues and EBITDA. It should continue to do thatWe started buying it years ago
really and have just been adding on to the position. I think right now we might be the largest shareholder of the
company.
12
7 BAUPOST GROUP
PM: Seth Klarman

Filing Date: 3/31/2012
Company Address: Boston, MA
During 1Q12 Baupost increased their exposure to the Energy (+3.1%) and Materials (+0.4%) while trimming exposure
within Consumer D. (-1.9%) and Consumer S. (-2.2%).
Increases in existing positions include:
IDIX
NG
New larger positions include:
THRX
Baupost's portfolio has a 'Contrarian' crowdedness rating(1) across our coverage universe. Weighted for position
sizing 26.3% of Baupost's top positions were found in 3 or more hedge funds we cover. Baupost's portfolio was in 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%
40.6%
18.5%
17.8%
14.5%
6.7%
1.1%
Info
Technology
Healthcare
(1)
Consumer
Discretionary
Energy
Materials
Consumer
Staples
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.
13
Exhibit 7.1: Baupost Group Positions

Ticker
Company Name
Sector
Change
VSAT
BP
HPQ
NWSA
THRX
MSFT
NWS
ANV
IDIX
NG
AVEO
ENZN
ELOS
AOI
CPF
ITRN
SCMR
MGAM
ALR
Avg.
VIASAT INC
BP PLC-ADR
HEWLETT-PACKARD
NEWS CORP-A
THERAVANCE
MICROSOFT CORP
NEWS CORP-B
ALLIED NEVADA GO
IDENIX PHARM
NOVAGOLD RES
AVEO PHARMACEUTI
ENZON PHARMACEUT
SYNERON MEDICAL
ALLIANCE ONE INT
CENTRAL PACIFIC
ITURAN LOCATION
SYCAMORE NETWORK
MULTIMEDIA GAMES
ALERE INC
Communications
Energy
Technology
Communications
Consumer, Non-cyclical
Technology
Communications
Basic Materials
Basic Materials
Financial
Industrial
Communications
Consumer, Cyclical
0.0%
(22.3%)
(8.0%)
0.0%
New
(41.7%)
0.0%
0.0%
45.6%
33.9%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
(76.9%)
(93.1%)
Source: SEC 13-F Filings.

(1) Includes Calendar Year 2012E Consensus EPS.
(2) Represents Short Interest as percent of Float.
14
Value
$506,205,000
$419,441,000
$411,068,000
$296,471,000
$283,799,000
$225,785,000
$212,847,000
$130,535,000
$80,758,000
$71,800,000
$63,101,000
$61,566,000
$42,880,000
$33,126,000
$23,310,000
$22,655,000
$9,418,000
$6,396,000
$3,582,000
Shares
10,499,992
9,320,900
17,250,000
15,041,665
14,553,800
7,000,000
10,658,335
4,012,750
8,249,000
10,000,000
5,084,652
9,000,878
4,000,000
8,786,700
1,800,000
1,685,666
530,871
583,538
137,700
% of Filed Mkt Cap ($mn)

17.4%
14.4%
14.2%
10.2%
9.8%
7.8%
7.3%
4.5%
2.8%
2.5%
2.2%
2.1%
1.5%
1.1%
0.8%
0.8%
0.3%
0.2%
0.1%
$1,807.4
$117,617.2
$42,433.8
$46,823.7
$1,759.4
$245,893.4
$46,823.7
$2,230.3
$875.3
$1,518.1
$491.5
$290.8
$369.5
$281.3
$554.7
$270.5
$421.0
$351.8
$1,494.9
$26,963.6
Forward P/E (1) SI % Float (2)

36.4x
5.4x
4.7x
14.6x
NA
10.8x
14.8x
62.0x
NA
NA
15.2x
NA
149.4x
NA
4.0x
10.5x
NA
27.3x
7.5x
27.9x
10.1%
NA
2.0%
1.9%
14.4%
0.9%
0.6%
5.5%
15.0%
11.3%
5.2%
10.1%
0.3%
9.3%
1.1%
0.1%
4.4%
3.8%
4.8%
5.6%
8 BERKSHIRE HATHAWAY
PM: Warren Buffet

Company Address: Omaha, NE
During 1Q12 Berkshire increased their exposure to the Consumer D. (+3.1%) and Energy (+0.6%) while trimming
exposure within Materials (-3.5%) and Industrials (-0.2%).
WFC
WMT
DTV
DVA
LMCA
GM
VIAB
Berkshire's portfolio has a 'Neutral' crowdedness rating(1) across our coverage universe. Weighted for position sizing
33.3% 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

40.0%
35.0%
30.0%
25.0%
20.0%
15.0%
10.0%
5.0%
0.0%
35.3%
35.1%
18.9%
Financials
Consumer
Staples
(1)
Info
Technology
3.6%
3.4%
2.3%
Healthcare
Consumer
Discretionary
Energy
15
Exhibit 8.1: Berkshire Hathaway Positions

Ticker
Company Name
Sector
Change
KO
WFC
IBM
AXP
PG
KFT
WMT
COP
USB
JNJ
MCO
DTV
WPO
DVA
MTB
COST
V
CVS
USG
GD
LMCA
GM
INTC
TMK
MA
DG
SNY
GE
BK
UPS
VRSK
VIAB
GSK
GCI
IR
Avg.
COCA-COLA CO/THE
WELLS FARGO & CO
IBM
AMERICAN EXPRESS
PROCTER & GAMBLE
KRAFT FOODS INC
WAL-MART STORES
CONOCOPHILLIPS
US BANCORP
JOHNSON&JOHNSON
MOODY'S CORP
DIRECTV-A
WASHINGTON POS-B
DAVITA INC
M&T BANK CORP
COSTCO WHOLESALE
VISA INC-CLASS A
CVS CAREMARK COR
USG CORP
GENERAL DYNAMICS
LIBERTY MEDIA -A
GENERAL MOTORS C
INTEL CORP
TORCHMARK CORP
MASTERCARD INC-A
DOLLAR GENERAL C
SANOFI-ADR
GENERAL ELECTRIC
BANK NY MELLON
UNITED PARCEL-B
VERISK ANALYTI-A
VIACOM INC-B
GLAXOSMITHKL-ADR
GANNETT CO
INGERSOLL-RAND
Financial
Technology
Financial
Consumer, Cyclical
Energy
Financial
Communications
Communications
Financial
Consumer, Cyclical
Consumer, Cyclical
Industrial
Industrial
Communications
Consumer, Cyclical
Technology
Financial
Consumer, Cyclical
Industrial
Financial
Industrial
Communications
Communications
Industrial
0.0% $14,802,000,000 200,000,000

2.8% $13,462,596,000 394,334,928
0.8% $13,436,163,000
64,395,700
0.0%
$8,772,196,000 151,610,700
(4.6%) $4,923,411,000
73,254,136
(10.4%) $2,965,432,000
78,017,165
19.7%
$2,858,538,000
46,708,142
0.0%
$2,211,963,000
29,100,937
(0.0%) $2,187,165,000
69,039,326
0.0%
$1,914,036,000
29,018,127
0.0%
$1,196,282,000
28,415,250
13.0%
$1,134,800,000
22,999,600
0.0%
$645,441,000
1,727,765
123.5%
$541,020,000
6,000,000
0.0%
$467,591,000
5,382,040
0.0%
$393,469,000
4,333,363
0.0%
$338,071,000
2,865,008
0.0%
$318,371,000
7,106,500
0.0%
$293,642,000
17,072,192
0.0%
$284,503,000
3,877,122
76.3%
$264,450,000
3,000,000
New
$256,500,000
10,000,000
(32.6%)
$217,751,000
7,745,000
0.0%
$211,156,000
4,235,818
0.0%
$170,319,000
405,000
(19.1%)
$168,037,000
3,637,164
0.0%
$157,467,000
4,063,675
0.0%
$156,102,000
7,777,900
212.6%
$135,308,000
5,607,466
0.0%
$115,365,000
1,429,200
(35.3%)
$104,750,000
2,230,148
New
$75,541,000
1,591,670
0.0%
$67,837,000
1,510,500
$26,678,000
1,740,231
0.0%
(0.1%)
$26,299,000
636,000

16
Value
Shares

19.7%
17.9%
17.8%
11.6%
6.5%
3.9%
3.8%
2.9%
2.9%
2.5%
1.6%
1.5%
0.9%
0.7%
0.6%
0.5%
0.4%
0.4%
0.4%
0.4%
0.4%
0.3%
0.3%
0.3%
0.2%
0.2%
0.2%
0.2%
0.2%
0.2%
0.1%
0.1%
0.1%
0.0%
0.0%
$167,200.0
$164,412.7
$225,944.5
$63,760.6
$174,051.5
$68,242.3
$212,304.1
$64,264.8
$57,337.1
$173,982.7
$7,994.8
$29,723.8
$2,536.6
$7,596.1
$10,214.5
$35,993.7
$75,746.4
$56,937.2
$1,483.9
$22,840.8
$9,840.3
$33,164.8
$131,158.2
$4,479.7
$49,880.8
$15,137.6
$91,692.0
$200,514.8
$24,140.6
$70,974.1
$8,496.9
$24,477.0
$111,207.1
$3,045.0
$11,993.8
$68,936.3

19.3x
0.8%
11.0x
0.6%
14.6x
1.0%
13.4x
1.1%
16.2x
0.5%
16.8x
0.6%
14.1x
1.2%
5.8x
1.3%
12.5x
1.0%
12.7x
1.6%
14.3x
5.0%
13.1x
2.0%
13.7x
10.9%
15.7x
2.0%
11.7x
4.2%
24.1x
0.9%
21.5x
1.1%
15.9x
0.9%
NA
26.0%
8.7x
0.8%
14.1x
0.4%
4.0x
8.6%
10.3x
1.9%
9.7x
1.9%
21.1x
1.1%
19.9x
1.3%
10.3x
NA
13.8x
0.7%
9.2x
1.4%
17.0x
1.8%
27.0x
0.5%
12.0x
1.4%
19.4x
NA
6.1x
9.9%
14.2x
2.2%
14.2x
2.9%
9 GREENLIGHT CAPITAL
PM: David Einhorn

Company Address: New York, NY
During 1Q12 Greenlight increased their exposure to the Financials (+4.7%) and Energy (+0.2%) while trimming
exposure within Consumer D. (-2.1%) and Consumer S. (-1.7%).
DST
CSC
EXPE
Greenlight's portfolio has a 'Neutral' crowdedness rating(1) across our coverage universe. Weighted for position sizing
33.3% of Greenlight's top positions were found in 3 or more hedge funds we cover. Greenlight's portfolio was in the
Greenlight 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%
47.2%
23.5%
11.8%
6.7%
Info
Technology
Consumer
Discretionary
(1)
Financials
Healthcare
4.0%
3.5%
Energy
Telecom
Services
17
Exhibit 9.1: Greenlight Capital Positions

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

18
Change
0.0%
0.6%
(22.1%)
0.0%
5.7%
(14.3%)
0.0%
(50.6%)
(23.9%)
(15.1%)
(7.5%)
0.0%
(12.7%)
0.0%
(23.6%)
(9.2%)
(8.7%)
(14.7%)
(25.6%)
0.0%
0.0%
39.4%
New
(0.0%)
(37.1%)
(25.0%)
0.0%
0.0%
New
(36.8%)
(45.3%)
0.0%
0.0%
0.0%
0.0%
0.0%
Value
$877,445,000
$391,803,000
$379,957,000
$360,125,000
$288,995,000
$269,994,000
$252,633,000
$241,465,000
$203,377,000
$198,610,000
$194,555,000
$182,676,000
$182,093,000
$160,143,000
$153,568,000
$124,373,000
$114,581,000
$110,700,000
$103,290,000
$94,962,000
$86,387,000
$85,018,000
$71,856,000
$69,878,000
$46,521,000
$44,024,000
$40,979,000
$36,771,000
$33,440,000
$29,460,000
$23,536,000
$19,508,000
$17,660,000
$16,859,000
$11,999,000
$9,866,000
Shares
1,463,700
14,538,126
14,813,163
7,264,971
18,372,247
10,412,441
8,194,661
7,487,295
3,842,365
11,964,405
68,265,000
7,714,375
8,387,490
10,733,469
4,528,681
15,392,717
4,101,000
2,750,995
4,175,000
3,400,000
980,000
1,567,734
2,400,000
2,535,472
64,050
1,012,500
4,459,027
2,100,000
1,000,000
1,200,000
1,600,000
1,998,692
27,168,879
3,412,800
695,580
1,709,846

15.9%
7.1%
6.9%
6.5%
5.2%
4.9%
4.6%
4.4%
3.7%
3.6%
3.5%
3.3%
3.3%
2.9%
2.8%
2.2%
2.1%
2.0%
1.9%
1.7%
1.6%
1.5%
1.3%
1.3%
0.8%
0.8%
0.7%
0.7%
0.6%
0.5%
0.4%
0.4%
0.3%
0.3%
0.2%
0.2%
$495,938.2
$11,443.1
$33,164.8
$7,656.1
$7,309.5
$5,472.5
$8,947.9
$245,893.4
$10,981.3
$25,972.5
$7,017.3
$6,312.7
$3,384.0
$262.6
$19,844.6
$9,636.4
$1,931.7
$1,772.6
$10,807.5
$3,368.9
$9,840.3
$2,329.1
$3,993.2
$11,782.1
$3,880.7
$37,140.3
$1,787.9
$513.6
$5,442.1
$1,803.4
$5,760.5
$743.4
$38.7
$230.1
$737.4
$226.4
$27,871.3

15.1x
12.3x
4.0x
NA
9.5x
14.4x
9.8x
10.8x
15.4x
6.9x
NA
5.1x
11.0x
19.0x
15.8x
6.6x
NA
9.0x
8.6x
16.7x
14.1x
12.7x
5.7x
11.4x
32.6x
7.9x
18.6x
15.9x
14.8x
NA
2.3x
8.5x
NA
33.9x
12.4x
12.4x
12.7x
1.2%
3.2%
8.6%
5.0%
1.2%
2.0%
0.9%
0.9%
NA
4.4%
4.7%
19.8%
1.2%
3.0%
1.4%
1.7%
2.8%
5.8%
2.9%
5.2%
0.4%
1.9%
4.9%
4.1%
4.4%
0.4%
1.6%
3.7%
24.7%
3.5%
12.2%
10.1%
3.9%
15.9%
3.1%
2.9%
5.0%
10 LONE PINE CAPITAL
PM: Stephen Mandel

Company Address: Greenwich, CT
During 1Q12 LonePine increased their exposure to the Energy (+3.4%) and Industrials (+2.6%) while trimming
exposure within Consumer S. (-2.4%) and Financials (-6.0%).
EP
QCOM
NTEST
MON
EQIX
AZO
GPS
DIS
ROST
BEAV
Lone Pine's portfolio has a 'Crowded' crowdedness rating(1) across our coverage universe. Weighted for position
sizing 50.0% 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%
35.7%
29.8%
9.3%
Consumer
Discretionary
Info
Technology
(1)
Energy
7.0%
Industrials
4.5%
4.4%
Financials
Materials
19
Exhibit 10.1: Lone Pine Capital Positions

Ticker
Company Name
Sector
Change
EP
GOOG
PCLN
AAPL
DG
GLD
V
RL
QCOM
NTES
MON
EQIX
TDC
LVS
CTSH
CCI
ESRX
OII
AZO
TDG
WYN
GPS
LULU
GMCR
EDU
DIS
WBC
FOSL
KORS
ROST
LMCA
ST
BEAV
EL
VFC
GRA
AH
KMI
ULTA
BSBR
CTRP
VIT
OC
WYNN
TRIP
ARBA
ISS
TSCO
SVN
HTHT
Avg.
EL PASO CORP
GOOGLE INC-CL A
PRICELINE.COM
APPLE INC
DOLLAR GENERAL C
SPDR GOLD TRUST
VISA INC-CLASS A
RALPH LAUREN COR
QUALCOMM INC
NETEASE INC-ADR
MONSANTO CO
EQUINIX INC
TERADATA CORP
LAS VEGAS SANDS
COGNIZANT TECH-A
CROWN CASTLE INT
EXPRESS SCRIPTS
OCEANEERING INTL
AUTOZONE INC
TRANSDIGM GROUP
WYNDHAM WORLDWID
GAP INC/THE
LULULEMON ATH
GREEN MOUNTAIN
NEW ORIENTAL-ADR
WALT DISNEY CO
WABCO HOLDINGS
FOSSIL INC
MICHAEL KORS HOL
ROSS STORES INC
LIBERTY MEDIA -A
SENSATA TECHNOLO
BE AEROSPACE
ESTEE LAUDER
VF CORP
WR GRACE & CO
ACCRETIVE HEALTH
KINDER MORGAN IN
ULTA SALON COSME
BANCO SANTANDER
CTRIP.COM-ADR
VANCEINFO TE-ADR
OWENS CORNING
WYNN RESORTS LTD
TRIPADVISOR INC
ARIBA INC
ISOFTSTONE -ADS
TRACTOR SUPPLY
7 DAYS GROUP-ADR
CHINA LODGIN-ADS
Energy
Communications
Communications
Technology
Consumer, Cyclical
Funds
Consumer, Cyclical
Technology
Communications
Basic Materials
Communications
Technology
Consumer, Cyclical
Technology
Communications
Energy
Consumer, Cyclical
Industrial
Consumer, Cyclical
Consumer, Cyclical
Consumer, Cyclical
Communications
Consumer, Cyclical
Consumer, Cyclical
Consumer, Cyclical
Consumer, Cyclical
Communications
Industrial
Industrial
Consumer, Cyclical
Basic Materials
Energy
Consumer, Cyclical
Financial
Communications
Technology
Industrial
Consumer, Cyclical
Communications
Technology
Consumer, Cyclical
Consumer, Cyclical
Consumer, Cyclical
382.2%
(3.0%)
(26.3%)
(41.5%)
(12.3%)
0.0%
(5.4%)
(35.4%)
21.3%
20.0%
9.8%
13.8%
4.3%
(16.6%)
(12.1%)
(22.2%)
(45.0%)
(4.4%)
New
6.8%
(18.0%)
New
(16.1%)
115.0%
(1.9%)
New
(15.1%)
(36.9%)
44.1%
New
0.0%
(3.9%)
New
New
(2.9%)
67.9%
(2.2%)
129.6%
New
New
(44.3%)
(3.1%)
New
New
New
New
0.0%
New
(18.9%)
(44.4%)

20
Value
$934,838,000
$838,301,000
$775,681,000
$754,800,000
$621,237,000
$608,081,000
$535,294,000
$527,179,000
$522,588,000
$520,384,000
$519,075,000
$498,192,000
$492,599,000
$465,345,000
$447,132,000
$439,368,000
$410,378,000
$404,051,000
$395,781,000
$385,696,000
$314,806,000
$293,055,000
$284,639,000
$280,406,000
$268,180,000
$257,987,000
$252,222,000
$248,795,000
$245,059,000
$231,081,000
$199,507,000
$197,962,000
$197,950,000
$195,956,000
$192,803,000
$192,562,000
$176,984,000
$163,856,000
$123,568,000
$114,806,000
$113,401,000
$91,717,000
$89,597,000
$86,817,000
$66,546,000
$50,839,000
$46,391,000
$21,492,000
$13,888,000
$11,110,000
Shares
31,635,809
1,307,312
1,081,089
1,258,944
13,446,688
3,750,348
4,536,386
3,024,031
7,678,339
8,956,696
6,507,957
3,164,127
7,228,162
8,083,114
5,810,687
8,237,127
7,574,345
7,497,700
1,064,500
3,331,859
6,768,567
11,210,965
3,808,895
5,986,474
9,766,210
5,892,808
4,170,336
1,885,095
5,259,900
3,977,296
2,263,262
5,912,845
4,259,738
3,163,643
1,320,750
3,331,525
8,862,492
4,239,475
1,330,266
12,519,785
5,240,339
7,617,690
2,486,720
695,207
1,865,613
1,554,231
5,253,739
237,326
1,108,375
950,364

5.8%
5.2%
4.8%
4.7%
3.9%
3.8%
3.3%
3.3%
3.2%
3.2%
3.2%
3.1%
3.1%
2.9%
2.8%
2.7%
2.5%
2.5%
2.5%
2.4%
2.0%
1.8%
1.8%
1.7%
1.7%
1.6%
1.6%
1.5%
1.5%
1.4%
1.2%
1.2%
1.2%
1.2%
1.2%
1.2%
1.1%
1.0%
0.8%
0.7%
0.7%
0.6%
0.6%
0.5%
0.4%
0.3%
0.3%
0.1%
0.1%
0.1%
$22,145.3
$195,638.9
$31,469.4
$495,938.2
$15,137.6
$65,436.5
$75,746.4
$13,067.2
$95,965.1
$7,689.2
$37,281.8
$7,008.2
$11,000.8
$38,158.7
$18,156.8
$15,488.6
$40,982.8
$5,041.5
$14,514.9
$6,069.5
$6,825.6
$12,539.4
$9,778.9
$3,736.2
$4,084.6
$78,304.5
$3,295.6
$4,352.6
$7,234.6
$13,740.7
$9,840.3
$5,413.4
$4,321.4
$21,211.6
$14,663.2
$3,754.1
$1,129.7
$26,108.5
$5,365.2
$29,225.2
$2,714.8
$409.2
$3,451.1
$10,246.5
$5,456.8
$3,616.0
$393.8
$6,618.9
$482.8
$723.1
$30,219.5

NA
16.7x
27.0x
15.1x
19.9x
NA
21.5x
20.5x
16.7x
14.5x
21.3x
NA
28.2x
23.0x
19.4x
NA
17.1x
21.6x
17.9x
23.5x
18.8x
15.8x
NA
12.0x
26.8x
16.5x
10.8x
15.2x
NA
21.6x
14.1x
15.6x
18.3x
24.8x
16.3x
12.8x
25.8x
31.6x
46.9x
NA
12.8x
13.1x
12.7x
18.3x
27.7x
42.0x
15.1x
30.5x
23.0x
6.4x
20.2x
1.4%
1.4%
5.8%
1.2%
1.3%
4.2%
1.1%
1.8%
1.1%
NA
0.7%
11.5%
2.3%
2.4%
1.4%
2.1%
4.6%
1.1%
4.2%
0.9%
2.5%
6.2%
10.8%
22.3%
NA
2.1%
0.9%
8.2%
2.2%
1.6%
0.4%
4.0%
2.8%
2.6%
1.7%
1.4%
23.7%
42.3%
2.1%
NA
NA
NA
6.2%
4.0%
12.6%
3.5%
NA
3.5%
NA
NA
5.2%
11 APPALOOSA MANAGEMENT
PM: David Tepper

Company Address: Chatham, NJ
During 1Q12 Appaloosa increased their exposure to the Consumer D. (+38.7%) and Financials (+6.4%) while trimming
exposure within Energy (-11.8%) and Industrials (-17.2%).
AAPL
UAL
GT
LCC
QQQ
C
GOOG
QCOM
BRCM
F
HUN
Appaloosa's portfolio has a 'Crowded' crowdedness rating(1) across our coverage universe. Weighted for position
sizing 46.7% of Appaloosa's top positions were found in 3 or more hedge funds we cover. Appaloosa's portfolio was in
Appaloosa Management: Current Allocation

50.0%
45.0%
40.0%
35.0%
30.0%
25.0%
20.0%
15.0%
10.0%
5.0%
0.0%
46.4%
25.9%
11.8%
Financials
Info Technology
(1)
Industrials
7.0%
4.8%
2.7%
Consumer
Discretionary
Energy
Materials
21
Exhibit 11.1: Appaloosa Management Positions

Ticker
Company Name
Sector
QQQ
AAPL
C
UAL
GOOG
QCOM
GT
BRCM
CVI
F
LCC
HUN
BAC
ORCL
DAL
XLF
VLO
HIG
GM
MAS
DF
OC
EMC
MRVL
MSFT
CLMT
SNDK
FIO
MWA
TWO
NUAN
SPY
IP
M
CF
CIM
MPG
MFA
DLPH
BYD
ITB
NTAP
BZH
Avg.
POWERSH-QQQ
APPLE INC
CITIGROUP INC
UNITED CONTINENT
GOOGLE INC-CL A
QUALCOMM INC
GOODYEAR TIRE
BROADCOM CORP-A
CVR ENERGY INC
FORD MOTOR CO
US AIRWAYS GROUP
HUNTSMAN CORP
BANK OF AMERICA
ORACLE CORP
DELTA AIR LI
SPDR-FINL SELECT
VALERO ENERGY
HARTFORD FINL SV
GENERAL MOTORS C
MASCO CORP
DEAN FOODS CO
OWENS CORNING
EMC CORP/MA
MARVELL TECH GRP
MICROSOFT CORP
CALUMET SPECIALT
SANDISK CORP
FUSION-IO INC
MUELLER WATER-A
TWO HARBORS INVE
NUANCE COMMUNICA
SPDR S&P 500 ETF
INTL PAPER CO
MACY'S INC
CF INDUSTRIES HO
CHIMERA INV CORP
MPG OFFICE TRUST
MFA FINANCIAL
DELPHI AUTOMOTIV
BOYD GAMING CORP
ISHARES-DJ HO CO
NETAPP INC
BEAZER HOMES USA
Funds
Technology
Financial
Consumer, Cyclical
Communications
Technology
Consumer, Cyclical
Technology
Energy
Consumer, Cyclical
Consumer, Cyclical
Basic Materials
Financial
Technology
Consumer, Cyclical
Funds
Energy
Financial
Consumer, Cyclical
Industrial
Industrial
Technology
Technology
Technology
Energy
Technology
Technology
Industrial
Financial
Technology
Funds
Basic Materials
Consumer, Cyclical
Basic Materials
Financial
Financial
Financial
Consumer, Cyclical
Consumer, Cyclical
Funds
Technology
Consumer, Cyclical

22
Change
Value
Shares
New $1,273,602,000 18,854,218

276.7%
$410,637,000
685,000
New
$222,747,000
6,094,305
570.8%
$171,313,000
7,968,035
New
$103,969,000
162,137
New
$102,947,000
1,513,486
42.8%
$97,070,000
8,651,496
New
$95,009,000
2,417,523
(35.9%)
$85,865,000
3,209,911
New
$81,631,000
6,535,715
229.1%
$80,888,000 10,657,243
New
$71,980,000
5,137,764
New
$71,358,000
7,456,408
91.5%
$68,056,000
2,333,883
New
$66,795,000
6,740,189
96.1%
$66,532,000
4,216,200
181.0%
$65,769,000
2,552,161
New
$60,199,000
2,855,744
New
$56,485,000
2,202,153
2,754.9%
$55,502,000
4,151,256
(28.4%)
$53,612,000
4,427,112
New
$52,938,000
1,469,279
New
$49,011,000
1,640,261
New
$41,378,000
2,630,524
72.3%
$40,313,000
1,250,000
0.0%
$34,054,000
1,288,944
New
$33,772,000
681,021
New
$32,782,000
1,153,879
0.0%
$31,441,000
9,441,736
New
$30,420,000
3,000,000
New
$24,093,000
941,869
New
$21,682,000
154,079
(24.3%)
$19,350,000
551,287
$18,554,000
467,001
(37.1%)
40.5%
$12,663,000
69,332
New
$12,505,000
4,418,884
0.0%
$10,044,000
4,292,354
New
$7,691,000
1,029,583
0.0%
$7,244,000
229,236
New
$5,456,000
695,975
New
$4,734,000
321,595
New
$4,477,000
100,000
0.0%
$931,000
286,614

33.0%
10.6%
5.8%
4.4%
2.7%
2.7%
2.5%
2.5%
2.2%
2.1%
2.1%
1.9%
1.8%
1.8%
1.7%
1.7%
1.7%
1.6%
1.5%
1.4%
1.4%
1.4%
1.3%
1.1%
1.0%
0.9%
0.9%
0.8%
0.8%
0.8%
0.6%
0.6%
0.5%
0.5%
0.3%
0.3%
0.3%
0.2%
0.2%
0.1%
0.1%
0.1%
0.0%
$30,049.3
$495,938.2
$76,265.4
$6,950.0
$195,638.9
$95,965.1
$2,456.9
$17,257.3
$2,645.0
$38,201.8
$1,633.0
$3,049.1
$75,652.4
$127,412.5
$8,615.0
$4,916.9
$11,853.6
$7,525.6
$33,164.8
$4,231.6
$2,607.0
$3,451.1
$52,366.8
$7,309.5
$245,893.4
$1,263.8
$7,680.2
$1,839.5
$528.0
$2,140.0
$6,335.2
$92,093.6
$12,629.8
$14,746.8
$10,305.8
$2,794.2
$90.9
$2,627.1
$8,947.9
$600.9
$640.9
$12,000.5
$259.1
$40,199.4

NA
15.1x
7.1x
6.0x
16.7x
16.7x
5.2x
10.8x
8.2x
6.6x
14.8x
7.5x
8.6x
11.0x
7.2x
NA
6.3x
8.8x
4.0x
592.5x
18.4x
12.7x
16.5x
9.5x
10.8x
17.9x
6.8x
78.6x
NA
6.4x
14.4x
NA
9.3x
12.4x
6.9x
5.5x
NA
7.5x
9.8x
694.0x
NA
14.2x
NA
47.4x
16.1%
1.2%
1.1%
11.0%
1.4%
1.1%
7.0%
2.1%
19.3%
4.0%
12.5%
5.5%
1.3%
0.9%
0.9%
25.4%
2.4%
6.8%
8.6%
6.4%
1.6%
6.2%
1.7%
1.2%
0.9%
0.7%
4.7%
29.4%
6.5%
5.3%
7.7%
36.7%
2.1%
2.3%
2.9%
2.6%
9.7%
3.3%
0.9%
19.8%
7.3%
4.7%
12.1%
7.1%
12 PERSHING SQUARE CAPITAL
PM: William Ackman

During 1Q12 Pershing increased their exposure to the Consumer D. (+5.3%) and Healthcare (+1.0%) while trimming
exposure within Energy (-4.6%) and Materials (-1.6%).
JCP
ALEX
None
Pershing's portfolio has a 'Crowded' crowdedness rating(1) across our coverage universe. Weighted for position sizing
40.0% of Pershing's top positions were found in 3 or more hedge funds we cover. Pershing's portfolio was in the upper
quartile of our coverage universe.
Pershing Square Capital: Current Allocation

35.0%
29.8%
28.6%
30.0%
22.4%
25.0%
19.2%
20.0%
15.0%
10.0%
5.0%
0.0%
Financials
(1)
Industrials
Consumer Staples
Consumer Discretionary
23
Exhibit 12.1: Pershing Square Capital Positions

Ticker
Company Name
Sector
Change
CP
JCP
GGP
BEAM
C
KFT
FBHS
HHC
ALEX
FDO
Avg.
CANADIAN PACIFIC
J.C. PENNEY CO
GENERAL GROWTH P
BEAM INC
CITIGROUP INC
KRAFT FOODS INC
FORTUNE BRANDS H
HOWARD HUGHE
ALEXANDER & BALD
FAMILY DOLLAR ST
Industrial
Consumer, Cyclical
Financial
Financial
Industrial
Financial
Industrial
Consumer, Cyclical
0.0%
0.9%
0.0%
0.0%
0.0%
(26.7%)
(36.0%)
0.0%
2.3%
(68.8%)

24
Value
$1,834,943,000
$1,384,454,000
$1,227,250,000
$1,219,342,000
$954,854,000
$589,390,000
$294,044,000
$227,889,000
$176,594,000
$165,468,000
Shares
24,159,888
39,075,771
72,233,712
20,818,545
26,124,594
15,506,172
13,323,249
3,568,017
3,644,870
2,614,863

22.7%
17.1%
15.2%
15.1%
11.8%
7.3%
3.6%
2.8%
2.2%
2.0%
$12,397.2
$5,739.1
$15,278.1
$8,830.2
$76,265.4
$68,242.3
$3,476.7
$2,181.7
$2,028.9
$7,489.8
$20,192.9

23.3x
18.6x
NA
26.4x
7.1x
16.8x
37.6x
NA
27.2x
19.5x
22.1x
0.5%
24.1%
2.3%
0.5%
1.1%
0.6%
1.8%
5.9%
3.8%
3.1%
4.4%
13 MAVERICK CAPITAL
PM: Lee Ainslie

Company Address: Dallas, TX
During 1Q12 Maverick increased their exposure to the Consumer S. (+6.7%) and Materials (+4.6%) while trimming
exposure within Consumer D. (-7.8%) and Healthcare (-2.1%).
AVGO
QCOM
GOOG
CFN
SWKS
M
PCLN
DTV
VRX
ESRX
Maverick's portfolio has a 'Crowded' crowdedness rating(1) across our coverage universe. Weighted for position 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
Maverick Capital: Current Allocation

35.0%
31.5%
30.0%
22.6%
25.0%
20.7%
20.0%
15.0%
10.2%
10.0%
8.5%
6.1%
5.0%
0.0%
Info
Technology
Healthcare
(1)
Consumer
Discretionary
Consumer
Staples
Financials
Industrials
25
Exhibit 13.1: Maverick Capital Positions

Ticker
Company Name
Sector
Change
CI
AVGO
QCOM
AAPL
GOOG
CFN
JPM
CVS
MCK
ENDP
YOKU
SLE
PFE
SWKS
DG
M
DOX
PCLN
BAP
DTV
ORCL
TYC
NTAP
VRX
AVY
TDG
ESRX
GMCR
GRPN
ARO
SLM
FMX
NWSA
CMCSA
OC
LBTYA
SHLD
BUD
C
CMCSK
AET
CTSH
PGR
SIRO
TDC
HRB
DVA
CTXS
FDO
Avg.
CIGNA CORP
AVAGO TECHNOLOGI
QUALCOMM INC
APPLE INC
GOOGLE INC-CL A
CAREFUSION CORP
JPMORGAN CHASE
CVS CAREMARK COR
MCKESSON CORP
ENDO PHARMA HLDG
YOUKU INC-ADR
SARA LEE CORP
PFIZER INC
SKYWORKS SOLUTIO
DOLLAR GENERAL C
MACY'S INC
AMDOCS LTD
PRICELINE.COM
CREDICORP LTD
DIRECTV-A
ORACLE CORP
TYCO INTL LTD
NETAPP INC
VALEANT PHARMACE
AVERY DENNISON
TRANSDIGM GROUP
EXPRESS SCRIPTS
GREEN MOUNTAIN
GROUPON INC
AEROPOSTALE INC
SLM CORP
FOMENTO ECON-ADR
NEWS CORP-A
COMCAST CORP-A
OWENS CORNING
LIBERTY GLOBAL-A
SEARS HOLDINGS
ANHEUSER-SPN ADR
CITIGROUP INC
COMCAST CORP-SPL
AETNA INC
COGNIZANT TECH-A
PROGRESSIVE CORP
SIRONA DENTAL SY
TERADATA CORP
H&R BLOCK INC
DAVITA INC
CITRIX SYSTEMS
FAMILY DOLLAR ST
Technology
Technology
Technology
Communications
Financial
Consumer, Cyclical
Communications
Technology
Consumer, Cyclical
Consumer, Cyclical
Communications
Communications
Financial
Communications
Technology
Industrial
Technology
Industrial
Communications
Consumer, Cyclical
Financial
Communications
Communications
Industrial
Communications
Consumer, Cyclical
Financial
Communications
Technology
Financial
Technology
Technology
Consumer, Cyclical
1.3%
17.3%
77.5%
(25.4%)
94.8%
8.9%
(44.2%)
68.6%
(2.9%)
86.2%
0.0%
(16.7%)
(20.6%)
New
26.8%
New
(35.5%)
New
60.0%
New
47.8%
(64.9%)
(62.0%)
New
(25.5%)
68.1%
New
New
New
(30.8%)
(51.0%)
New
(47.2%)
(35.6%)
(45.7%)
New
New
50.6%
(78.5%)
(56.2%)
New
(9.5%)
(72.3%)
(41.0%)
(61.9%)
New
New
New
New

26
Value
$321,728,000
$314,147,000
$311,357,000
$308,608,000
$279,786,000
$220,962,000
$214,971,000
$213,718,000
$213,615,000
$213,357,000
$203,918,000
$203,292,000
$163,647,000
$161,684,000
$161,540,000
$130,824,000
$130,621,000
$126,926,000
$121,654,000
$120,108,000
$118,877,000
$118,860,000
$118,646,000
$116,720,000
$115,464,000
$113,113,000
$112,539,000
$107,381,000
$104,729,000
$102,536,000
$99,771,000
$98,659,000
$96,965,000
$96,943,000
$75,864,000
$73,202,000
$72,395,000
$66,289,000
$60,266,000
$58,267,000
$56,652,000
$56,579,000
$56,245,000
$55,236,000
$55,005,000
$53,531,000
$52,805,000
$49,682,000
$42,569,000
Shares
6,532,539
8,061,247
4,574,744
514,733
436,320
8,521,463
4,675,308
4,770,502
2,433,806
5,508,833
9,273,198
9,442,246
7,226,628
5,847,539
3,496,541
3,292,818
4,136,208
176,900
922,880
2,434,300
4,076,728
2,115,703
2,650,118
2,175,793
3,832,190
977,138
2,077,140
2,292,500
6,331,120
4,742,623
6,330,638
1,199,215
4,919,590
3,230,372
2,105,582
1,461,709
1,092,755
911,568
1,648,854
1,974,497
1,129,430
735,265
2,426,447
1,071,713
807,120
3,250,208
585,616
629,598
672,712

4.7%
4.6%
4.5%
4.5%
4.1%
3.2%
3.1%
3.1%
3.1%
3.1%
3.0%
2.9%
2.4%
2.3%
2.3%
1.9%
1.9%
1.8%
1.8%
1.7%
1.7%
1.7%
1.7%
1.7%
1.7%
1.6%
1.6%
1.6%
1.5%
1.5%
1.4%
1.4%
1.4%
1.4%
1.1%
1.1%
1.0%
1.0%
0.9%
0.8%
0.8%
0.8%
0.8%
0.8%
0.8%
0.8%
0.8%
0.7%
0.6%
$12,371.9
$7,317.7
$95,965.1
$495,938.2
$195,638.9
$5,472.5
$127,485.3
$56,937.2
$20,585.5
$3,852.0
$2,314.2
$12,254.5
$169,007.2
$4,443.5
$15,137.6
$14,746.8
$5,127.2
$31,469.4
$9,449.3
$29,723.8
$127,412.5
$24,207.7
$12,000.5
$14,388.5
$2,972.4
$6,069.5
$40,982.8
$3,736.2
$7,478.3
$1,497.0
$6,287.1
$28,149.9
$46,823.7
$76,068.4
$3,451.1
$12,432.3
$5,559.2
$109,744.9
$76,265.4
$76,068.4
$13,628.5
$18,156.8
$13,023.7
$2,391.6
$11,000.8
$4,262.5
$7,596.1
$13,930.8
$7,489.8
$31,569.3

8.2x
11.2x
16.7x
15.1x
16.7x
14.4x
7.5x
15.9x
14.7x
7.0x
NA
23.2x
9.8x
12.0x
19.9x
12.4x
12.0x
27.0x
13.3x
13.1x
11.0x
15.7x
14.2x
16.1x
16.5x
23.5x
17.1x
12.0x
NA
17.0x
7.1x
1.9x
14.6x
17.9x
12.7x
NA
NA
18.0x
7.1x
17.7x
7.6x
19.4x
14.3x
14.6x
28.2x
9.9x
15.7x
30.2x
19.5x
15.6x
0.9%
0.7%
1.1%
1.2%
1.4%
2.0%
0.8%
0.9%
1.6%
5.3%
NA
2.7%
0.8%
3.9%
1.3%
2.3%
1.0%
5.8%
1.7%
2.0%
0.9%
0.5%
4.7%
2.2%
6.6%
0.9%
4.6%
22.3%
43.8%
9.6%
2.0%
NA
1.9%
1.2%
6.2%
2.4%
29.2%
NA
1.1%
3.2%
1.6%
1.4%
3.5%
1.4%
2.3%
5.1%
2.0%
0.9%
3.1%
6.0%
14 THIRD POINT
PM: Daniel Loeb

During 1Q12 ThirdPoint increased their exposure to the Energy (+5.5%) and Consumer S. (+1.4%) while trimming
exposure within Materials (-3.8%) and Industrials (-6.5%).
YHOO
SLE
LMCA
DLPH
AAPL
UTX
GOOG
MHS
Third Point's portfolio has a 'Crowded' crowdedness rating(1) across our coverage universe. Weighted for position
sizing 63.3% of Third Point's top positions were found in 3 or more hedge funds we cover. Third Point's portfolio was in
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%
45.0%
19.5%
Info Technology
(1)
Consumer
Discretionary
8.3%
6.9%
5.9%
4.8%
Energy
Financials
Consumer
Staples
Industrials
27
Exhibit 14.1: Third Point Positions

Ticker
Company Name
Sector
Change
YHOO
DLPH
SLE
AAPL
UTX
GOOG
MRVL
MHS
FDO
COF
EP
CSCO
ANF
WFC
TER
ESRX
PXD
DVN
WFT
DISH
IVN
LMCA
MCK
TEVA
GLD
GS
GNW
LBTYA
THOR
MJN
ABX
XRM
BIOF
Avg.
YAHOO! INC
DELPHI AUTOMOTIV
SARA LEE CORP
APPLE INC
UNITED TECH CORP
GOOGLE INC-CL A
MARVELL TECH GRP
MEDCO HEALTH SOL
FAMILY DOLLAR ST
CAPITAL ONE FINA
EL PASO CORP
CISCO SYSTEMS
ABERCROMBIE & FI
WELLS FARGO & CO
TERADYNE INC
EXPRESS SCRIPTS
PIONEER NATURAL
DEVON ENERGY CO
WEATHERFORD INTL
DISH NETWORK-A
IVANHOE MINES
LIBERTY MEDIA -A
MCKESSON CORP
TEVA PHARM-ADR
SPDR GOLD TRUST
GOLDMAN SACHS GP
GENWORTH FINANCI
LIBERTY GLOBAL-A
THORATEC CORP
MEAD JOHNSON
BARRICK GOLD CRP
XERIUM TECHNOLOG
BIOFUEL ENERGY C
Communications
Consumer, Cyclical
Technology
Industrial
Communications
Technology
Consumer, Cyclical
Financial
Energy
Communications
Consumer, Cyclical
Financial
Technology
Energy
Energy
Energy
Communications
Basic Materials
Communications
Funds
Financial
Financial
Communications
Basic Materials
Basic Materials
Energy
25.9% $1,073,016,000 70,500,400

New
$417,990,000 13,339,711
31.7%
$221,221,000 10,275,000
New
$217,037,000
362,000
New
$182,468,000
2,200,000
New
$179,547,000
280,000
(7.5%)
$145,503,000
9,250,000
New
$140,600,000
2,000,000
New
$136,052,000
2,150,000
New
$119,841,000
2,150,000
(27.9%)
$118,200,000
4,000,000
New
$105,750,000
5,000,000
New
$91,778,000
1,850,000
New
$87,057,000
2,550,000
New
$84,450,000
5,000,000
New
$81,270,000
1,500,000
New
$72,534,000
650,000
New
$71,120,000
1,000,000
New
$69,414,000
4,600,000
(50.0%)
$65,860,000
2,000,000
New
$51,155,000
3,250,000
10.0%
$48,482,000
550,000
New
$48,274,000
550,000
New
$36,048,000
800,000
0.0%
$25,939,000
160,000
(33.3%)
$24,874,000
200,000
(28.6%)
$20,800,000
2,500,000
New
$17,964,000
358,700
New
$16,855,000
500,000
(84.6%)
$16,496,000
200,000
48.7%
$10,609,000
244,000
(20.4%)
$8,733,000
1,354,000
0.0%
$3,626,000
5,578,800

28
Value
Shares

26.8%
10.4%
5.5%
5.4%
4.5%
4.5%
3.6%
3.5%
3.4%
3.0%
2.9%
2.6%
2.3%
2.2%
2.1%
2.0%
1.8%
1.8%
1.7%
1.6%
1.3%
1.2%
1.2%
0.9%
0.6%
0.6%
0.5%
0.4%
0.4%
0.4%
0.3%
0.2%
0.1%
$18,792.3
$8,947.9
$12,254.5
$495,938.2
$65,964.1
$195,638.9
$7,309.5
NA
$7,489.8
$28,512.2
$22,145.3
$88,706.4
$3,040.7
$164,412.7
$2,673.1
$40,982.8
$11,731.6
$24,842.3
$9,380.7
$12,740.2
$6,375.6
$9,840.3
$20,585.5
$36,675.1
$65,436.5
$48,362.5
$2,398.5
$12,432.3
$1,818.8
$16,515.1
$37,140.3
$59.2
$38.7
$46,224.4

18.4x
9.8x
23.2x
15.1x
13.2x
16.7x
9.5x
NA
19.5x
7.2x
NA
9.8x
15.0x
11.0x
10.3x
17.1x
28.6x
16.2x
29.4x
8.4x
NA
14.1x
14.7x
7.8x
NA
21.2x
11.3x
NA
20.8x
29.0x
7.9x
5.3x
NA
15.2x
2.0%
0.9%
2.7%
1.2%
0.9%
1.4%
1.2%
2.4%
3.1%
1.3%
1.4%
0.9%
7.6%
0.6%
9.0%
4.6%
8.8%
1.4%
2.4%
0.9%
13.9%
0.4%
1.6%
NA
4.2%
1.5%
1.5%
2.4%
2.4%
2.1%
0.4%
5.3%
3.9%
3.0%
15 BLUE RIDGE CAPITAL
PM: John Griffin

During 1Q12 BlueRidge increased their exposure to the Energy (+8.9%) and Financials (+5.2%) while trimming
exposure within Consumer D. (-5.3%) and Consumer S. (-3.2%).
JPM
TMO
RRC
DAL
LOW
HCA
TRIP
RL
VRSN
GILD
Blue Ridge's portfolio has a 'Crowded' crowdedness rating(1) across our coverage universe. Weighted for position
sizing 46.7% of Blue Ridge's top positions were found in 3 or more hedge funds we cover. Blue Ridge's portfolio was in
Blue Ridge: Current Allocation

40.0%
35.0%
30.0%
25.0%
20.0%
15.0%
10.0%
5.0%
0.0%
37.6%
18.5%
Consumer
Discretionary
Info
Technology
(1)
11.6%
9.9%
9.6%
8.4%
Financials
Healthcare
Industrials
Materials
29
Exhibit 15.1: Blue Ridge Positions

Ticker
Company Name
Sector
AAPL
PCLN
AMZN
MON
GOOG
JPM
NFLX
ST
TMO
RRC
LBTYA
LOW
HCA
DLTR
TRIP
RL
VRSN
GILD
SIRI
MLM
DAL
BLK
WBC
KORS
AMTD
UAL
BIDU
C
YOKU
MTG
XIN
YNDX
NG
TSLA
IVAN
PACB
NBN
Avg.
APPLE INC
PRICELINE.COM
AMAZON.COM INC
MONSANTO CO
GOOGLE INC-CL A
JPMORGAN CHASE
NETFLIX INC
SENSATA TECHNOLO
THERMO FISHER
RANGE RESOURCES
LIBERTY GLOBAL-A
LOWE'S COS INC
HCA HOLDINGS INC
DOLLAR TREE INC
TRIPADVISOR INC
RALPH LAUREN COR
VERISIGN INC
GILEAD SCIENCES
SIRIUS XM RADIO
MARTIN MAR MTLS
DELTA AIR LI
BLACKROCK INC
WABCO HOLDINGS
MICHAEL KORS HOL
TD AMERITRADE HO
UNITED CONTINENT
BAIDU INC-SP ADR
CITIGROUP INC
YOUKU INC-ADR
MGIC INVT CORP
XINYUAN REAL-ADR
YANDEX NV-A
NOVAGOLD RES
TESLA MOTORS
IVANHOE ENERGY
PACIFIC BIOSCIEN
NORTHEAST BANCRP
Technology
Communications
Communications
Basic Materials
Communications
Financial
Communications
Industrial
Industrial
Energy
Communications
Consumer, Cyclical
Consumer, Cyclical
Communications
Consumer, Cyclical
Communications
Communications
Industrial
Consumer, Cyclical
Financial
Consumer, Cyclical
Consumer, Cyclical
Financial
Consumer, Cyclical
Communications
Financial
Communications
Financial
Consumer, Cyclical
Communications
Basic Materials
Consumer, Cyclical
Energy
Financial

30
Change
(62.9%)
(87.9%)
(76.8%)
(33.3%)
(88.8%)
10.7%
(35.5%)
1.9%
129.8%
811.7%
(1.1%)
New
New
(54.6%)
New
New
New
New
New
New
2,056.5%
(88.8%)
New
New
241.8%
17.9%
New
New
80.0%
1,021.4%
5,212.1%
3,229.9%
18.3%
(82.9%)
2,680.0%
454.0%
357.2%
Value
$431,976,000
$397,495,000
$352,751,000
$345,760,000
$333,445,000
$282,087,000
$272,070,000
$263,655,000
$262,731,000
$249,404,000
$244,641,000
$222,672,000
$186,787,000
$181,421,000
$166,757,000
$162,999,000
$148,031,000
$145,114,000
$143,197,000
$138,721,000
$122,946,000
$117,818,000
$105,538,000
$103,663,000
$96,825,000
$86,982,000
$82,724,000
$81,141,000
$79,164,000
$49,107,000
$47,723,000
$44,067,000
$25,830,000
$21,413,000
$16,784,000
$2,975,000
$1,440,000
Shares
720,500
554,000
1,741,896
4,335,000
520,000
6,135,000
2,365,000
7,875,000
4,660,000
4,289,720
4,885,000
7,096,000
7,550,000
1,920,000
4,675,000
935,000
3,860,000
2,970,000
61,990,000
1,620,000
12,400,000
575,000
1,745,000
2,225,000
4,905,000
4,045,678
567,500
2,220,000
3,600,000
9,900,600
13,752,933
1,640,000
3,597,500
575,000
15,985,000
870,000
114,300

7.2%
6.6%
5.9%
5.7%
5.5%
4.7%
4.5%
4.4%
4.4%
4.1%
4.1%
3.7%
3.1%
3.0%
2.8%
2.7%
2.5%
2.4%
2.4%
2.3%
2.0%
2.0%
1.8%
1.7%
1.6%
1.4%
1.4%
1.3%
1.3%
0.8%
0.8%
0.7%
0.4%
0.4%
0.3%
0.0%
0.0%
$495,938.2
$31,469.4
$96,344.9
$37,281.8
$195,638.9
$127,485.3
$3,883.9
$5,413.4
$18,563.5
$9,967.9
$12,432.3
$34,145.0
$10,807.5
$11,009.0
$5,456.8
$13,067.2
$6,101.5
$37,820.7
$7,164.9
$3,128.7
$8,615.0
$30,867.3
$3,295.6
$7,234.6
$9,349.1
$6,950.0
$40,281.9
$76,265.4
$2,314.2
$448.5
$236.7
$6,664.0
$1,518.1
$2,899.7
$268.4
$117.3
$76.5
$36,770.9

15.1x
27.0x
NA
21.3x
16.7x
7.5x
14.1x
15.6x
12.9x
NA
NA
17.4x
8.6x
24.1x
27.7x
20.5x
25.9x
12.9x
26.9x
33.7x
7.2x
14.5x
10.8x
NA
14.8x
6.0x
5.9x
7.1x
NA
NA
4.5x
1.1x
NA
NA
NA
NA
NA
15.4x
1.2%
5.8%
2.9%
0.7%
1.4%
0.8%
21.7%
4.0%
0.6%
4.5%
2.4%
1.3%
2.9%
2.6%
12.6%
1.8%
5.6%
1.8%
7.3%
13.0%
0.9%
1.8%
0.9%
2.2%
4.3%
11.0%
NA
1.1%
NA
17.9%
NA
1.2%
11.3%
41.4%
2.6%
8.7%
0.0%
5.9%
16 PAULSON & CO.
PM: John Paulson

During 1Q12 Paulson increased their exposure to the Energy (+3.2%) and Materials (+0.3%) while trimming exposure
within Industrials (-2.2%) and Info Tech (-4.7%).
MYL
BAX
MHS
EP
NG
IDCC
MLU
NVLS
COV
ABVT
TND
VIAB
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%
39.4%
19.1%
15.5%
9.8%
Financials
Consumer
Discretionary
(1)
Materials
Healthcare
5.0%
4.9%
Info Technology
Energy
31
Exhibit 16.1: Paulson & Co. Positions

Ticker
Company Name
Sector
Change
GLD
DLPH
AU
HIG
MYL
MGM
APC
COF
MMI
BAX
MHS
GFI
AMCX
XL
LIFE
EP
NG
CNO
GR
ACAS
SNI
IDCC
STI
RKT
BPOP
WFC
RAH
NVLS
COV
FDO
GRFS
ABVT
GOLD
HHC
TNB
GEN
BZ
IAG
VIAB
ABH
QSFT
GET
ABX
HCA
URI
AEM
ANV
WLT
POST
Avg.
SPDR GOLD TRUST

DELPHI AUTOMOTIV
ANGLOGOLD AS-ADR
HARTFORD FINL SV
MYLAN INC
MGM RESORTS INTE
ANADARKO PETROLE
CAPITAL ONE FINA
MOTOROLA MOBILIT
BAXTER INTL INC
MEDCO HEALTH SOL
GOLD FIELDS-ADR
AMC NETWORKS-A
XL GROUP PLC
LIFE TECHNOLOGIE
EL PASO CORP
NOVAGOLD RES
CNO FINANCIAL GR
GOODRICH CORP
AMERICAN CAPITAL
SCRIPPS NET-CL A
INTERDIGITAL INC
SUNTRUST BANKS
ROCK-TENN CO-A
POPULAR INC
WELLS FARGO & CO
RALCORP HLDGS
NOVELLUS SYS
COVIDIEN PLC
FAMILY DOLLAR ST
GRIFOLS SA-ADR
ABOVENET INC
RANDGOLD RES-ADR
HOWARD HUGHE
THOMAS & BETTS
GENON ENERGY INC
BOISE INC
IAMGOLD CORP
VIACOM INC-B
ABITIBIBOWATER
QUEST SOFTWARE
GAYLORD ENTMNT
BARRICK GOLD CRP
HCA HOLDINGS INC
UNITED RENTALS
AGNICO-EAGLE MIN
ALLIED NEVADA GO
WALTER ENERGY
POST HOLDINGS IN
Funds
Consumer, Cyclical
Basic Materials
Financial
Consumer, Cyclical
Energy
Financial
Communications
Basic Materials
Communications
Financial
Energy
Basic Materials
Financial
Industrial
Financial
Communications
Communications
Financial
Industrial
Financial
Financial
Technology
Consumer, Cyclical
Communications
Basic Materials
Financial
Industrial
Utilities
Basic Materials
Basic Materials
Communications
Basic Materials
Technology
Consumer, Cyclical
Basic Materials
Basic Materials
Basic Materials
Energy
0.0% $2,806,452,000
(12.0%) $1,438,898,000
(3.3%) $1,224,358,000
0.1%
$789,882,000
16.1%
$574,605,000
0.6%
$512,782,000
(37.6%)
$468,657,000
(13.6%)
$457,068,000
0.0%
$431,640,000
88.5%
$322,812,000
100.0%
$281,200,000
(19.8%)
$262,121,000
0.0%
$256,623,000
(33.9%)
$244,915,000
2.3%
$243,016,000
100.0%
$236,400,000
39.1%
$229,292,000
(0.9%)
$181,129,000
0.0%
$179,084,000
(42.9%)
$157,790,000
(23.4%)
$146,070,000
35.6%
$139,440,000
(52.3%)
$136,606,000
(37.1%)
$135,120,000
0.0%
$134,830,000
0.0%
$119,183,000
0.0%
$111,135,000
New
$99,820,000
New
$98,424,000
0.0%
$94,920,000
(1.1%)
$86,396,000
New
$82,800,000
(0.9%)
$81,866,000
$75,367,000
(25.3%)
New
$71,910,000
564.7%
$65,670,000
(0.4%)
$57,604,000
40.1%
$51,590,000
New
$47,460,000
(29.6%)
$47,124,000
New
$46,540,000
New
$41,888,000
(0.9%)
$39,784,000
New
$39,584,000
0.0%
$35,809,000
(0.9%)
$33,934,000
New
$32,807,000
0.0%
$29,605,000
New
$27,342,000

32
Value
Shares
17,310,952
45,534,758
33,162,460
37,470,676
24,503,400
37,649,200
5,982,345
8,200,000
11,000,000
5,400,000
4,000,000
18,857,600
5,750,000
11,291,600
4,977,792
8,000,000
31,937,018
23,281,369
1,427,649
18,199,543
3,000,000
4,000,000
5,651,894
2,000,000
65,770,600
3,491,000
1,500,000
2,000,000
1,800,000
1,500,000
11,205,745
1,000,000
930,502
1,180,000
1,000,000
31,571,989
7,016,300
3,881,900
1,000,000
3,300,000
2,000,000
1,360,000
915,000
1,600,000
834,900
1,016,600
1,008,521
500,000
830,300

20.5%
10.5%
8.9%
5.8%
4.2%
3.7%
3.4%
3.3%
3.2%
2.4%
2.1%
1.9%
1.9%
1.8%
1.8%
1.7%
1.7%
1.3%
1.3%
1.2%
1.1%
1.0%
1.0%
1.0%
1.0%
0.9%
0.8%
0.7%
0.7%
0.7%
0.6%
0.6%
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%
0.2%
0.2%
0.2%
0.2%
$65,436.5
$8,947.9
$13,204.7
$7,525.6
$8,920.6
$5,050.6
$31,412.8
$28,512.2
$11,904.1
$28,361.2
NA
$8,854.0
$2,842.1
$6,343.2
$7,323.4
$22,145.3
$1,518.1
$1,547.9
$15,707.2
$2,900.3
$7,733.6
$1,126.1
$11,689.0
$3,677.4
$1,490.3
$164,412.7
$3,813.4
$3,039.7
$25,517.3
$7,489.8
$5,747.5
$2,181.5
$7,012.6
$2,181.7
$3,803.4
$1,491.6
$676.3
$3,662.9
$24,477.0
$1,021.7
$2,066.1
$1,601.5
$37,140.3
$10,807.5
$3,097.9
$6,189.7
$2,230.3
$3,077.1
$1,016.2
$11,299.3

NA
9.8x
1.4x
8.8x
10.2x
NA
21.6x
7.2x
NA
12.0x
NA
1.2x
20.1x
NA
11.0x
NA
NA
8.5x
19.7x
6.9x
17.8x
13.1x
19.9x
10.0x
9.1x
11.0x
13.1x
13.6x
12.7x
19.5x
32.2x
30.3x
18.5x
NA
20.3x
NA
9.0x
9.0x
12.0x
6.0x
18.1x
NA
7.9x
8.6x
17.7x
NA
NA
8.5x
NA
13.5x
4.2%
0.9%
NA
6.8%
5.3%
8.5%
1.2%
1.3%
2.7%
0.7%
2.4%
NA
1.9%
1.3%
3.7%
1.4%
11.3%
11.1%
1.1%
1.1%
8.8%
12.9%
1.6%
1.9%
1.2%
0.6%
0.8%
7.2%
1.2%
3.1%
NA
3.2%
NA
5.9%
1.1%
1.2%
3.1%
0.2%
1.4%
8.6%
2.7%
17.8%
0.4%
2.9%
22.2%
1.8%
5.5%
6.6%
4.1%
5.5%
17 SOROS FUND MANAGEMENT
PM: George Soros

During 1Q12 Soros increased their exposure to the Consumer D. (+7.0%) and Consumer S. (+3.5%) while trimming
exposure within Financials (-17.6%) and Info Tech (-1.9%).
SLE
ACTG
DISH
CHTR
ELN
CVI
STI
CVX
M
XLP
TSO
Soros Fund's portfolio has a 'Contrarian' crowdedness rating(1) across our coverage universe. Weighted for 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 bottom quartile of our coverage universe.
Soros Fund Management: Current Allocation

25.0%
22.2%
20.0%
16.7%
13.8%
15.0%
13.5%
12.2%
10.7%
10.0%
5.0%
0.0%
Info Technology
(1)
Consumer
Staples
Energy
Consumer
Discretionary
Financials
Industrials
33
Exhibit 17.1: Soros Fund Management Positions

Ticker
Company Name
Sector
AGRO
SLE
MSI
WPRT
CMVT
ACTG
CVI
IOC
STI
CVX
DISH
CHTR
ELN
M
EXAR
ESRX
GLD
XLP
TSO
EXTR
CRM
JPM
DTV
MPC
GE
MRCY
RIG
AAPL
MSTR
VLO
HFC
FITB
XYL
TRIP
LORL
PFE
LVLT
COF
CHDN
DVA
C
RF
WFC
GS
CIB
SPRD
KFT
VC
OC
LMCA
AZPN
HMIN
BFLY
CKSW
DLPH
GM
PEP
EXPE
EJ
CIEN
BMRN
Avg.
ADECOAGRO SA
SARA LEE CORP
MOTOROLA SOLUTIO
WESTPORT INNOVAT
COMVERSE TECH
ACACIA RESEARCH
CVR ENERGY INC
INTEROIL CORP
SUNTRUST BANKS
CHEVRON CORP
DISH NETWORK-A
CHARTER COM-A
ELAN CORP-ADR
MACY'S INC
EXAR CORP
EXPRESS SCRIPTS
SPDR GOLD TRUST
SPDR-CONS STAPLE
TESORO CORP
EXTREME NETWORKS
SALESFORCE.COM
JPMORGAN CHASE
DIRECTV-A
MARATHON PETROLE
GENERAL ELECTRIC
MERCURY COMPUTER
TRANSOCEAN LTD
APPLE INC
MICROSTRATEGY
VALERO ENERGY
HOLLYFRONTIER CO
FIFTH THIRD BANC
XYLEM INC
TRIPADVISOR INC
LORAL SPACE & CO
PFIZER INC
LEVEL 3 COMM INC
CAPITAL ONE FINA
CHURCHILL DOWNS
DAVITA INC
CITIGROUP INC
REGIONS FINANCIA
WELLS FARGO & CO
GOLDMAN SACHS GP
BANCOLOMBIA-ADR
SPREADTRUM-ADR
KRAFT FOODS INC
VISTEON CORP
OWENS CORNING
LIBERTY MEDIA -A
ASPEN TECHNOLOGY
HOME INNS & -ADR
BLUEFLY INC
CLICKSOFTWARE TE
DELPHI AUTOMOTIV
GENERAL MOTORS C
PEPSICO INC
EXPEDIA INC
E-HOUSE CHIN-ADS
CIENA CORP
BIOMARIN PHARMAC
Communications
Consumer, Cyclical
Communications
Energy
Energy
Financial
Energy
Communications
Communications
Consumer, Cyclical
Technology
Funds
Funds
Energy
Communications
Technology
Financial
Communications
Energy
Industrial
Technology
Energy
Technology
Technology
Energy
Energy
Financial
Industrial
Communications
Communications
Communications
Financial
Consumer, Cyclical
Financial
Financial
Financial
Financial
Financial
Technology
Consumer, Cyclical
Industrial
Communications
Technology
Consumer, Cyclical
Communications
Communications
Consumer, Cyclical
Consumer, Cyclical
Communications
Financial
Communications

34
Change
0.0%
697.0%
(45.4%)
(8.5%)
9.9%
531.5%
New
(64.3%)
New
New
87.2%
209.4%
1,014.3%
New
0.0%
32.8%
274.0%
New
New
7.2%
New
New
8.4%
New
New
(17.3%)
New
(57.9%)
New
New
New
New
328.6%
45.3%
2.9%
New
New
New
69.2%
(41.7%)
New
New
(63.3%)
New
New
New
11.4%
0.0%
73.6%
(2.9%)
100.0%
846.2%
0.0%
8.2%
(29.0%)
0.0%
13.5%
3.1%
(36.7%)
333.3%
300.0%
Value
$274,402,000
$159,234,000
$139,011,000
$120,820,000
$111,065,000
$105,666,000
$100,195,000
$80,758,000
$77,054,000
$73,137,000
$68,052,000
$67,778,000
$58,540,000
$57,410,000
$56,000,000
$52,013,000
$51,812,000
$37,624,000
$34,194,000
$33,691,000
$30,902,000
$27,882,000
$25,387,000
$25,149,000
$25,128,000
$25,110,000
$24,998,000
$23,982,000
$23,213,000
$23,090,000
$22,923,000
$21,313,000
$20,693,000
$18,995,000
$18,150,000
$18,015,000
$17,141,000
$17,112,000
$17,082,000
$15,780,000
$15,351,000
$15,098,000
$15,056,000
$14,924,000
$14,766,000
$13,943,000
$13,722,000
$13,247,000
$13,151,000
$12,492,000
$12,318,000
$12,069,000
$11,988,000
$11,886,000
$11,629,000
$11,576,000
$11,180,000
$11,042,000
$11,003,000
$10,524,000
$10,275,000
Shares
25,384,049
7,395,910
2,734,816
2,952,606
16,166,666
2,531,518
3,745,600
1,570,858
3,188,000
682,000
2,066,597
1,068,203
3,900,000
1,445,000
6,666,666
960,000
319,550
1,104,000
1,274,000
8,796,666
200,000
606,400
514,529
580,000
1,252,000
1,895,120
457,000
40,000
165,805
896,000
713,000
1,517,500
745,688
532,510
228,011
795,000
666,200
307,000
305,576
175,000
420,000
2,291,000
441,000
120,000
228,361
845,000
361,000
249,950
365,000
141,712
600,000
473,100
6,480,070
937,399
368,000
451,300
168,500
330,210
1,897,000
650,000
300,000

10.1%
5.9%
5.1%
4.4%
4.1%
3.9%
3.7%
3.0%
2.8%
2.7%
2.5%
2.5%
2.2%
2.1%
2.1%
1.9%
1.9%
1.4%
1.3%
1.2%
1.1%
1.0%
0.9%
0.9%
0.9%
0.9%
0.9%
0.9%
0.9%
0.9%
0.8%
0.8%
0.8%
0.7%
0.7%
0.7%
0.6%
0.6%
0.6%
0.6%
0.6%
0.6%
0.6%
0.5%
0.5%
0.5%
0.5%
0.5%
0.5%
0.5%
0.5%
0.4%
0.4%
0.4%
0.4%
0.4%
0.4%
0.4%
0.4%
0.4%
0.4%
$1,057.1
$12,254.5
$13,718.2
$1,301.5
$1,355.3
$1,728.6
$2,645.0
$2,652.0
$11,689.0
$194,229.5
$12,740.2
$6,202.5
$7,715.0
$14,746.8
$357.4
$40,982.8
$65,436.5
$5,647.2
$3,107.0
$322.9
$20,195.1
$127,485.3
$29,723.8
$11,898.0
$200,514.8
$365.0
$14,861.3
$495,938.2
$1,398.9
$11,853.6
$5,831.8
$12,278.2
$4,574.7
$5,456.8
$1,794.2
$169,007.2
$4,825.4
$28,512.2
$1,031.2
$7,596.1
$76,265.4
$8,658.2
$164,412.7
$48,362.5
$12,903.0
$756.6
$68,242.3
$2,119.4
$3,451.1
$9,840.3
$1,952.9
$983.7
$45.7
$265.6
$8,947.9
$33,164.8
$106,537.3
$5,442.1
$406.7
$1,133.1
$4,234.7
$34,641.9
Forward P/E
(1)
18.5x
23.2x
18.0x
NA
20.0x
33.1x
8.2x
NA
19.9x
7.4x
8.4x
NA
NA
12.4x
NA
17.1x
NA
NA
5.4x
38.1x
NA
7.5x
13.1x
5.2x
13.8x
13.7x
29.0x
15.1x
NA
6.3x
4.4x
11.3x
12.8x
27.7x
15.9x
9.8x
NA
7.2x
16.8x
15.7x
7.1x
38.3x
11.0x
21.2x
0.0x
5.8x
16.8x
13.0x
12.7x
14.1x
NA
3.1x
NA
16.4x
9.8x
4.0x
15.5x
14.8x
17.3x
NA
NA
14.7x
SI % Float
(2)
0.3%
2.7%
0.8%
35.4%
1.0%
4.5%
19.3%
25.1%
1.6%
1.0%
0.9%
3.6%
NA
2.3%
2.9%
4.6%
4.2%
14.7%
4.9%
6.7%
9.8%
0.8%
2.0%
1.1%
0.7%
2.8%
1.5%
1.2%
6.7%
2.4%
2.7%
1.5%
1.3%
12.6%
3.8%
0.8%
5.6%
1.3%
3.3%
2.0%
1.1%
1.2%
0.6%
1.5%
NA
NA
0.6%
2.7%
6.2%
0.4%
3.2%
NA
0.1%
1.1%
0.9%
8.6%
0.5%
24.7%
NA
25.0%
9.6%
6.1%
18 FAIRHOLME CAPITAL
PM: Bruce Berkowitz

Company Address: Miami, FL
During 1Q12 Fairholme increased their exposure to the Energy (+6.1%) and Materials (+0.0%) while trimming
exposure within Consumer D. (-6.1%) and Info Tech (0.0%).
SHLD
JEF
OSH
MCY
Fairholme's portfolio has a 'Contrarian' crowdedness rating(1) across our coverage universe. Weighted for position
sizing 18.8% of Fairholme's top positions were found in 3 or more hedge funds we cover. Fairholme's portfolio was in
the bottom quartile of our coverage universe.
Fairholme Capital: Current Allocation

85.5%
90.0%
80.0%
70.0%
60.0%
50.0%
40.0%
30.0%
20.0%
10.0%
0.0%
14.5%
Financials
(1)
35
Exhibit 18.1: Fairholme Capital Management Positions

Ticker
Company Name
Sector
Change
AIG
SHLD
BAC
CIT
LUK
JOE
MBI
BRK/A
BRK/B
JEF
OSH
C
MCY
WFC
AGO
RF
Avg.
AMERICAN INTERNA
SEARS HOLDINGS
BANK OF AMERICA
CIT GROUP INC
LEUCADIA NATL
ST JOE CO
MBIA INC
BERKSHIRE HATH-A
BERKSHIRE HATH-B
JEFFERIES GROUP
ORCHARD SUPPL-A
CITIGROUP INC
MERCURY GEN CORP
WELLS FARGO & CO
ASSURED GUARANTY
REGIONS FINANCIA
Financial
Consumer, Cyclical
Financial
Financial
Diversified
Financial
Financial
Financial
Financial
Financial
Consumer, Cyclical
Financial
Financial
Financial
Financial
Financial
(0.6%) $2,819,861,000
91,464,833
4.4% $1,113,893,000
16,813,480
(1.4%)
$984,165,000 102,838,555
(0.5%)
$763,869,000
18,522,529
(0.5%)
$474,524,000
18,180,980
(1.8%)
$474,185,000
25,715,428
(0.6%)
$453,303,000
46,255,370
(60.9%)
$191,749,000
1,573
(64.6%)
$78,474,000
967,019
110.7%
$50,817,000
2,697,300
New
$14,792,000
716,322
(81.1%)
$14,598,000
399,400
New
$3,101,000
70,900
0.0%
$1,072,000
31,400
0.0%
$854,000
51,700
0.0%
$138,000
20,900

36
Value
Shares

37.9%
15.0%
13.2%
10.3%
6.4%
6.4%
6.1%
2.6%
1.1%
0.7%
0.2%
0.2%
0.0%
0.0%
0.0%
0.0%
$48,966.7
$5,559.2
$75,652.4
$6,745.5
$5,133.8
$1,540.1
$1,571.9
$196,832.0
$196,832.0
$2,635.7
$107.8
$76,265.4
$2,387.4
$164,412.7
$2,189.3
$8,658.2
$49,718.1

27.8x
NA
8.6x
NA
NA
NA
3.9x
18.4x
0.0x
10.3x
NA
7.1x
15.6x
11.0x
3.7x
38.3x
13.1x
2.0%
29.2%
1.3%
1.3%
2.1%
25.7%
18.9%
0.2%
1.2%
8.2%
8.1%
1.1%
1.3%
0.6%
3.0%
1.2%
6.6%
19 TIGER MANAGEMENT
PM: Julian Robertson

During 1Q12 Tiger increased their exposure to the Energy (+3.8%) and Financials (+4.9%) while trimming exposure
AAPL
GS
MA
V
PNC
WFC
HCA
SBUX
SHW
VRSN
XPO
Tiger's portfolio has a 'Neutral' crowdedness rating(1) across our coverage universe. Weighted for position sizing
40.0% of Tiger's top positions were found in 3 or more hedge funds we cover. Tiger's portfolio was in the middle
Tiger Management: Current Allocation

50.0%
45.0%
40.0%
35.0%
30.0%
25.0%
20.0%
15.0%
10.0%
5.0%
0.0%
46.0%
20.7%
14.3%
Info Technology
(1)
Financials
Consumer
Discretionary
10.7%
Healthcare
4.1%
3.4%
Industrials
Materials
37
Exhibit 19.1: Tiger Management Positions

Ticker
Company Name
Sector
Change
AAPL
GS
MA
LBTYA
GOOG
V
WX
QCOM
PNC
WFC
HCA
SBUX
SHW
VRSN
XPO
GDX
NFLX
LCAV
CVC
SNDK
AMAP
GDXJ
CALD
RYAAY
SU
MARK
CRME
SEE
NXY
CCL
SIRI
Avg.
APPLE INC
GOLDMAN SACHS GP
MASTERCARD INC-A
LIBERTY GLOBAL-A
GOOGLE INC-CL A
VISA INC-CLASS A
WUXI PHARMAT-ADR
QUALCOMM INC
PNC FINANCIAL SE
WELLS FARGO & CO
HCA HOLDINGS INC
STARBUCKS CORP
SHERWIN-WILLIAMS
VERISIGN INC
XPO LOGISTICS IN
MKT VECT-GOLD MI
NETFLIX INC
LCA-VISION INC
CABLEVISION SY-A
SANDISK CORP
AUTONAVI HOL-ADR
MARKET VECTORS J
CALLIDUS SOFTWAR
RYANAIR HLDG-ADR
SUNCOR ENERGY
REMARK MEDIA INC
CARDIOME PHARMA
SEALED AIR CORP
NEXEN INC
CARNIVAL CORP
SIRIUS XM RADIO
Technology
Financial
Communications
Communications
Technology
Financial
Financial
Consumer, Cyclical
Basic Materials
Communications
Industrial
Funds
Communications
Communications
Technology
Technology
Funds
Technology
Consumer, Cyclical
Energy
Communications
Industrial
Energy
Consumer, Cyclical
Communications
29.3%
8.9%
28.7%
0.0%
(12.7%)
21.3%
(24.9%)
0.0%
49.2%
56.6%
New
New
New
New
New
27.9%
New
0.0%
0.0%
New
0.0%
29.1%
New
0.0%
0.0%
New
0.0%
0.0%
0.0%
0.0%
0.0%

38
Value
$53,174,000
$31,225,000
$22,286,000
$20,412,000
$20,226,000
$20,007,000
$15,607,000
$14,703,000
$12,711,000
$12,659,000
$12,533,000
$12,212,000
$11,171,000
$10,700,000
$9,996,000
$9,824,000
$9,238,000
$8,620,000
$8,011,000
$6,992,000
$6,536,000
$6,439,000
$5,896,000
$4,463,000
$2,240,000
$1,530,000
$1,125,000
$938,000
$513,000
$319,000
$231,000
Shares
88,690
251,065
52,994
407,595
31,542
169,552
1,083,818
216,030
197,100
370,800
506,600
218,500
102,800
279,000
595,000
198,300
80,300
1,372,577
545,700
141,000
520,759
262,300
754,900
123,022
68,500
254,183
1,596,106
48,600
27,950
9,950
100,000

15.1%
8.9%
6.3%
5.8%
5.7%
5.7%
4.4%
4.2%
3.6%
3.6%
3.6%
3.5%
3.2%
3.0%
2.8%
2.8%
2.6%
2.4%
2.3%
2.0%
1.9%
1.8%
1.7%
1.3%
0.6%
0.4%
0.3%
0.3%
0.1%
0.1%
0.1%
$495,938.2
$48,362.5
$49,880.8
$12,432.3
$195,638.9
$75,746.4
$958.4
$95,965.1
$32,430.3
$164,412.7
$10,807.5
$39,085.5
$11,987.4
$6,101.5
$274.3
$7,656.1
$3,883.9
$103.0
$3,006.5
$7,680.2
$511.2
$1,803.4
$168.8
$8,885.8
$41,881.3
$23.7
$27.5
$3,111.4
$8,356.8
$25,094.4
$7,164.9
$43,851.0

15.1x
21.2x
21.1x
NA
16.7x
21.5x
10.8x
16.7x
10.3x
11.0x
8.6x
32.8x
24.0x
25.9x
NA
NA
14.1x
NA
10.4x
6.8x
13.7x
NA
NA
17.7x
7.4x
NA
NA
8.6x
10.7x
12.9x
26.9x
15.9x
1.2%
1.5%
1.1%
2.4%
1.4%
1.1%
NA
1.1%
1.9%
0.6%
2.9%
1.0%
3.8%
5.6%
3.0%
5.0%
21.7%
2.2%
6.0%
4.7%
NA
3.5%
13.7%
NA
0.5%
0.5%
0.8%
1.8%
1.0%
8.0%
7.3%
26.6%
20 PERRY CAPITAL
PM: Richard Perry

During 1Q12 Perry increased their exposure to the Consumer S. (+16.5%) and Info Tech (+8.9%) while trimming
exposure within Energy (-4.3%) and Industrials (-12.8%).
AMT
YHOO
ESRX
AVP
SPY
AEM
ANV
Perry's portfolio has a 'Contrarian' crowdedness rating(1) across our coverage universe. Weighted for position sizing
33.3% of Perry's top positions were found in 3 or more hedge funds we cover. Perry's portfolio was in the bottom
Perry Capital: Current Allocation

30.0%
26.7%
25.0%
20.3%
20.0%
13.5%
15.0%
13.1%
10.2%
8.9%
Energy
Materials
10.0%
5.0%
0.0%
Healthcare
Financials
(1)
Info
Technology
Consumer
Discretionary
39
Exhibit 20.1: Perry Capital Positions

Ticker
Company Name
Sector
Change
ESRX
AMT
YHOO
DLPH
AVP
UAM
SPY
AEM
APC
BP
ANV
JNJ
NOA
UCBI
TEVA
KGC
GCVRZ
IFF
WMT
H
BMRN
EW
MHP
DG
FNF
ESS
CSCO
MCHP
GIS
BMY
NOC
BDX
INTC
ARW
UTHR
AFL
SFD
PFE
NVDA
SLW
ATML
WYNN
MS
SCCO
TIE
PEP
SOHU
PAYX
HGSI
AMZN
MBI
ADTN
CRS
CY
Avg.
EXPRESS SCRIPTS
AMERICAN TOWER C
YAHOO! INC
DELPHI AUTOMOTIV
AVON PRODUCTS
UNIVERSAL AMERIC
SPDR S&P 500 ETF
AGNICO-EAGLE MIN
ANADARKO PETROLE
BP PLC-ADR
ALLIED NEVADA GO
JOHNSON&JOHNSON
NORTH AMERICAN E
UNITED COMMUNITY
TEVA PHARM-ADR
KINROSS GOLD
SANOFI CVR
INTL FLVR & FRAG
WAL-MART STORES
HYATT HOTELS-A
BIOMARIN PHARMAC
EDWARDS LIFE
MCGRAW-HILL COS
DOLLAR GENERAL C
FIDELITY NATL-A
ESSEX PROPERTY
CISCO SYSTEMS
MICROCHIP TECH
GENERAL MILLS IN
BRISTOL-MYER SQB
NORTHROP GRUMMAN
BECTON DICKINSON
INTEL CORP
ARROW ELECTRONIC
UNITED THERAPEUT
AFLAC INC
SMITHFIELD FOODS
PFIZER INC
NVIDIA CORP
SILVER WHEATON
ATMEL CORP
WYNN RESORTS LTD
MORGAN STANLEY
SOUTHERN COPPER
TITANIUM METALS
PEPSICO INC
SOHU.COM INC
PAYCHEX INC
HUMAN GENOME SCI
AMAZON.COM INC
MBIA INC
ADTRAN INC
CARPENTER TECH
CYPRESS SEMICON
Financial
Communications
Consumer, Cyclical
Funds
Basic Materials
Energy
Energy
Basic Materials
Energy
Financial
Basic Materials
Basic Materials
Consumer, Cyclical
Consumer, Cyclical
Communications
Consumer, Cyclical
Financial
Financial
Communications
Technology
Industrial
Technology
Consumer, Cyclical
Financial
Technology
Basic Materials
Technology
Consumer, Cyclical
Financial
Basic Materials
Basic Materials
Communications
Communications
Financial
Communications
Basic Materials
Technology
New
12.4%
23.4%
(20.1%)
New
0.0%
New
New
(58.8%)
(53.1%)
New
0.0%
0.0%
(0.1%)
New
New
(0.1%)
New
New
New
New
New
New
New
New
New
New
New
New
New
New
New
New
New
New
New
New
New
New
New
New
New
New
New
New
New
New
New
New
New
New
New
New
New

40
Value
Shares
$267,107,000
4,930,000
$204,241,000
3,240,886
$198,022,000 13,010,675
$188,397,000
5,961,919
$106,480,000
5,500,000
$82,943,000
7,694,185
$80,547,000
572,026
$68,938,000
2,065,258
$67,848,000
866,067
$64,067,000
1,423,700
$53,971,000
1,659,100
$30,741,000
466,051
$22,532,000
4,598,466
$19,822,000
2,033,030
$10,668,000
236,755
$9,790,000
1,000,000
$7,628,000
5,650,572
$809,000
13,800
$808,000
13,200
$786,000
18,400
$784,000
22,900
$778,000
10,700
$771,000
15,900
$762,000
16,500
$759,000
42,100
$758,000
5,000
$755,000
35,700
$755,000
20,300
$753,000
19,100
$749,000
22,200
$745,000
12,200
$745,000
9,600
$745,000
26,500
$739,000
17,600
$721,000
15,300
$676,000
14,700
$661,000
30,000
$657,000
29,000
$636,000
41,300
$608,000
18,300
$586,000
59,400
$574,000
4,600
$568,000
28,900
$545,000
17,200
$542,000
40,000
$531,000
8,000
$513,000
9,300
$496,000
16,000
$494,000
59,900
$304,000
1,500
$299,000
30,500
$299,000
9,600
$245,000
4,700
$234,000
15,000

17.7%
13.6%
13.1%
12.5%
7.1%
5.5%
5.3%
4.6%
4.5%
4.3%
3.6%
2.0%
1.5%
1.3%
0.7%
0.6%
0.5%
0.1%
0.1%
0.1%
0.1%
0.1%
0.1%
0.1%
0.1%
0.1%
0.1%
0.1%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
$40,982.8
$25,419.2
$18,792.3
$8,947.9
$7,319.0
$812.6
$92,093.6
$6,189.7
$31,412.8
$117,617.2
$2,230.3
$173,982.7
$100.8
$483.8
$36,675.1
$8,744.6
$396.2
$4,491.1
$212,304.1
$6,051.4
$4,234.7
$9,384.5
$12,373.8
$15,137.6
$4,133.0
$5,275.5
$88,706.4
$5,855.9
$25,212.7
$55,266.8
$14,607.3
$15,038.3
$131,158.2
$3,769.4
$2,235.5
$18,270.3
$3,253.6
$169,007.2
$7,461.7
$8,709.7
$3,115.3
$10,246.5
$26,403.3
$23,927.6
$2,116.2
$106,537.3
$1,593.4
$10,662.4
$2,785.0
$96,344.9
$1,571.9
$1,826.1
$2,391.8
$1,911.7
$31,214.3

17.1x
NA
18.4x
9.8x
10.3x
25.2x
NA
NA
21.6x
5.4x
NA
12.7x
NA
NA
7.8x
10.0x
NA
14.8x
14.1x
45.7x
NA
40.5x
15.3x
19.9x
15.0x
NA
9.8x
15.1x
15.7x
14.4x
7.8x
13.6x
10.3x
6.5x
6.8x
6.2x
6.6x
9.8x
10.2x
15.9x
7.6x
18.3x
10.6x
10.2x
20.1x
15.5x
8.5x
19.7x
NA
NA
3.9x
13.3x
20.1x
10.1x
14.2x
4.6%
1.0%
2.0%
0.9%
1.0%
3.6%
36.7%
1.8%
1.2%
NA
5.5%
1.6%
1.9%
5.7%
NA
0.3%
0.1%
3.7%
1.2%
3.9%
9.6%
3.0%
1.6%
1.3%
3.0%
6.6%
0.9%
10.8%
1.2%
1.9%
3.1%
3.9%
1.9%
0.9%
6.3%
1.4%
9.3%
0.8%
2.2%
0.8%
5.4%
4.0%
1.8%
5.3%
7.0%
0.5%
23.3%
2.7%
13.1%
2.9%
18.9%
9.5%
2.6%
5.1%
4.8%
21 GLENVIEW CAPITAL
PM: Larry Robbins

During 1Q12 Glenview increased their exposure to the Consumer D. (+1.9%) and Consumer S. (+1.5%) while
trimming exposure within Energy (-2.2%) and Materials (-0.6%).
FLEX
AIG
CI
CAH
TWC
THC
AET
ETFC
C
AAPL
Glenview's portfolio has a 'Neutral' crowdedness rating(1) across our coverage universe. Weighted for position sizing
36.7% of Glenview's top positions were found in 3 or more hedge funds we cover. Glenview's portfolio was in the
Glenview Capital: Current Allocation

45.0%
40.0%
35.0%
30.0%
25.0%
20.0%
15.0%
10.0%
5.0%
0.0%
39.8%
20.7%
12.4%
Healthcare
Info Technology
(1)
Financials
9.7%
8.6%
7.6%
Consumer
Discretionary
Industrials
Telecom
Services
41
Exhibit 21.1: Glenview Capital Positions

Ticker
Company Name
Sector
Change
LIFE
CCI
FLEX
AIG
TMO
CI
FIS
CAH
BMC
XRX
HCA
AON
TWC
URS
LNCR
MCK
THC
LOW
TYC
BWC
HMA
TTWO
LBTYA
AMT
SEE
TGT
MTOR
GM
AET
LPNT
ETFC
S
C
CLWR
AAPL
IR
MWA
HSP
STT
ROVI
ESRX
APOL
TWX
TRIP
HIG
FAF
Avg.
LIFE TECHNOLOGIE
CROWN CASTLE INT
FLEXTRONICS INTL
AMERICAN INTERNA
THERMO FISHER
CIGNA CORP
FIDELITY NATIONA
CARDINAL HEALTH
BMC SOFTWARE INC
XEROX CORP
HCA HOLDINGS INC
AON PLC
TIME WARNER CABL
URS CORP
LINCARE HOLDINGS
MCKESSON CORP
TENET HEALTHCARE
LOWE'S COS INC
TYCO INTL LTD
BABCOCK & WILCOX
HEALTH MGMT AS-A
TAKE-TWO INTERAC
LIBERTY GLOBAL-A
AMERICAN TOWER C
SEALED AIR CORP
TARGET CORP
MERITOR INC
GENERAL MOTORS C
AETNA INC
LIFEPOINT HOSPIT
E*TRADE FINANCIA
SPRINT NEXTEL CO
CITIGROUP INC
CLEARWIRE -CL A
APPLE INC
INGERSOLL-RAND
MUELLER WATER-A
HOSPIRA INC
STATE ST CORP
ROVI CORP
EXPRESS SCRIPTS
APOLLO GROUP-A
TIME WARNER INC
TRIPADVISOR INC
HARTFORD FINL SV
FIRST AMERICAN F
Communications
Industrial
Financial
Industrial
Technology
Technology
Technology
Financial
Communications
Industrial
Consumer, Cyclical
Industrial
Industrial
Technology
Communications
Financial
Industrial
Consumer, Cyclical
Consumer, Cyclical
Consumer, Cyclical
Financial
Communications
Financial
Communications
Technology
Industrial
Industrial
Financial
Technology
Communications
Communications
Financial
Financial
(14.7%)
(15.2%)
17.0%
29.1%
0.0%
87.6%
4.2%
141.4%
3.5%
(1.8%)
(11.4%)
0.0%
30.3%
1.0%
(1.1%)
(65.7%)
New
(12.7%)
(53.1%)
27.4%
118.0%
(12.4%)
23.1%
(56.5%)
(21.8%)
(56.4%)
(2.8%)
(18.4%)
New
154.2%
New
44.9%
New
0.0%
New
New
15.8%
New
(13.5%)
New
(63.8%)
New
New
New
New
New

42
Value
$573,927,000
$327,068,000
$312,029,000
$289,354,000
$262,138,000
$253,498,000
$252,817,000
$248,206,000
$224,765,000
$201,364,000
$192,235,000
$176,132,000
$162,857,000
$152,529,000
$140,704,000
$138,778,000
$134,905,000
$123,622,000
$117,987,000
$81,223,000
$75,763,000
$75,686,000
$72,849,000
$72,207,000
$71,356,000
$66,583,000
$61,714,000
$52,823,000
$51,493,000
$49,649,000
$49,172,000
$45,618,000
$42,493,000
$39,807,000
$28,838,000
$27,568,000
$25,563,000
$24,561,000
$23,558,000
$23,143,000
$21,506,000
$21,221,000
$14,349,000
$11,967,000
$11,472,000
$760,000
Shares
11,755,972
6,131,756
43,217,244
9,385,465
4,649,487
5,147,161
7,633,374
5,757,505
5,596,736
24,936,694
7,770,229
3,590,138
1,998,240
3,587,234
5,436,790
1,581,152
25,405,900
3,939,500
2,100,152
3,154,277
11,274,276
4,919,489
1,454,647
1,145,780
3,695,310
1,142,658
7,647,279
2,059,371
1,026,583
1,258,860
4,490,565
16,006,206
1,162,600
17,459,027
48,100
666,700
7,676,685
656,900
517,755
711,000
396,936
549,200
380,100
335,500
544,200
45,700

10.6%
6.0%
5.7%
5.3%
4.8%
4.7%
4.7%
4.6%
4.1%
3.7%
3.5%
3.2%
3.0%
2.8%
2.6%
2.6%
2.5%
2.3%
2.2%
1.5%
1.4%
1.4%
1.3%
1.3%
1.3%
1.2%
1.1%
1.0%
0.9%
0.9%
0.9%
0.8%
0.8%
0.7%
0.5%
0.5%
0.5%
0.5%
0.4%
0.4%
0.4%
0.4%
0.3%
0.2%
0.2%
0.0%
$7,323.4
$15,488.6
$4,390.8
$48,966.7
$18,563.5
$12,371.9
$9,248.0
$14,175.3
$6,710.7
$9,636.4
$10,807.5
$14,917.2
$23,146.5
$2,716.5
$2,023.3
$20,585.5
$1,895.3
$34,145.0
$24,207.7
$2,773.2
$1,620.0
$1,002.4
$12,432.3
$25,419.2
$3,111.4
$37,074.3
$495.9
$33,164.8
$13,628.5
$1,683.9
$2,416.9
$7,017.3
$76,265.4
$1,524.5
$495,938.2
$11,993.8
$528.0
$5,263.0
$20,081.2
$2,730.0
$40,982.8
$3,863.0
$32,896.3
$5,456.8
$7,525.6
$1,640.2
$24,561.9

11.0x
NA
7.8x
27.8x
12.9x
8.2x
13.8x
13.9x
12.6x
6.6x
8.6x
13.9x
15.8x
10.2x
12.1x
14.7x
11.5x
17.4x
15.7x
16.6x
7.3x
NA
NA
NA
8.6x
12.8x
5.3x
4.0x
7.6x
10.7x
15.7x
NA
7.1x
NA
15.1x
14.2x
NA
10.5x
11.0x
10.3x
17.1x
7.2x
11.9x
27.7x
8.8x
21.2x
12.4x
3.7%
2.1%
0.8%
2.0%
0.6%
0.9%
0.8%
0.8%
3.4%
1.7%
2.9%
1.4%
1.8%
1.5%
8.3%
1.6%
5.7%
1.3%
0.5%
0.4%
3.2%
19.9%
2.4%
1.0%
1.8%
1.4%
5.8%
8.6%
1.6%
7.5%
2.9%
4.7%
1.1%
10.6%
1.2%
2.2%
6.5%
6.5%
1.0%
2.4%
4.6%
11.3%
3.1%
12.6%
6.8%
3.3%
3.8%
22 VIKING GLOBAL
PM: Andreas Halvorsen

Company Address: Greenwich, CT
During 1Q12 Viking increased their exposure to the Energy (+8.1%) and Telecom (+1.2%) while trimming exposure
CSCO
LYB
MA
PCLN
VRX
USB
BIIB
GOOG
TRIP
WYNN
SLB
SRCL
Viking's portfolio has a 'Neutral' crowdedness rating(1) across our coverage universe. Weighted for position sizing
40.0% of Viking's top positions were found in 3 or more hedge funds we cover. Viking's portfolio was in the middle
Viking Global: Current Allocation

25.0%
22.5%
20.6%
20.2%
20.0%
18.1%
15.0%
9.4%
10.0%
5.0%
5.0%
0.0%
Info Technology
(1)
Healthcare
Financials
Consumer
Discretionary
Materials
Energy
43
Exhibit 22.1: Viking Global Positions

Ticker
Company Name
Sector
Change
CSCO
GOOG
IVZ
LYB
MA
PCLN
VRX
USB
BIIB
HRB
TRIP
C
WYNN
ALB
NWSA
HUM
SLB
QCOM
CAH
UHS
SRCL
EL
PRU
CRI
TXN
HST
CFN
WPI
CCI
HD
NE
MMC
DVA
BRK/B
EOG
ILMN
GS
AAPL
SHW
TMO
AMT
BIDU
SNDK
JPM
ACE
LVS
AGU
MD
BSBR
LLTC
HMA
CBS
STJ
CIE
ABC
Avg.
CISCO SYSTEMS
GOOGLE INC-CL A
INVESCO LTD
LYONDELLBASELL-A
MASTERCARD INC-A
PRICELINE.COM
VALEANT PHARMACE
US BANCORP
BIOGEN IDEC INC
H&R BLOCK INC
TRIPADVISOR INC
CITIGROUP INC
WYNN RESORTS LTD
ALBEMARLE CORP
NEWS CORP-A
HUMANA INC
SCHLUMBERGER LTD
QUALCOMM INC
CARDINAL HEALTH
UNIVERSAL HLTH-B
STERICYCLE INC
ESTEE LAUDER
PRUDENTL FINL
CARTER'S INC
TEXAS INSTRUMENT
HOST HOTELS & RE
CAREFUSION CORP
WATSON PHARM
CROWN CASTLE INT
HOME DEPOT INC
NOBLE CORP
MARSH & MCLENNAN
DAVITA INC
BERKSHIRE HATH-B
EOG RESOURCES
ILLUMINA INC
GOLDMAN SACHS GP
APPLE INC
SHERWIN-WILLIAMS
THERMO FISHER
AMERICAN TOWER C
BAIDU INC-SP ADR
SANDISK CORP
JPMORGAN CHASE
ACE LTD
LAS VEGAS SANDS
AGRIUM INC
MEDNAX INC
BANCO SANTANDER
LINEAR TECH CORP
HEALTH MGMT AS-A
CBS CORP-B
ST JUDE MEDICAL
COBALT INTERNATI
AMERISOURCEBERGE
Communications
Communications
Financial
Basic Materials
Communications
Financial
Communications
Financial
Consumer, Cyclical
Basic Materials
Communications
Energy
Technology
Industrial
Financial
Consumer, Cyclical
Technology
Financial
Communications
Consumer, Cyclical
Energy
Financial
Financial
Energy
Financial
Technology
Basic Materials
Industrial
Financial
Communications
Technology
Financial
Financial
Consumer, Cyclical
Basic Materials
Financial
Technology
Communications
Energy
335.2%
New
(5.5%)
15.9%
21.4%
15.0%
25.4%
(39.3%)
117.8%
0.1%
New
324.4%
New
26.1%
143.1%
20.8%
New
(61.3%)
409.2%
3.1%
New
147.9%
(34.6%)
32.1%
1.4%
(0.4%)
(43.6%)
New
New
New
New
141.2%
(59.0%)
New
40.4%
New
New
(86.6%)
(38.2%)
New
(56.1%)
(86.1%)
(47.5%)
(52.8%)
New
New
New
(22.0%)
New
(8.1%)
(9.5%)
New
59.3%
New
729.0%

44
Value
$682,950,000
$675,482,000
$662,942,000
$621,366,000
$583,987,000
$476,036,000
$450,348,000
$415,071,000
$405,151,000
$389,853,000
$372,444,000
$308,841,000
$307,179,000
$262,355,000
$233,232,000
$232,992,000
$227,819,000
$223,313,000
$222,448,000
$192,404,000
$189,643,000
$185,344,000
$162,963,000
$161,583,000
$153,248,000
$152,820,000
$150,849,000
$149,584,000
$143,984,000
$134,967,000
$134,007,000
$133,617,000
$133,009,000
$127,478,000
$110,161,000
$108,818,000
$108,674,000
$103,902,000
$102,448,000
$99,419,000
$90,563,000
$88,307,000
$85,470,000
$78,124,000
$77,104,000
$77,057,000
$76,168,000
$74,478,000
$72,995,000
$68,084,000
$66,354,000
$61,546,000
$57,297,000
$56,135,000
$55,889,000
Shares
32,290,800
1,053,400
24,857,253
14,235,209
1,388,662
663,466
8,387,949
13,102,000
3,215,487
23,670,511
10,441,404
8,449,838
2,459,800
4,104,428
11,833,200
2,519,381
3,257,817
3,281,127
5,160,026
4,590,894
2,267,373
2,992,318
2,570,800
3,246,600
4,559,614
9,306,978
5,817,571
2,230,600
2,699,368
2,682,721
3,576,400
4,074,959
1,475,102
1,570,900
991,549
2,068,400
873,800
173,300
942,751
1,763,385
1,437,061
605,800
1,723,546
1,699,100
1,053,335
1,338,500
881,885
1,001,463
7,960,200
2,020,300
9,874,124
1,815,000
1,293,100
1,869,300
1,408,500

5.6%
5.5%
5.4%
5.1%
4.8%
3.9%
3.7%
3.4%
3.3%
3.2%
3.0%
2.5%
2.5%
2.1%
1.9%
1.9%
1.9%
1.8%
1.8%
1.6%
1.5%
1.5%
1.3%
1.3%
1.3%
1.2%
1.2%
1.2%
1.2%
1.1%
1.1%
1.1%
1.1%
1.0%
0.9%
0.9%
0.9%
0.8%
0.8%
0.8%
0.7%
0.7%
0.7%
0.6%
0.6%
0.6%
0.6%
0.6%
0.6%
0.6%
0.5%
0.5%
0.5%
0.5%
0.5%
$88,706.4
$195,638.9
$9,470.9
$21,284.1
$49,880.8
$31,469.4
$14,388.5
$57,337.1
$31,521.7
$4,262.5
$5,456.8
$76,265.4
$10,246.5
$5,288.8
$46,823.7
$12,161.7
$85,427.5
$95,965.1
$14,175.3
$3,470.6
$6,923.2
$21,211.6
$21,759.2
$2,955.8
$32,877.3
$10,147.2
$5,472.5
$8,907.2
$15,488.6
$71,669.5
$8,134.4
$17,278.6
$7,596.1
$196,832.0
$25,964.6
$5,289.7
$48,362.5
$495,938.2
$11,987.4
$18,563.5
$25,419.2
$40,281.9
$7,680.2
$127,485.3
$24,392.6
$38,158.7
$12,085.3
$3,055.8
$29,225.2
$6,659.9
$1,620.0
$19,844.6
$11,915.9
$8,287.8
$9,104.1
$35,567.6

9.8x
16.7x
12.6x
7.9x
21.1x
27.0x
16.1x
12.5x
22.3x
9.9x
27.7x
7.1x
18.3x
12.4x
14.6x
8.8x
17.5x
16.7x
13.9x
9.5x
28.6x
24.8x
7.2x
24.0x
13.2x
NA
14.4x
14.7x
NA
19.5x
22.9x
17.9x
15.7x
0.0x
25.4x
33.0x
21.2x
15.1x
24.0x
12.9x
NA
5.9x
6.8x
7.5x
10.3x
23.0x
7.8x
13.9x
NA
11.9x
7.3x
15.8x
11.6x
NA
13.9x
15.3x
0.9%
1.4%
1.2%
0.6%
1.1%
5.8%
2.2%
1.0%
1.0%
5.1%
12.6%
1.1%
4.0%
2.3%
1.9%
1.1%
1.0%
1.1%
0.8%
2.4%
3.9%
2.6%
1.6%
7.1%
1.5%
7.2%
2.0%
2.1%
2.1%
1.4%
3.3%
1.1%
2.0%
1.2%
1.3%
17.9%
1.5%
1.2%
3.8%
0.6%
1.0%
NA
4.7%
0.8%
0.5%
2.4%
1.3%
8.8%
NA
3.4%
3.2%
1.4%
2.6%
1.8%
1.5%
3.2%
23 FARALLON CAPITAL
PM: Thomas Steyer

Company Address: San Francisco, CA
During 1Q12 Farallon increased their exposure to the Energy (+1.1%) and Industrials (+3.4%) while trimming exposure
within Healthcare (-4.4%) and Info Tech (-1.4%).
EP
MHS
V
TDG
AAPL
PCLN
CBS
EQIX
Farallon's portfolio has a 'Crowded' crowdedness rating(1) across our coverage universe. Weighted for position sizing
46.7% 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%
30.0%
29.1%
25.0%
16.6%
20.0%
15.0%
15.0%
12.0%
8.0%
10.0%
3.9%
5.0%
0.0%
Info Technology
(1)
Industrials
Energy
Consumer
Discretionary
Financials
Healthcare
45
Exhibit 23.1: Farallon Capital Positions

Ticker
Company Name
Sector
Change
EP
MHS
MMI
GR
OI
HPP
ORCL
V
STT
GOOG
TDG
AAPL
AMT
UNP
TGT
PCLN
QCOM
GD
CBS
NWSA
CHKP
WLP
EQIX
BIN
KNOL
CMCSA
WRC
PLL
FIS
CLUB
MSFT
PGN
BP
FEIC
LIFE
YHOO
EBAY
WBMD
CPA
CFN
WOOF
THC
ECA
CVS
BAX
FSYS
TU
ILMN
WPRT
POT
FDP
SLB
CQB
TTM
GCVRZ
LOOP
UPL
Avg.
EL PASO CORP
MEDCO HEALTH SOL
MOTOROLA MOBILIT
GOODRICH CORP
OWENS-ILLINOIS
HUDSON PACIFIC P
ORACLE CORP
VISA INC-CLASS A
STATE ST CORP
GOOGLE INC-CL A
TRANSDIGM GROUP
APPLE INC
AMERICAN TOWER C
UNION PAC CORP
TARGET CORP
PRICELINE.COM
QUALCOMM INC
GENERAL DYNAMICS
CBS CORP-B
NEWS CORP-A
CHECK POINT SOFT
WELLPOINT INC
EQUINIX INC
PROGRESSIVE WAST
KNOLOGY INC
COMCAST CORP-A
WARNACO GROUP IN
PALL CORP
FIDELITY NATIONA
TOWN SPORTS INTE
MICROSOFT CORP
PROGRESS ENERGY
BP PLC-ADR
FEI COMPANY
LIFE TECHNOLOGIE
YAHOO! INC
EBAY INC
WEBMD HEALTH COR
COPA HOLDIN-CL A
CAREFUSION CORP
VCA ANTECH INC
TENET HEALTHCARE
ENCANA CORP
CVS CAREMARK COR
BAXTER INTL INC
FUEL SYSTEMS SOL
TELUS CORP-NON V
ILLUMINA INC
WESTPORT INNOVAT
POTASH CORP SAS
FRESH DEL MONTE
SCHLUMBERGER LTD
CHIQUITA BRANDS
TATA MOTORS-ADR
SANOFI CVR
LOOPNET INC
ULTRA PETROLEUM
Energy
Communications
Industrial
Industrial
Financial
Technology
Financial
Communications
Industrial
Technology
Financial
Industrial
Consumer, Cyclical
Communications
Technology
Industrial
Communications
Communications
Technology
Communications
Industrial
Communications
Communications
Consumer, Cyclical
Industrial
Technology
Consumer, Cyclical
Technology
Utilities
Energy
Industrial
Communications
Communications
Communications
Consumer, Cyclical
Energy
Consumer, Cyclical
Consumer, Cyclical
Communications
Consumer, Cyclical
Basic Materials
Energy
Consumer, Cyclical
Communications
Energy
54.5%
381.7%
(6.4%)
(18.4%)
(30.5%)
0.0%
(7.8%)
27.3%
(18.2%)
(3.2%)
32.4%
New
16.0%
(12.6%)
(21.1%)
New
3.7%
(21.7%)
New
(51.1%)
(7.7%)
(2.5%)
New
0.0%
0.0%
(53.5%)
New
(3.7%)
(43.9%)
0.0%
(59.2%)
New
(52.9%)
0.0%
0.0%
69.5%
29.4%
New
New
New
New
(35.0%)
0.0%
(23.7%)
(75.6%)
8.1%
New
New
0.0%
0.0%
18.5%
New
0.0%
(38.6%)
0.0%
New
New

46
Value
$664,592,000
$491,046,000
$434,191,000
$351,232,000
$163,660,000
$154,838,000
$149,503,000
$147,245,000
$122,395,000
$119,527,000
$116,397,000
$115,458,000
$103,038,000
$101,031,000
$97,151,000
$80,360,000
$77,543,000
$76,682,000
$76,298,000
$74,724,000
$72,778,000
$71,586,000
$70,695,000
$70,527,000
$65,291,000
$60,620,000
$54,312,000
$54,224,000
$52,495,000
$51,279,000
$51,116,000
$40,098,000
$38,025,000
$34,005,000
$26,381,000
$23,987,000
$23,637,000
$23,150,000
$20,592,000
$20,433,000
$18,568,000
$14,087,000
$13,119,000
$13,097,000
$12,912,000
$12,738,000
$11,365,000
$10,259,000
$9,583,000
$8,473,000
$7,964,000
$7,636,000
$6,652,000
$6,244,000
$6,143,000
$5,540,000
$5,354,000
Shares
22,490,420
6,985,000
11,065,000
2,800,000
7,012,000
10,233,860
5,127,000
1,247,837
2,690,000
186,400
1,005,500
192,600
1,635,000
940,000
1,667,256
112,000
1,140,000
1,045,000
2,250,000
3,795,000
1,140,000
970,000
449,000
3,253,100
3,587,394
2,020,000
930,000
909,336
1,585,000
4,060,082
1,585,000
755,000
845,000
692,428
540,364
1,576,000
640,745
905,000
260,000
788,000
800,000
2,652,900
667,636
292,336
216,000
486,945
200,000
195,000
234,200
185,455
348,682
109,200
756,727
231,514
4,550,000
295,000
236,600

13.7%
10.2%
9.0%
7.3%
3.4%
3.2%
3.1%
3.0%
2.5%
2.5%
2.4%
2.4%
2.1%
2.1%
2.0%
1.7%
1.6%
1.6%
1.6%
1.5%
1.5%
1.5%
1.5%
1.5%
1.4%
1.3%
1.1%
1.1%
1.1%
1.1%
1.1%
0.8%
0.8%
0.7%
0.5%
0.5%
0.5%
0.5%
0.4%
0.4%
0.4%
0.3%
0.3%
0.3%
0.3%
0.3%
0.2%
0.2%
0.2%
0.2%
0.2%
0.2%
0.1%
0.1%
0.1%
0.1%
0.1%
$22,145.3
NA
$11,904.1
$15,707.2
$3,204.5
$694.3
$127,412.5
$75,746.4
$20,081.2
$195,638.9
$6,069.5
$495,938.2
$25,419.2
$51,036.3
$37,074.3
$31,469.4
$95,965.1
$22,840.8
$19,844.6
$46,823.7
$10,930.9
$21,530.4
$7,008.2
$2,260.4
$750.1
$76,068.4
$1,768.5
$6,378.2
$9,248.0
$265.7
$245,893.4
$16,091.7
$117,617.2
$1,638.2
$7,323.4
$18,792.3
$49,531.5
$1,078.5
$3,656.2
$5,472.5
$1,833.1
$1,895.3
$14,435.8
$56,937.2
$28,361.2
$306.8
$18,735.4
$5,289.7
$1,301.5
$33,240.3
$1,388.6
$85,427.5
$244.9
$12,612.6
$396.2
$680.5
$2,899.2
$32,762.1

NA
NA
NA
19.7x
8.2x
NA
11.0x
21.5x
11.0x
16.7x
23.5x
15.1x
NA
15.9x
12.8x
27.0x
16.7x
8.7x
15.8x
14.6x
18.5x
9.3x
NA
17.3x
16.9x
17.9x
10.9x
18.7x
13.8x
27.3x
10.8x
18.4x
5.4x
17.8x
11.0x
18.4x
18.9x
15.9x
11.7x
14.4x
15.5x
11.5x
36.4x
15.9x
12.0x
49.5x
15.1x
33.0x
NA
11.0x
13.2x
17.5x
6.4x
0.2x
NA
47.9x
7.5x
16.5x
1.4%
2.4%
2.7%
1.1%
1.8%
2.1%
0.9%
1.1%
1.0%
1.4%
0.9%
1.2%
1.0%
1.7%
1.4%
5.8%
1.1%
0.8%
1.4%
1.9%
2.0%
2.0%
11.5%
0.3%
2.6%
1.2%
5.1%
3.1%
0.8%
3.4%
0.9%
1.6%
NA
8.2%
3.7%
2.0%
1.2%
7.5%
0.8%
2.0%
9.3%
5.7%
4.6%
0.9%
0.7%
11.9%
14.8%
17.9%
35.4%
1.0%
3.4%
1.0%
6.6%
NA
0.1%
5.8%
10.3%
5.0%
24 HAYMAN ADVISORS
PM: Kyle Bass

Company Address: Dallas, TX
During 1Q12 Hayman increased their exposure to the Industrials (+6.7%) and Financials (+59.7%) while trimming
exposure within Consumer D. (-46.7%) and Energy (-16.9%).
ATNY
ALU
MWW
WFR
TLAB
YHOO
BTU
FORM
Hayman's portfolio has a 'Contrarian' crowdedness rating(1) across our coverage universe. Weighted for position
sizing 8.3% of Hayman's top positions were found in 3 or more hedge funds we cover. Hayman's portfolio was in the
bottom quartile of our coverage universe.
Hayman Advisors: Current Allocation

70.0%
59.7%
60.0%
50.0%
40.0%
30.0%
19.5%
20.0%
8.6%
10.0%
6.7%
4.3%
0.7%
0.0%
Info
Technology
Consumer
Discretionary
(1)
Financials
Energy
Industrials
Utilities
47
Exhibit 24.1: Hayman Advisors Positions

Ticker
Company Name
Sector
Change
ALU
SIX
MWW
WFR
MTG
TLAB
YHOO
BTU
ATNY
FORM
DYN
ZIOP
Avg.
ALCATEL-LUCE-ADR
SIX FLAGS ENTERT
MONSTER WORLDWID
MEMC ELEC MATER
MGIC INVT CORP
TELLABS INC
YAHOO! INC
PEABODY ENERGY
API TECHNOLOGIES
FORMFACTOR INC
DYNEGY INC
ZIOPHARM ONCOLOG
Communications
Consumer, Cyclical
Technology
Financial
Communications
Communications
Energy
Industrial
Technology
Utilities
New
0.0%
New
New
(75.1%)
New
New
New
2.1%
New
New
New

48
Value
Shares
$33,845,000 14,909,555
$28,006,000
598,802
$19,500,000
2,000,000
$12,956,000
3,588,952
$12,400,000
2,500,000
$8,875,000
2,191,238
$7,610,000
500,000
$6,804,000
234,933
$6,228,000
1,784,539
$2,790,000
500,000
$1,019,000
1,819,245
$597,000
110,571

24.1%
19.9%
13.9%
9.2%
8.8%
6.3%
5.4%
4.8%
4.4%
2.0%
0.7%
0.4%
$3,350.2
$2,385.3
$1,024.6
$399.3
$448.5
$1,300.0
$18,792.3
$6,474.8
$191.5
$286.8
$46.9
$353.1
$2,921.1

4.4x
NA
22.8x
7.2x
NA
NA
18.4x
6.3x
NA
NA
NA
NA
11.8x
NA
7.4%
17.0%
9.8%
17.9%
1.8%
2.0%
2.7%
0.2%
4.0%
11.1%
14.1%
8.0%
25 ICAHN CAPITAL
PM: Carl Icahn

Company Address: White Plains, NY
During 1Q12 Icahn increased their exposure to the Energy (+20.4%) and Consumer S. (+4.9%) while trimming
exposure within Industrials (-13.7%) and Financials (-14.0%).
IEP
CVI
WBMD
N/A
Icahn's portfolio has a 'Contrarian' crowdedness rating(1) across our coverage universe. Weighted for position sizing
17.6% 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

60.0%
54.4%
50.0%
40.0%
30.0%
15.9%
20.0%
13.4%
10.0%
7.9%
3.4%
3.2%
Energy
Consumer
Staples
0.0%
Consumer
Discretionary
Info Technology
(1)
Healthcare
Industrials
49
Exhibit 25.1: Icahn Capital Positions

Ticker
Company Name
Sector
Change
IEP
FDML
MMI
FRX
AMLN
CVI
HAIN
NAV
ARII
MENT
OSK
WBMD
CMC
TTWO
ENZN
DYN
MOTR
Avg.
ICAHN ENTERPRISE
FEDERAL MOGUL
MOTOROLA MOBILIT
FOREST LABS INC
AMYLIN PHARM INC
CVR ENERGY INC
HAIN CELESTIAL
NAVISTAR INTL
AMERICAN RAILCAR
MENTOR GRAPHICS
OSHKOSH CORP
WEBMD HEALTH COR
COMMERCIAL METAL
TAKE-TWO INTERAC
ENZON PHARMACEUT
DYNEGY INC
MOTRICITY INC
Consumer, Cyclical
Consumer, Cyclical
Communications
Energy
Consumer, Cyclical
Industrial
Technology
Consumer, Cyclical
Communications
Basic Materials
Technology
Utilities
Communications
17.1% $4,008,551,000
0.0% $1,314,590,000
(13.9%) $1,020,240,000
0.0%
$914,487,000
0.0%
$358,973,000
228.6%
$336,628,000
0.0%
$312,390,000
0.0%
$293,320,000
0.0%
$278,568,000
0.0%
$239,547,000
0.0%
$200,774,000
17.7%
$171,400,000
(9.3%)
$154,958,000
0.0%
$112,397,000
0.0%
$40,389,000
0.0%
$10,104,000
0.0%
$7,460,000

50
Value
Shares
92,812,051
76,385,255
26,000,000
26,361,686
14,381,925
12,584,227
7,130,563
7,251,426
11,848,898
16,120,289
8,665,260
6,700,525
10,455,991
7,305,626
5,904,863
18,042,212
6,782,039

41.0%
13.4%
10.4%
9.4%
3.7%
3.4%
3.2%
3.0%
2.8%
2.5%
2.1%
1.8%
1.6%
1.1%
0.4%
0.1%
0.1%
$4,053.8
$1,089.9
$11,904.1
$8,815.7
$4,364.4
$2,645.0
$2,321.4
$1,802.9
$451.6
$1,513.8
$1,870.4
$1,078.5
$1,410.1
$1,002.4
$290.8
$46.9
$25.4
$2,628.7

4.6x
5.4x
NA
8.1x
NA
8.2x
34.1x
6.8x
NA
13.9x
8.7x
15.9x
24.2x
NA
NA
NA
NA
13.0x
0.1%
1.4%
2.7%
6.6%
7.1%
19.3%
6.1%
5.8%
1.5%
3.2%
2.2%
7.5%
2.2%
19.9%
10.1%
11.1%
26.9%
7.9%
26 PASSPORT CAPITAL
PM: John Burbank

Company Address: San Francisco, CA
During 1Q12 Passport increased their exposure to the Consumer S. (+5.9%) and Financials (+5.5%) while trimming
exposure within Info Tech (-6.3%) and Industrials (-6.9%).
VVUS
GOOG
AAPL
HUN
PX
TKR
PVG
WYNN
MEOH
SOA
GGC
AMZN
Passport's portfolio has a 'Neutral' crowdedness rating(1) across our coverage universe. Weighted for position sizing
36.7% of Passport's top positions were found in 3 or more hedge funds we cover. Passport's portfolio was in the
Passport Capital: Current Allocation

40.0%
35.0%
30.0%
25.0%
20.0%
15.0%
10.0%
5.0%
0.0%
37.0%
20.7%
14.1%
11.0%
9.9%
4.8%
Materials
Healthcare
(1)
Info Technology
Consumer
Discretionary
Energy
Industrials
51
Exhibit 26.1: Passport Capital Positions

Ticker
Company Name
Sector
CYT
VVUS
MPC
GOOG
LINTA
AAPL
PVG
WYNN
MEOH
THOR
HUN
ARAY
SOA
GGC
PX
MELI
HCA
TKR
AMZN
QCOM
FDO
GLD
VMW
ARG
LYB
TNB
OI
SPN
SHW
TYC
ECL
PG
BZ
SINA
TCK
ORIG
CHMT
EBAY
PACD
NWSA
CLF
WPI
GRA
SCCO
ABT
AA
GILD
WBMD
RKT
DNDN
WLT
IDIX
DG
LVS
ILMN
ALLT
IR
AMLN
DECK
NLSN
Avg.
CYTEC INDS
VIVUS INC
MARATHON PETROLE
GOOGLE INC-CL A
LIBERTY INTERA-A
APPLE INC
PRETIUM RESOURCE
WYNN RESORTS LTD
METHANEX CORP
THORATEC CORP
HUNTSMAN CORP
ACCURAY INC
SOLUTIA INC
GEORGIA GULF
PRAXAIR INC
MERCADOLIBRE INC
HCA HOLDINGS INC
TIMKEN CO
AMAZON.COM INC
QUALCOMM INC
FAMILY DOLLAR ST
SPDR GOLD TRUST
VMWARE INC-CL A
AIRGAS INC
LYONDELLBASELL-A
THOMAS & BETTS
OWENS-ILLINOIS
SUPERIOR ENERGY
SHERWIN-WILLIAMS
TYCO INTL LTD
ECOLAB INC
PROCTER & GAMBLE
BOISE INC
SINA CORP
TECK RESOURCES-B
OCEAN RIG UDW IN
CHEMTURA CORP
EBAY INC
PACIFIC DRILLING
NEWS CORP-A
CLIFFS NATURAL R
WATSON PHARM
WR GRACE & CO
SOUTHERN COPPER
ABBOTT LABS
ALCOA INC
GILEAD SCIENCES
WEBMD HEALTH COR
ROCK-TENN CO-A
DENDREON CORP
WALTER ENERGY
IDENIX PHARM
DOLLAR GENERAL C
LAS VEGAS SANDS
ILLUMINA INC
ALLOT COMMUNICAT
INGERSOLL-RAND
AMYLIN PHARM INC
DECKERS OUTDOOR
NIELSEN HOLDINGS
Basic Materials
Energy
Communications
Communications
Technology
Basic Materials
Consumer, Cyclical
Basic Materials
Basic Materials
Basic Materials
Basic Materials
Basic Materials
Communications
Industrial
Communications
Technology
Consumer, Cyclical
Funds
Technology
Basic Materials
Basic Materials
Industrial
Industrial
Energy
Basic Materials
Industrial
Basic Materials
Basic Materials
Communications
Basic Materials
Energy
Basic Materials
Communications
Energy
Communications
Basic Materials
Basic Materials
Basic Materials
Basic Materials
Communications
Industrial
Energy
Consumer, Cyclical
Consumer, Cyclical
Communications
Industrial
Consumer, Cyclical
Communications

52
Change
(1.4%)
72.2%
(36.6%)
393.4%
(27.4%)
257.4%
New
New
New
(44.5%)
28.7%
0.0%
New
New
303.8%
(8.1%)
(3.1%)
76.5%
New
297.2%
141.6%
7.8%
511.4%
New
New
New
0.0%
(10.0%)
New
109.3%
0.0%
New
(21.0%)
135.3%
(44.0%)
(58.7%)
(57.8%)
New
0.0%
New
(43.5%)
New
(33.3%)
(74.5%)
New
(33.1%)
New
(70.7%)
(45.5%)
New
(75.9%)
New
New
15.6%
New
New
New
New
New
(4.8%)
Value
$176,710,000
$165,213,000
$104,459,000
$62,008,000
$60,973,000
$54,859,000
$53,317,000
$44,058,000
$42,037,000
$37,634,000
$37,339,000
$35,300,000
$33,075,000
$32,742,000
$32,638,000
$28,672,000
$27,904,000
$24,873,000
$21,669,000
$18,601,000
$17,889,000
$16,001,000
$15,732,000
$15,632,000
$15,356,000
$15,310,000
$15,257,000
$14,972,000
$13,475,000
$13,427,000
$13,202,000
$12,817,000
$11,772,000
$10,049,000
$9,949,000
$9,482,000
$7,974,000
$7,380,000
$7,205,000
$7,096,000
$6,774,000
$6,706,000
$6,595,000
$6,466,000
$6,129,000
$6,120,000
$6,108,000
$5,671,000
$5,553,000
$5,328,000
$5,181,000
$4,895,000
$4,851,000
$4,260,000
$4,209,000
$4,135,000
$3,903,000
$3,744,000
$3,531,000
$3,014,000
Shares
2,906,900
7,388,793
2,409,100
96,700
3,194,000
91,500
3,730,336
352,800
1,295,400
1,116,400
2,665,200
5,000,000
1,183,800
938,700
284,700
293,200
1,127,900
490,200
107,000
273,300
282,700
98,700
140,000
175,700
351,800
212,900
653,700
568,000
124,000
239,000
213,900
190,700
1,433,900
154,600
279,000
561,070
469,600
200,000
711,911
360,000
97,800
100,000
114,100
203,899
100,000
610,800
125,000
221,700
82,200
500,000
87,500
500,000
105,000
74,000
80,000
177,850
94,400
150,000
56,000
100,000

11.8%
11.0%
7.0%
4.1%
4.1%
3.7%
3.6%
2.9%
2.8%
2.5%
2.5%
2.4%
2.2%
2.2%
2.2%
1.9%
1.9%
1.7%
1.4%
1.2%
1.2%
1.1%
1.0%
1.0%
1.0%
1.0%
1.0%
1.0%
0.9%
0.9%
0.9%
0.9%
0.8%
0.7%
0.7%
0.6%
0.5%
0.5%
0.5%
0.5%
0.5%
0.4%
0.4%
0.4%
0.4%
0.4%
0.4%
0.4%
0.4%
0.4%
0.3%
0.3%
0.3%
0.3%
0.3%
0.3%
0.3%
0.2%
0.2%
0.2%
$2,595.9
$2,233.3
$11,898.0
$195,638.9
$9,528.6
$495,938.2
$1,165.3
$10,246.5
$2,617.2
$1,818.8
$3,049.1
$424.2
$3,328.6
$971.7
$31,395.2
$3,208.2
$10,807.5
$4,719.7
$96,344.9
$95,965.1
$7,489.8
$65,436.5
$41,799.9
$6,361.1
$21,284.1
$3,803.4
$3,204.5
$3,319.3
$11,987.4
$24,207.7
$18,372.6
$174,051.5
$676.3
$3,500.4
$16,923.9
$2,215.3
$1,377.4
$49,531.5
$1,865.3
$46,823.7
$6,937.3
$8,907.2
$3,754.1
$23,927.6
$96,873.7
$8,992.3
$37,820.7
$1,078.5
$3,677.4
$1,119.5
$3,077.1
$875.3
$15,137.6
$38,158.7
$5,289.7
$672.4
$11,993.8
$4,364.4
$2,048.1
$9,921.2
$22,176.7

15.4x
NA
5.2x
16.7x
NA
15.1x
NA
18.3x
13.6x
20.8x
7.5x
NA
13.6x
17.5x
19.4x
42.0x
8.6x
10.5x
NA
16.7x
19.5x
NA
45.1x
21.5x
7.9x
20.3x
8.2x
10.1x
24.0x
15.7x
24.8x
16.2x
9.0x
NA
6.9x
21.4x
12.5x
18.9x
NA
14.6x
4.1x
14.7x
12.8x
10.2x
13.2x
11.7x
12.9x
15.9x
10.0x
NA
8.5x
NA
19.9x
23.0x
33.0x
47.5x
14.2x
NA
10.5x
17.1x
16.3x
5.4%
13.9%
1.1%
1.4%
0.5%
1.2%
1.3%
4.0%
1.0%
2.4%
5.5%
11.4%
1.0%
6.9%
1.2%
8.1%
2.9%
0.7%
2.9%
1.1%
3.1%
4.2%
2.5%
1.5%
0.6%
1.1%
1.8%
1.5%
3.8%
0.5%
2.3%
0.5%
3.1%
13.3%
0.8%
1.3%
4.4%
1.2%
0.1%
1.9%
6.6%
2.1%
1.4%
5.3%
1.5%
6.8%
1.8%
7.5%
1.9%
21.9%
6.6%
15.0%
1.3%
2.4%
17.9%
1.9%
2.2%
7.1%
22.1%
1.6%
5.0%
27 COATUE
PM: Philippe Laffont

During 1Q12 Coatue increased their exposure to the Energy (+14.3%) and Consumer D. (+2.1%) while trimming
exposure within Materials (-3.3%) and Financials (-12.9%).
AAPL
INTU
RIMM
CMG
EQIX
VMED
LBTYA
BRCM
INFA
Coatue's portfolio has a 'Crowded' crowdedness rating(1) across our coverage universe. Weighted for position sizing
46.7% of Coatue's top positions were found in 3 or more hedge funds we cover. Coatue's portfolio was in the upper
Coatue Management: Current Allocation

70.0%
60.0%
61.9%
50.0%
40.0%
35.0%
30.0%
20.0%
10.0%
0.0%
Info Technology
(1)
Consumer
Discretionary
2.1%
0.7%
0.3%
Financials
Materials
Telecom Services
53
Exhibit 27.1: Coatue Positions

Ticker
Company Name
Sector
Change
AAPL
EQIX
GOOG
VMED
PCLN
QCOM
LBTYA
BRCM
INFA
INTU
AMZN
CMG
NFLX
SIRI
DNKN
BIDU
AMT
LNKD
CHKP
JCP
RIMM
MCP
RHT
HRB
LVLT
DRIV
AOL
NTRI
STEC
GRPN
LOGI
Avg.
APPLE INC
EQUINIX INC
GOOGLE INC-CL A
VIRGIN MEDIA INC
PRICELINE.COM
QUALCOMM INC
LIBERTY GLOBAL-A
BROADCOM CORP-A
INFORMATICA CORP
INTUIT INC
AMAZON.COM INC
CHIPOTLE MEXICAN
NETFLIX INC
SIRIUS XM RADIO
DUNKIN' BRANDS G
BAIDU INC-SP ADR
AMERICAN TOWER C
LINKEDIN CORP-A
CHECK POINT SOFT
J.C. PENNEY CO
RESEARCH IN MOTI
MOLYCORP INC
RED HAT INC
H&R BLOCK INC
LEVEL 3 COMM INC
DIGITAL RIVER
AOL INC
NUTRISYSTEM INC
STEC INC
GROUPON INC
LOGITECH INTER-R
Technology
Communications
Communications
Communications
Communications
Technology
Communications
Technology
Technology
Technology
Communications
Consumer, Cyclical
Communications
Communications
Consumer, Cyclical
Communications
Financial
Communications
Technology
Consumer, Cyclical
Technology
Basic Materials
Technology
Communications
Communications
Communications
Communications
Technology
Communications
Technology
15.3%
New
(3.4%)
New
4.8%
(3.5%)
New
New
New
51.0%
(27.7%)
17.9%
New
New
New
(61.6%)
New
(0.3%)
(15.7%)
New
238.7%
0.0%
(51.2%)
0.0%
0.0%
(57.2%)
(88.5%)
(58.0%)
(85.4%)
0.0%
(98.0%)

54
Value
$884,133,000
$572,763,000
$482,636,000
$345,193,000
$318,343,000
$297,414,000
$262,615,000
$165,834,000
$164,018,000
$160,768,000
$160,302,000
$159,320,000
$144,308,000
$133,587,000
$116,250,000
$103,775,000
$102,145,000
$68,786,000
$59,789,000
$43,830,000
$37,541,000
$36,541,000
$32,599,000
$30,904,000
$13,100,000
$4,624,000
$3,713,000
$3,435,000
$2,725,000
$919,000
$178,000
Shares
1,474,661
3,637,747
752,660
13,818,739
443,684
4,369,879
5,243,914
4,219,683
3,100,535
2,672,352
791,574
381,148
1,254,415
57,829,793
3,864,679
711,909
1,620,840
674,444
936,552
1,237,083
2,553,791
1,080,136
544,328
1,876,360
509,122
247,130
195,700
305,875
288,641
50,000
22,800

18.0%
11.7%
9.8%
7.0%
6.5%
6.1%
5.3%
3.4%
3.3%
3.3%
3.3%
3.2%
2.9%
2.7%
2.4%
2.1%
2.1%
1.4%
1.2%
0.9%
0.8%
0.7%
0.7%
0.6%
0.3%
0.1%
0.1%
0.1%
0.1%
0.0%
0.0%
$495,938.2
$7,008.2
$195,638.9
$5,966.4
$31,469.4
$95,965.1
$12,432.3
$17,257.3
$4,500.2
$16,075.5
$96,344.9
$12,431.9
$3,883.9
$7,164.9
$3,783.4
$40,281.9
$25,419.2
$10,282.2
$10,930.9
$5,739.1
$5,760.5
$1,893.2
$10,323.7
$4,262.5
$4,825.4
$539.2
$2,432.2
$293.3
$324.4
$7,478.3
$2,040.6
$36,731.8
Forward P/E
(1)
15.1x
NA
16.7x
45.7x
27.0x
16.7x
NA
10.8x
29.1x
20.2x
NA
NA
14.1x
26.9x
33.4x
5.9x
NA
NA
18.5x
18.6x
2.3x
15.1x
49.6x
9.9x
NA
12.7x
28.3x
24.0x
10.0x
NA
25.8x
20.7x
SI % Float
(2)
1.2%
11.5%
1.4%
13.4%
5.8%
1.1%
2.4%
2.1%
1.9%
3.2%
2.9%
7.6%
21.7%
7.3%
5.7%
NA
1.0%
7.6%
2.0%
24.1%
12.2%
38.5%
1.6%
5.1%
5.6%
8.2%
12.6%
19.0%
19.1%
43.8%
10.4%
10.0%
28 HAWKSHAW
PM: Kian Ghazi

During 1Q12 Hawkshaw increased their exposure to the Energy (+3.0%) and Materials (+6.6%) while trimming
exposure within Healthcare (3.3%) and Financials (-0.8%).
SCMR
EA
SKX
Hawkshaw's portfolio has a 'Contrarian' crowdedness rating(1) across our coverage universe. Weighted for position
sizing 7.7% of Hawkshaw's top positions were found in 3 or more hedge funds we cover. Hawkshaw's portfolio was in
the bottom quartile of our coverage universe.
Hawkshaw Capital: Current Allocation

60.0%
49.5%
50.0%
36.9%
40.0%
30.0%
20.0%
11.3%
10.0%
2.2%
0.0%
(1)
Info Technology
Financials
Industrials
55
Exhibit 28.1: Hawkshaw Positions

Ticker
Company Name
Sector
Change
BTH
SCMR
GLD
ANF
SKX
TLB
IM
AVNW
ANN
EA
XOXO
FALC
FFEX
Avg.
BLYTH INC
SYCAMORE NETWORK
SPDR GOLD TRUST
ABERCROMBIE & FI
SKECHERS USA-A
TALBOTS INC
INGRAM MICRO INC
AVIAT NETWORKS I
ANN INC
ELECTRONIC ARTS
XO GROUP INC
FALCONSTOR SOFTW
FROZEN FOOD EXPR
Communications
Funds
Consumer, Cyclical
Consumer, Cyclical
Consumer, Cyclical
Consumer, Cyclical
Communications
Consumer, Cyclical
Technology
Communications
Technology
Industrial
(2.8%)
159.2%
(3.1%)
(3.1%)
New
(5.7%)
(48.5%)
(3.1%)
(17.2%)
38.2%
(50.6%)
0.0%
0.0%

56
Value
$20,324,000
$14,724,000
$11,797,000
$9,633,000
$9,380,000
$7,383,000
$6,321,000
$5,963,000
$4,892,000
$4,627,000
$4,113,000
$2,760,000
$2,334,000
Shares
271,607
829,986
72,770
194,176
737,400
2,436,715
340,592
2,114,455
170,801
280,703
437,982
737,879
1,872,328

19.5%
14.1%
11.3%
9.2%
9.0%
7.1%
6.1%
5.7%
4.7%
4.4%
3.9%
2.6%
2.2%
$647.6
$421.0
$65,436.5
$3,040.7
$830.4
$159.7
$2,749.7
$148.3
$1,295.1
$4,672.6
$233.1
$125.3
$22.0
$6,137.1

24.0x
NA
NA
15.0x
NA
NA
10.4x
NA
15.5x
15.3x
26.2x
NA
NA
17.7x
9.2%
4.4%
4.2%
7.6%
18.1%
25.6%
1.0%
3.3%
9.4%
5.7%
4.6%
3.6%
0.0%
7.4%
29 JANA PARTNERS
PM: Barry Rosenstein & Gary Claar

During 1Q12 Jana increased their exposure to the Energy (+0.3%) and Materials (+2.0%) while trimming exposure
within Industrials (3.0%) and Info Tech (6.6%).
EP
EXPE
ENR
LMCA
MSI
APC
DTV
CVH
HES
VC
BKS
CCE
Jana's portfolio has a 'Contrarian' crowdedness rating(1) across our coverage universe. Weighted for position sizing
31.0% of Jana's top positions were found in 3 or more hedge funds we cover. Jana's portfolio was in the bottom
JANA Partners: Current Allocation

40.0%
35.0%
30.0%
25.0%
20.0%
15.0%
10.0%
5.0%
0.0%
37.1%
29.3%
12.5%
Consumer
Discretionary
Energy
(1)
Info
Technology
10.1%
Consumer
Staples
5.3%
3.8%
Healthcare
Industrials
57
Exhibit 29.1: Jana Positions

Ticker
Company Name
Sector
Change
MPC
EP
DTV
EXPE
ENR
LMCA
MHP
AAPL
CVH
MSI
APC
HES
VC
BKS
CCE
LINTA
CAR
CMVT
STRA
NFLX
SEMG
DAR
CCL
NSC
GLD
FST
CVG
SXC
OPK
Avg.
MARATHON PETROLE
EL PASO CORP
DIRECTV-A
EXPEDIA INC
ENERGIZER HOLDGS
LIBERTY MEDIA -A
MCGRAW-HILL COS
APPLE INC
COVENTRY HEALTH
MOTOROLA SOLUTIO
ANADARKO PETROLE
HESS CORP
VISTEON CORP
BARNES & NOBLE
COCA-COLA ENTER
LIBERTY INTERA-A
AVIS BUDGET GROU
COMVERSE TECH
STRAYER EDUCATIO
NETFLIX INC
SEMGROUP CORP-A
DARLING INTL
CARNIVAL CORP
NORFOLK SOUTHERN
SPDR GOLD TRUST
FOREST OIL CORP
CONVERGYS CORP
SUNCOKE ENERGY I
OPKO HEALTH
Energy
Energy
Communications
Communications
Industrial
Communications
Communications
Technology
Communications
Energy
Energy
Consumer, Cyclical
Consumer, Cyclical
Communications
Communications
Communications
Energy
Industrial
Consumer, Cyclical
Industrial
Funds
Energy
Energy
(61.2%)
7.4%
New
28.8%
77.9%
12.1%
(69.9%)
(23.0%)
New
122.9%
3.0%
New
New
New
New
(15.2%)
New
21.7%
New
(38.6%)
(27.2%)
New
New
New
43.2%
New
5.7%
New
34.2%

58
Value
$279,851,000
$160,739,000
$157,959,000
$131,782,000
$131,691,000
$128,722,000
$128,205,000
$119,479,000
$115,017,000
$113,749,000
$99,880,000
$99,612,000
$77,133,000
$73,844,000
$73,361,000
$63,142,000
$55,511,000
$51,462,000
$48,450,000
$45,830,000
$41,625,000
$38,624,000
$38,042,000
$36,426,000
$27,903,000
$24,842,000
$16,636,000
$15,283,000
$12,682,000
Shares
6,454,131
5,439,559
3,201,441
3,940,857
1,775,288
1,460,256
2,645,031
199,281
3,233,532
2,237,823
1,274,954
1,689,767
1,455,335
5,573,111
2,565,073
3,307,615
3,923,050
7,490,821
513,900
398,383
1,428,453
2,217,233
1,185,851
553,332
172,115
2,049,704
1,246,168
1,075,491
2,681,193

11.6%
6.7%
6.6%
5.5%
5.5%
5.3%
5.3%
5.0%
4.8%
4.7%
4.1%
4.1%
3.2%
3.1%
3.0%
2.6%
2.3%
2.1%
2.0%
1.9%
1.7%
1.6%
1.6%
1.5%
1.2%
1.0%
0.7%
0.6%
0.5%
$11,898.0
$22,145.3
$29,723.8
$5,442.1
$4,790.3
$9,840.3
$12,373.8
$495,938.2
$4,147.2
$13,718.2
$31,412.8
$15,235.9
$2,119.4
$1,023.9
$8,151.9
$9,528.6
$1,442.5
$1,355.3
$1,090.7
$3,883.9
$1,227.0
$1,651.3
$25,094.4
$21,285.4
$65,436.5
$999.9
$1,515.6
$1,006.1
$1,325.1
$27,751.8

5.2x
89.4x
13.1x
14.8x
13.3x
14.1x
15.3x
15.1x
10.1x
18.0x
21.6x
6.2x
13.0x
NA
12.5x
51.7x
8.2x
20.0x
10.4x
14.1x
NA
9.6x
12.9x
12.4x
NA
7.8x
12.6x
11.9x
NA
17.3x
1.1%
1.4%
2.0%
24.7%
5.1%
0.4%
1.6%
1.2%
1.7%
0.8%
1.2%
1.3%
2.7%
60.9%
1.5%
0.5%
11.9%
1.0%
34.9%
21.7%
3.7%
3.1%
8.0%
1.9%
4.2%
13.6%
6.8%
7.5%
26.2%
8.7%
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Hedge Fund Intelligence 1Q12

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www.StreetofWalls.

Hedge Fund Intelligence

By: Street of Walls

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

CROWDEDNESS AMONG EXISTING POSITIONS ................................................................................... 7

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

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

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

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

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

2 CROWDEDNESS AMONG NEWLY INITIATED POSITIONS

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3 CROWDEDNESS AMONG EXISTING POSITIONS

4 HEDGE FUND SECTOR CHANGES

5 HEDGE FUND INVESTMENT CHARACTERISTICS

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

PM: Seth Klarman

Baupost Group: Current Allocation

Exhibit 7.1: 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 8.1: Berkshire Hathaway Positions

0.0% $14,802,000,000 200,000,000

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 9.1: 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 10.1: 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 11.1: Appaloosa Management Positions

Source: SEC 13-F Filings.

New $1,273,602,000 18,854,218

% 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 12.1: 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 13.1: Maverick Capital Positions

Source: SEC 13-F Filings.

% of Filed Mkt Cap ($mn)

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

PM: Daniel Loeb